Bank "holiday" scenario

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crazyhorse's picture
crazyhorse
Status: Bronze Member (Offline)
Joined: Nov 16 2008
Posts: 56
Bank "holiday" scenario

I'm of the belief that there is a possibility  that this whole economic mess could culminate in a bank "holiday" scenario leading to a major dollar devaluation.  Can anyone more knowledgeable than I shed some light on what repercussions this would have and how someone would go about having a strategy/hedge in place should this happen?  Would PM's be the only safe haven or would it make sense to hold some foreign currency/bonds?

 

rg's picture
rg
Status: Member (Offline)
Joined: Aug 11 2009
Posts: 1
Re: Bank "holiday" scenario

 IMO foreign currency/bonds are NOT a protection as their gov't would be forced to follow the US devaluation in order to save their own economies in the global marketplace.

Unfortunately,  PMs stored in a foreign (ie. ouside your own country-like switzerland) NON-GOVERNMENT depository (not a bank) are the only "safe"  places. Other than that, bury it in your back yard, get a big guard dog & learn to shoot straight.

Just google "gold confiscation" & you will get links to lots of credibable info by knowledgable people.

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