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Sunday, November 7, 2010

It's been a few weeks since I've done a post, but just wanted to throw out that their is a big buzz in the finacial world that a bank holiday may be fast approaching. A bank holiday is where the entire banking system is shut down to allow for a reset in as spiraling economy, or so they say. How will you know this will happen? The morning after is all the notice you will get, in other words none. A BH can last anywhere from one day to weeks, the last was in 1933, and did not have the desired intent. My family will be drawing out all cash from our bank on Monday except that which is required to keep the accounts open. It's a good idea to operate on a cash system anyway, this gives you a good reason. I wouldn't worry about your savings accounts as they are probably only paying 1/2% these days anyway, so removing the cash shouldn't do much to hurt earnings. You should deposit funds when needed to cover auto withdrawls and online billing, other than that pay for gas, food, and eating out with cash. Those of you that have the means, buy junk silver coins. Junk silver is easily bought because the collector value is very low, but in a SHTF situation the silver coins will be able to hold face value when paper or copper plated steel has lots its value.

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