<i>shrug</i> maybe, maybe not.  I sometimes have rather low cash reserves; credit cards and a checking account that lets me overdraft for free (via margin borrowing) can give me a bit of liquidity.  But credit cards come due every month, and margin borrowing can always result in a margin call, so it certainly does feel like a risk.  Having a bit of cash around gives you some peace of mind, but what&#x27;s that worth depends quite a lot on the individual.<p>I believe there&#x27;s a significant risk of deflationary times ahead - the prime rate over the last five years really makes much of that argument for me. It is not a given that keeping the money in a savings account guarantees real losses.