The people of Iceland, until a few weeks ago one of the richest countries in the world, no longer have access to the money in their bank accounts. That should be a warning sign for everyone, wherever you live. No matter how much money you have in the bank, if you can’t get to it, you can be poor from one day to the next.

Remember, we have a get out of jail free card on this one.

As the dollar is a fiat reserve currency the Fed can print as much money as it needs to meet demand. The absolutely worst case is that all the banks get Federalized and new money goes right from the printing press to the ATM machines.

Again, this is not inflationary in the classical sense as its replacing liquidity destroyed by debt defaults. It’s like blowing air into a leaky balloon.