Absolute safest place to keep money

Discussion in 'Economics' started by wilburbear, Jun 5, 2005.

  1. I have some money in T-bills in my bank's safekeeping account. The bank says the T-bills are held at the federal reserve bank in NY. The bank is maybe top 50 in the U.S. in terms of size. I asked if there were another big attack in NY, would my money be effected. They said, "Gee, we don't know." I called later, "Can my money be effected in ANY way by wars or natural disasters? The guy said, "I never thought about wars". Now the bank's safekeeping is being discontinued and money is going into accounts with a disclaimer "Not insured by the government" and "Subject to loss".

    Regardless of cost, where's the most bullet-proof place to keep your money within the U.S. (no filing of foreign account documents with the IRS), and keep the money in U.S. dollars?
  2. If you keep your money at a bank in a savings account, your money is FDIC insured, if the US government defaults on its debts is the only risk i can see.

    If you think that this is a possibility, then keep your cash in hard assets like gold and silver and store them yourself.
  3. The National Bank of Sealy Posturepedic.

    But seriously, if liquidity is not the main concern, farm realestate
  4. m22au


    I think mschey alluded to this as well:

    To what extent are you concerned with the loss of purchasing power that results from holding your "money" in US Dollars?

  5. I personally believe in keeping my excess monies on my own property...inside or outside..but on my own property with only 1 other person knowing where it is in the event of something much greater than 911 taking place, I will have immediate access to it before splitting.
  6. Logically splitting it up....

  7. mogul


    Government I-Bonds give you about 3.5% at the moment.

    If the U.S. government can't fulfll its obligations money would be the last thing to worry about.

    Maybe buy some gold just to be really safe, or foreign currencies in a stable country where you see yourself relocating if things go haywire here. lol
  8. mhashe


    Buy Krugerrands and stuff them in a safe under your bed? :confused:

    I never could fathom why there is such a need to "preserve wealth" in case the world comes to an end. If the world should come to an end, a can of chick peas might very well be worth more than all the krugerrands in the world. And a gun with bullets will be worth more than that can of chick peas.
  9. drobin


    Well from my understanding money is backed by faith in a countrys economic strength and that strength is back up with precious metals-#1 is GOLD! :cool:
  10. ig0r


    Very few countries still use the gold standard, you could've stopped at the word "faith"
    #10     Jun 5, 2005