This book was another second-hand store find with an intriguing title. When ATMs Go Dark was written by Bill Bonner and Partners, who self-published the book. I was not familiar with either, so I asked my good friend ChatGPT who they were and why I should care about what they have to say.
Bonner & Partners is a financial publishing company founded by Bill Bonner, an American author, entrepreneur, and financial commentator. The company publishes a variety of investment newsletters, research reports, and other financial content aimed at individual investors.
The company's focus is on providing alternative perspectives on investing, wealth preservation, and economic trends, often emphasizing a contrarian approach to traditional investing strategies. Bonner & Partners is known for its outspoken and often controversial views on topics such as government debt, inflation, and the global financial system.
In addition to his work at Bonner & Partners, Bill Bonner is the founder of Agora, Inc., another financial publishing company, and the author of several books, including "Empire of Debt" and "Financial Reckoning Day".
With that settled, the book discusses the potential risks and consequences of a financial crisis that could lead to a widespread failure of the banking system, including the ultimate shutdown of automated teller machines (ATMs)-- hence 'When ATMs Go Dark'.
The argument the book makes is that the current financial system is built on a fragile foundation of debt and easy credit, which could easily collapse under the weight of its own excess. In such a scenario, people will lose access to their money, and ATMs could deny people from making withdrawals, leaving them unable to buy basic necessities. This would be due to liquidity and solvency issues at the bank. I personally don't believe that the ATMs would actually go dark, but they would give you warning messages and restrict your withdrawals to maximum amounts. During the Greek government-debt crisis for example, a limit was placed on withdrawals of 50 Euros.
The book serves as a warning to all, urging them to take steps to protect themselves and their communities from the potential fallout of a financial crisis. It offers practical advice on how to prepare for such an eventuality, including investing in Bitcoin, precious metals, maintaining a stockpile of essential goods, seeking out alternative forms of currency, and barter.
The folks at Bonner & Partners like Bitcoin so much, they dedicated an entire chapter on Cryptocurrencies, with a step-by-step guide on how to buy Bitcoin at Coinbase.
Overall the book is a thought provoking look at the vulnerabilities of the financial system and the steps individuals can take to safeguard themselves. It was a short read and had some interesting ideas, such as buying 'Forever' postage stamps since the post office raises their prices to match inflation.