Saturday, October 22, 2011
Better Trade Those Fiat Dollars In For Bankable Food
Curiosity had me probing for more, and in no time I was hearing about an increase in defaulted loans. From what the teller shared, they were actually better off than most banks and credit unions. Arriving home, I did a Goggle search to discover that since January 1, 2011, 73 banks have failed: http://www.bankrate.com/finance/savings/2011-list-of-failed-banks.aspx
…And why most of us choose to ignore the warning signs all around us. The truth hurts! It doesn’t help that since the US no longer backs its currency with gold or silver, we are left with fiat money—funny money, if you will—dirty, slips of paper that are completely dependant on the blind trust of the people and governments. That worked fairly well before we shipped our jobs overseas through NAFTA and GATT, and it worked while the economy had the outside appearance of normalcy.
Problem is, as we watch countries like Greece and Argentina fold and hear about the trouble the EU is in, it’s getting harder and harder to put our faith in the greenbacks that once ruled the global economy.
In fact, should the Euro continue to implode, taking more European banks down, Bank of America, Citibank and Sun Trust may tumble along with them due to heavy Euro investments. Add the continuing decline in the housing market, and soon what we may be facing may make The Great Depression look like a pleasure cruise.
Now might be an excellent time for our own personal bail out, because if we wait much longer, those greenbacks may not sustain us, no matter how much Tabasco and salt and pepper we sprinkle on them and it’s for sure the government will not be offering boatloads of cash to “see us through.” Nor will they be handing us meals on wheels.
Consider filling those pantries. Even if your journey takes you to the Dollar Store, get some food put aside. Beans and rice are also a good start. If nothing happens out of the ordinary, you’ve at least inflation-proofed your grocery bill. But if what many of us are seeing as smoke and mirrors comes unraveled, and things get interesting, you will have the means to feed yourself and your loved ones.
The preceding was a guest post for Political Issues by author Barbara Fix.
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