A strong argument can be made that it’s a good time to convert fiat debt instruments into actual, tangible things. From Eric Peters at ericpetersautos.com:
It’s hot outside, but I am splitting and stacking firewood – in anticipation of when it gets cold, not too many months from now. More precisely, I am stockpiling wood as a fallback – in the event the power goes out this fall. A not-unlikely event, given the “electrification” of everything. Also as an alternative, in the event the cost of propane rises beyond the constantly diminishing purchasing power of the currency we’re all forced to us to buy such things with.
But it is also a hedge.
The wood being more than just a source of heat – both to keep us warm and (should it become necessary) a way to heat food and even water, so as to keep us clean. It is also a way to store the value of currency before it dissipates further.
The wood is a tangible asset, directly under my control. It can be withdrawn at any time and without even having to show ID. I can withdraw as much of it as I like, whenever I like, without having to worry about the transaction causing unwanted scrutiny. And – most of all – it will still be in my “account” come winter, even if the banks decide to lock my accounts with them, over something I wrote or said.