Reader Cleburne61 has penned an excellent commentary regarding the escalating global debt crisis and preparations for yourself as well as loved ones. As Sinclair would say, This is IT, and IT is NOW!
Guys, it's getting very real now.
The counter-party risk and chances of contagion and systemic collapse in the banking/financial system is beyond epic. A Hollywood movie couldn't fully capture what is going on here. Which bank will be next? Will your stocks be affected? Should you take delivery of your stock certificates? I don't know about y'all, but my gosh, these are all questions that weren't even in my consciousness 5 years ago.
Yet here we are.
And guys, I'll be honest with you, last night I sat down with my parents...and had a long talk about how to strategize financially over the coming months. They know what's going on, but it sure helps to have a plan: when to order your phyzz, how much to order, do they ship in less than a month's time, etc. Hell, we even went over having a supply of freeze dried food handy (they already had it, I was so proud of them). If you haven't had "the talk" with your parents or grandparents, it's well past time you did so. I know it could be awkward, but if the tables were turned, wouldn't you hope they'd love you enough to be honest with you before things fell apart? Having the talk is an act of love.
Beyond that though...if what folks like Bix Weir, Turk, and Ed Steer are saying is true though, the planet will be doing tremendously well if we make it to Christmas without our whole system being a smoldering ruin. What will the Greek vote today do to this situation? Folks, this referendum is a forgone conclusion. Unless the pollsters can concoct a stroke of Diebold genius, the people aren't going to approve another bank bail-out.
We all know that. How long will that give Italy? Seriously, reading Krugman this morning was beyond unbelievable: massive Italian bank run, a return to the Lira!? I couldn't believe that he'd actually admit something that was true...maybe he's that scared. And if the paid disinformants are screaming the sky is falling...how much worse is the damage that we can't see?
All I can say is...I'm trusting God, and trading paper rectangles and electronic 1's and 0's.....for money.
To give us some perspective, underneath is a picture from Ed Steer of some newly discovered buried treasure that some anonymous English nobleman buried to protect, probably during a time of war. Unfortunately he was never able to come back to reclaim it....but, the point is....hundreds of years later, kingdoms have risen and fallen...but ya know what?
That stash is still there.
Keep yours handy and be safe my friends.