Originally posted by notsosweet
I have a question, with all the talk about our dollar not being worth what we once knew, and new currency, etc., I need to know if any one has any
idea what to do with the money we have in our savings account.?
I am not a money expert so that is why im asking you all. Do I finish paying off some of my bills, etc. or will it not matter in the long run?
Thanks in advance.
As the dollar amount of your current debts will remain the same,
I'd say get them to a minimum payment at this time, and take
as much money as you can and spread it three ways.
Look at what did well during the Great Depression, you can
even ask an investor that you know and trust.
The interest rates might shoot up, but so likely will the price of metals,
and at the high point you can sell and then pay off your debt.
If you debt is locked at a low rate, then you really should
not fret over it unless you think you will end being on the street
Look at past collapses and what happened and use them as a guide.
1) Some physical silver, as it stands to do the best of the metals
per the video "hyperinflation nation" on youtube.
Junk silver coins are a good thing to consider as they are well known,
and could be used much like they were in the 25+ countries
that saw hyperinflation by design.
Watch "confessions of an economic hitman" on youtube.
2) Buy some long term food, and anything you might want if
there was a major long term disruption to the banks and
other financial institutions. Think Grid down, riots in major cities.
Cover the core 5: Water, Food, Shelter, Self Defense, Knowledge.
3) Buy a foreign currency that is likely to weather the storm,
I'd talk to a knowledgeable investor that you know. Store this
money outside the US in a bank with a very good history,
but not a US one, or a British one.
Plan 3 routes to bug out either to a rural setting, or out of the country
altogether til things sort themselves out.
Below is why I made these choices.
Financial Collapse Summary:
We saw a failure of the 5 year bond sale of T-bills.
Then the failure of the 7 year bond sale of T-bills.
Below says US foreign Embassys are being told to horde
1 years worth of non-US currency due to a possible
lengthy banking shutdown.
Speaking of shutdown, 7 banks in one day went poof...
Close to 600 Bank of America locations to be closed.
FDIC top level official says bank closures to increase 10 fold.
By just their public financials they are forced to disclose
348 banks are either technically already failed, or 1% away
from it indicated in the orange on this spreadsheet.
They recently called back formerly retired FDIC workers,
and hired 600 more to get ready for it all.
I can see why she would say that with near 2,700 banks being
rated D+ or lower.
Over 1,000 Trillion in derivatives are set to implode.
Once they monetize the debt and start printing money like mad
to buy our own debt up, they will devalue the currency and
turn the US into a modern day Zimbabwe.
They outline how this is likely to happen in these three videos.
The tax revenues have dropped more than anytime since the Great Depression.
The real U6 unemployment rate is closer to 21%.
34 million ppl on food stamps, more than ever before.
The World bank says we are entering a Deflationary Spiral.
While some of the above may be hard to believe, this is
not the first time that things that were hard to believe
ended up being true.
Good Luck to you all !
[edit on 26-8-2009 by Ex_MislTech]