So how many conversations have you had about this Greece thing? You know what I am talking about, Greece’s default, bank holiday, ATM restrictions, lack of cash, etc. Well, I have had a number of those discussions and I keep looking at it like a huge “lessons learned” opportunity.
Things that I saw thanks to the Greek tragedy:
- Bank holidays can be real and can cut off your debit card purchasing quickly, as well as restricting access to your own cash via ATMs.
- The Greeks never thought it would happen to them. Hence, the long lines at ATM machines withdrawing $67 a day until the ATMs ran out of money.
- Progressive, liberal, socialist countries with their big-spending, big-government, debt-loving habits will not work. They never do, never have.
- The utter arrogance that the Greeks expressed that is was everyone else’s fault but their own.
- That I never wanted to be in those ATM lines…ever.
- Always have a stack of cash on hand, large or small. I won’t tell you how much or where to keep it. I have some and it makes me feel more secure. Think about Greeks who didn’t have to stand at the ATMs for hours worrying about the money running out. And then if it ran out, you wouldn’t be able to buy food for your family.
- Always have some precious metals on hand. Can you imagine if you were a Greek shopkeeper and had some “X” on your shelves and a person came in asking for credit until the banks opened up. How receptive would that shopkeeper be? Now, another guy comes in with a handful of silver rounds or a couple of 1oz gold rounds? Yeah, you get my point.
- Always have enough food to feed my family for “X” number of days. You have to fill in the “X” part based on what you feel is important. < click here to read this for my opinion >
- Don’t be arrogant!! Never think you are too good compared to others, and admit when things (i.e. decisions and bad habits) don’t turn out so well. But especially admit when it is your fault. Then you an learn and grow.
The problem with Greece was the fact that the Greek government was unable to pay their debt payments. And they had to go begging for the IMF or the ECB to lend them more money to make payments on loans they already owed money on.
Yeah, borrowing money to pay interest on money they already borrowed. Does that sound even remotely responsible?
Well, here is something to think about…”The USA is in the same exact position. We have to borrow money to make debt payments on money we already borrowed.”
But here is the kicker…the USA just prints more money. Yes, we don’t have to borrow it, we just print it. Actually, we don’t even print it, someone at the Federal Reserve just pushes a button and it appears in the government’s computer system that tracks the country’s money supply.
How stable and “right” does that sound? Do you think that at some point people will begin to think that isn’t such stable and responsible way of doing business? And those people are located all around the world.
And here is the wildcard…what about the $90,000,000,000,000 ($90tillion) dollars that the government owes in pensions, Social Security, Medicare, and all the other entitlements and liabilities?
Where is that money going to come from? How is the government going to produce that much money to pay out in addition to the huge national debt that exists in real terms right now? Simply create those dollars on yet another computer? Or even print it by the pallet & truck load?
What does your gut tell you will happen when that day comes?
So, what are you going to do about it today, tomorrow, or the day after?
May I suggest:
- Always have a stack of cash on hand. I won’t tell you how much you should have. I have some. Think about Greeks who didn’t have to stand at the ATMs for hours worrying about the money running out. And then if it ran out, you wouldn’t be able to buy food for dinner.
- Always have some precious metals on hand. Can you imagine if you were a Greek shopkeeper and had some “X” in stock on your store’s selves, and a person came in asking for credit until the banks opened up. How receptive would that shopkeeper be? Now, another guy comes in with a handful of silver rounds or a couple of 1oz gold rounds? Yeah, you get my point. What if you were the guy with the gold or silver?
- Always have enough food to feed your family for “X” number of days. You have to fill in the “X” part based on what you feel is important.
- Don’t be arrogant!! Never think you are too good compared to others and admit when things (i.e. decisions and bad habits) don’t turn out so well. Admit when it is your fault, you can learn more that way.
You think Greece was bad? There are four more countries in similar circumstances, Puerto Rico being one of those. And remember, Puerto Rico is considered part of the US for all intents and purposes.
There is so much I want to tell you to do. But that isn’t my place, not my responsibility, not my right. But I can make suggestions and hope they help. But more than anything else I would like you to do the following:
- If you are spiritual or religious please pray and ask what is best for you and your family to do right now, today, to be better prepared. Then when that inspiration comes…do it!! Do it without any hesitation, without any reservation, without any regret and with a glad heart.
- If you are not religious, think through the situation in your mind. What does that “gut feeling” tell you to do? Then when that “gut feeling” hits you…do it!! Do it without any hesitation, without any reservation, without any regret and be grateful.
There you go. I am with you, we are in this boat together, you have a place at my table.
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