“That said I do know many persons who are actually keeping physical cash in the house and keeping the checking accounts as flush as they can waiting for a pop of the bubble and/or complete social collapse. Whether that’s a trillion dollars, I don’t know. But it might be.”
I think that’s part of it. I do think there is some stashing of cash going on. But my theory is it’s a growing cash economy. It’s not like that part of the economy is captured in traditional economic surveys.
Every bar and restaurant owner is hoarding more physical currency than they ever have...along with the few construction contractors still working.
Yes, we're now a cash and carry economy.
I'm also pretty darn sure all the moneyed classes of the world are keeping a several thousand dollars under the mattress, just in case. That's THEIR SHTF contingency...get to America where you can buy guns and food.
I know several people who have upwards of $10k in currency. Can't say I blame them, it's all they know.