Money, Banking and the Fed
I'm not sure what "grud on a greenie" means but it don't sound too good.
Steps you can take personally to minimize the impact of a deflationary depression.
Get out of debt to whatever extent possible. Debt-free is best, obviously.
Raise cash. Liquidate whatever assets you don't want. Then consider selling those you don't need. Real estate, stocks, bonds, collectibles, commodities all go down in a deflationary depression. These assets need to be reviewed first.
Don't lend money to anyone. Your odds of seeing repayment diminish as the depression unfolds.
Make sure whatever financial institutions you use are sound and will weather a severe financial storm. The generally accepted rating agencies have no clue as to the true soundness of the firms they rate.
Consider having some currency available in a safe place. A bank box is not a safe place. If banks are closed due to a "holiday" you won't be able to get to your cash.
Don't count on the government to save you or the economy. The global imbalances have gone way beyond the control of any govt. The PTB will only be saving themselves.
Read Bob Prechter's book, "Conquer the Crash". This one will be global, and bad.
I've posted most of this in other places on the board, so I don't want to go on and bore the bejezus out of everyone. "There he goes again with all that doom and gloom again." Sorry, but that's where we're headed over the next couple of years.
Cary
Originally posted by Grayson@Aug 21 2004, 09:18 AM
Grud on a greenie! I never realised that the problem was so bad.
I can only presume that the resulting economic fall-out will be bad for the rest of us Globally. Duh!
So, what (say) 5 steps can we take to minimise the impact of this personally?
I'm not sure what "grud on a greenie" means but it don't sound too good.
Steps you can take personally to minimize the impact of a deflationary depression.
Get out of debt to whatever extent possible. Debt-free is best, obviously.
Raise cash. Liquidate whatever assets you don't want. Then consider selling those you don't need. Real estate, stocks, bonds, collectibles, commodities all go down in a deflationary depression. These assets need to be reviewed first.
Don't lend money to anyone. Your odds of seeing repayment diminish as the depression unfolds.
Make sure whatever financial institutions you use are sound and will weather a severe financial storm. The generally accepted rating agencies have no clue as to the true soundness of the firms they rate.
Consider having some currency available in a safe place. A bank box is not a safe place. If banks are closed due to a "holiday" you won't be able to get to your cash.
Don't count on the government to save you or the economy. The global imbalances have gone way beyond the control of any govt. The PTB will only be saving themselves.
Read Bob Prechter's book, "Conquer the Crash". This one will be global, and bad.
I've posted most of this in other places on the board, so I don't want to go on and bore the bejezus out of everyone. "There he goes again with all that doom and gloom again." Sorry, but that's where we're headed over the next couple of years.
Cary