If anyone believes that you are “sticking it to the man” by withdrawing all the funds from your bank account in “cash”, think again. Our fiat currency system has got you coming and going. It’s not a bug; it was designed that way.
In fiat, your only real choice is this: if you wish to access credit at all, you must participate in a system where the coercive extension of credit creates an exponentially rising debt doom loop that all must shoulder the burden of.
The final collapse of fiat will occur when the burden of debt exceeds the ability of any debtor, no matter how large their balance sheet, to service it. When lost capital can no longer be replaced with fresh capital from a more creditworthy institution, one can arrive at a situation where bank notes are literally backed by nothing. A bank note backed by nothing can purchase nothing. It will not matter how many are released into the economy at that point. They will be worthless. It will be the Zimbabwe solution in spades.
In the words of Zerohedge posters, ” Buy gold bitchez”.
Seriously, though, if you haven’t already started, become your own central bank before it is too late.
My advice is forget gold and buy stuff that people will actually need and want when the economy collapses, and lots of it.
That includes foodstuffs with a long shelf such as canned or dried goods. Also flour and rice and beans and lentils.
I would add personal hygiene products (nothing fancy, just the basics) and booze and cigarettes.
For personal use and not for trade get something simple and easy for cooking such as a Swiss army stove for when the gas or electricity is cut.
Rocket stoves are pretty handy.
The thing about a Swiss army stove is it’s collapsible in case you need to relocate in a hurry.
Above, I should have added that whatever you do don’t give up your guns.
That’s rule #1.
Horde all you want, but without a very strong deterrent, they’ll take it all.
What’s more valuable when everybody is hungry? A can of beans or a shiny piece of metal that you can’t eat? Gold is the ultimate “greater fool” commodity.
Funny enough, that’s what a lot of central banks have been doing since 2010 and accelerating the past few years. The price of gold is rocketing because people are growing rightly skeptical of the USD.
“Everything government says is a lie and everything it has, it has stolen.” – Friedrich Nietzsche
Everything flows from that premise and fiat currencies are no exception. They got away from precious metals because they couldn’t dilute them fast enough to buy votes or stiff their creditors. CBDCs will unleash a level of totalitarian control unimaginable during history’s darkest periods. The serfdom of the dark ages will seem like a freedom fest by comparison.
“The serfdom of the dark ages will seem like a freedom fest by comparison.”
It already does.
Thus crypto.
My concern with crypto—and I admit I missed the boat—is what happens when the government turns off the internet.
Hard to turn off satellite internet, at least the geo-synch type like ExploreNet.
Revolt.
The only way to miss the boat is by not getting on it. When the government turns off the internet, you will need tools already suggested. Guns, canned goods, liquor, cigarettes and insulin. Study Bitcoin.
This is true of all lending with interest, the debt will always exceed the existing supply.
This is why lending at any interest rate was prohibited for so long. In modern times they redefined usury to mean lending at excessive interest rates.
IIRC, banks can lend 26x more money than they have assets.
Fractional Reserve Banking.
That is not the case if borrowing results in growth in the economy and observed either as increase in money at that level or in an increase in purchasing power as gradual deflation.
I’m not doing it to stick it to the man, I’m doing it to prevent the man from sticking it to me. After Trudeau started freezing bank accounts I always make sure I have enough cash on hand to survive without access to a bank account.
I’ve got some banknotes from Revolutionary France in 1793. They worked just fine until the buggers wouldn’t quit printing too much of it. The monetary system can be managed very well and most of the time it is. Gold based currencies had more problems than so called fiat currencies. When currencies inflate from supply and demand issues as opposed to increase in the money supply, everyone wants to cash the currency in for gold. When they run out of gold the currency is worthless. Keynes taught us that you can control the situation instead of letting the situation control us. We used to have regular depressions up to about 100 years ago. We haven’t had one since. Even our recessions don’t affect 95% of the people. Canada has only ever had significant inflation under the jackass Pierre Trudeau and his idiot son Justin with their moronic deficit spending during good times.
Get out of Canadian fiat and switch to USD or, better yet, Gold, Silver, Platinum, or Palladium that you can hold in your hands.
Steel, lead, brass, copper.
In specific diameters.
Easy to preserve a 55-gallon drum of 5.56 buried out in the hinterland.
Will be valuable, and spendable.
Come to think of it, I can’t find a country that survived without a fiat currency.
Fiat currency gave us endless welfare and endless wars.. The two go hand in hand. Do you honestly think we would be sending Ukraine gold bars :).. Or spending all your gold to build 10 000 nuclear bombs you never intend on using?..
The gold standard was the original United Nations.. All international bad ideas, like wars.. Would eventually go broke and have to ask their friends for a loan to continue.. Or tax their own people into revolution.. Either way bad governments ended themselves..
Gold, simply doesn’t like bad investments.. Politicians do..
Today’s SDA Street has been brought to you by the letter B: bullion, bully beef, beans, bottled water, bullets, bunkers, and brandy.
Buy gum!
well its godam well coming.
like a 50,000,000,000 tonne asteroid spotted in the outer reaches of the planet Uranus.
and every time the astronomers recalculate the trajectory its a bullseye.
*everything necessary is in place* and most of it is debt debt debt debt.
unpayable balances. interest payments missed. debt fostering more debt.
debt paid off one place by debt created elsewhere. and economies intricately linked like the Asia crisis, domino effect.
what do we do when the reference currency $US blows up?
prompted but not exclusively by the likes of kathleen Wynnedfarm
http://www.fraserinstitute.org/commentary/successive-ontario-governments-increased-net-debt-139-billion-338-billion
look at history, debtdebtdebtdebtdebt=hyperinflation (a built in effect)
we are doomed, time to research and do a ‘dry run’ on the countermeasures.
its coming SDA. its coming.
“ what do we do when the reference currency $US blows up?”
Have gold. It’s already in the works. Prepare.
I repeat, OWN Gold.
can’t eat gold ….. buy long term storage food, Lupus solus gets it ….. a biblical famine is coming and foreign entities have control of cana_da’s food supply …. saudi’s own half of northern alberta wheat lands …..
Gold is a brittle repository of value. At some point, it will fade once everything must have an actual use to be valuable.
Buy ammo. A 55-gal drum of 5.56 is an investment. A buried 55-gal drum is insurance.
Gold is not inherently better than fiat. Both are assigned value arbitrarily by people. All that matters is the supply of X be limited and hard to counterfeit, hard to increase (which is why fiat has anti-counterfeiting measures built in).
The entire article is predicated on the idea that gold has some inherent value apart from its limited supply, when that is demonstrably not true. Anything with severely limited supply can serve the same purpose, and historically generally has done.