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Preppers
Original poster

Major banking crash exercise

129 replies

Imsayingnothing · 13/02/2021 16:04

Imagine you have a friend who is high up in a financial institution who tells you that in ten days time from now there is going to be a major banking crash worldwide.

The banks will bring in a credit freeze, meaning all bank account cards and credit cards will be frozen. You will not be able to use switch, cashless payments, online payments or even take cash out of a cash machine. All accounts will be frozen.

How would you prepare for this?

OP posts:
Blacktothepink · 14/02/2021 18:39

Crickey, I’m going to withdraw my money just in case 😬

Original poster
Imsayingnothing · 14/02/2021 20:20

www.cbsnews.com/news/uk-covid-biggest-economic-decline-in-300-years/

I don't see a recovery being quick or easy.

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EzzieLove · 17/02/2021 21:27

Good question. I have a good supply of food, toiletries etc at home but presumably you could still purchase items for cash from local shops so would try to keep getting hold of a few fresh items where possible. Money wise, I keep a cash stash both at home and on my person at all times. Came in handy a few years ago when we needed to payout for a big purchase by cash. Banks will only let you draw out a certain amount each day. I always think of Greece when they had a run on the banks and everyone’s accounts were frozen so this sort of scenario is definitely a reason to prep.

EzzieLove · 17/02/2021 21:28

Oh and Mary Poppins weirdly.

Purplerayhan · 18/02/2021 17:35

I don't have a huge amount of £ but does anyone have any experienceof buying gold for say £1000? I can only see jewellers and big ingots that you can physically buy?

claracluck1978 · 18/02/2021 17:36

Look for sovereigns or half sovereigns. Buying from someone like Hatton Garden Metals and you get 'bullion' grade coins - literally just worth their weight in hold. A full sovereign can be had for under £400 inc delivery.

claracluck1978 · 18/02/2021 17:37

Actually more like under £370 inc post today.

Be careful though. Lots of dealers won't sell when prices are low & items just appear as out of stock until the spot price rises.

Purplerayhan · 18/02/2021 19:17

Thank you - where are we now in terms of gold prices do you think? Anyone seeing a dip or rise on the future?

claracluck1978 · 18/02/2021 19:51

Price is still going down. £/$ strength means it's likely to stay low for a while. Biden's victory has stabilised the $ so gold stopped its hike. Last year we broke over £1,570 an ounce whereas today we are at £1,270 an ounce.

I buy quite a bit of gold - both bullion coins and weighty jewellery. I never plan on a quick profit so even things I bought when gold was high last year I will keep for years to come. I am a magpie (and a jewellery valued/auctioneer!) so I also love just getting it all out to look at!

Ladybookreader · 19/02/2021 04:16

As its the prepper site and most of us would likely have a good amount of stocks in and are hopefully prepared to stay in for a while nothing needs to be done and if lasted past a certain amount of time cash money would be worth less than food/fuel/first aid

PlanDeRaccordement · 19/02/2021 06:08

The banks already do this individually when they update and backup their systems and data. That’s why your card gets declined one minute and then the next it works. Or the server doesn’t respond for a minute when your doing things online. Every few hours, the systems blink for around a minute to do backups.

So that if there is a crash....say an airplane crashing into the banks HQ and destroying all the servers holding all the account information as happened to the financial HQs in the Twin Towers on 9/11 in New York City. The backups in New Jersey can then take over in less than 2 minutes with no data lost.

This is not something to worry about. Today most backups are even more secure as they are in the cloud and the cloud is programmed to back itself up repeatedly so that the data is nowhere and everywhere- easily retrievable in the event one node of servers is destroyed.

But hypothetically if civilisation collapsed. Paper notes would be worthless. We’d devolve to bartering.

Original poster
Imsayingnothing · 19/02/2021 09:03

Someone once told me if buying gold and silver for bartering purposes to buy smaller amounts like 1oz coins 1/4 Oz or 1/2 Oz coins and of course the Britannia and the sovereigns are more well known.

But for bartering purposes you can also buy simple gold wedding bands, chain link bracelets, these can be used by taking a link or a few links out at a time to swap for needed items.

OP posts:
lightand · 23/02/2021 14:09

Day 10 is today! Smile

Original poster
Imsayingnothing · 23/02/2021 16:43

Yep if you had bitcoin you should have cashed in a couple of days ago.

OP posts:
AlohaMolly · 23/02/2021 19:30

I’ve recently started dabbling in Bitcoin and sticks and shares. Bit gutted today GrinSad

Original poster
Imsayingnothing · 23/02/2021 21:07

@AlohaMolly I knew it was coming with the bitcoin as I receive a newsletter from a former wall street guy. I don't buy bitcoin myself though. If it drops any further it's potentially a good time to buy more.

OP posts:
AlohaMolly · 23/02/2021 22:11

DP has been investing (stocks and shares and crypto) since last year and I’ve finally
Managed to free up some funds to start doing the same. I’m naturally quite cautious so it’s less than £200 for me as I know I don’t need it for the next, say, five years, but I did feel a bit sick looking at it today!!

lightand · 24/02/2021 08:05

How far is it up or down today, out of curiosity?

Original poster
Imsayingnothing · 25/02/2021 00:01

Oh whose friend is a hacker?

I thought this story was about an operational error they had.

OP posts:
Slackarse · 25/02/2021 08:53

@Imsayingnothing I just found it a bit funny that this happened exactly 10 days after your post. 😂🤔

Original poster
Imsayingnothing · 25/02/2021 16:34

No I don't actually have a friend who told me this it was just a what would you do type scenario I thought up when I read some articles out there a couple of weeks ago.

The story above looks like a little glitch. I was thinking more of a massive failure type scenario.

OP posts:
OP posts:
AdoraBell · 17/06/2021 23:34

I woke up thinking about this a few weeks ago, my brain does that to me sometimes 🤦‍♀️

So I made a few decisions 🤣 buy enough food to literally fill the house, an extra freezer and all the seeds I can get my hands on. Cook chicken/beef/pork etc immediately and freeze in portions. This is to avoid cooking smells once the shops have been cleared out. Then I would concentrate on toiletries, medication and cleaning/ laundry supplies. Them anything else I could think of plus some items purely for barter like cigarettes and booze.

After spending most of the money I would clear my accounts.