Where is the safest place for CASH if it all goes pear shaped?

MoneySaverLog

oldvicar wrote: »

It won't. It just wouldn't be cricket old bean.

Specifically, I believe (can't find a reference though) that the British Government is the ONLY major sovereign to have NEVER defaulted.

More particularly the British government is in control of its own money printing presses, and has absolutley no need to default on Sterling denominated obligations. This doesn't stop Sterling being devalued, indeed I deeply suspect that could be part of a cunning plan, but at least you can be sure of getting it back!

It may well never default but it would result in devaluation of the pound so for every £1,000 you give me now, I'll give you a pound back in real terms. :D:D:D

sabretoothtigger

A point missed is if cash reduces sharply in value what matters most is ongoing costs. So you are afraid of losing money but costs of renting, borrowed money, energy and food will rise


If you can in any way secure those costs into the future, this is valuable and a source of security.
There is the idea of 10% of cash in gold but you could also run a store of food. You can fix energy costs as far ahead as 2014 I think. Mortgage costs can be fixed, if it costs more its with good reason and its still cheaper then a few years ago so dont be a laggard about it.

Absolute extremes are unlikely but costs will very likely adjust upwards

MiserlyMartin

MoneySaverLog wrote: »

It may well never default but it would result in devaluation of the pound so for every £1,000 you give me now, I'll give you a pound back in real terms. :D:D:D

Yes this is the worry I have!! Don't forget the UK has the biggest debt in the world as a proportion of its GDP!

hallmark

MiserlyMartin wrote: »

Yes this is the worry I have!! Don't forget the UK has the biggest debt in the world as a proportion of its GDP!

No it doesn't, it's not even in the top 20.

http://en.wikipedia.org/wiki/List_of_sovereign_states_by_public_debt

bendix

Seriously, when will all this nonsense stop? MSE is getting ridiculous with all the 'world is going to end' rubbish.

If you're that worried, I recommend a nice bottle of whisky, a warm bath and a bottle of aspirins.

Otherwise, get a life and stop worrying about stuff.

The internet has a lot to answer for in my view, by giving ridiculous viewpoints an airing.