With so much electronic fraud, will physical posession be preferable?
Posted by Robbie53024 10 years, 6 months ago to Economics
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We all face a question: what is a small, universal commodity that will retain its value more or less indefinitely? The answer to that will vary with circumstance. In a complete economic collapse, someone with food in a hungry nation is unlikely to want to trade it for precious metals, which simply won't be all that precious any more.
One stray thought: during at least part of World War II, some aircrew and other personnel who might well end up stranded far beyond enemy lines were issued what appeared to be a small block of rubber as part of their survival kits. Inside the block were several gold coins and two or three simple gold rings. Vanity just might create value even when hunger puts a damper on anything that could be considered a "normal" economy.
Another weird thought: what about penicillin and other basic but essential drugs? How long can they be stored? For the moment, at least, a lot of veterinary drugs can be purchased without a prescription and at relatively low costs. MOST (not all) are the same stuff we usually get from a pharmacist. It might be worth looking into.
By the way, are you aware that you no longer "deposit" your money in the bank? For a few years now, when you put funds in the bank you are technically *loaning* the bank your money, and instead of being a _Depositor_ who MUST be repaid, you are now a _Creditor_ who, should the bank fail, must stand in line behind the bank's landlord and cleaning service in *hopes* that the court will give you a reasonable portion of your money back out of the bank's actual assets.
[ http://bit.ly/Bail-In ]
Your cash ain't nothin' but trash ... [ http://youtu.be/KdFGbJBi6e8 ]
I guess we'll just have to take our chances.
It seems that some hacker installed malware into the company's server and was attempting to steal credit card info from purchasers, during their transactions. The outfit found and removed the malware, but sent letters out to all affected customers, as a precaution. They also offered a complementary year's membership in an ID protection service from one of the big three credit reporting agencies (Experian, I believe).
This incident just occurred, which is why I think it might even be connected.
There are a couple exceptions but I prefer to keep a low online profile.
If you can't hold it, you don't have posession!