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Okay so this thread is not to argue if we are headed for one or not,this is for people who believe we are headed that way,what are some of the best ways to prepare??what can we expect to see?? what countries would be good to consider moving to?? please no doom and gloom bashers,just good sound advice,thank you.
I am on the fence on this one. Even if we were to enter a depression with govt. sponsored media propaganda in this country the masses wouoldn't know we were in one any way. With that said, I don't think you can really go to any country and be 100% safe and secure. The affects of all this will be felt world wide in one way or another. So what can be done? Pay off debt, move in with family or move them in to your home. Study hydroponics and urban farming and learn the mass transit system as best you can. Other than that educate yourself on whats going on in this country both economically and socially. Study history, learn what does work and what doesn't work. Vote based on sound facts and not emotionalism. Be prepared to work at mcdonalds or cut lawns if you have to.
Location: Sitting on a bar stool. Guinness in hand.
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Originally Posted by 8 SNAKE
I'm not bashing, but I am curious why someone would want to cut and run?
Agreed.
Look. How one would handle a depression would depend on if one could keep their current job and income or not. If you can then now is the time that you can either put your money in "safe" (ex.money market accounts)investment and just ride out the storm. Or you can be a risk taker and invest in high risk high reward stock/commodities (ex. depressed real estate,builders, and financial). If you don't think your job it going to be there in the next year or so. Then you have to act much more conservatively Wildstyle had some good ideas on what to do. Also since you probably have the down time why not go down to barns and nobles and read (btw why buy a book when the place let's you read it for free) about government programs that may grant you money to switch careers or even lifestyles. Hey if the money is still available and the government hasn't canceled the program (yet) why not take advantage of it.
speaking of government. I got this sneaking suspicion that if this economic downturn does get the the level of depression. Then I think you will see the revival of the WPA programs from the last time we hit rock bottom. I think even the a Libertarian can see that if you have a population of unemployed and angry people. Then you could be on a road where those people would be willing to cast aside our capitalist system for a more socialist system or government. I personally would hope that wouldn't happen but if things get that bad America might be forced to change if we hit depression.
IMO, the price of gasoline is now rising at a speed where the term "depression" is simply irrelevant. The snowball is in the air. The fact that the government chooses not to include the price of food in inflation indexes becomes irrelevant to people who have to eat. When "depression" is used to indicate economic output of the country, it misses and downplays the effect of those contributory causes on the population.
The people who have lived paycheck to paycheck are passing the breaking point and beginning to realize that they have to do something different fast. You can't drive ten or more miles to a $5/hr job without losing a substantial portion of your income, and you can only survive on raman noodles for so long before you start having health problems. Expect to see more mothers give up their kids, unrelated people sharing apartments and homes, larger draws on food banks, more homeless people and more crime. My bet is that telephone companies will see large numbers of people pulling the plug on land lines in favor of prepaid cellular - why put up with collection agency calls and have to pay to receive them?
Those with some money saved, but high ongoing expenses, will spend down their savings quickly. More people will stop paying mortgages. More restaurants will close.
The truly wealthy will cocoon and invest in the bargains to be had.
Automakers will possibly be the eventual bailout, as they begin to roll out lower cost hybrids and in-town electric cars, shifting some pressure off the price of gas. If this doesn't happen we might expect gas prices to reach european levels.
I love your post but I have one question. Automakers make these new cars, but people are living check to check and can no longer pay their bills. So the question is, who is going to buy all these new cars?
I love your post but I have one question. Automakers make these new cars, but people are living check to check and can no longer pay their bills. So the question is, who is going to buy all these new cars?
The people who still have money. The top quintile will be least affected, and some smart investors will even make money on the turmoil. The bottom quintile will be most affected, with more people relegated to ghetto living simply because of the costs of getting around take food off the table.
The potential for Katrina-like crowds and increased heat and poverty related violence is there. The police are probably looking at a difficult summer. When winter comes, there could be mass migrations south, since doubling already high heating costs will drive many from their homes.
The churn of people (and companies) moving to less costly areas will build the south and effectively slow growth in the north. The housing market for smaller and easily heated and cooled housing will increase, while some McMansions may end up being converted into apartments or torn down.
I think we are looking at a long term shift that goes beyond housing market woes. The real basis of currency is energy, not gold, silver, or confidence in the economy. Energy is what gets things done. For many people, energy consumption will drop out of economic necessity. Once they have adjusted to that, the wider economy may begin to come back.
What happens to people in the middle three quintiles? Most will slip down the economic ladder a notch or two. As wages eventually adjust more people will be interested in paying off loans and becoming a little more self-sufficient.
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