This is my thinking on how to handle the Cypriot “Bail-in” and the EU

I’m not a financial guru of any sort,  just person with limited income trying to survive.  You should think both short-term and long term before you make any moves.  Try and make both plans fit together for your economic well being as it won’t be a good thing to max out your credit cards on stuff only to have this blow over and you get stuck with a huge debt or some other debacle!

Staying liquid and with physical assets  in your “grubby little fist” is a good place to start.  Having the physical paper FRNs  on hand for your basic needs like gasoline,  a gallon of milk and paying some local bills or a small emergency is a good plan.  I’d say $50.00- $500.00 in coins and all denominations up to a $50.00 bill but make most of the bills $20.00 and smaller. This paper will be “King” for purchases at stores if electronic banking goes down for any reason.  I am going to plan on all electronic transaction coming to a screeching halt at any time for the next 2 weeks.  Not a big deal as I usually get cash after my check is deposited which is 3 long days away.  Nothing I can do about it if things blowup fast, though I hope to access my CU and direct deposit this week.

Do a walk through and inventory on what you have on hand to see if you are lacking in any area of your preps?  This should be bare bones basics not a wish list. Depending on what happens I may have to suspend my 7 year food project for a few weeks and focus on cash on hand.  No worries, if it happens it happens and I will adapt. I feel darn confident of my long term preps even if they are not quite as long term as I had hope to make them if this is the “Black Swan event” . If you have anything that you are low on (1-3 months) I would get those items, but other than that I would hold on to my cash and just pay your bills like normal.

Think of this as just another storm warning and do your normal storm prep. Top off the gas tank, make sure you have plenty of cash on hand for the next week or two and if you are low on something you will need in the next week or two buy it. Other than getting out of the TBTF banks and into a Credit Union and using any electronic banking device from credit and debit cards to checks I can’t advise you what you should do because each person’s situation is unique.

If you have been working on your preps and have even a couple of weeks of stuff on hand you can get through the first big panic, stay calm and evaluate logically what your next move should be and what you will do to make the best of it.  There could be some great opportunities for buys on stuff you need if people need cash.

Let us see how this thing works out,  because fear and panic makes folks do strange things.

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6 Responses to This is my thinking on how to handle the Cypriot “Bail-in” and the EU

  1. Karen says:

    If only we had a crystal ball! But we don’t, so tomorrow I’m going to Costco,the bank, get gas, ect. Life goes on, and so must we! I also called my kids to give them a “heads up”.

    • Jamie says:

      Karen, I don’t know about you but I’m a bit peeved that the PTBs are screwing up my 7 year food and water barrel project with these shenanigans. It’s also a good bet if this blows over they will screw up my next project as well! Inconsiderate bastards if you ask me 😉

      From what I’m seeing from the Doom & Gloom finance guys in the event of a European bank run it would take about 2 weeks for the contagion to hit the USA. So while not great news it does give us a bit of time to plan and get a few last minute things done.

  2. kymber says:

    jamie – just wanted to let you know that this post is spot on. as well, i really agreed with what you wrote on craig’s (mayberry’s) post and added to it. go have a look at my comment under yours…and oh heck – i think the S is really going to hit the fan due to our comments!

    craig – if you read this – i always try to be honest and fair. like always. and i think jamie made some seriously, salient points in his comment.

    thanks jamie. your new friend,
    kymber

    • Jamie says:

      kymber, I know that what I post was the verbal equivalent to a slap in the face but I was afraid he was just digging deeper and deeper and no way out. Even if he get’s pissed off at me maybe he will stop being pissed at the world and stop seeing himself as some kind of martyr. As my momma says “Get off the cross honey, somebody needs the wood!”

      You softened the blow a bit and hopefully he will sit and think a bit and get over or get to work on the REAL problem, whatever it is.

    • Jamie says:

      kymber It looks like Craig has put me on ignore. I think I piss him off a little 😉 That’s okay, his last couple of posts are a bit better and he is moving forward instead of spiraling down into negativity. From time to time we all need a shoulder to cry on, as well as a kick in the pants. I think good friends offer both!

    • Jamie says:

      kymber, It looks like Craig has put me on ignore. I think I piss him off a little 😉 That’s okay, his last couple of posts are a bit better and he is moving forward instead of spiraling down into negativity. From time to time we all need a shoulder to cry on, as well as a kick in the pants. I think good friends offer both!

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