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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.
-Sixbears
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You are absolutely right my friend. Cash will remain king and the net will falter big time one day... only those with a bit of cash will be able to get by.
ReplyDeleteFiguring out where to hide it can be fun too...
Thanks. Hiding places is a whole 'nother blog post.
DeleteI know for a fact that showing that green money in hand will drop the price of an item at a pawn shop, gun show or flea market at the drop of a hat.
ReplyDeleteWe keep at least three months of monthly expenses our of the bank's hands. At least an educated guess - no one really knows if prices will skyrocket when / if the bottom falls out (likely will if the past is an indication).
Cash has been known to work its magic for me too when making deals.
DeleteNo telling when or what will happen, but best be prepared.
Everyone with any sense keeps a little cash on hand, don't they? I should probably increase my stash by a small amount ...
ReplyDeleteYounger people can go days and weeks without ever touching the stuff. Cashless society and all that.
DeleteIf you got too much of that cash laying around, feel free to send me some (grin). Dang, I use my AMX card for almost everything.
ReplyDeleteGee, I can't seem to find any of that throw away cash lying around.
DeleteIt's a fine line. Cash would be essential up front, in the initial stages of a debacle. But it wouldn't take long for people to figure out they were selling their wares for something with no intrinsic value. I think Alas Babylon is a good illustration of that. So you'd have to expend the cash while you could or get stuck with expensive toilet paper.
ReplyDeleteIn terms of bargaining in normal times, no doubt Cash is King. It makes an impression on the seller that a plastic card does not.
In "normal" emergencies people will happily accept cash. As time goes on they will realize it's just paper. However, we have to live every day.
DeleteI'm developing a habit of converting my cash into real estate. I'll trade you a house for a month's worth of groceries?
ReplyDeleteHere's a thought: How about dealing in cash for larger purchases as much as possible when there's a DISCOUNT for such. Then, take the amount of money you saved by using the cash, and put that amount into PREPS. It's like getting your preps for FREE.....
ReplyDelete