Comment: in short...

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in short...

NO!

They are about the closest equivalent. That being said, they are still a promise to pay. Current actual cash in circulation is estimated to be at about $700 billion worldwide, while current bank deposits (IOU's from the bank to pay out) are estimated at $7 Trillion globally in USD's.

See a problem there?

Hold cash. not in the bank. in some place you have actual notes. Once everyone starts demanding payment because they are scared of default, cash spikes in value because fractional reserve banking causes mass shortages of it (and since banking is electronic, expect major bank "holidays" where you can't access your deposits) once the bust follows the credit expansion.

Physical cash. Gold and silver are great, too, but I would also go out right now and buy up as many rolls of nickels (still made of nickel until next year, subsidizing your legal tender at $0.05 for about $0.06 of nickel), and dimes and quarters. Small bills. If cash is scarce you can bet that exact change will be much appreciated (and you might not be able to get change back!). Gold and silver are probably going to get slammed one more good time while everyone is rushing back to cash, meaning silver should see $20 or less (my long-term buying point), and gold WELL below $1500.

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Progress is precisely that which the rules and regulations did not foresee. - Ludwig Von Mises.