What will happen to USA savings accounts and IRAs if the dollar and/or world economy collapses?
I am quite worried the dollar and/or world economy will collapse. If so, what will happen to savings accounts in USA banks or USA managed IRA accounts? They say bank accounts are FDIC insured but surely if the dollar collapses the FDIC could not cover peoples losses could they? I don't really want to go out and buy a bunch of gold---is there anyway to protect my assets? Thanks!
Firstly there is no way that the dollar or the world economy will collapse more than it has in the 2008-2012 period. many areas of the world are moving out of recession. As for protecting your assets if the unthinkable happened...well the short answer is...you can't.....sorry.
My friend try not to worry to much about this. But yes at times it does seem that the Unites States economy along with several other nations could collapse. If you are a specialist on this subject and can find either currency or commodity that is not in serious danger of collapse put your money there.
I'v been reading a lot about financial collapse recently and people are doing lots of different things to avoid losing out. Some are putting money into low priced property while others are buying silver or sterling in hard format and storing that.
You question is probably asked my billions of people all over the world these days as the whole economic process is poorly. But try and stay optomistic because share values and banks to are recovering albeit at a slow pace. Perhaps avoid banking and invest in other sectors or commodities and overseas instead.
If the dollar is seriously devalued, prices will rise while money is worth less than before. It is rare for currency to totally collapse and be worthless, short of one country invading another and saying the prior currency is no longer accepted.
When currency is devalued, stocks and most real estate rise in value. Hard goods become valuable, from gold and silver to bullets and cans of food. People shop to buy something, anything, before the money decreases in value.
The world economy will probably slow down as the whole developed world (Japan, European Union, the United States) stop spending as much to pay off their huge debts. But it won't collapse entirely. We may just see a fall in the standard of living.
Put your savings into Gold or Platinum. Do a search on the hub pages for gold investments to see how to do this. I have a hub describing ownership of Gold Coins that can help you.
Interesting point, many more people are starting to worry about this.
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