Currencies, ways to make money? If they introduce a new one.

Hello, If the US dollar is devalues even more, other countries will just drop it as the reserve currency. Therefore the US dollar will be useless. and new currencies will be brought it. When a new currency is brought it how do you think they will set its rates?

So if i have 10 US dollars, how much would it be worth in the new currency.

I'm Canadian. and when they change currencies im sure Canada will go along with it.

So say another currency trades better then the Canadian dollar wouldn't i be better off spreading my money out through multiple currencies so when the change comes i wont loose as much money?

I know buying gold is an option too.

It will probably be worth the value of OIL. if so whats the best way to break even or make money?


Thanks

As you mentioned, gold is an option... silver, too. The problem is that we aren't the first to think of this and the price of these metals rises by the day. Still, overpaying (maybe?) for precious metals sure beats being stuck with the old "wheelbarrow full of cash for a loaf of bread" option.

Another way to think of this is what you spend your money on and what you would need it for in the event of a not-very-smooth transition to a new currency. Meaning, think along the lines of barter and trade. What items can you buy that will be worth something to someone else if the SHTF? Think of things that you can store for a period of time (perishables aren't an option... but maybe a coop full of chickens or a can full of heirloom seed?) Things like canned food, dry milk, dry beans and grains, gasoline, water filters, batteries, toilet paper, cigarettes, spirits, liquid propane, ammunition (cliched but still true... especially as the availability of ammo seems to be very limited these days and the price continues to rise), etc.

The thing to keep in mind about even minimal hording is to:

A - Only hoard what you already use or have a need for. Like a beer-drinking friend of mine once said, "you can't buy too much beer." That way, if the S doesn't HTF, you can at least eventually consume your own items.

B - Don't let anyone know that you are hoarding. Spread out your purchases and don't make a spectacle of yourself. Something that I like to do is, every time I am at the grocery store, I buy an additional couple of canned goods above and beyond my regular weekly needs. For every box of ammo I shoot off for target practice, I try to at least replace, if not double my stock. Each time I'm at Wallyworld, I wander into the camping section and grab another supply or piece of equipment. Low key.

C - Kind of an addition to 'B', but make sure you spread your cashe out. Don't keep all of your supplies in one place. One of the things I learned during my time in California was that you should always have a kit close at hand. Spread out your stuff among a number of places... both through your home and outside of it. Car, home of a very close family member, at your chosen "rally point", and the good, old fashioned hole in the ground.

D - Besides spouse, children, parents... don't tell anyone what you have, what you are planning, and where you've got it all. Sure it's tempting to say that you've converted all of your liquid assets into gold bullion... especially if the worst happens and the US dollar is worth squat, but should the worst happen, you don't want to tempt anyone to pop you on the head and take your stuff.

Sure this all sounds like gloom and doom nonsense, but if you are truely worried about the collapse (or massive devaluation) of your currency reserves, then these are some pretty good options that will allow you to still walk in the open, exist in society, and not feel like (or actually become) a Unibomber-type.

EDIT: Sorry, I forgot you mentioned that you were Canadian. All the same still applies, and you are probably absolutely right in thinking that as the US dollar goes, so goes the Canadian dollar.

[edit on 3/19/09 by larphillips]