Modern society livers of credit/debt. A credit card is a bank related credit instrument. All of modern society rests on the free flow of credit, which is recorded digitally. The amount of currency in circulation inside the United States is minuscule. Most dollars are sent abroad by immigrants.
If a crisis, such as the inability of banks to clear payments because the Federal reserves Bank of New York has been hit by a mini-nuke or an anthrax attack, our credit cards will not work. That will eliminate gasoline stations, which will eliminate trucking, which will eliminate the cities.
What's in your wallet?
The thought of dead digits has to be the blackest of all nightmares facing the Department of Homeland Security. It has to be bin Laden's ultimate dream.
We all need cash in reserves. But that will not be worth much in a dead digit world. That's why nobody wants to think about it.
Yet wise people will think about it, and then take steps to protect themselves.
Whatever you could not live without if you could not buy it at a store for 90 days, you should buy now and store.
The worst-case scenario? The municipal water systems fail.
We are dependent on digits. It's wise to reduce that dependence.
Subscribe to my Tip of the Week. It's the equivalent of money (digital) in you yr e-mailbox every Saturday morning. The subscription box is here: www.garynorth.com.
© 2022 GaryNorth.com, Inc., 2005-2021 All Rights Reserved. Reproduction without permission prohibited.