With world trade collapsed, socio-economic chaos has unfolded across the Western world as central bank money printing and massive fiscal injections by governments might not be enough to ward off the next round of economic declines.
The virus pandemic and social unrest in the US has shown just how fragile everything is - as wealthy elites flee metro areas for rural communities. We've shown those with economic mobility, considering the virus-induced recession has crushed tens of millions of folks into financial ruin - are buying underground bunkers so if Western economies plunge deeper into chaos - they will be protected, from social unrest and or nuclear war with China.
The wealthy have been the primary asset gathers in the last decade, thanks to central bank policies that has decimated the bottom 90% of Americans, stripped of assets, hence the record wealth inequality - and maybe another reason why people are protesting.
Now, these wealthy folks have to figure out where they can safely store their post-war Ferraris, expensive artwork, rare wine collections, precious metals, and anything else of value.
Bloomberg might have found that place, located in Switzerland, where a company is set to embark on a project to build deep underground vaults within a mountain.
The Brünig Mega Safe Project, the firm heading up the project to build underground vaults in the Swiss Alps, said on its website, "Your treasure chamber in a solid rock massif," adding that, "The secure place for safekeeping your assets and sensitive data."
The vault is expected to be absolutely massive - equivalent to about ten soccer fields, according to board member Hugo Schittenhelm. He said the underground space could "multiply" if needed.
"The Swiss vaults will range from 100 cubic meters (3,531 cubic feet) to 1,000 times that large with heights of up to 90 meters, according to the website. The rock walls ensure a constant relative humidity of 40% and a temperature of 12 degrees Celsius (53.6 degrees Fahrenheit). Prices start at $500,000 and go up from there," said Bloomberg.
Brünig Mega Safe will be constructed by engineering and underground construction firm, Gasser Felstechnik AG.
Already, the project has attracted potential clients, including family offices, corporations, art galleries, and high net worth individuals, said Schittenhelm.
Bloomberg notes the project needs $7.5 million to begin construction, expecting work to start as early as next year - the first vaults are expected to be commercially available 18 months from construction start.
With no V-shaped recovery in the global economy this year - turmoil is expected to last for the next several years as social fabric unravelings will continue in many Western countries, more specifically, in the US - it now might make sense for wealthy folks to start storing valuables in rock valuts before the social-economic implosion worsens.