Bill Bonner: The Day the ATMs Run Out…

“You will have a credit card with a $10,000 line of credit. You have $5,000 in your debit account. But all financial institutions are staggering. And in the news you will read that your bank has defaulted and been placed in receivership. What would you rather have? Your $10,000 line of credit or a stack of $50 bills?  You will go to buy gasoline. You will take out your credit card to pay.  ‘Cash Only,’ the sign will say. Because the machinery of the credit economy will be breaking down. Whose lines of credit are still valuable? Whose bank is ready to fail? Who can pay his mortgage? Who will honor his credit card debt?  No one will know the answers. Quickly, they will stop guessing… and turn to cash.”

http://bonnerandpartners.com/day-atms-run/

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