How To Survive When Prices Double Every Day And A Half
By Dennis Miller
What does life actually look like when your country and its currency collapse? In a recent Casey Daily Dispatch, two guest columnists – one from Zimbabwe and another from Bosnia – shared their respective feats of survival amid the horrors of hyperinflation and civil unrest. Sadly, their stories are not outliers. During my lifetime, far too many societies have reverted to barter, theft, and gang rule.
With Cyprus’ volatile banking situation back in March and central banks in Europe, Japan, and the US printing money faster than Superman can fly, we have to stop and think: Just how safe are we, really?
At a 2011 Casey Research Summit, I met and heard the firsthand accounts of three gentlemen from Zimbabwe, Argentina, and Yugoslavia, who had survived hyperinflation in their home countries. Although these may sound like exotic locales with foreign problems, their terrifying histories have a lesson to teach us.
Hyperinflation is like fire. We all install smoke alarms, keep fire extinguishers handy, and buy insurance to protect our homes, but most of us will never fall victim to an unplanned fire. However, when a fire does ignite, it can be catastrophic – which is why prudent people simply plan ahead.
If our currency became worthless, would we have anything to barter? Do we have goods to trade for food? If so, can they be stockpiled and held for long periods of time?
As I wrote in my book, Retirement Reboot, when the government initiated the first TARP bill and our annual deficit had topped $1 trillion, I was doggone concerned about inflation and unsure how to tailor my investments to deal with it.
My mentor at the time was the late Glen Kirsch of Asset Strategies International. He suggested I start with “junk silver,” meaning coins circulated prior to 1965 that contain 90% silver.
Why junk silver when a one-ounce gold piece could easily be worth a whole lot more? Because silver is priced lower and available in smaller denominations, it would be easier to use for barter if the need arose, and I would not be afraid to carry it.
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