I'm thinkng about hoarding some cash

[midnight armadillo]

I don't mean bank savings, but keeping some cash in the ole desk drawer. I'm thinking maybe a few hundred $US, and an equivalent amount in Euros.

I can't decide if this is paranoia or prudent. Much of my savings account is with ING who claims to be doin well, having avoided the subprime market. Same with my local bank which holds the checking accounts and a minor savings account.

I've thought about gold bullion but I have my doubts that the current price will hold for too long.

Then there's my thought to start buying small quantities of heirloom (non-hybrid) seed to keep in my office file cabinet (climate controlled, you see). That one might be paranoia :)

[niyad]

1. don't think it' is paranoid at all. given the worsening economic news,

might be very prudent indeed. and, who knows when those bastards in gov might decide to freeze all account?

as for the heirloom seed, think that is an excellent idea. look at what monsanto has done.

[grasswire]

2. coffee and ammo

both useful in barter in certain situations

[Deep13]

3. The cash will keep losing value just sitting around. nt

[Avalux]

4. I've been thinking the same thing and remembering how my grandparents hid cash.

They lived through the depression and never trusted the banks after that. Always had cash hidden in various places and when I was a kid, thought it was kinda strange.

I don't think you're paranoid at all (maybe just about the seeds, lol). What's scary to me is that we never see our money. Who actually gets to hold their paycheck? My money goes directly into my account; I use my debit card for purchases and pay my bills online; allotments get doled out for various savings accounts. I had a moment of panic one day when I realized if my bank suddenly went off-line, I'd be screwed.

:hi:

[grasswire]

22. when my uncle was on his deathbed...

...he kept calling his son over to the bed to whisper in his ear. He was telling him about different places in the house where he had hidden money. "Look in the copy of "Treasure Island" in the upstairs bookcase." Etc.

So don't forget to tell someone else where the stash is, eventually.

[CC]

5. A couple hundred in cash hidden somewhere is

not a bad idea. Course I think of it as cash in event of a natural disaster. I lived in hurricane country too long to not have some cash stashed. No electric, no ATMs etc. I also learned to not have anything bigger than a twenty and keep a variety of bills.
Economy wise, it is safest in a FDIC insured bank and do not keep more than $100,000 in any one bank. Not a big problem here since I have no where near that amount of money laying around.

[truedelphi]

18. FDIC means nothing. The huge fall awaiting this economy

Is dozens of times bigger than anything that the FDIC can take on.

In the early 1980's when Continental Bank of Illinois fell, only two or three other banks of similar size could have gotten money from that institution. The FDIC is jsut not prepared to take on the kind of massive overload that is going to occur.

[Warpy]

6. Seed germination varies widely from year to year

so seed hoarding isn't a great idea. Shelf life is very important.

As for cash hoarding, don't keep anything around that you can't afford to lose in a burglary.

I've always thought gold was a lousy idea because, while it generally keeps pace with inflation, it's a thief magnet at home and vulnerable to the government in a safe deposit vault at the bank. In a real crisis, it rarely brings its true market value when you're hungry and desperate for food.

It doesn't hurt to keep a cash reserve around. I do it. I'm just very careful where I stash it, and that sock drawer is the first place a thief will look.

(my mother's hiding place was inside a teddy bear)

[movonne]

8. I think it would be a good idea to have your own small safe...hidden

somewhere and bolted down...you can buy small ones..

[Warpy]

16. I have important papers in a fireproof box

It's hidden but not bolted down.

[Art_from_Ark]

25. Keeping anything of value at home can be a "thief magnet"

Having a nice car parked in the driveway is more of a "thief magnet" than gold is, since who, besides your coin dealer, would know that you had gold (unless you go talking about it?), but anyone passing by your house would notice your car.

I really don't know where you get your ideas about gold, but all gold is not the same.

In time of crisis, and, really, there has only been one such time since the 1920s, gold might have been "iffy", but that was mainly gold jewelry, and related items, which would have been difficult to sell if they were not clearly marked with their fineness, usually 10K, 14K or 18K. Gold plated and gold-filled stuff has no gold value, and if the item is not marked with a fineness, then it is usually plated.

Gold coins (with a few exceptions of foreign coins made after 1960 and some Krugerrands) have always been legal to hold, and have always been saleable. Coin dealers like B. Max Mehl made a fortune dealing in gold during the Depression. People who held their $20 gold pieces until 1934 found that they were suddenly worth more than $34.

In short, gold jewelry is probably a lousy investment, but gold coins are a different animal.

[ORDagnabbit]

7. paper is just paper..... get metal.... 1964 coinage and before.

www.moneyasdebt.net

[dbonds]

9. Convert to Euro's or Gold

[Lerkfish]

10. better to hoard precious metals.

if currency drops in value, metals go up by about the same ratio.

[Vincardog]

11. Try to get a Few hundred onces of silver before the price goes up.

It will be an easy way to trade after the crash.

[GoesTo11]

12. hoard what you need

If you are worried just about your bank having a cash flow problem, sure, save a few hundred cash at home just in case you need it for a few days before FDIC kicks in. You'll sleep better. You'll miss out on $10 interest per year, but it's a convenience. I keep that at home just in case a natural disaster causes power to go out or something like that.

But if you're also worried about FDIC failing, you'll need more than a few hundred. How about splitting your accounts between two fairly safe banks. If you're worried about the dollar absolutely collapsing to the point where you need a wheelbarrow to buy a loaf of bread, don't worry about that. Something like that wouldn't happen suddenly. Even if there was a rush on the dollar from foreign holders cashing in their bonds etc., it could knock the value down by maybe 30% but not by 75%. You'll still be able to get bread, so it's not like you need panic-level life or death insurance here - not worth worrying about having cash just for that. But it might be a good idea to diversify as people have been saying - some investments /accounts in foreign currency, some gold. Depends how much you have whether you want to put a lot of time into wealth preservation strategies.

[niyad]

14. welcome to DU

[Autumn Colors]

13. I've also started hoarding groceries

Anything nonperishable .... canned and frozen veggies/fruits, meats, etc. ... bathroom and laundry stuff. We're trying to buy enough to last us a year and store it cabinets in the extra bedroom. Will use and replace as necessary unless prices get higher than we can afford.

[niyad]

15. I don't have a year's worth--don't have the room, but do keep a lot

on hand. my pantry is well-stocked.

[truedelphi]

17. Check out Swiss francs as well. n/t

[OllieLotte]

19. I think that is smart.

If there was a local crisis (power was out - ATM's didn't work) and you needed some money for water, gas, food...you name it. I think some cash would be helpful.

[gravity]

20. Hoarding some cash would be good in case of a disaster

but I wouldn't use it as the main source to hold your money. There is a much greater chance of your cash being stolen than the FDIC not honoring its guarantee.

[Lefty48197]

21. Don't hoard dollars, hoard euros.

Or gold and silver. Our economy is only going to get worse in the short run, and precious metals are an excellent hedge against inflation. Dollars just keep on losing value and losing value...

[midnight armadillo]

23. I'm thinking 50/50 $ and euro

A few hundred $ worth of each would probably help me sleep better at night :)

[janetblond]

24. US $$ will be worthless soon ...

You can keep cash under your mattress if you wish, but at the rate things are going, it's value will be cut in 1/2 by the time you get to using it.