What to do with our savings accounts ???

[Moonglow]

Going all digital would likely be devastating to the Nation. The first large scale power outage will send this country into widespread chaos, and anarchy.

You already have digital currency aka electronic funds.

 

[Vastator]

You already have digital currency aka electronic funds.

Do you have a point? I'm not holding my breath...

 

[OhPleaseJustQuit]

Do you have a point? I'm not holding my breath...

.

It never has a point.

It exists to hear the sound of its own voice.

I shut it off about a year ago.

.

 

[JohnDB]

The US dollar is the most stable medium of exchange in the world.
Where everyone is complaining about inflation...it's nowhere near as bad as it is with other currencies. The biggest reason for inflation is to shrink debt. They just shaved 15% of government debt off the books with inflation. Other nations did the exact same thing....but worse with their currencies. CCP has a huge debt crisis and real estate crisis. And they have already raided Hong Kong banks but it wasn't enough...they want Taiwan....but after watching Russia/Ukraine they are figuring out that its not really going to work.

The Euro has taken a huge hit from Brexit. Pound Stirling is not as stable as it once was. The Ruble is almost dead and untradable as no one accepts it.

Gold fluctuates wildly. Not exactly a stable medium of exchange anymore. It's not as bad as digital currency....but almost. And you can purchase and hold gold. It requires a fee...so it's not exactly cheap but it's legal.

Long before the world used a fiat based money system the entire world used a commodity based money system. Food was money. Calories were the ultimate medium of exchange....the more calorie dense a food was the more valuable.
Then came spices....spices also were a medium of exchange. Saffron is still very pricey at roughly $100/Oz or more depending on quality.

However....food spoils. Including spices. Land is good for holding its value but only if everyone wants it. Nice subdivisions in Detroit have been abandoned.

Digital currency is only good if there is electricity. (Another commodity)

And if things went back to a commodity based system....I would NOT want to hold gold....too big a risk.

 

[22lcidw]

You already have digital currency aka electronic funds.

Step by step. Credit cards many many decades ago actually helped to push this. To terrorize people due to a viewpoint is tyranny. To shut a person down is pure evil. And whether it is of Religion or Secular it is not good.

 

[Moonglow]

Step by step. Credit cards many many decades ago actually helped to push this. To terrorize people due to a viewpoint is tyranny. To shut a person down is pure evil. And whether it is of Religion or Secular it is not good.

Or you could learn to handle your money and debt better.

 

[sparky]

The biggest reason for inflation is to shrink debt.

well ok John, what if one assumes more debt than can be inflated ?
~S~

 

[Moonglow]

I’ve used propane, kerosene, gasoline but natural gas is my favorite if local.

Yes indeed, oblivious is the way to go.. why it’s almost like you and Biden are channeling..

I can tell you like to be thrown to and fro with hysterical accounts of existence.

 

[OhPleaseJustQuit]

I’ve used propane, kerosene, gasoline but natural gas is my favorite if local.

Yes indeed, oblivious is the way to go.. why it’s almost like you and Biden are channeling..

.

I do heat with natural gas and my gas company can connect my gas supply to be used in a generator, but when SHTF that gas supply is going to do what?

.

 

[Lumpy 1]

I can tell you like to be thrown to and fro with hysterical accounts of existence.

Phone posting .. it sucks..

 

[Vastator]

The US dollar is the most stable medium of exchange in the world.
Where everyone is complaining about inflation...it's nowhere near as bad as it is with other currencies. The biggest reason for inflation is to shrink debt. They just shaved 15% of government debt off the books with inflation. Other nations did the exact same thing....but worse with their currencies. CCP has a huge debt crisis and real estate crisis. And they have already raided Hong Kong banks but it wasn't enough...they want Taiwan....but after watching Russia/Ukraine they are figuring out that its not really going to work.

The Euro has taken a huge hit from Brexit. Pound Stirling is not as stable as it once was. The Ruble is almost dead and untradable as no one accepts it.

Gold fluctuates wildly. Not exactly a stable medium of exchange anymore. It's not as bad as digital currency....but almost. And you can purchase and hold gold. It requires a fee...so it's not exactly cheap but it's legal.

Long before the world used a fiat based money system the entire world used a commodity based money system. Food was money. Calories were the ultimate medium of exchange....the more calorie dense a food was the more valuable.
Then came spices....spices also were a medium of exchange. Saffron is still very pricey at roughly $100/Oz or more depending on quality.

However....food spoils. Including spices. Land is good for holding its value but only if everyone wants it. Nice subdivisions in Detroit have been abandoned.

Digital currency is only good if there is electricity. (Another commodity)

And if things went back to a commodity based system....I would NOT want to hold gold....too big a risk.

Not really any bigger risk than possessing that which one might trade gold for.

 

[Lumpy 1]

.

I do heat with natural gas and my gas company can connect my gas supply to be used in a generator, but when SHTF that gas supply is going to do what?

.

Sheesh.. I’ve really screwed up these posts .. somehow my response to moonglow ended up with you .. this what happens when I stay up all night talking on the phone and not post on my newly repaired desk top.. sorry and good night

 

[JohnDB]

well ok John, what if one assumes more debt than can be inflated ?
~S~

You just described the EU and PRC. In fact China defaulted on some payments AFTER confiscating banks in Hong Kong. The EU is largely based on Germany's GDP. The other nations don't have near the economy to pay off their debts. But after Greece's massive default and GB leaving....the Euro is in some trouble. Poland is doing OK especially with their war efforts and other manufacturing. But it's still not up to what Germany produces.

If and when a fiat currency fails....as did the USSR and Russia following the collapse Russia issued a new currency. In fact it issued a few different currencies because they kept failing until the latest which has stabilized....kinda. sanctions have really destabilized it.

Bank deposits usually convert automatically to new currencies. Their value eroded each time. However....currency failures are horrible things. It's not bloodless. When a currency fails the old, young, and stupid alike die from starvation, abandonment, and disease. Organized crime rules the streets and lots of people die in the crossfire. When finally all the organized crime bosses kill each other off and you can breathe again....then comes more poverty until a huge company from another country comes in to build factories and hire labor to build products. It's a very very rough life. Old age life expectancy is 60's instead of 90's.

Getting the picture?

 

[Lumpy 1]

.

I do heat with natural gas and my gas company can connect my gas supply to be used in a generator, but when SHTF that gas supply is going to do what?

.

Never mind .. all you’ve said makes perfect sense but it seems I’m not.. good morning and goodnight..

 

[OhPleaseJustQuit]

Sheesh.. I’ve really screwed up these posts .. somehow my response to moonglow ended up with you .. this what happens when I stay up all night talking on the phone and not post on my newly repaired desk top.. sorry and good night

.

Oh, I didn't realize that. I didn't see anything weird.

If you need sleep, get some. Take care.

.

 

[JohnDB]

Not really any bigger risk than possessing that which one might trade gold for.

When a currency fails and society is melting down into chaos...you DO NOT want to attract attention by flashing gold. You trade small amounts for daily needs....you start flashing around a stack of gold coins and you can expect trouble. The kind that doesn't go away just because you made it home and locked the door.

Same thing with generators....they attract attention with the sound of the motor and electric lights.

 

[Vastator]

When a currency fails and society is melting down into chaos...you DO NOT want to attract attention by flashing gold. You trade small amounts for daily needs....you start flashing around a stack of gold coins and you can expect trouble. The kind that doesn't go away just because you made it home and locked the door.

Same thing with generators....they attract attention with the sound of the motor and electric lights.

Then don't go recklessly "flashing it. And of course situational awareness, and security are also important. Though, these are all things a prudent person would be practicing anyhow, regardless of having gold, or not. Sure... You wouldnt walk up to a random group of desperate people waving hundred dollar bills in a "Katrina" type scenario. So why would one be any less cautious with gold?

 

[JohnDB]

Then don't go recklessly "flashing it. And of course situational awareness, and security are also important. Though, these are all things a prudent person would be practicing anyhow, regardless of having gold, or not. Sure... You wouldnt walk up to a random group of desperate people waving hundred dollar bills in a "Katrina" type scenario. So why would one be any less cautious with gold?

Instead of gold bullion...use something else like tobacco or alcohol. Small pieces of gold jewelry works. Unless you have an army to protect you day and night.

 

[Vastator]

Instead of gold bullion...use something else like tobacco or alcohol. Small pieces of gold jewelry works. Unless you have an army to protect you day and night.

A person can barter just about anything, and they do. However both parties have to be in possession of a desired item, in a desired quantity, and at the same time. It can definitely be done. But gold, silver, and the like have universal value in most instances. Not to mention their durability, and portability.

 

[JohnDB]

A person can barter just about anything, and they do. However both parties have to be in possession of a desired item, in a desired quantity, and at the same time. It can definitely be done. But gold, silver, and the like have universal value in most instances. Not to mention their durability, and portability.

Correct....it's the durability and portability that makes them highly desired....but not always by everyone. You can't eat them. They are not consumables. Also....with the manufacturing process available by everyone fake gold bullion is very easily came by...so testing kits usually have to be employed.

But in a chaotic society...laying low is the chief objective. You survive until you can live. Your peers/community either supports you or not. And being the richest man (by perception) is usually not a good idea.

People gain skills and abilities when things break down. Just like your average man learns plumbing when he buys a house. (I hate doing plumbing...I'm an electrician) People who never learned to steal or rob become brigands because they feel they need to. Crimes of opportunity and great gain are attractant. The rumor mill usually works overtime.

A carton of Marlboro cigarettes is the same value as a prime rib of beef....but a gold bullion ounce bar is worth 18 prime ribs or 18 cartons of cigarettes or 18 ounces of Saffron. The bullion bar fits/hides in your pocket and weighs only an ounce and stays good for years and years.

If you spend one bar of gold....it's going to attract attention.