The fall of the US Dollar is imminent. We all know that every fiat currency has failed. The dollar will have the same fate. Now, the question becomes, "What are we going to use for money." What are the people going to accept?
Gold and Silver be good in a more localized use. Gold and silver have a history of being used as money. People will be willing to accept this. Especially when you are able to see and hold your metal. This also leads to that it is too heavy, clunky, and expensive to use in a more globe use. You would have fright ships going across oceans just filled with gold or silver. This will be seemed as a waste.
Cryptocurrency is a better option for the more advanced globalized market. Bitcoin does have its speed issues, but so do the credit card merchants. You have to remember that only one side of the transaction is completed when you swipe your card. It takes 1-2 business days for the buyer's bank to fund the merchants bank. Monaro and Ethereum definitely have faster speeds and Bitcoin can be used as a store of value. The downside of Cryptocurrency is that you need the internet. The Washington Post reports that only 47% of the world uses the internet. This would leave over half the world without blacked out.
Barter System is something I believe will be use temporarily while we figure out best form of money. The best is going to be something people will accept. For that transition period, that could be food, water, power, labor.
The question now becomes, what will you now for the time that we stop using the Dollar. You don't want to keep all your eggs in the same basket, but what eggs are you going to have and from what farm?
Comment! Let me know your ideas and what you think.
I tell everyone to prepare for the day when their fiat currency buys nothing. That day is coming soon. Without any way to buy, will you eat, be warm, and be safe?
I would not depend on crypto either. The banks control fiat to crypto transactions. They can shut those down like China is doing now.
Get your supplies first. Get out of debt. Then get stuff you can barter. If you have all of that, get some precious metals.
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Very interesting article and position!
I find PMs to be more of a hedge in a functioning economy... the only metals worth anything in a system collapse will have a handle as a tool or gunpowder behind it. Knowledge, preparedness and durable goods will be the only things of use in this scenario. Also, it will take some time for the landscape to calm to the point where a bartering system could establish itself. There will be many without the knowledge or means that will be trying to survive by force, so a defensive position will be taken by those that do have the means and need to protect them for chance of survival to the next phase.
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