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Old 05-11-2019, 06:13 AM
 
Location: Thailand
5,749 posts, read 2,781,813 times
Reputation: 10823

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Well we could just keep this thread on life support until the next downturn, since that always has money-in-mattress folks coming out of the woodwork saying "I told you so" to the people who lost 30% of their 80% gains.
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Old 05-11-2019, 05:28 PM
 
5,218 posts, read 2,157,984 times
Reputation: 15835
Quote:
Originally Posted by Refugee56 View Post
A relative of mine is convinced we are heading into the next great depression and does not trust the bank, brokerage firms or the FDIC. He pulled out all of his money from the bank and now hides it under his mattress. All $124,000 of it.

He had to get the approval of a bank vice president to get all his money out of the bank and into currency. He spent almost an hour arguing with them and had to come back later in the day to collect his money.

I would at least put some of it in safety deposit box but he does not trust the bank with their key.

Is this man a genius or an idiot in today's strange ecomonic times?

Actually, he was halfway smart. When things were going south in September, 2008, I was in Chicago waiting to fly home. I told my wife to drive to the bank and take out $5,000. We put it back in when TARP was passed. I saw the possibility of a bank holiday, which meant we wouldn't have gotten to our money. Cash would have been king.

Of course, if he actually lost that money, then he was an idiot.
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Old Today, 06:55 AM
 
Location: Raleigh
7,987 posts, read 5,946,625 times
Reputation: 11097
Quote:
Originally Posted by oregonwoodsmoke View Post
I would think that if it isn't safe to leave your money in the bank, that it wouldn't be safe to leave it in paper dollars. Money in an insured bank is safe as long as the government doesn't fail. If the government fails, the paper dollars are no longer any good.


But, yeah, keep your money at home and it should be safe enough as long as you don't have any burglars, fires, flooding, or spendthrift spouses.... and you remember where you hid it.
That's a good point. If you don't trust the bank, and don't trust the FDIC, then you might as well turn your green paper into ammunition or canned food or fuel reserves.
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