Author Topic: Could it happen here? (Read 709 times)

Matthew · « **on:** September 17, 2007, 12:52:50 PM »

Here is a scary picture of panic in England on 9/14/07:

(It's a run on a bank -- people lining up to get their money out)

See, I'm not crazy. This stuff is happening. Which bank will be next? Yours?

Taking out some of your money (or all of it) to put under your mattress wouldn't be a bad idea.

Trinity · « **Reply #1 on:** September 17, 2007, 01:01:11 PM »

:roll-laugh2: I have two dollars in the bank. They can have it. :roll-laugh1:

Matthew · « **Reply #2 on:** September 17, 2007, 01:38:10 PM »

Well, at least you won't be jumping from a building when TSHTF (the crap hits the fan).

I feel sorry for those who have put off "starting a family", couples who are feverishly trying to save up money for an early retirement, etc. because their $100,000 savings will be either

A) Gone
B) worth $10,000, $5,000 or less because of inflation
C) will be converted by force into 100 Ameros -- which will be worth about $100 today. Thousand-to-one conversions have happened many times before -- just look at the history of Brazil.

Those people will be the ones rioting, recklessly risking their lives because they are so angry. I will certainly stay out of their way.

Matthew

gladius_veritatis · « **Reply #3 on:** September 17, 2007, 04:09:39 PM »

Money under the mattress will be just as worthless as in the bank. BUY SILVER!!!

Trinity · « **Reply #4 on:** September 17, 2007, 04:16:00 PM »

I'd rather buy food, medical supplies and such.

Matthew · « **Reply #5 on:** September 17, 2007, 04:39:52 PM »

You're both right.

But the stuff you can eat/survive with has to have priority. Gold & silver are for when you have "money that folds" in the bank that you don't want to lose.

The fact is that our money is losing about 13 or 14% of its value EVERY YEAR right now!!

Normally if you sock $1000 away for 5 years you have $1000 (plus a little interest) to spend. But now you'd have the purchasing power of about $498 (or less!)

Matthew

dust-7 · « **Reply #6 on:** September 18, 2007, 06:29:02 AM »

Quote from: ChantCd

Taking out some of your money (or all of it) to put under your mattress wouldn't be a bad idea.

The bearish presumption, and correct me if I'm wrong, is that the USA is slated for destruction, but not despicable tyrannies. So these others will still have their currency which could be used in the USA, according to such bearish notions. So why not convert mere cash into something else that would continue to be of value to those who still have money after the . . well, whatever?

You're referring to pretty small savings, barely six figures. Why not take a portion and put it into collectible coins, not merely gold maple leafs but old gold? There are transaction costs in selling these. But a fairly rare coin will continue to be so, and likely would appeal to those who still have money - whenever. Maybe $60,000. But one would have to check the mintages to see which are valuable, and what minimum condition could be considered 'numismatic' for any particular run. And PCGS grading would seem mandatory, maybe NGC. Loose diamonds and gems might prove interesting, too, but only on condition they generally are rare, and also are certified and numbered, with docuмentation. If one is talking about tens of thousands of present US dollars, then it's sufficient to consider such a converson.

And despite the bearish doom surrounding these assorted OPs, choice real estate would also seem a good conversion. But this would be more for those with saving closer to seven figures. Real estate is location cubed, in 'safe' areas, so-called, and where there is just no more room to build. Such places would continue to be prime real estate even in a second Depression, and particularly so.