Currency collapse, how to protect your money?

[JohnGalway 1,043]

I had a big post written out, then highlighted it to copy into another forum and accidentally pasted something else in it's place and couldn't Undo

 

This comes from several threads I've been reading on several forums, and a chat I had with a friend today.

 

One thing I would like to be left out of this is the politics of the Euro, the EU, the UK, the ROI and any other country, start another thread for them please

 

The scenario is this. You have X amount of a currency which is in danger of collapse, let's say a few thousand. You want to convert that paper money into something tangible that after the shit hit's the fan that would have retained it's value through that messy transition.

 

We first talked of Gold, but I think gold is in a bubble at the moment. Too many are investing in it, it's like property was 10 years ago, sure the value can only go up (until Italy or some other large country dumps it's thousands of tons of gold onto the market to raise cash). We did agree that smaller value gold coins would be easier to dispose of post currency collapse than large value coins, better odds on people having small sums of money to spend than large. So Gold was ruled out.

 

Then we moved onto foreign currency. But, paper money is all about confidence, if a major world currency were to collapse that collapse would have major repercussions for economies all around the world, from those economies that make things like China, to consumer/service economies like the EU/USA. There is also the question of what type of limits, charges and taxes would be applied to foreign currency conversion post currency collapse, which could be punitive. I don't think foreign currency is as good a bet as is made out. So that was ruled out.

 

Farm land was mentioned, and I think there is some merit to that idea. Food can be grown, animals raised, allotments leased out, there are options there. But, there is a large problem in that land isn't always sold quickly if one needed to liquidate that asset and turn it into new currency paper money for any reason.

 

Two other suggestions were whiskey and ammunition. I don't believe whiskey would run short but it may retain it's value, I'm just not sure, it doesn't feel certain to me. Ammunition has the big problem of legality, one can only hold so many rounds in this jurisdiction, BUT, even with things going well importers are sometimes slow and there have been ammo shortages. I'd not like to have a house fire storing either!

 

We didn't settle on any item or items being a good idea to date. What we did agree was that lower to medium value items, which keep in good/perfect condition over time and are easily converted back into currency would be a good idea.

 

What would you think those items to be? That is the question

[Roxyboi 64]

Darcys books

[Guest thebigdog]

cocaine

[foxfan 479]

Food !

[JohnGalway 1,043]

Which reminds me, drugs did come up and some impressive figures were even mentioned Don't think I'd fancy the free B&B if caught mind

[Guest thebigdog]

i

Which reminds me, drugs did come up and some impressive figures were even mentioned Don't think I'd fancy the free B&B if caught mind

 

if the currency collapsed, they couldnt hold ye. how would they pay the guards, garda and army

[poacher3161 1,766]

dressed stone if yo have some were to store it [bANNED TEXT] if ever theirs a building boom again the price of it will rocket

[paddybarr 77]

if its only a few thousand i wouldn't worry ( if you do want to invest i would go with art work and get specialist advice) if you have millions that's a whole different ball game

[JohnGalway 1,043]

Some foods may not be a bad idea. I wasn't so much thinking complete society collapse mind, but currency collapse which is less serious than total chaos in society so rather than gangs roaming the streets etc, think high inflation, high unemployment, increasing poverty, current debts held in old more valuable currency whilst deposits converted to much less valuable new currency.

 

Dressed stone may be hard to shift if that boom were not to come to pass?

[JohnGalway 1,043]

Another idea may be some motor oils, spark plus, and other such service related motor wear and tear items.

[John Keswick 119]

Worried about the Euro?

 

Some metals are worth a fair packet at the moment and seem to be climbing in value, mostly due to the high demand in China.

 

Copper and aluminium etc are or certainly were fetching a decent price.

Edited December 11, 2011 by John Keswick

[JohnGalway 1,043]

Worried about the Euro?

 

Some metals are worth a fair packet at the moment and seem to be climbing in value, mostly due to the high demand in China.

 

Copper and aluminium etc are or certainly were fetching a decent price.

 

Personally? No, I'm not worried and am happy to have my meagre savings in the bank. I only ask as we had an interesting conversation trying to figure it out

[scothunter 12,609]

fags or drugs

[scent 509]

peruvian marching powder pal ,aka devils dandruff

[DIDO.1 22,838]

Can you store coke for a longish period though?