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Wouldn't owning USD also protect against this?
by skipants 4y ago
Wouldn't owning USD also protect against this?
- zarzavat 4y agoIn this specific case, perhaps yes, but in most cases where your country is collapsing you will also want to cross borders. Your cash is likely to be confiscated.
- ClumsyPilot 4y agoand if your phone and laptip is confiscates? Are you going to print a paper key, put it into waterproof capsule and eat it? Instead you could just open a bank account in a foreign bank, and they will always allow you access to your money
- adh636 4y agoOr you can memorize 12 words. Not saying this should be the common practice or that everyone should do it, but having the ability to store your wealth in your mind is useful.
- imtringued 4y agoThis feels like a parody, you don't store wealth in your mind otherwise you could create it out of thin air you merely keep track of your personal share of the world's wealth.
- ilammy 4y agoI like how people often suggest to “just” open an account in a foreign bank. Even assuming the foreign bank would not “just” refuse you for not being a resident, or being a significant risk, or not accepting your identification, or whatever. Then your Lebanese bank would surely wire the money there without any issues, and your Lebanese employer would be happy to do so as well, and of course there are no laws stating that only liras are legal payment currency for services rendered in Lebanon.
- refurb 4y agoOf course. It would require prior preparation. I have a few friends who worked in China and the default is you immediately move any money out of the country as soon as you can. It's simple to bring it in, but getting it out can range from "here are 5 forms to fill out" to "sorry, we aren't processing transfers at this time".
- junofan 4y agoWhere would you store the USD?
- kurupt213 4y agoI think the USD would have to be in a foreign account