Originally published at Notes from the bunker…. You can comment here or there.
An article about how in this time of economic uncertainty some people are burying their money. If they’re smart, that isn’t the only thing they’ll bury.
The day the Dow fell 777 points, David Latham, a 45-year-old Alabama cattle farmer and electrician, was busy doing errands. Driving his Chevy pickup into Montgomery, he dropped by the hardware store, then stopped into the bank, where he withdrew $8,000 from his CD account, all in 20s. Back home, he slipped the four inch-thick bundles into a Ziploc bag, popped them into a waterproof PVC tube and set out for a remote location on his 300-acre property, where he dug a deep hole with a post digger. And then he buried his money.
This seems like a rather silly idea for several reasons:
– CDs are protected and insured. You cannot lose money invested in a CD.
– CDs appreciate in value. Whether or not they appreciate more than inflation is a question, but even if they lose value to inflation, they lose it slower than having plain cash.
– It’s hard to forget where your bank is located. It’s easy to forget where you buried money.
– If the bank goes under, the money is insured (see the first point). If the buried cash is compromised (stolen, tree roots damage pipe, etc.), it is lost.
I understand the desire to have cash on-hand if stuff happens, but it’s still not a smart idea to bury it. If people bury their money, the face value remains the same: $8,000 buried now equals $8,000 when it’s dug up (and with inflation, $8,000 in the future might not be very much at all).
According to this inflation calculator, I would need $196,909.36 in 2007 money to buy a product that cost $8,000 in 1900 money. Not keeping up with inflation sucks.
The thing to bury would be gold or similar items.
Like politicians… ;p
If you’re concerned that your dollars are going to lose value and be worthless in the future, why would you do this? When an economic collapse occurs, it will have turned out that you spent all this effort burying a useless pile of paper somewhere in your backyard. Better to buy physical goods with it, and safekeep those instead.
$20 for $3 of PVC?
And they’ve got your name and address?
Now that’s dumb!
+1
I hope he’s expecting to use it for heat, because if all the banks fail then we’re going back to the barter system and nobody barters for fiat currency.
I whole heartedly support the plan to bury politicians in water proof containers.
I’ll bite, what does burying ones firearms buy them?
Peace of mind.
But I don’t follow.
Your personal means of projecting force are at best several shovel fulls of dirt away. That’s no fun.
It’s wrong to bury them before they are dead. It is also wrong to kill them.
So we just bury them, if they say they’re not dead, they are probably lying, so just go ahead and bury them.
You don’t bury all of them. Just a few so you can have some after they confiscate the others.
If the time has come to bury your guns,
the time has come to dig them up.
Sled238
Well…I don’t know. After all the money my elderly mother lost from her retirement accounts she’d have done better having buried it. Scary times these….
lol…
People will bury also
extra food, fuel, supplies, and in one case known of a blacksmith; a ton of pea coal for future use.
can’t blame people whom are in a panic over the economy, their needs, or their job futures. who bails out the new poor?
meanwhile the president will never need a want for food, medical care, or warm home. you poor peons are expedable just like durring the cold war days to the present.
So take care of your future now before the bozos rob you of it. Wildflower 08