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The US Dollar is on the rocks.

No great mystery as to why: massive amounts of deficit spending.

Regardless who wins the election, I don’t expect an immediate turn-around.

So, to escape the falling value of the dollar, I’m wondering whether there is a benefit to storing our cash savings in a foreign bank in some other currency (such as Euros).

Anyone know how to go about doing such a thing, and whether there are special tax implications or  potential headaches?

I’m not talking about tax shelters or Swiss bank accounts, just a normal old savings account from, say, a bank based in London that holds all cash in their own currency. Since we use debit cards for everything, check-clearing isn’t a problem, and deposits can be wired from our checking account here.

This exercise is mostly hypothetical at this point–our “cash on hand” is pretty low right now with two house notes and lots of home repairs going on at the new place–but when I do get a chance to replenish the rainy-day account, I don’t want to stick it in a virtual sieve.