Problem is, the day may soon come when you dig up that stash of cash and find out its face-value contents are worth about as much as these:
Posted on 01/31/2015 6:24:47 AM PST by Red in Blue PA
Where to stash your cash? Some Americans are sleeping on it-literally.
While banks are still the go-to solution for most consumers, 29 percent say they're keeping at least some savings in cash bills and coins, according to a new survey of 1,820 adults from American Express (AXP).
Of those holding cash savings, 53 percent are hiding it in a secret location. Millennials are even more apt than other generations to go the mattress or freezer route, with 67 percent of those saving cash saying that they hide it outside a bank account.
"We've long asked people about how they've planned to keep their savings, and for the past few years, we've seen an uptick in people saving cash," said Kimberly Litt, public affairs manager at American Express.
(Excerpt) Read more at finance.yahoo.com ...
“Primarily, that’s because the funds don’t have the same loss protections afforded to an FDIC-insured savings or checking account.”
AH-HAH! HAHA!
“Keeping money stashed around the house leaves you at tremendous risk of theft or loss due to fire or some sort of unforeseen disaster.”
Like government and the banks stealing your money? HAHA!
Problem is, the day may soon come when you dig up that stash of cash and find out its face-value contents are worth about as much as these:
Even if there is power, the storms can take down satellite dishes and communication lines needed for debit and credit cards to work.
In terms of opsec, admitting in a survey the 1-2K cash is hidden in the freezer is stupid.
I agree completely.
Along with gold and silver. Every fiat currency in history has failed. Every. Single. One.
Or not.
California couple auctions off $11 million worth of rare gold coins they found buried in yard
http://www.nydailynews.com/news/national/calif-couple-finds-11-million-worth-gold-yard-article-1.1808077
While it’s tempting to think that this is being driven by fears over the safety of the banking system, I suspect there’s something else going on as well, and when I got to the stats on so-called Millennials, that suspicion got stronger. This is tracking the rise of the underground economy. Off the books income. Same reason “undocumented” from south of the border deal entirely in cash unless they’ve established an alias for public assistance, and even then they do cash for everything outside of that. It’s apparently not uncommon for legal citizens on public assistance of some kind as well, whether that’s welfare, disability or what have you. Don’t want to jeopardize their EBT, disability, etc. on the one hand, don’t want to pay taxes on the side income on the other. So, it goes under the mattress or in a box in the basement.
Gold is one thing. Paper money is something else entirely.
This is true. First they came for the IRA’s and since I didn’t have an IRA I did nothing. Who will save me when they come for the 401k’s? :-)
On that we agree.
Would be interesting to know what the real GDP is after accounting for the off the books economy..
I like your thinking, both sides of it. I think the two sides mesh perfectly, and also in the millennials’ motivations.
Very well said, and I agree whole-heartedly on Obola’s and the left’s plan for the middle class.
Forget the bank? Well, the bank isn’t forgetting you. Banks monitor how you spend money and how you withdraw it. Anytime you deviate from your usual pattern, it warrants another look at what you are doing.
Some, foolishly, think they are being very clever by staying just under the $10,000 limit when depositing or withdrawing from their account.
Nope, the ‘referee’ throws a red flag.
Good thinking. Tens & twenties. Try buying milk and ice with a fifty and expecting change.
We’ve done the same thing. Nothing larger than a twenty.
Of course, they want everything.
The end goal is complete and total confiscation of all posessions. Money, cars, houses, property. If they can’t do it one way, they find a way to do it by giving it a nice-sounding name, and then doing whatever the hell they wanted to do in the first place.
Convert it to hard currency if you’re going to squirrel it away. The paper will become kindling when the big one hits.
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