(From John Mauldin's Outside the Box E-Letter. As required by the reprint agreement, you can reach Mr. Mauldin at firstname.lastname@example.org.)
Here are some strong words, written by Dennis Gartman and included in today's Outside the Box:
Thus to begin, we say here this morning, mincing no words whatsoever, we are more frightened now for the future of the global capital markets than we have been at any time in our thirty+ years of watching, commenting upon and taking part in them. We are fearful... and we mean this fully... that we have passed the tipping point; that things are now spinning out of control; that forces have been unleashed that cannot be stopped without some truly massive, truly strong-handed, governmental action including the closure of markets and limits upon bank withdrawals, et al. These are troubling times, and our fear is palpable and growing. Worse, these concerns are giving rise to the likelihood that the Left shall be in ascension, and that manifestly left-of-centre, interventionist government lies ahead here in the US and in Europe. Higher, rather than lower taxes will be the end result. Greater... indeed very much greater... intervention in the capital markets lies ahead. Trade and act accordingly.
I want you to note two key phrases in there--"closure of certain markets" and "limits upon bank withdrawals". It's out there now, in public: people--well-placed people--are talking about market and bank holidays. Given the havoc in the markets today, and yesterday, and the day before, and so on, these actions may be closer than any of us would like to believe. This turn of events, while painful, has always been inevitable. The good news is that you can ride it out, if you prepare correctly.
"Trade and act accordingly," indeed. Do you need a picture?
It's up to you to be sure that you don't get caught unprepared. I'm not saying "Run! Empty your bank accounts while you still can!", though some will no doubt do so. What I'm saying is that it would be a very prudent move to increase your cash on hand, just in case you didn't have access to it through the ATM. How much you want ot keep on hand is up to you.