Banking System Failure, Bond Market Crash, Currency Devaluation, Hyper Inflation, Stock Market Crash
Some people might be thinking that the likelihood of an economic collapse occurring again in the post-depression era is never going to happen. Foolish thinking at best and down-right reckless at worst.
The United States currency is a fiat currency that is not backed by any hard assets like gold or silver as it once was. That means that if other countries feel the US Dollar isn’t worth much anymore, especially for International purposes, then it’s “value” will decline … rapidly. There are many other reasons the US Dollar can become essentially worthless and those “forces” are at work today to make that a reality. Look to Venezuela or to pre-WWII Germany to see examples of what it’s like to deal with a worthless currency. There are steps that can be taken to protect yourself and your organization in the eventuality of when this happens.
What planning have you done to ensure it doesn’t impact you?