Top 4 Things To Do Prior To The Dollar Collapsing | Survivopedia
The two big signs of a financial collapse are high unemployment and runaway inflation.
there is no surefire way of avoiding being affected by the collapse. What you can do, however, is lessen the impact that the collapse will have on you and your family.
To start with, make an honest evaluation of your job, looking to see how vulnerable it is to a financial collapse. Jobs that are involved in any way with luxury goods or services will be the first to go. The most secure jobs will be those which supply essential services, followed by those that provide goods and services which people need to survive. Since people won’t be able to afford to buy new cars and appliances, repairing these types of items will be a very secure job as well.
Another thing to consider is starting a sideline business, especially if it provides essential goods or services.
The next thing to take a look at is your debt. With prices skyrocketing due to high inflation, you’re likely to have trouble paying off your debt. This could lead to losing your car, furniture or home. The best way to solve that is to get out of debt before it’s too late.
pretty much everything is in short supply during a financial crash, especially the things you need to have in order to survive. More than anything, food becomes hard to get. Stockpiling food can actually be seen as an investment, it would be a good idea to start developing means of producing your own. It takes at least a year to get a vegetable garden producing well, so you don’t want to wait until the crisis hits to start your garden.
Personal hygiene products may be a problem finding, as well as over-the-counter medicines.
Your best investment is getting out of debt.
The only investments that are secure during a financial collapse are precious metals and real estate. While it may be hard to sell either of them during the collapse, they are highly likely to retain their value or even appreciate in value.
The more the value of the dollar goes down, the more the value of the gold and silver will go up.
- Gold is set to hit $3,000 an ounce in the next 18 months. That’s about 50% more than its all-time high, set back in 2011. (It’s at about $1,700 an ounce just now).
- a team of commodity analysts at Bank of America, led by Francisco Blanch and Michael Widmer, put out a 15-page report discussing the reasons why they think that gold is set to hit $3,000 an ounce in the next 18 months.
- Governments are spending a lot of money to try to keep the economy in suspended animation, rather than in total collapse – you can’t force economies to close down without offering some sort of compensation for the people most affected by that.
- With spending exploding at a time when tax revenues are going to collapse, someone’s going to need to pay for that. That’s what central banks are doing.
- central banks are pulling money out of nowhere to give to governments to spend.
- So the straightforward argument is this: central banks will print money. Their currencies will be devalued as a result (the more you print, the less each bit is worth). But no one can print gold. That’s your bull case.
- What might ruin gold’s party?
- But between those two extremes, there’s quite possibly a period in which it looks as though everything is getting back under control. At that point, do investors want to own gold or do they want to pile into equities?
- I’m not sure we’ll get the “Goldilocks” moment in this recovery.
- This pandemic is going to have a lot of unanticipated consequences so regardless of how big a cushion central banks are trying to create, volatility is going to be higher than it has been in the past.
- And in the longer run, there is one key factor that the BoA team also highlights, one that I just don’t think can be avoided. That’s the need for “financial repression”.
- Why financial repression will drive gold higher
- If you have cash savings in almost any bank account right now, you’ve already been experiencing it for a long time. Even if you’re earning 1% interest, that’s lower than the inflation rate. So the real value of your savings is being eroded, to the benefit of the person or entity that owes you this money (yes, savings in a bank account are basically a debt that the bank owes you).
- Financial repression is all about paying off debt with devalued currency.
- it’s about taking money from savers to give to spenders.
- So at the end of the day, I’m bullish on gold. I’m just trying to point out to the over-excitable that these things never go up in a straight line, and that there are plenty of good reasons why gold’s bullish run might be derailed for a short or even a lengthy period of time.
- The economic stimulus payments have begun to be distributed, but it’s an uneven roll-out.
- Pandemic Unemployment Insurance (PUI)
- Self-employed persons and people who didn’t work the minimum amount that is normally required for unemployment will qualify,
- The states are responsible for making this happen and most of them have not done so yet.
- The term for not paying your mortgage is forbearance. That means your mortgage payments are not currently due. Currently, government-backed loans are mandatory 3-12 months forbearance periods.
- Do you have a car payment that you can’t make? A number of car loan companies and leasing companies have programs in place to delay or extend the term of your contract.
- Check in at https://cars.usnews.com/cars-trucks/coronavirus-payment-relief to see if your lender is offering such a deal. Communication is always best in cases like this. Here’s an article about talking to creditors.
- Many credit card companies are coming forward with forbearance programs as well. They may allow you to put off making a payment, make a smaller payment, reduce your interest rate or eliminate late fees. Some credit card issuers have also agreed to not report the late payments to credit bureaus. That means your credit score wouldn’t be impacted, at least not by this.
- First – don’t depend on the government, but be prepared to get the money they’re offering. The new coronavirus economic stimulus and tax acts have created a whole new group of grants, loans, and tax breaks. We call these CoronaTax.
- Congress has given us four CoronaTax bills. The first one dealt mainly with funding for important health agencies. The gold is in the next two bills.
- the purpose of these next two bills is:
- Keeping you employed (if you currently have a job),
- Keeping your employees working (assuming you have a business)
- If you can’t work now (or your business can’t), getting you some income fast,
- Providing sick & paid leave for your employees, with the government’s help, and
- Giving businesses special tax breaks.
- Get your family stable financially. Then learn about what’s possible for the next step. Form a strategy and implement perspective.
- We’ve got a new economy coming. Be prepared with knowledge, strategies, and action.
After lowering the interest rate to zero and pumping trillions into the market, the Fed is finding that it has no tools to address the inevitable bursting of the bubble. They may try to blame the economic tsunami on coronavirus, but this crash has been in the works for some time. Mises Institute President Jeff Deist joins today’s Liberty Report.
If you saw that something you wanted—a car, a computer, a resort weekend—was on sale at a huge discount, you’d probably snap it up in a minute. Investments are no different. Just as stock prices don’t rise forever, they don’t fall forever either. If you bought when prices were higher than they are today, selling low is not the key to investment success. From https://www.investopedia.com/articles/retirement/09/401k-bear-market.asp
With planning, the average person’s giving increases about fourfold.