Hurricane Maria Has Transformed Puerto Rico Into A "Cash Only" Economy

CampeadorCampeador Posts: 217 Bronze ✭✭✭
“I didn’t want to come because of the lines,” he said. “I need money for basic needs, food, gas - my tank is full but it won’t be forever. I normally pay with my card.”

A similar situation unfolded at a Banco Santander across the street. Erasmo Santiago, a 63-year-old mailman, said he was actually a Popular client but opted to pay a fee and go for the slightly shorter line. “I have my mom living with me, she’s 83,” he said. “So I need money.”

http://www.zerohedge.com/news/2017-09-25/hurricane-maria-has-transformed-puerto-rico-cash-only-economy


I hate to say but how Bitcoin is working out for them?

Comments

  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
    The Puerto Rico situation is sad (literally sad.. not Trump "sad").
  • RocketDogRocketDog Posts: 696 Silver ✭✭✭✭
    I am sorry for the struggles of our Puerto Rican brethren. I think we can also learn from them. Obviously, in Puerto Rico...no electricity and no telecomms means no digital currency (whoops ... didn't see that coming...). Well some doomsday preppers did see that coming. Also, note the concern for personal safety when carrying so much cash. It would be the same for precious metals. Yet--freedom from prying government eyes and tax coffers.

    A lot of our problems with over-reaching government is that we are so compliant and cooperative. What if we all refused to use digital? They do have a lot of us captured by direct depositing our salary into a bank account (oh ya, and automatically taking "their share" of our money before we ever get to see it). Still, you could go withdraw the maximum amount of cash each week and keep as much of your money out of the bank as possible. Why put it in other than convenience? You certainly aren't earning any interest.

    It will be interesting to see what conventions evolve in Puerto Rico during their recover.
  • TexTex Posts: 197 Bronze ✭✭✭
    My prayers are with those in Puerto Rico.

    It's another learning lesson for us all.

    Digital stuff won't work for payments when the system is taken down by unfortunate events. Goldmoney should never be used as a reserve for a serious SHTF event, unless you are buying small amounts at a time and then redeeming it for physical. In my opinion Goldmoney is going to work as long as the world wide banking system is up and running. I say that because we all exchange our national currency for metals through the GM platform and so banks are involved.

    I wonder if anyone on here had a Goldmoney account during the financial crisis? I wonder how smoothly it worked when everything else was freezing up.
  • JimmymacJimmymac Posts: 25 Copper ✭✭
    certainly food for thought. makes sense to hold a little physical at home, i would say smaller units though, no need for KG bars. onces and half ounces of silver, grams of gold. Not saying keep a whole load in there, but enough to trade with for a couple of weeks cant be a bad idea.

  • RocketDogRocketDog Posts: 696 Silver ✭✭✭✭
    I would think that once you have your Goldmoney account loaded with gold, and a financial crisis hit, that you would still be able to redeem gold onto your card (as needed) and even better still be able to do point to point purchases/sales in gold. The point to point sales should skyrocket after a financial crisis as everyone will want to stay in gold and not convert to cash. (Of course this is assuming a financial crisis that leaves the power on.
  • JimmymacJimmymac Posts: 25 Copper ✭✭
    but that is the point, you cant reedem to your card as there is no power or connection to do that. and then there is no power or connection for the person you are dealing with to varify, so a little physical to get you though that phase is a good plan.
  • RocketDogRocketDog Posts: 696 Silver ✭✭✭✭
    Hey @jimmymac sure, I understand what you are saying about when there is no power. I was just suggesting that for a FINANCIAL meltdown--a currency crisis, a run on the banks (like what happened in Greece lately) in that case, having the Goldmoney account would be a huge advantage. In that case, (power still on) you could pay with gold and put cash on your card.
    With no power, you are right, some physical gold/silver coins, cubes, rounds, bars etc. would be a huge advantage.
  • GLDGLD Posts: 49 Copper ✭✭
    If the banks go on a holiday so do any money transfer mechanisms like SWIFT. So EXPECT all credit card based transactions to be frozen as well. Keep a little extra cash, silver and gold on hand. Food, gas and ammunition as well if you are as paranoid as i am ....lol. Most preppers suggest one months worth as a minimum to weather a bank holiday or natural disaster, etc. This essentially costs you "nothing" once you reach your planned stash (whatever that is ..1 month, 2, 3) ..... just cycle through the old stock replacing it with the new.
  • RocketDogRocketDog Posts: 696 Silver ✭✭✭✭
  • BancersBancers Posts: 23 Tin ✭
    WHAT ABOUT THE ENDING OF THE AMERICAN DREAM - THE GREAT GOVERNMENT DEBT DISASTER AND GLOBAL INFLATION - PROTECT YOURSELF AND FAMILY WEALTH – WISDOM IN MONEY MANAGEMENT

    On Friday, the national debt of the United States exceeded $20 trillion for the first time ever, jumping $318 billion in one day to $20.162 trillion. On the same day, U.S. President signed a bill that suspended the debt ceiling until December 8 and allowed unlimited federal borrowing,
    The handwriting on the wall. The debt is simply too massive. It can never be repaid. It would be financial suicide for them to throw away more good money after bad. No amount of money printing could even begin to make up for the trillions of dollars needed in tax revenue from Americans.
    The American dollar is in freefall as the news reverberates around the globe. The U.S. government has no reserves; no savings for a rainy day. Not even a Social Security “Trust Fund.” It is dead broke. The paper wealth of generations will vanish before our very eyes. Millions of retirees who once had fat portfolios will watch helplessly as their life savings being wiped out through hyperinflation.
    The plain truth is that nation’s debts are far larger than most people realize. Everyone worries about our $20 trillion national debt; that it equals 107% of the value of all the goods and services the U.S. produces. That’s a drop in the bucket. In addition to that debt, our U.S. government owes another $238 trillion that it never wants to talk about called “unfunded obligations” — the money it owes primarily to veterans and to seniors in pensions, Social Security and Medicare payments. Altogether, the nation is on the hook for $256 trillion.
    That’s more than 15 times the size of the entire U.S. economy. A line of 256 trillion one-dollar bills would reach around the Earth at the equator nearly one million times. It would reach all the way to the sun and back more than 133 times. And, what’s worse, trillions of more dollars in additional debt and obligations are piling up with every passing year. After more than 60 years of out-of-control spending, the nation will simply run out of money.
    Because of the coming debt disaster, and the U.S. government’s ability to print currency money faster than any individual can save it. My family and I have decided to use gold money as a hedge against future inflation. Goldmoney has been my best investment in accumulating wealth and maintaining my family’s financial security.
    For those that do not know, wealth preservation and financial security are about seeking assets that retain their purchasing power over time. Purchasing power represents the amount of goods and services you can buy with your money. You should aim to preserve your purchasing power to ensure that the money you are working so hard to earn today is still valuable in the future when you need/want to spend it. Goldmoney has been the key in preserving my family purchasing power because, with the country’s looming debt crisis, there is a perfect economic storm coming. It’s a category 7 economic hurricane, and as a result, be prepared for a drastic lowering of your standard of living.
    Now here’s a word to the wise. For those who have eyes to see, ears to hear, and a mind to perceive what’s coming, remember that Noah acted on things not yet seen and prepared an Ark for the saving of him and his family
  • RocketDogRocketDog Posts: 696 Silver ✭✭✭✭
    Hi @Bancers did God tell you to open a Goldmoney account? (That would be great PR if he did.)
    Good points.
    I am not sure I agree that unfunded obligations count as debt, cause we can always not pay them. (Ya, there will be disgruntled people.)
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