Do we have enough cash? (30 Oct, 2019)

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Do we have enough cash? (30 Oct, 2019)

Postby aardvark_admin » Wed Oct 30, 2019 5:00 am

This column is archived at: https://aardvark.co.nz/daily/2019/1030.shtml

How will you survive if a disaster takes out all forms of electronic payment for a protracted period?

Could it be that even a stash of $20 under the matress may not be enough to ensure you can still buy food, fuel and other necessities?

Do you think that banks and the government will have strategies in place to deal with such a situation?

Do we even have enough cash (notes, coins) in the system to cope with an event where we have to fall-back to hard currency?
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Re: Do we have enough cash? (30 Oct, 2019)

Postby hagfish » Wed Oct 30, 2019 8:09 am

For a localised powercut, or a temporary system outage, my preparations overlap with my regular earthquake kit. My beer-brewing barrels are full of drinking water (plus two IBC totes of rainwater), and there's a cache of beans'n'rice to last a week or two. And I keep a $50 note in my wallet.

When permanent systemic failure eventually occurs, I expect your EFT-POS card will be about as useful as your silver bullion buried in the back yard; 'not very'. One way or another, shops and distribution centres will be empty after a few days/weeks, and the 'authorities' will be herding us into camps. Hoarding supplies will be a capital crime, and anyone spotted running about sporting 'tactical' gear will be KOS. I'm under no illusions as to how dependent I am on the proper functioning of our ridiculous society. Good luck, every one.
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Re: Do we have enough cash? (30 Oct, 2019)

Postby Kiwiiano » Wed Oct 30, 2019 8:44 am

Oh come on, Hagfish, I thought, that’s OTT.....then hang on, they’ve just pulled all/most semiauto rifles out of public hands. Oh dammit, where did I put my foil hat?
On a saner note, just having the recommended cache for earthquakes, that are for more probable than CMEs, would cover for most problems. Without going full-blown Prepper, having water, tinned/dehydrated food, firelighters, thermal blankets, torches and radio with alkaline batteries, tarps etc tucked away somewhere safe. Actual quantities of the above & firearms optional.’Safe’ can mean a robust box out in the garage or a container hidden deep in the Southern Alps well above tsunami level and away from slip/flood prone areas. The latter would still require a cache at home because you still have to haul your arse up to the container, so tramping boots and packs of food etc will be needed.
Don’t forget to check annually for use-by dates etc. No point in putting stuff away then finding the rats gotten into it when you really need it.
~ Kiwiiano
“I'm right 98% of the time, so who gives a damn about the other 3%?"
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Re: Do we have enough cash? (30 Oct, 2019)

Postby goosemoose » Wed Oct 30, 2019 8:59 am

No problem at all. I mostly use cash. And cheques too.

Wait until there is no more cash then the fun and games will really start. Shop X will only take payment methods A, B and C. Shop Z will only take payment methods M, N and J. I've only got payment methods T, S and U. An extreme example I know but thats the world we're heading for if we're not careful. Every man and his dog is trying to clip the payment ticket. The only losers in this will be the us and the retailers who will no doubt have to pay a fee to use these methods.

I'd do your bit if I was you and use cash - at least some of the time, the revolution will thank you for it.
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Re: Do we have enough cash? (30 Oct, 2019)

Postby Necrotic Kingdom » Wed Oct 30, 2019 11:41 am

I have kids so make regular trips to the bank to get out cash because they suck it up like a vacuum cleaner, what with paying for the school bus (which doesn't have an eftpos yet) and so on. As for emergencies 3 days of water and food next to all our camping gear in the garage.
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Re: Do we have enough cash? (30 Oct, 2019)

Postby GSVNoFixedAbode » Wed Oct 30, 2019 6:21 pm

We used to have the EQ kit & camping gear under the house until the obvious was pointed out. Fine for a CME, but not if the roof & walls have partially swapped places. I try to replace the water every few months - sometimes a little longer. We also have a small stack of $20s and a couple of Rutherfords tucked away for an extended outage.

What did surprise me were the results of the Reserve Bank survey regards Cash vs EFT and how huge the swing to EFT apparently is. Consequently the RB's plans include reducing the overall volume of cash going forward. Seems like asking for trouble.
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Re: Do we have enough cash? (30 Oct, 2019)

Postby Weasel » Thu Oct 31, 2019 5:43 am

https://www.cs.auckland.ac.nz/~pgut001/misc/mercury.txt is a nice write up on the events from 1998 in Auckland.

Otherwise, I suppose stuffing a couple thousands bucks into a safe at home maybe a good idea along with some other commodities people cant live with out which you could trade for other things, e.g. cigarettes, booze etc.
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Re: Do we have enough cash? (30 Oct, 2019)

Postby pctek » Sun Nov 03, 2019 5:28 pm

What exactly are you expecting?
Armageddon?

Head for the hills, dig out your gun cache and your survivalist mentality.

The Ch/ch earthquake didn't cause that, come on.

And if it did, and? I don't know about you, but we have food in our pantry,and garden.
Fuel? But it's a disaster, walk.
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