I can’t imagine what safeguards there are that people would just assume that a currency devaluation couldn’t occur here. For one thing, one of the biggest safeguards was repealed during the Clinton era-Glass Steagel Act. I don’t have the time or the inclination to list all the other crap that has undermined our financial system.
There have always been doom and gloom types predicting economic collapse for as long as I remember. For the most part I would just shake my head, and say never bet against the American economy or American ingenuity, and wasn’t overly concerned.
However, these are different times than I have ever seen. The great inflation of the Nixon, Carter, Reagan years was truly a hardship and was becoming scary-we were on a very bad path indeed, but some sensible government policies and reform helped industry to get going and helped to tame inflation.
I also learned during those years, the downside of price controls. All they do is to lead to empty shelves in the stores. I learned a lot of valuable economic lessons during that time period, but apparently there are lots of people in government today who never learned or have forgotten those lessons.
Once upon a time Great Britain was the big cheese - the sun never set on the British Empire-remember? The British Sterling was the world’s reserve currency, and yet the mighty did fall, and the sterling gave way to the dollar as the reserve currency. It’s very important to keep that status, especially when we owe so much money.
How in the heck do you make sure we don’t lose it? Well, right now, the dollar stinks, but in comparison to the others it smells like a rose. Still, the signs are there, movements are afoot to replace that status for political as well as economic reasons. Fiscal responsibility is the only thing that will retain it long term. Is the government making any great strides at being fiscally responsible?????
Ha. I have not seen it. Inflation of food, ammo, oil, and other necessities is already here, wages aren’t keeping up for those who are lucky enough to be working, so any necessity you buy today, will be money saved tomorrow.
For example I stocked up on peanut butter. Shortly thereafter, the price went up 125%. The stash lasted until the price went down a bit(still up 79%). Whether you want to call it prepping, or being proactive and smart with your money, its a good idea to spend some extra cash now on such things. As a plus you’ll be prepared for any Katrina like events.
Now this argument over silver and gold -should you buy it or not. First of all, you should have funds equivalent to 6 months expenses minimum before you consider setting up an investment portfolio.
An investment portfolio should be balanced. Stocks, Real Estate, Treasuries, and precious metals for example. I’d say put about 10% to 20% precious metals is a good idea for any portfolio.
Part of that 6 month to 12 month emergency fund should be stashed in cash, and coins. About 1 to 3 months maybe more of expenses stashed where you can get them if the banks go caput, or take a “holiday”.
Right now, JMHO we are going 90 miles an hour down a deadend road. It ends in currency collapse, and the dollar is replaced as the world’s reserve currency. It’s not too late to stop it, but government is not trying, because it’s a political hot potato to git er done. Maybe we’ll stumble around and survive. All the new oil tech could be used, and lead to a new era of prosperity.
Well, you get my drift. We aren’t in a pretty situation, and every one needs to figure out what’s the worst that could happen to me and my country? Then prepare for the worst and hope for the best.
Now, about those buckets: I have 15 5 gallon buckets. I have 4 4 gallon buckets. Then I have a bunch of buckets that laundry detergent comes in about 2 gallon size, and I just love them. As soon as I empty another one, I clean it out and fill it full of stuff that needs to be stored. They are stacked in my basement it the closet where the holding tank and water heater are. I have plenty of room for more.
All my medicine stuff is located on 3 2 foot shelves in a hallway next to the bathroom, and the rest is under the bathroom sink and bathroom medicine cabinet. I go through it about twice and year and straighten it up, so things are easy to find.
For all of our storage items, when we take a package out we write it on a list that hangs on the refrigerator. All items are replaced as they come on sale, and at least before it is totally used up. Usually, we buy a replacement item and an extra for the pantry. That way the stash continues to grow.
It ain’t a perfect system or solution, and we don’t have all that we should have yet, but it’s better that many, and we are thankful for what we have been able to do.
The advantage that the doom and gloom types have is that some day, one of their “end of the world” prophecies will come true.
It might be 100,000 years from now, but they will be shown to have been right.