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0 pointsalexey-salmin1y ago0 comments

Well it's one of the tail cases, so all things considered both local currency and foreign currencies are useful, each in it's own quality. So is a foreign currency in a foreign bank.

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JumpCrisscross1y ago

> it's one of the tail cases, so all things considered both local currency and foreign currencies are useful, each in it's own quality

Not really. If U.S. cash is useful, so are dollars in a bank. Not in the very short term. But over a timeline of more than a week.

Storing tens of thousands of dollars of cash for an emergency is stupid, because almost every emergency that takes out the banking system renders that currency worthless. You’re better off having hard supplies or forex you can trade for exfiltration.

alexey-salminOP1y ago

> If U.S. cash is useful, so are dollars in a bank.

This is a strong assumption. So far I've experienced three cases of loosing access to my money in the bank for various reasons and I also witnessed one more case with my parents 25 years ago. In all four cases the cash was still useful, losing between 0% and 70% of the value.

None of that was in US of course, but I still think that your range of scenarios is too narrow.

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