MONEY

[Straight Shooter]

Before tshtf you will need to get all your money OUT OF THE BANKS ( if your lucky to have some that is ) cos no atms will work and the gov will freeze all accounts for a while THEN they will devalue the pound before they open back up SO what do you have planned for such a event, and when? would you get it out? what presign are you looking for

[HunterNurturer]

The problem is, what do you do with it once it's out of the bank?

[Tarrel]

IMHO, if you wait for a pre-sign, it's probably too late. But, I'd be looking for (in the next few months):
- Failure of congress to agree a new budget deficit ceiling
- decision not to grant Greece it's next bailout tranch
- Formal bailout request by Spain
- Oil supply interruption (e.g blockade of Straits of Hormuz)

Probably best to prepare by keeping a decent stash of cash somewhere, spread bank deposits across several banks and make use of the smaller / independent ones (e.g the Co-op, and some of the Mutuals), and buy gold/silver coins.

A Devaluation of the currency in itself wouldn't necessarily be a threat to your savings unless you wanted to use them for buying gold or use abroad. Imported goods such as oil would shoot up in price, but this would affect you whether your pounds were in the bank or in your hand.

Inflation is a bigger threat to savings, again whether held in the bank or under the mattress, gradually eroding your pounds' spending power. Gold or silver are the hedge against devaluation and inflation. If the pound is devalued, the price of gold (in pounds) will automatically go up, even if it stays the same against other currencies. Therefore the gold you hold will be worth more.

That's my tuppence worth (or should that be £3.50 worth).

[Skvez]

Prepping is all about hedging your bets and not having all your eggs in one basket.
You can keep some money in the bank, but also have a decent amount of cash on hand. You should also convert some of your stored weath into 'tangibles'.
"tangibles" can be gold and silver but can also be anything that holds its value from works of art to more practical things like water purification units and gardening equipment (and of course food stores).
Land is a pretty good way to store wealth except it's hard to bug out with!

[Straight Shooter]

(3 October 2012, 22:32)HunterNurturer Wrote: The problem is, what do you do with it once it's out of the bank?

there will be only a short time to do anything with paper money when tshtf ( weeks ) buy stuff you can trade food , tobacco ,anything but it would be a waste of time hanging on to it ! EVEN gold , silver HOW? you going to deal in that ( later on down the road ) , AT the very least WE have prepared . IF YOU CAN,T HOLD IT IN YOUR HANDS IT,S NOT YOURS

[Cestrian]

good thing im living on my overdraft, its a harsh circle,max overdraft, get paid and clear it, max it out again XD so the bank can freeze there money haha