Hello all We all know where stacking can lead to... Getting in too far, dedicating WAY to much of the wage into PMs in anticipation of a world fiat collapse then having to sell part of the stack to pay the bills :/. Having said that, balance is pretty sound advice and having available cash is necessary to live without buyers remorse. After a bit of a hiatus, I'm back to the old ten percent of earning getting saved into PMs, but what I'm wondering, is how many people are keeping x amount of cash available too? Nothing is certain and predicting when the global economy is going to blow up isn't exactly my forte, but I'd like to know that I'm at least a little protected.. I remember back during the 08 GFC, there were fears that people would be locked out of their accounts and cash could not be withdrawn. I'm not intending to be fear mongering (other people fulfill that role) but when another shake up occurs, I think it's going to hit much harder than 08 due to increasing US debt and what I perceive to be a growing global uncertainty in where things are headed. Australian interest rates are extremely low which I figure adds to the problem along with China's disinterest in our resources now. Anyway, does anyone think it's reasonable to have a thousand bucks (in $50s..not $100s-- I'm not a crim you know in cash next to the stack or is this way too paranoid? Discussion encouraged! Have a great Tuesday! Yours all shiny, PPSS
imo you are not paranoid and that is a good idea. $20 notes too. Do not forget to stock up with a pallet of baked beans.
You don't need a GFC for there to be a money problem, all that's required is a computer virus that affects all electronic banking transactions.
At least 1 week's worth of wages post tax should be sitting close but not too close. Enough to get you through a couple of weeks of issues in the markets if you need it and you spend carefully. Also, keep a bit of 'scrap' silver close to hand for quick flipping when required - banged up rounds, low-premium 5/10oz bars.
To me this (the banking system going down) is by far the most plausible and probable SHFT scenario. Outages happen every day somewhere. Be it a flaky terminal, internet or other comms issues, virus or other banking system issue as you say, power outages etc. Most issues are solved within hours, some take a few days http://mentalfloss.com/article/57769/12-biggest-electrical-blackouts-history A weeks worth of cash should cover any scenario that's ever happened.
A big geomagnetic (solar) storm coild easily cause an outage for a few fdays or longer. It has happened before.
Wouldn't the most likely event be that the banks just power off until it suits them to power up again?
No no, they don't just power off, they have an "unexpected system issue with planned maintenance" or a single technician "did not follow the correct procedure" during some work.
Certainly. Not as probable as human error or technical failure though, they happen much more frequently.
