The 29 depression wiped out money in the banks. If you had money there, you were paid ten percent of what you had when it crashed years later…~ commenter on MSB
Be prepared for no Money in the bank, no money in your 401k, no money in your mutual funds. Social Security for the ones who are receiving it will be gone. Any pension from work will be gone.
So now figure out a plan to survive with all your income gone. Got Gold, Silver? Food, for how long? Water, for how long ? Ammo, Firearms? How much ammo? Do you have a Bible or two? You will wish you had one when this starts.
I read this comment and it really hit me. Though a worst-case Greater Depression scenario may be on the “what if” list for some of you (including me), think about this specific BIG PROBLEM… No income.
Surviving Without an Income Stream
Imagine (if you dare), NO INCOME FLOW. Nothing. Not even social-security from Uncle Sam. No benefits. No pension. Income from a job? What job? Do you know what that means?
It means we would all be in deep doo-doo.
Survival would require having what you need — before it happens. Before devaluation. Before collapse. Long term survival would require much self sustainability. Not very many people/households can do that.
I’ll even give you this… Rather than no income, imagine a GREATLY REDUCED income. Something like currency devaluation (more than just a little).
I just posted two articles on the subject of a Greater Depression:
So why am I posting a third? I hadn’t planned on it today, but that comment raised my eyebrow quite a bit. It’s a highly concerning hypothetical. I felt that it’s worth mentioning in a stand-alone post. At least get you thinking about “what if”… even if it’s just a partial loss of income.
“Hey Ken, Do you really think that the government would stop sending social security and other government monies to the people?”
Well, what I believe “could” happen is a potential runaway hyperinflation type monetary event. While you may still receive your dollars, the purchasing power might DRASTICALLY REDUCE.
“What about the banks?”
Bank closures. It happened before. It can happen again. Do you really think that the FDIC can handle a banking collapse? Answer: Not on your life… not on a big scale. Your money could disappear. Additionally, I believe that current bank rules are such that creditors have first dibs on whatever money is left (not you).
“How about all those pension plans, 401K plans and IRA accounts?”
A systemic collapse will likely wipe out financial institutions including brokerage firms who may be handling your 401K or IRA. Can you imagine if you had all your retirement money in one (or a few) of these firms, and they went belly up? That’s a frightening thought, right?
The Cartel Has A Plan In Place
There is no doubt in my mind whatsoever that the global financial powers-that-be (the heads of the banking cartel) have a plan in place. They know where this is heading.
What a time to introduce a new currency. 100% electronic of course. We would all take a big ‘haircut’ in valuation. But the big question is this… Would they be able to roll out something – while the world collapses around them (after the collapse)? Because it won’t take long at all for the modern world to go “blue screen”. Lights out. So maybe they don’t wait for collapse? Roll it out earlier?
These are just musings. Those who may be retired and collecting a pension and/or social security — you already know the effects of inflation (currency devaluation) on a fixed income. Inflation always runs higher. Now try to imagine that to the extreme.
I don’t have a crystal ball. I don’t know where this crazy world is going (well, sort of). However the thought of economic ruin and hard hitting income reduction really gets one to thinking.
Do I have enough food? How long will it last? What abilities do I have to replace it without money? What would I do?
Now plug that question in for other things.
Today I have the money to buy more food. More supplies. More tools to help with economic collapse survival. What is my risk-tolerance threshold compared with my personal opinion of collapse likelihood?
Lots of questions…