Copyright John T. Reed 2014
On 2/2/14, I applied for a Nexus card (http://www.cbp.gov/travel/trusted-traveler-programs/nexus). I just got notice of my conditional approval and interview which is the first week in July. I have to go to Vancouver, Canada for the interview. I had heard it takes six month. Make it five. You can go to a number of places near the Canadian border on either side of the border. I chose Vancouver downtown because I want to take the Amtrak train there, which I have never done, and that is convenient to the train station.
A Nexus card lets you use the express line when crossing the Canadian border. It is one of the “trusted traveler” programs. I am already in GOES, another such program (https://goes-app.cbp.dhs.gov/main/goes). This is all part of my preparation for dealing with possible USD hyperinflation.
If we get hyperinflation, I expect Canada would not have it. Economic contractions are contagious with trading and banking partners of the US. “Printing” too much of your nation’s currency is not.
If we get hyperinflation, it will probably be accompanied by price controls, capital controls, financial repression laws, rationing, and anti-hoarding laws. That combination means empty store shelves, gas stations, and pharmacies—which are intolerable. When they had that in Germany and Austria in the early 1920s, people got scurvy and starvation and TB from the lack of food and fuel. “It can’t happen here” you say? Well, let me know if and when we get the hyperinflation. I’ll be in Canada or another foreign country not having to worry about it.
During USD hyperinflation, we Americans can move to the Canadian border area of the US, like northern WA state, and cross the border to shop for food, fuel, and medicine. Or we can stay in Canada for 90-day stretches on a tourist visa. Either way, the Nexus card makes that easier. Note that you must have non-USD to spend in Canada under such circumstances. The problem is not just crossing the border but also having money OTHER THAN USD to spend once you get into Canada. If you do not have any money other than USD to spend in Canada, the Canadian border guards may not let you into Canada on the grounds that you will just be a beggar there. Virtually all border guards everywhere are required to make sure visitors can support themselves while in the country. Normally, that’s not an issue. But if the U.S. government turns the USD into confetti, and confetti is the only money you have, you will NOT be able to support yourself in Canada or any other foreign country and they will probably not let you in as a result.
I have CAD in a savings account there plus CHF in a safe deposit box in my Canadian bank. http://www.johntreed.com/Swiss-francs-in-outside-the-US-safe-deposit-box.html During USD hyperinflation, I would spend those currencies in Canada. We would also probably be allowed to take small amounts of USD out of the US to Canada to convert to CAD during the crisis and again the Nexus card would facilitate doing that. The conversion rate then will be lousy, but better than keeping the USD longer which will make it even worse. At the moment, the conversion rate for USD to other currencies is great. 1 CAD costs about 90¢ USD now. During USD hyperinflation 1 CAD will cost $20 or $50 or $1,000 USD—really. Don’t wait until it’s too late. http://www.johntreed.com/BMO-U.S.-bill-pay-by-phone.html
Anyway this is what I am doing and recommending to you. For details, see my book How To Protect Your Life Savings from Hyperinflation & Depression, 2nd edition. http://www.johntreed.com/hyperinflationdepression.html