“We are in danger of being overwhelmed with irredeemable paper, mere paper, representing not gold nor silver; no sir, representing nothing but broken promises, bad faith, bankrupt corporations, cheated creditors and a ruined people.” – Daniel Webster, 1833
Taken a look at the interest your earning on your savings lately? Pretty bad isn’t it? Those days when you could safely put your money into a savings account and get a reasonable return are gone, and from the look of things they aren’t coming back anytime soon…Saving account interest rates move closer to zero.
As of this writing, according to Bankrate.com the average interest rate being paid on Savings and Money Market Accounts in the United States is 0.13%.
For 2011 the inflation rate averaged 3.14%.
Let’s see, you’re earning 0.13% and losing 3.14% of value…seems like a losing deal.
Which begs the question, “Why should you put your money in the bank, any bank?” You’d be just as well served placing your money in the proverbial coffee can and burying it in the backyard. (Maybe someone will dig it up in a few years and have a collector’s item, sorta like old Confederate dollars or Greenbacks.)
Perhaps you should think about alternative ways to save your money. Perhaps it’s time for a new way of thinking about wealth. Because it’s not a question of saving dollars, Euros, Pounds or whatever, it’s a question of preserving wealth.
Historically paper has been a bad bet…and it’s a bad bet now.
“Paper money eventually returns to its intrinsic value —- zero.”
I suggest looking at the two traditional ways people have preserved their wealth and the value of their savings…silver and gold.
And to get started on saving with precious metals you can start here…Junk Silver coins for savings
Times have changed. Do something different. Trust in silver and gold.
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