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Old 09-16-2008, 11:22 AM
 
Location: Montrose, CA
3,031 posts, read 8,003,674 times
Reputation: 1927

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Quote:
Originally Posted by Movie Lover View Post
Just make sure he hides it from outsiders. He has done the right thing and soon I'm following suit.
Wow...paranoia reigns supreme, eh?
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Old 09-16-2008, 11:35 AM
 
Location: Heartland Florida
9,324 posts, read 23,668,414 times
Reputation: 4897
I just spent some cash on parts for my dozer. Also spending money on the algae farm That stuff will be hard to steal.
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Old 09-16-2008, 11:35 AM
 
Location: where you sip the tea of the breasts of the spinsters of Utica
8,302 posts, read 12,125,680 times
Reputation: 8043
Quote:
Originally Posted by tallrick View Post
Unless the money is in silver gold or something real it will continue to lose value. I am going to convert my savings to either direct investment in business or things of real value like tools and materials I can barter if things get really bad. Federal Reserve notes will be worthless if the system collapses, remember that the money has nothing to back it up anymore but paper.
I think you should keep SOME of the money in the safer rated banks, because if you're raided by the police they can seize gold as proof that you're a drug dealer or terrorist, and of course thieves could get it also. I mean thieves who aren't cops.

I don't think FRNs are going to become worthless forever, nor do I think most banks will fail. But a lot of them will. That's why it's important to look up the safety rating of your bank.

But the idea about recession-proof business investments is a good idea, something like plumbing, discount grocers, or private security. Tools I would rather keep than barter, but you might learn a skill that can be bartered.
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Old 09-16-2008, 11:42 AM
 
26,572 posts, read 51,705,250 times
Reputation: 20328
Quote:
Originally Posted by tallrick View Post
I just spent some cash on parts for my dozer. Also spending money on the algae farm That stuff will be hard to steal.
Sometimes I think my Dozer purchase is also my foray into the commodities market. When steel sells for a dollar a pound, I will have doubled my investment
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Old 09-16-2008, 11:43 AM
 
Location: Montrose, CA
3,031 posts, read 8,003,674 times
Reputation: 1927
Quote:
Originally Posted by Ultrarunner View Post
Sometimes I think my Dozer purchase is also my foray into the commodities market. When steel sells for a dollar a pound, I will have doubled my investment
Plus, they're fun to drive!!
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Old 09-16-2008, 12:04 PM
 
1,651 posts, read 2,744,902 times
Reputation: 283
Quote:
Originally Posted by SuSuSushi View Post
Wow...paranoia reigns supreme, eh?
Absolutely!
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Old 09-16-2008, 12:05 PM
 
1,651 posts, read 2,744,902 times
Reputation: 283
Why move it to a different bank? The new bank you choose may be next to fall. If you put it in a safer bank, how long do you think it will take til the crisis refinds you?
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Old 09-16-2008, 12:22 PM
 
Location: Apple Valley Calif
7,475 posts, read 20,056,800 times
Reputation: 5601
Quote:
Originally Posted by SuSuSushi View Post
Wow...paranoia reigns supreme, eh?
Chicken little rides again...
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Old 09-16-2008, 12:25 PM
 
Location: Coachella Valley, California
15,564 posts, read 36,347,150 times
Reputation: 13174
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?
Could you please provide me your relative's address?
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Old 09-16-2008, 12:28 PM
 
Location: Coachella Valley, California
15,564 posts, read 36,347,150 times
Reputation: 13174
Quote:
Originally Posted by Movie Lover View Post
Just make sure he hides it from outsiders. He has done the right thing and soon I'm following suit.
You might want to provide me your address as well.
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