2020 Potential Economic Collapse

[omega man]

Thanks guys for putting that in layman's terms, that is exactly what I need in that particular field. Going back to the push towards a cashless society, today on the wireless (R2) they reported 1 in every 3 pounds is being spent online during lock down in the UK.

OM

[Arwen Thebard]

How much cash to hold is a judgement call, as is when that cash might loose its necessity or usefulness. I imagine waking up one morning and my cash stash is useless as I didnt get rid of it in time.

[jansman]

How much cash to hold is a judgement call, as is when that cash might loose its necessity or usefulness. I imagine waking up one morning and my cash stash is useless as I didnt get rid of it in time.

It’s not a situation I will worry about right now. IF the country went cashless, notice would have to be given. I am led to believe that there are a million Or so people or so in the UK with no bank account. They use cash, and government are aware.

I am just back from a very busy day at work. We have taken a lot of cash today - more than usual. The reason being, our internet has been playing up, and this affected our card machines on and off from 6am to 11. We asked for cash, or directed them to the cash point next door. So because of the humble bank note, we kept raking it in!
https://www.goodhousekeeping.com/uk/con ... s-society/

The above is a nicely balanced link on the subject

[Stonecarver]

There hasnt been much discussion about how we are going to pay for all this money being spent during the pandemic. Just managed to escape Austerity after 10 years and back into a deeper Austerity for 20. Who can concieve of what would be cut now and what would skyrocket.

[omega man]

It seems the virus pandemic as been manipulated (exaggerated?) to ensure our further enslavement through debt. No surprise since the monetary system has debt at its foundation.

OM

[Butterfly]

Hi
I'm wondering what you guys would advise in the following situation:

Is it best to settle all outstanding debt now, to HMRC, bills, etc. because, judging from what you are all saying, cash is going to be worth less but these amounts will still have to be paid?
Or is it wiser to hang onto cash, invest it in food supplies?
If there is an economic crash could all debt be potentially cancelled out?

An accountant suggested to hang onto cash as long as possible, but if the value of money plummets the debt could be much harder to pay off?

Many thanks

[diamond lil]

I'm not expert in money at all, but I would always always hold onto any cash I could. It will make all the difference in the world if you end up starving or out of electricity, to have some money in the house.

[pseudonym]

Hi
I'm wondering what you guys would advise in the following situation:

Is it best to settle all outstanding debt now, to HMRC, bills, etc. because, judging from what you are all saying, cash is going to be worth less but these amounts will still have to be paid?
Or is it wiser to hang onto cash, invest it in food supplies?
If there is an economic crash could all debt be potentially cancelled out?

An accountant suggested to hang onto cash as long as possible, but if the value of money plummets the debt could be much harder to pay off?

Many thanks

It all depends on your circumstances. Cover as many bases as you can

I have no debt, I have 6 months worth of food, have savings, have silver, have money in the bank for bills and have 6 months worth of cash in the house.

It's a start

[Arwen Thebard]

I agree with the last post.

[jansman]

I would agree.Where possible,and as circumstances allow,( and we all have different circumstances), I would suggest,cash on the hip, little or no debt,and food in the pantry.Even if your stash is just a couple of week's worth,it is a buffer against ' life'. Anything is better than nothing.