wanderer
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Post by wanderer on Mar 13, 2020 23:24:06 GMT 10
I reckon there might be a run on the banks very soon, im debating taking out savings in hard cash. In the scheme of things my savings is small, under 10k but i own everything and have no debt so im probably better off keeping it at the homestead buried for the time being, i dont know, it seems we are in uncharted waters and id rather have emergency money far away from the banksters if there is a chance the banks could shutdown. Considering the scomo .govs efforts last year in regards to cash on hand in the plus 10k area has there been any experiences from large withdrawals from banks anyone can share, what to look out for and how to go about it?
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blueshoes
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Post by blueshoes on Mar 14, 2020 10:27:16 GMT 10
I've been wondering this too. If they're this bad with a run on toilet paper, God help us all if a run starts on the banks
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grumble
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Post by grumble on Mar 14, 2020 10:58:13 GMT 10
I reckon there might be a run on the banks very soon, im debating taking out savings in hard cash. In the scheme of things my savings is small, under 10k but i own everything and have no debt so im probably better off keeping it at the homestead buried for the time being, i dont know, it seems we are in uncharted waters and id rather have emergency money far away from the banksters if there is a chance the banks could shutdown. Considering the scomo .govs efforts last year in regards to cash on hand in the plus 10k area has there been any experiences from large withdrawals from banks anyone can share, what to look out for and how to go about it? There simply isn't enough cash in the bank or printed to honor every virtual dollar in accounts so they will simply put a hard cap daily withdrawal limit in place of some nominal amount plus a few states now have made illegal to have large amounts of cash at home This is why so many people quietly over the years converted digital numbers to cash and PMs to be held at home to avoid these situations
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Post by PlanZ on Mar 14, 2020 15:08:21 GMT 10
I could certainly imagine it happening. I’m increasing my cash
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frostbite
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Post by frostbite on Mar 14, 2020 15:24:49 GMT 10
I keep $10k at home, in various denominations. Best to keep some in the bank, because some business now refusing cash because it may have corona virus on it.
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wanderer
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Post by wanderer on Mar 14, 2020 22:58:02 GMT 10
I keep $10k at home, in various denominations. Best to keep some in the bank, because some business now refusing cash because it may have corona virus on it. Interesting, had not thought about the dirty money or contaminated money aspect of this. Cheers
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bushdoc2
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Post by bushdoc2 on Mar 15, 2020 11:49:46 GMT 10
I keep $10k at home, in various denominations. Best to keep some in the bank, because some business now refusing cash because it may have corona virus on it. Interesting, had not thought about the dirty money or contaminated money aspect of this. Cheers As opposed to the keypads, which are touched by unwashed hands every few mins...
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frostbite
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Post by frostbite on Mar 15, 2020 11:54:21 GMT 10
Touch and go is your saviour. No keypad if under $100.
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bug
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Post by bug on Mar 15, 2020 14:23:26 GMT 10
I've already made some modest withdrawls for this reason. With interest rates so low, the cost of holding cash is tiny now.
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Tim Horton
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Post by Tim Horton on Mar 16, 2020 11:44:16 GMT 10
I see a "knee jerk" type situation in this.. There will be a time where businesses will be cash wary, but cash is and always will be king...
My 5 cents of opinion..
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Post by jo on Mar 16, 2020 12:59:46 GMT 10
The value of money is only a social construct (remember when people i n Germany wall papered their homes with $100 bills just after the war?) In the very near future toilet paper will be the new currency and we will be wiping our butts with worthless $100 bills .... just saying
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bug
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Post by bug on Mar 16, 2020 17:30:22 GMT 10
I see a "knee jerk" type situation in this.. There will be a time where businesses will be cash wary, but cash is and always will be king... My 5 cents of opinion.. Cash wins. All it takes is a power failure for central EFTPOS to end. See what happened at the bushfires. Immediate chaos with people stealing because they had no cash.
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newtrog
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Post by newtrog on Mar 19, 2020 14:27:17 GMT 10
Cash is just something that the Government can print more of (making the stuff you have under your bed worth less). I you want to keep $10K at home - buy physical gold or silver the value of this will increase.
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bug
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Post by bug on Mar 19, 2020 15:11:45 GMT 10
Cash is just something that the Government can print more of (making the stuff you have under your bed worth less). I you want to keep $10K at home - buy physical gold or silver the value of this will increase. That has not worked in recent times. There have been plenty of localised SHTF situations. Not once has gold/silver replaced cash. Governments are VERY nervous about inflation or its even worse cousin, stagflation. If they were to 'print money' now, there would be some pretty big political consequences. That's why you only tend to see it in the third world or in dictatorships.
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VegHead
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Post by VegHead on Mar 19, 2020 16:09:36 GMT 10
Our Bank has been limiting withdrawals to $5k a day, so it has started.
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tomatoes
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Post by tomatoes on Mar 19, 2020 16:18:11 GMT 10
Cash is just something that the Government can print more of (making the stuff you have under your bed worth less). I you want to keep $10K at home - buy physical gold or silver the value of this will increase. That has not worked in recent times. There have been plenty of localised SHTF situations. Not once has gold/silver replaced cash. Governments are VERY nervous about inflation or its even worse cousin, stagflation. If they were to 'print money' now, there would be some pretty big political consequences. That's why you only tend to see it in the third world or in dictatorships. In today’s news - Reserve Bank resorts to printing money as it slashes interest rate to 0.25 per cent www.abc.net.au/news/2020-03-19/rba-cuts-interest-rates-coronavirus-covid-19/12070494
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frostbite
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Post by frostbite on Mar 19, 2020 18:36:14 GMT 10
IMO, pm's are a repository for wealth, not a medium of exchange. Try buying a bag of rice or tank of fuel with a gold coin when the banking system collapses. I expect you'd be told to shove off and come back with a currency most people understand. My cash at home is for purchasing during/after a banking collapse, not for storing wealth. I use real estate for that.
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Post by illuminati on Mar 19, 2020 23:47:53 GMT 10
The gov, RBA, will inject money into the financial sector, where it will pump stocks, bail out banks, and companies, and make the rich richer. The general population won’t get the bulk of the money. So inflation won’t occur. This is what the fed has done in the US. Pumped trillions of USD out without high inflation. Cause it stayed in the financial economy and not the real economy. Created an equity (stocks) bubble. But milk stayed cheap.
Aus has done well with the helicopter money, directly to the people, is good IMO. At least it’s going to the people and not only fat cats. More democratic.
I like gold and silver etc but agree it’s not very likely a random is going to accept your could be fake worthless metal for some goods etc.
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Post by illuminati on Mar 19, 2020 23:48:06 GMT 10
Bitcoin might work.
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wanderer
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Post by wanderer on Mar 20, 2020 1:17:59 GMT 10
IMO, pm's are a repository for wealth, not a medium of exchange. Try buying a bag of rice or tank of fuel with a gold coin when the banking system collapses. I expect you'd be told to shove off and come back with a currency most people understand. My cash at home is for purchasing during/after a banking collapse, not for storing wealth. I use real estate for that.
As you mentioned earlier about cash being infected, this might be the new norm in getting the sheeple worried about touching hard currency, im already hearing reports some places are not accepting cash due to the corona. This plays right into the hands of the 1%ers wanting to make the economy cashless and be subservient to technocrats and how they would like to shape it. Agenda 2030! But you are correct, currency most people should understand is that which is tangible or real, like food, water, shelter and skills etc etc.
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