Originally posted by twiceAweek at 12-10-2008 02:26
I can't answer this question as this crisis only started earlier this year ... we have yet to see the effects
when it filters down to the small people like us ... but I know it will effect every little part of our daily lives !
If more banks fail and the respective governments don't prop them up then we're totally screwed !
we'll need to go back to the old days keeping physical gold and cash in our mattress
Gold? , gold is a good idea , the problem with gold is if it really gets bad the government will seize it, the US government made private ownership of gold around 1930 illegal and seized it all back, and only changed the law back in 1976 I think...
And in the UK you are only allowed jewelry , and coins like krugerands in your own home, you aren't allowed to own bricks or bars of gold and it must be kept in a registered place ie inside the vault of a registered company. Presumably so when it gets really bad the government can seize your gold without doing house to house searches.
The government here has started raiding people's safe deposit boxes here , and you have to prove its yours else the government keeps it and you have to prove where you got the money from to buy whatever you got, a place in London got raided recently, they found several kilos of opium, 60kilos of gold bars stashed away and all sorts of things, very few people turned up to claim such things.