After all, it is pretty plain that the FDIC "insurance" on your account is worth exactly bubkis.
Hold on there.
The FDIC can borrow from Uncle Sam! Sure, sure. Click the link and read the whole thing. Uncle is already on the hook for (depending how you count it) over sixty trillion dollars now. Your President Hopechange just added 12.5 trillion on top of what we were liable for previously.
If you listen to the news, maybe things are about to turn around this year. If you look a little closer, maybe not so much.
If you can convert your paper wealth into real assets, even real estate without going into further debt to do it, or if you can pay off your debts, now is the last best time you may have in which to do it.
Of course, those of us who are living month-to-month don't have to worry about the FDIC guarantees on our accounts: they are already worthless!
I posed the question on my blog a few months ago: If you don't trust the banks or the dollar, what specifically should you turn your cash into?
ReplyDeleteStill looking for good answers....
It looks like you already have the good answers there.
ReplyDeleteIf I might add one thing: A pipe with a bunch of slits in one end, and a hose with a check valve, can be made into an effective well you can sink into your own backyard, even in the suburbs. It might attract some attention from the neighbors to rent a well drilling rig, but driving pipe is just noisy, and could be done when most neighbors are at work. I wish I could recall what that type of well is called, but Google is your friend there.