Surviving an Economic Collapse

Discussion in 'Survival Stories' started by John Snort, May 28, 2016.

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  1. John Snort

    John Snort Well-Known Member
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    It''s easy to tell when there might be an economic collapse and prepare for it but at times it could happen suddenly catching you unawares. Many Greek last year weren't prepared for that and had it not been for the EU bailout things would have been much worse.

    Have some cash with you at all times. In case of a collapse stores no longer will accept credit cards and as you may not withdraw any money from ATMs if you don't have the cash or don't have some supplies stored away it won't be long before you starve or be forced to thrust morals out the window and start looting stores and robbing those who might be weaker.
     
  2. lonewolf

    lonewolf Moderator Staff Member
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    2 things any prepper should have, no matter what sort of SHTF event they are preparing for:
    1. is a food stash and
    2, is an emergency fund, a cash stash if you will.
     
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  3. John Snort

    John Snort Well-Known Member
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    I knew a man who owns a convenience store and he accepts only cash. None of that money is sent to the banks. He believes very soon banks will fail and everyone who had their money in some account will lose it.
    How much is enough? A quarter of all your savings? Or maybe edge closer to the extreme? 50% maybe?
     
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  4. lonewolf

    lonewolf Moderator Staff Member
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    no I don't think so.
    in an extreme situation where banks are closed and ATM's don't work even cash probably wont be accepted for long.
    probably a matter of days or weeks, not months, so use it to get stuff you need whilst you still can, the shops will get emptied soon enough and then all the money in the world wont buy it .
    if the power is off and electric tills wont work some places wont even accept cash, so its use will be limited.
     
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  5. ukpreppergurl

    ukpreppergurl Member
      18/23

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    When the balloon goes up, cash will be king until there's no stuff left to buy, then bartering will beome the norm. If society did fall in a major way, I'm sure that trading posts will eventually be set up and some form of currency will prevail. I do have a stash of silver, it's not *specifically* for any kind of economic disaster scenario, it's more a long-term plan to add to my retirement fund, but it would come in handy if we found ourselves without money.
     
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  6. Valerie

    Valerie Active Member
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    I read a while back that the economy was building up for something akin to another Great Depression. I forget where I saw this, however. Though, when I did see it, I was reminded of the day my grandmother, who grew up during the Great Depression in the 1920s, pinched my elbow and said, "The best way to save money is to stuff a little bit into your mattress." Also, she told me to always buy in bulk, because you never knew where the next meal was going to come from or if there'd be money to buy it tomorrow. My Italian grandmother, on the other hand, grew up on a farm. She learned how to grow her own food and preserve a lot of stuff. Good thing to know if there's ever another economical collapse.
     
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  7. remnant

    remnant Expert Member
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    The possibility of an economic collapse is a scary one though there is a tendency by people to be paranoid. An economic collapse can occur in the areas of inflation or depression but whichever direction it flows, I have discovered that the best method to beat them is by investing in capital goods like machinery or fast moving consumer goods which are always appreciating in value and have a bright future outlook. A good example is sugar which appreciates every time govt estimates are made. It is always good to create shock absorbers. Investing in land is a water tight option.
     
  8. cluckeyo

    cluckeyo Well-Known Member
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    A stash of cash is important, but if cash no longer has value, then we are left with trade. I think a supply of small, useful tools might be good currency. I like the idea of starting an Amazon store ,where you could sell such things, keep them in stock now. Then in the event of economic collapse, you would have that inventory. It would be a little extra hedge against the critical circumstances.
     
  9. Lakeisha Brown

    Lakeisha Brown New Member
      8/23

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    Hmm this post got me thinking. I think I will start withdrawing money from my accounts. Maybe 50% of it at a time. I can definitely see the economy collapsing soon.
     
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  10. lonewolf

    lonewolf Moderator Staff Member
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    I have a small "emergency" stash of cash, notes and coins, but in the long term having cash wont be the answer.
    a stash of items for barter is okay whilst that stash lasts, but the barter that will last forever is skills and knowledge, many skills and the knowledge to use those skills will be in high demand from others who may have survived but have no such skills.
     
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  11. nikkishea21

    nikkishea21 New Member
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    At the rate things are going these days with uncertainties of the global economy I am bracing myself for challenges that may arise. Financially, I am not able to withstand the various changes coming at me but in terms of my frame of mind I would not be mentally shocked to see the changes. I do not like walking around with cash in hand because because of the factors involved with attracting negative attention.
     
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  12. glreese

    glreese Member
      18/23

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    I would keep an emergency stash of cash outside of the bank. However, if money becomes completely useless that wouldn't help. That's why I suggest learning how to produce your own food by gardening, hunting, or fishing. Start stalking of on canned goods and other things that can be stored for a while just in case.
     
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  13. lonewolf

    lonewolf Moderator Staff Member
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    which again, is the basis of prepping.
     
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  14. Arkane

    Arkane Master Survivalist
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    A lot will depend on why the banks are closed or the electronic sales stuff is down!
    Without any other problems cash will retain its value because most will think things will blow over and return to some sort of normal!
    If it is an EMP attack or some natural catastrophe then people will soon realise that cash is worthless and by the time anything re-establishes again there will
    be a new currency! so old stuff will be useless.
     
  15. ukpreppergurl

    ukpreppergurl Member
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    But you wouldn't be walking around with 5k on your person, would you?! I keep a good stash of cash at home, enough to keep me going for a while if I couldn't get money out of a bank. It's in a small safe, hidden away somewhere...
     
  16. Lisa

    Lisa Active Member
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    I don't have a stash of cash in the bank or elsewhere. Saving money isn't my strong point, I only earn just enough to live on so I'd be pretty doomed.
     
  17. DrPBandJelly

    DrPBandJelly New Member
      3/23

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    I don't think that any extreme financial collapse is coming up any time soon. But if it did, any "emergency cash stack" or anything of the sorts would be worthless. Anything money related would be! The best way to survive would be to mantain and grow a small farm and be self sustaining.
     
  18. Vinaya

    Vinaya Expert Member
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    Anytime soon I will go through economic collapse. I have limited earnings, however, I have debt every where from banks and financial institution to friends and relatives. Until now I have somehow been able to pay the EMI on banks and financial institutes and interest to the private lenders. However. I many not be able to do so for a long time. I have a piece of land, if I am able to sell it I may survive, otherwise I will fall.
     
  19. willywonka

    willywonka Member
      18/23

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    That is why I am learning to forage and cook for myself. I also go for hikes to gain some stamina so that when things go under I can be prepared to walk for long lengths of time. I think my family will be okay.
     
  20. tgthewriter1

    tgthewriter1 New Member
      1/23

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    They better not charge me rent in the economic collapse. I hope it happens after I finish school because I been through too much to not finish. I think it might happen but I want to finish before it happens.
     
  21. lonewolf

    lonewolf Moderator Staff Member
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    a lot of people in the UK would be lost if an economic collapse happened, most have no savings of any kind and the personal debt(NOT including mortgages) is £10,000 for every man, woman and child in the country.
     
  22. texsun54

    texsun54 Member
      23/29

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    Paper currency has no real value. It is no longer backed by anything other than the good name of the nation issuing it. In an economic collapse currency will just be worthless paper. Look up the demise of the Weimar Republic, currency became so worthless that it took a wheel barrow full to buy a loaf of bread. People began burning it to keep warm. I invest in precious metals such as gold and silver, they have had value since the beginning of recorded history and will in future times as well. It is not just the aesthetic beauty of precious metals but their utility that make them valuable. Silver is a great conductor of electricity, and it is a natural disinfectant amongst other uses. Other precious metals have utilitarian uses as well and have been and will always be desired. They have a real worth and value, unlike a printed paper note.
     
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