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roysolder

2,602 Posts.

211

18/01/20

05:35

Post #: 42446805
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Originally posted by AverageJoe: ↑

I will relate a real story from a victim friend of s bush fire many years ago. He unfortunately believed and so did I that a fire proof was exactly as claimed. They didn’t say the contents were fire proof, just the safe and in that story it was a post burned still fully functioning safe. The cash unfortunately turned to ash!

Regardless where cash is stored as physical or electronic, there are risks. I rather spend the time understanding the fiat monetary system than worry through ignorance creating paranoia about the safety of banks etc.

There is current however some speculation that the post Govt bank deposit guarantee reduced from initial $1M to $250K cannot be adequately met by the authorities if a bank run is triggered. Until fully tested heaven forbid I didn’t think the size of such guarantee was sustainable.

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you miss the point, a few silver coin stacks will be handy. Some private businesses will take them in emergency times. I don’t keep cash.
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