Today I am watching what is going on in Greece and looking for the lessons we can learn from it. I think that the economic problems they are having is just the tip of the iceberg. They are the canary in the coalmine.
The news from Greece includes the following.
- All over Athens, people have been queuing tonight, but the lines outside the National Bank branches were by some distance the longest, reports Jon Henley. And that’s because the National Bank supplies the banknotes, and lots of other Greek banks, by midnight on Sunday, had no more of those.
- While Greece’s government announced on Sunday night that the country’s banks would not open on Monday, that capital controls would be introduced and limits set on withdrawals, there was no official confirmation yet of what those limits would be.
- Monday the banks and stock market will not reopen until July 6.
- Many ATMs are out of cash and withdrawals are limited to what amounts to about 67 US dollars a day.
- Many elderly Greeks don’t have bank cards and make withdrawals in person at bank branches, and so find themselves completely cut off from their money. “Nobody knows anything. A bank employee came out at 8 a.m. and told us `you’re not going to get any money
- Although credit and cash card transactions have not been restricted, many retailers were not accepting card transactions Monday morning.
Think that economic problems are limited to other countries
Take a look at these headlines, Puerto Rico’s Governor Says Island’s Debts Are ‘Not Payable, I personally believe that the economic problems that are occurring in Greece can very easily happen here when it is time to pay our debts.
Fortunately many of us are in a better position personally, than the people of Greece,, because we have been prepping. Hopefully most preppers will have followed the following guidelines.
- Build up your food storage, so you won’t have to go shopping in an emergency
- Produce food at home, gardens, chickens and etc.
- Stay out of debt. This is a big one. If you have food and no debt, it is surprising how little it takes to get by.
- Have some saving and if possible some commodities to hedge against inflation.
- You don’t want a large amount of cash on hand, because this in its self becomes a danger. But have enough so that you can meet those small emergency purchases that occasionally occur.
Could economic problems like what is happening in Greece spread to here in the immediate future, I don’t know. I am not a financial expert by any means, but I think so. But I have been around long enough to have seen how economic problems like this can sneak up on us. So be ready, I believe they are coming.