Poll: The Day the ATMs Run Out

[MachineGhost]

[quote=https://www.lewrockwell.com/2015/02/bil ... s-run-out/]Let us stop here and remind readers that we're talking about a short time frame – days… maybe weeks… a couple of months at most. That's all. It's the period after the credit crisis has sucked the cash out of the system… and before the government's inflation tsunami has hit.

As Bernanke put it, "a determined central bank can always create positive consumer price inflation." But it takes time!

And during that interval, panic will set in. A dollar panic – with people desperate to put their hands on dollars… to pay for food… for fuel… and for everything else they need.

Credit may still be available. But it will be useless. No one will want it. ATMs and banks will run out of cash. Credit facilities will be drained of real cash. Banks will put up signs, first: "Cash withdrawals limited to $500." And then: "No cash withdrawals."

You will have a credit card with a $10,000 line of credit. You will have $5,000 in your debit account. But all financial institutions will be staggering. And in the news, you will read that your bank has defaulted and been placed in receivership. What would you rather have: Your $10,000 line of credit or a stack of $50 bills?

You will go to buy gasoline. You will take out your credit card to pay.

"Cash only," the sign will say, because the machinery of the credit economy will be breaking down. The gas station… its suppliers… and its financiers do not want to get stuck with a "credit" from your bankrupt lender!

Whose lines of credit will still be valuable? Whose bank will be ready to fail? Who will be able to pay his mortgage? Who will honor his credit-card debt? In a crisis, those questions will be as common as "Who will win an Oscar?" is today.

But no one will know the answers. Quickly, they will stop guessing… and turn to cash.

Our advice: Keep some on hand. You may need it.[/quote]

[dragoncar]

Seems more prudent to keep a few days to weeks of all necessities-- no perishable food, gasoline, etc.  this works just as well in a credit crisis as it does in a natural disaster

[Greg]

I'm wondering for all of the people that are voting in this, how many people are higher than 0% by not 1%. Or does 0.4% round down in this regard?

[MachineGhost]

I'm wondering for all of the people that are voting in this, how many people are higher than 0% by not 1%. Or does 0.4% round down in this regard?

Whoops!  I just fixed that.

[Greg]

I'm wondering for all of the people that are voting in this, how many people are higher than 0% by not 1%. Or does 0.4% round down in this regard?

Whoops!  I just fixed that.

Much better. Thanks. I figure it someone has a million dollars, most people don't want to keep $10 grand liquid in cash in their house, etc. Although then again, I have had that in the past with gold coins, but due to a boating accident... I've said too much. Forget everything I just said. *Men in Black Flashy Thing*