Valuables in Crisis: What Really Counts

Why values shift in a crisis

Value is relative. It depends on how scarce a good is in relation to demand. In everyday life, a litre of water is practically free and a full tank a matter of course. If supply fails, that reverses: things that were worthless yesterday become a bottleneck – and things that were thought secure (such as the balance on a bank card) suddenly become inaccessible.

The **time axis** is crucial. People only gradually recognize that a problem has a larger scope. That is why the "value" of goods shifts in stages: first, what bridges the initial shock is hoarded (cash, water, light), later, what offsets prolonged scarcity (medicines, barter goods, skills).

Two very different crisis types must be distinguished. In a **supply crisis** (e.g. a prolonged power outage), the Swiss franc retains its value – only the goods become scarce. In a **currency crisis** (hyperinflation, currency collapse) money itself loses its value; then material assets and barter trade matter. For Switzerland, the first case is the realistic preparedness perspective; the second is more of a historical lesson.

Money can become worthless: the example of Venezuela

Venezuela experienced hyperinflation from around **2016 to the end of 2021** – over four years in which prices doubled multiple times per month. At the peak in 2018/2019, annual inflation was in the order of **several hundred thousand to over one million per cent** (estimates vary widely depending on source – the International Monetary Fund cited roughly 930,000 per cent for 2018, the opposition National Assembly roughly 1.7 million per cent). No exact figure exists; only the magnitude is documented.

In practical terms: cash lost its value faster than it could be spent. The state removed over the years a total of **14 zeros** from the currency through three currency reforms (2008, 2018, 2021). People resorted to **US dollars** – by September 2019, around **50 % of all transactions** in the country were conducted in dollars – and to **barter** (Spanish *trueque*): fish for flour, service for food.

For those wanting to go deeper: journalist William Neuman, long-time Andes correspondent for the New York Times, has documented the collapse in a non-fiction book: *Things Are Never So Bad That They Can't Get Worse: Inside the Collapse of Venezuela* (St. Martin's Press, 2022). It describes hyperinflation, supply shortages and everyday life in economic collapse at first hand.

Context for Switzerland: such a collapse is highly unlikely here – the Swiss franc is considered a stable currency. Venezuela is therefore not a doomsday scenario for daily life, but a **lesson** that "value" is not fixed. The practical lesson is sober: having some cash at home makes sense (see §3 emergency supplies) – but wealth protection against currency devaluation is a question of financial planning and **not the subject of this article**.

When everyday goods suddenly become scarce: Corona 2020

You do not need state collapse for values to shift – panic is enough. In spring 2020, at the start of the Corona pandemic, **Switzerland** too saw panic buying: shelves were emptied, especially of **toilet paper**, but also of pasta, rice, tinned goods and hygiene products. An everyday product that normally interested no one became, for a few weeks, a symbol of the crisis.

The large retailers **Migros and Coop** reassured the public: stocks were full, national supply was secured, deliveries were running. There was therefore no real shortage – scarcity arose solely because many people bought more than necessary at the same time.

The lesson from this is important for preparedness: **a deliberate basic stock prevents you from being drawn into the panic spiral yourself.** If you already have a weekly stock at home, you do not have to run to the empty shop. Panic buying is not preparedness, it is the opposite.

The shift in values over time

The longer a crisis lasts, the more what is needed shifts. Roughly and **as a plausible illustration** (not an official forecast): in the first hours and days, what bridges the shock matters – **cash in small denominations** (because ATMs and card terminals fail in a power outage), **drinking water, light and batteries, fuel** and a **battery-powered radio** for information.

After days to weeks, **cooking facilities, hygiene, a reliable energy source** and replacements for perishables move to the fore. After weeks to months, **medicines and medical care, barter goods and practical skills** (repair, cooking, provisioning) matter most – things that cannot be bought quickly.

The exact sequence in the timeline (§5a) is an experience-based illustration, **not a ranking published by an authority**. Individual building blocks are documented (e.g. that cash becomes important in a power outage because card payment fails); the temporal sequence is a plausible synthesis to help you plan your stock more deliberately.

What this means for your preparedness

Official Swiss preparedness already covers the early phases. The State Secretariat for Economic Supply (SSES) recommends an emergency stock for **about one week**: among other things **9 litres of drinking water per person**, shelf-stable food, a battery-powered radio with spare batteries, torch and candles, hygiene items, personal **medicines** and **some cash**. That is the concrete, sober answer to the abstract value shift.

**For beginners:** start with the official weekly stock (water, shelf-stable food, radio, cash, medicines). With that you are well equipped for the most common and likely situations – power outage, supply disruption. Nothing more is needed to start.

**Expert tip:** think in time horizons rather than product lists. For the **late** phases, deliberately check what cannot be replaced quickly in your household: prescription-only regular medicines (discuss reserve stock with your doctor), spare glasses, special food, spare parts. Barter goods and skills are not a replacement for basic stock, but a supplement for long crises. Keep cash in **small denominations** – in an event, no one can change large notes.

Common misconceptions

• "I have money, so I am provided for" – money is useless if ATMs and card terminals are without power or shelves are empty. Value arises from availability, not from account balance.
• Only go shopping at the first sign of a crisis – then the shelves are already empty (Corona 2020). Preparedness only works if it is already there.
• Only think about the first phase (water, light) and forget medicines, hygiene and longer-lasting solutions – precisely these become hardest to replace in long crises.
• Keep cash only in large notes – in an event, no one can change them; small denominations count.
• Derive an investment "strategy" from the Venezuela or hyperinflation example (gold, crypto, foreign currency as speculation). That is financial planning, not emergency stock – and not the topic of this article.
• Hoard barter goods instead of covering basic needs – bartering is a phenomenon of long crises, not the starting point of preparedness.
• Stock up out of fear rather than plan deliberately – panic buying creates the scarcity you fear.

Timeline of value shifts

Facts verified through two independent research efforts (2026-07-04); only consistent information adopted. Venezuela peak rate only as order of magnitude (sources vary widely).

Frequently asked questions

Further links

• SSES – Smart Provision, Emergency Stock
• Alertswiss – Emergency Stock
• Wikipedia – Hyperinflation in Venezuela
• St. Martin's Press – Neuman book
• Luzerner Zeitung – toilet paper as symbol of lockdown
• Guide: Setting up emergency supplies Practical implementation of preparedness
• Guide: Surviving a power outage Most common early-phase crisis
• Guide: Packing emergency bag Valuables and cash for swift departure
• Finance: The AI bubble at market Related finance article
• Guide: Gold and precious metals as crisis reserve Physical precious metals put soberly into context
• Situation overview Current hazards and event situation