Back in January of 2010 The SurvivalMom published a post on “The One-Hour Meltdown.” I actually came across this last week for the first time. Not sure how I missed it, but, in trolling her blog, it popped up. She’s right to be scared of this, especially in this economy. Especially if these scenarios are real. If you have not read it yet, you can read the original story at The One-Hour Meltdown by clicking on the link. It outlines what would happen in a banking system shutdown…
This is of particular concern to me because I have no cash stored in my home, with the exception of my change jar that gets unloaded at the change bin at the bank pretty regularly, so there is never a lot of change in it. If the banking system were to shut down, I would be SOL because I also do not have any silver or gold coins at home that might be able to be used for barter or as currency.
It is my opinion that those with cash on hand would continue using it to the point they depleted it, or realized the banking system would not go live again anytime soon, making the currency worthless… Barter and looting would take over. After about four days, most homes would be without food. With no hard currency to process transactions, (wire transfers, ACH, ATMs, etc. would be useless, looted, etc.) there would be no fuel consumption. No fuel consumption means no deliveries. No deliveries, means no food. Nada. For no one.
I wonder how long it would take the power companies and other utilities to shut down operations and serving customers if the banking system went down. I mean, this was the goal of Al Qaeda on 9/11. Shutting down our financial system for six days was a success to them, even though it did not have the intended result that Bin Laden was looking for.
Banking Holidays also pose another personal threat, because of the Patriot Act signed by President George W. Bush with regard to safe deposit boxes. Granted, the rules are written to cover terrorism, but it is so broad, it covers you as well. Here are a couple of resources:
Conclusion, I am going to start keeping more cash on hand I think. Time to make another plan…