What to do with savings before a financial meltdown :)

davefromkent_2

Just for a bit of fun.

OK so let's hope it doesn't happen but theoretically speaking...

What would everyone do with their savings if they had insider knowledge or correctly predicted a few days/weeks beforehand that Greece left the Euro, there was a domino effect, financial meltdown and the pound became worthless?

Gold?
Spend it all before it was worthless?
Emigrate?
Brick up your house and lock yourself inside with a pile of food and weapons?

mr_fishbulb

They're not out of it yet. But they would have to pull off a miracle to stay in.

They are at the bottom of the group, but a draw between the Czech Republic and Poland tomorrow means they will go through if they beat Russia.

srcandas

davefromkent wrote: »

Just for a bit of fun.

First thing I think is food and drink. A well stocked house with fuel, food and drink.

Chat to neighbours and get the old "we're in this together" community spirit. You'll need friends, especially ones who have no trouble killing and gutting rabbits

I'd be hard-pushed to shoot anyone under such circumstances so I'd forget weapons.

The pound would always have some value so make sure I had a reasonable stash of cash.

Then get down to the rebuild. There will always be a tomorrow (and if there isn't it doesn't actually matter :cool:))

Reaper

davefromkent wrote: »

What would everyone do with their savings if they had insider knowledge or correctly predicted a few days/weeks beforehand that Greece left the Euro, there was a domino effect, financial meltdown and the pound became worthless?

Bit of a stretch in your progression there. Greece is largely irrelevant. If they defaulted on all their debts and crashed out of the Euro in the worst possible way it would not make a great deal of difference because their economy is so small. Things only get serious if big countries like Italy default.

But if for some reason I can't imagine the pound became worthless I expect companies and employees would start to demand payment in dollars or some other more stable currency.

I don't think there is any need to stock up the cellar with a year's supply of tinned tuna.

Only if I was living in Greece would I start to take action and that would be to convert my savings into cash Euros and/or move it abroad before they get converted to drachma and devalue. Of course that is what is happening now and it is only making things worse for them as their assets flee the county's banking system. IMO they would be better cracking on and leaving the Euro now rather than waiting until they are forced to by which time the country will have been bled dry.