If we think (and there have been numerous posts here to support this idea) that all major banks are going to fail because of over-investing in derivatives, what should we do if we have money in those banks? Pull it out in cash? Convert it to silver or gold? Put the cash under our mattress? And will cash be worth anything?
So if we have cash in checking or savings with a bank, how can we protect our assets?
I don't know the answer and I've been asking myself this for a long enough time to come up with my own plan and this is it, don't know if it's right for everyone but it's what we are doing. I'm moving my savings out of my national bank and into a credit union first, this is to protect against what I believe we will see before a crash, and that is banks imposing limits on spending and withdraws.
Once that stage happens, I'll probably go ahead and purchase raw land with that money, as much as I can afford, maying just 1 acre, maybe 5 or more, depends on the market at the time. I consider land to be the most valuable asset in the world. If you have land, you can survive. And it will only go up in value over the years.
Then I have to factor in the reality that I no longer have a savings to fall back on in the event of income loss (real threat as hubby and I are both self employed), so over the last couple of years I've made some serious changes to our lifestyles, including expanding my garden, raising meat rabbits, raising chickens for eggs, and canning food, because the best way to survive will be to produce for ourselves. Since 2020 I started dumping part of my savings into the infrastructure and materials I need to produce food and water for my family. So if times get tough we can at least get our own food and water. If times get really really tough, and we can't pay our mortgage, we will have to abandon our home and rely on the land that my savings will be dumped into.
We are also making plans with family to come together at a single location on about 4 acres if need be. Again the most valuable assets I'll have in this scenario won't be my stacks of silver, or stocks, it will be the investments I've made into homesteading, as everything I've purchased will be able to be moved into a new location so we can survive. In the end if things completely fall apart, the most valuable thing will be shelter, food, and water. Electricity is a luxury of the modern world. We are thinking of getting a solar power generator for keeping devices charged for communication reasons, but that's about it.
Again, this is the plan for a total collapse situation, which hopefully will never happen.
Wow, this reply wins the top award. My wife and I are a little old to be homesteading the way it needs to be done properly. We've discussed it, our favorite shows to watch are "Mountain Men" and "Life Below Zero." We realize, however, that given our physical abilities, that form of living might just kill us. Good for you that you're able to live such a life, I wish you only the best.
I don't know how old you are but my parents have said the same and I've told them that simply isn't true. If you have a little money to invest, there are very easy ways to produce your own food. I'm in my mid40's, I'm a woman with messed up foot and hip who walks with a limp, and I do it all by myself currently on less than 1/8th acre. Vertical gardening is a game changer. Raising rabbits is a game changer. These things are easy to do, and rabbits provide you with meat, fertilizer and pesticide. I do not till anything. I do not use chemicals in my garden to get food to grow. I don't have room for huge compost piles. I've found ways to do this all with limited space, and this same way is also easy on the body. I have no doubt my elderly parents could do this. If you can go outside, water your plants, and push a seed in the dirt, you can do this.
Again, I don't know your age, health, or situation, just wanted to throw some positivity your way in case you are looking at it the same way my parents did. When I was a kid my dad tilled his garden every season. We had to constantly pull weeds, and he spent more money on miracle grow than he got out of his harvests' worth. He eventually quit saying gardening was more expensive than just buying food and it was too much work. I stayed on him for years to get back into it. He said he couldn't work a tiller or squat down to weed anymore. He can hardly stand up after he sits down and sometimes needs help to get back up. I took him on a tour of my current set up and i saw the light of inspiration in his eyes. I invested in something called a greenstalk garden tower, I've bought several of them and grew massive amounts of just about everything in them. He had to see it to believe it. Then I bought him one for his birthday to get him started. I'm also gifting him growbags, something else that works wonders for me. I needed the greenstalks because of my limited space. But they are also a very easy way to garden. Keeps everything up off the ground which lowers the chances of pest and disease pressures, and no bending over. I make compost tea with my bunny poop and it adds tons of nitrogen, micronutrients and microorganisms to keep the soil healthy and the plants thrive. The urine is a natural pesticide. You can get 150lbs of meat a year with just a few rabbits and they don't eat much at all. Nor do they need a lot of space. I also have them up off the ground and they are very easy to care for. I bought compost tumblers that make compost to feed my plants in less than 3 months. This lets me recycle all of my kitchen and garden scraps and put it right back in the garden. We are collecting water in big rain barrels and have a berkey with backup filters if we need to rely on water from outside as drinking water. I've also learned that canning water is an option as well if you have the space for the storage. Canning meat was the first thing I learned because I don't want to rely on a freezer.
I could go on an on but I hope I have encouraged you to change your mind. ;)
I made a bio-reactor out of a 55 gallon garbage can and a 4 inch PVC drain pipe. The sucker makes dirt in 3 months. All you have to do is get a 1/2 in spade bit and drill a bunch of holes in the garbage can. A can on wheels is best. That way when doing large amounts of weeding I can just roll it along with me. I even throw the dog poop in it.