kenneal - lagger wrote:If things are that bad a lot of people will bury some or all they own because it won't be long before the whole system collapses and there won't be any one to enforce the ban.
Yeah, I can't see any western government having much luck in enforcing such a ban. In fact, trying to ban it will set up a black market, and the real value will multiply many times over.
Just about within living memory, the USA prohibited the private ownership of gold, subject to exemptions for gold jewellery, small amounts of coins, and for gold coins whose rarity or antique value exceeded the gold content.
Privately held gold was not completely confiscated, but was required to be sold to the government for paper money, at less than the open market rate.
There was also a strict ban on the use of "gold notes" or "gold certificates" these were a once popular form of cheque or IOU, that promised the future payment of a certain weight of gold, rather than a certain number of paper dollars.
Prior to the ban, "gold notes" were popular for large transactions as they had the merits of not trusting paper money, whilst avoiding the security and logistical problems in physically transporting large amounts of gold.
"gold notes" became almost a rival currency at one point with major banks issuing them, they certainly resembled bank notes in general design.
The purpose of banning gold notes and banning the private ownership of significant amounts of gold was to preserve confidence in the US dollar.
It worked, at least to a degree.
Without the bans, it seems probable that the US dollar would have collapsed and that physical gold, and privately issued "banknotes" backed (allegedly) by gold would have taken over.
Some of the more paranoid Americans believe that a similar event might occur soon. Some companies offer for sale "confiscation proof" coins, though it is not explained exactly how the coins that they offer are immune to any future government orders.
"Installers and owners of emergency diesels must assume that they will have to run for a week or more"