So far outside the box you can't even see the box from here.
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Wednesday, August 19, 2015
Cash on hand
This is just a little reminder to keep some cash on hand. It's easy to get into the debit card habit. Frankly, I do a lot of my business that way too. However, for emergencies, nothing beats cash in hand.
Say what you want about silver and gold, but cash is handy. I'll freely admit precious metals historically have served as a storehouse of wealth. The problem is that a metals economy takes time to establish itself after a currency collapse. If the grid goes down today and nobody can scan a plastic card, there will still be a lot of people willing to take cash. Even serious gold bugs should have some cash for the early days and weeks. My local corner store has no idea what to do if I present them with an ounce of silver.
Economists are saying we are going into a particularly shakey period of time. Some think China's currency woes could even take down the whole global economy. We are in uncharted territory here. Never mind the future. How about the recent past and the present? I bet Greeks who kept cash on hand were glad they did when the banks closed.
While I don't see any one particular threat on the horizon, there are enough troublesome things going on that a little cash would not be out of place. Might as well keep some at home in a safe place. It's not like banks are paying any interest on deposits anyway.
By the way, a safe deposit box is not a safe place. In an emergency the government can and has freely opened and inspected them. Besides, it's silly to keep cash in the very building that will be closed in an emergency.
I live in an area of NH known as the Great North Woods. I'm in my dome-i-cile out in the county with my lovely wife and a varying number of family and friends
-part red neck, part hippie but all country. Experimenting and enjoying the adventure of life.