Why cash is the most important asset to own right now…”As the Greeks have just discovered, money in the bank is NOT cash.”
Bill Bonner, Chairman, Bonner & Partners
TheCrux.com
July 14, 2015
“Cash is king.”
So sayeth the Wall Street Journal, reporting on the situation in Greece.
The use of cash for everyday transactions has increased 44% in the last two months.
A brief update: The Greeks spoke on Sunday. “No,” they said. “We don’t want the government-spending cuts our creditors are demanding.”
Then the finance minister resigned, riding off on a motorcycle.
Today, the Financial Times reports that the Greeks are to be given one “last chance to avoid crashing out of single currency.”
Greek output is plunging. The banks are running out of money. And Greeks are lining up at ATMs. The government won’t let them take out more than a lousy €60 ($65) a day.
That’s what happens: When the going gets tough, the feds take your money.
That’s why cash is king.
An Important Breakthrough
A fascinating article recently described how ride-sharing app Uber had “solved the major problem of capitalism.”
What is the problem?
“Trust.”
The Rest…HERE