Again, Welcome to the 21st century.
With the recent financial troubles in Greece, their banks running out of cash, and their desperate need for loans in order to keep operating[i] … it begs the question:
What if our banks in the U.S. were to collapse?
Whether or not the question seems like one of those that we should never ask, it doesn’t hurt to examine the possibility. You never know, with our recent economic woes and certain cyclical trends that predict a downturn in the markets later this year, you should be prepared.
Are you prepared?
If all the banks in the United States collapsed at the same time, even the FDIC wouldn’t be of much use. So, you should have an “exit plan” of sorts just in case, because…
If a “Bankacolypse” happens, chaos is the only thing that is guaranteed…
It’s not a comfortable subject to talk about, but the possibility of banks in the United States collapsing is very real, even if the chances of it happening tomorrow aren’t great.
Let’s face reality, in 2008 we discovered that our economic system, including the banks, is being run by some people who should be in jail … but aren’t.
So if banks ever do start to collapse, the ripple effects will be more concerning than just your money suddenly becoming worthless.
Here are just a few of these ripple effects, then I will share some preparedness tips to help you and your family protect themselves during the resulting chaos:
- Food and utilities you rely on won’t be reliable. Without the banking system utilities could be shut off for quite some time. The same is true for the trucking systems that bring food and water to your grocery stores.
- Some people will start to panic. Unprepared people might start to do crazy things while they are in a panic state, as money won’t get them the solutions they are looking for.
- Banks will panic. They will call mortgages, freeze savings accounts, etc…
- And on, and on…
So what are you to do about this insanity?
Some tips to protect yourself and your family…
Obviously, if the situation is dire enough no measure of preparedness will save anyone. Let’s hope it doesn’t come to that.
But you can prepare yourself the best way you can if banks do start going under one after another. Here are some basic tips to get you started…
- Get a passport if you don’t already have one. Update it if you do. Getting a passport takes time, and if you need to get out of our country, you need one.
- Keep a close eye on FDIC guidelines. It’s important you know what your rights are if the banks do collapse, so you can pull as much out as possible.
- Get a fire and water proof box, and put all of your important legal documents inside it. This can be a life-saver if you need to prove who you are, or get somewhere where it’s required that you do.
- Actually take the time to build a disaster preparedness kit. Don’t just think about it, do it. Most people won’t, and you’ll be a mile ahead of those people if you do (see FEMA’s advice about these here to start your homework).
- Have a family emergency plan, meeting place, and collect your resources. You have to know how to get to, and where you will all go during civil unrest (before it happens). Also, you must collect your gold, silver, and other precious metals in a safe place (because people will try to steal them during dire circumstances).
These basic tips should get you a good start. Do more homework yourself, use Google, and look into emergency preparedness as a topic, etc…
It’s not “fun” to do, but if you’re prepared on even a basic level, it will be helpful.
But did you discover the hidden lesson in this post?
The hidden lesson is simply not to rely solely on banks and the various Government institutions to protect you and your family from situations that are out of your control.
Instead, you need to start taking control of your financial well-being, including your retirement, business, and personal assets. In certain situations, you might even need to become self-reliant altogether (like possibly learning “The 5 secret words to ask your broker, so you can quit paying “the hidden 401k price tag”, for example).
At The Harbor Institute, we have a number of resources (both free and paid) that we make available for you to start on the path to self-reliance. We encourage you to do your homework, and start putting the success of your financial well-being squarely in your own hands.
Start with our newest report, Pay Less – Keep More … where we reveal how to pay a LOT less in taxes, and how to make your business and personal assets as “bullet-proof” and secure as possible.Plus it includes a link to a very special presentation that shows you how to buy stocks, invest in real estate, and how to build your retirement 100% tax-free for LIFE…