It's Getting Ugly: Economist Says Hoard Gold & Scotch

Asheron

Respected economist John Williams, editor of ShadowStats.com, a popular website that tracks real inflation figures, is advising that people hoard physical gold as well as food items in bulk so that they have some means with which to barter as the economic crisis turns ugly.

[FONT=Arial, Helvetica, sans-serif]"Three or four years into the future I think we could be in a hyperinflation, within the current year you're going to see much higher inflation than most people are looking at," Williams told MarketWatch.[/FONT]

[FONT=Arial, Helvetica, sans-serif]Williams said that his definition of hyperinflation would be a situation in which a $100 dollar bill would become more functional as a piece of toilet paper than a store of value.[/FONT]

[FONT=Arial, Helvetica, sans-serif]"This is a time when you want to preserve your wealth and assets because inflation will knock the value out of it," he added, advising that people buy physical gold and assets other than the U.S. dollar.[/FONT]

[FONT=Arial, Helvetica, sans-serif]"Then when the hyperinflation hits you'll see disruption of normal commerce, you won't have enough $100 dollar bills to buy what you want," said Williams, adding that items to barter with, such as a bottle of scotch, would be more valuable than actual cash, even in large quantities.[/FONT]

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matbe

You wouldn't be advocating buying gold would you?

Perhaps you've been drinking too much liquid gold again!

wigglebeena

Hoarding alcohol, is he kidding? I don't even like scotch but it's drinkable enough with enough orange juice or ginger beer added.

wigglebeena

What would Morrison's own brand vodka, 'Morrisov', be worth, come the economic meltdown?

(Kid you not. Seriously, kid you not).

Generali

Whisky is a good store of value in bad times. If you read John Simpson he often talks about using a bottle of scotch as currency in places under siege.

RecoveringAlcoholic

Guess that I will have to buy Gold.

novazombie

Gold is now over $1000 and Silver over $14.

In 6 months this is going to seem very cheap.

Generali

novazombie wrote: »

Gold is now over $1000 and Silver over $14.

In 6 months this is going to seem very cheap.

Possibly, possibly not.

Spiv_2

novazombie wrote: »

Gold is now over $1000 and Silver over $14.

In 6 months this is going to seem very cheap.

It's a bubble waiting to burst. Once the general public start buying into something you know there'll be tears..:rolleyes:

ramellous1

The general public are not buying yet. If I mention gold to anyone the reaction is either total glazed over eyes or "hmm sounds interesting, er, er er, umm umm, might look into that,err...."

Ballymackeonan

And on the Scotch - or any alcohol - what are levels of duty going to get to? There's a relentless rise in nearly every budget, so we can expect more. I think you can buy by cask fom some distilleries, or at least you used o be able to, they hold the whisky in bond and bottle it when matured, but that's a long-term investment...!