Thursday, August 15, 2019
On Wednesday night, 8-14-19, in their News broadcasts, the Corporate Media finally admitted that a Recession "may be" in the near future. Isn't it amazing how we (according to them) went from "our booming economy" to a Bust "may be" right around the corner. Ha!
Of course, the Corporate Media have known that for at least a couple of years. Their News isn't "fake", but it's often incomplete. The metrics for the next Crash have been in place for, at a minimum, the last three years. News of a "booming economy" meant a "boom" only for a relatively small percentage of income earners. The underlying, base economy has been pretty much a disaster. Half the workers in this country are either in poverty, or bordering on it. HALF.
We're talking about workers, not people on assistance/welfare.
The greatest transfer of wealth (to the Upper Crust) in the history of humanity is still in full swing. The so-called "recovery" doesn't apply to the majority of Americans. I've gone through the stats in many previous posts, and don't have the time or energy to repeat that now. The reasons for this dire situation also have been detailed in previous posts.
Here's all you need to know for the near-term future: there's no "may be" or maybe (see the first paragraph above) about the coming Crash. It's about 99.9% guaranteed. We're overdue for it. Again, if you don't believe that, simply look at the time intervals between Booms & Busts from the 1973 Recession to present day. It won't be only here in the USA; it will be worldwide. It won't be a minor downturn. It will be a major Crash. All you can do is plan and act accordingly.
What does "plan and act accordingly" mean? Here are my main suggestions.
1. Pay down as much of your debt as possible. When the Crash hits, your income & purchasing power may go down, but debt payments likely won't.
2. Stock up on extra, everyday household goods...not only food, but paper goods, OTC meds, toiletries, anything you use regularly. Credit will dry up for a time (maybe a week, or two, or ?), and businesses run on credit, not cash. That means delivery of goods to stores will slow way down or stop...temporarily.
3. Keep some ready cash handy. How much depends on your comfort zone. Banks very well may limit withdrawals for a time.
4. Hang on to (or obtain with cash) hard assets. Their value will increase when inflation hits.
5. Don't take on more major debt, unless it's for an asset that you can sell relatively quickly. When announcing their "news" about the Recession, the Media suggested that you perhaps (because of current lower interest rates) should now buy a house or a car. That's wise advice only if you can pay cash and have no extra debt. Corporate interests want you to take on more debt...don't.
Not only my opinion. Be Well