Are we headed for an economic and dollar collapse? If so, how do I prepare?

Christian Post ^ | 01/15/2021 | Chuck Bentley

[tbw2]

I agree with following Dave Ramsey’s advice. Get out of debt. Have a 6 month emergency fund.

I disagree with “buy guy/assets”. If you really think collapse is coming, you buy bullets, bandaids, and beans ... not gold bullion. You can trade ammo with survivors, and eat or share beans.

[Varsity Flight]

“and then pay it back”

Stagflation....no jobs
No pay back.. . .

[volunbeer]

First and foremost..... faith in God.

This ride on the good ship lollipop is temporary for all of us.

I believe we are headed for an economic crisis and I believed it even as I applauded much of the Trump presidency because he did nothing to rein in the out of control spending.

The problem with a crisis of debt for you and I is that it necessitates that we stop spending money and cut things out. The problem for our nation is that our leaders in both parties are ok with simply printing more money and kicking the can. That is when the real disaster will happen. They can do this now with few repercussions because of the status of the dollar, but when the world divest themselves of the dollar the real pain begins.

[GOPJ]

...do not put all eggs into one basket. Fedcoin, the US cashless digital currency is steam rolling through Congress, Treasury and Fed. Do you really think “ they” will allow any competition? Fedcoin will allow total financial control....and by the way, the USD index had the dreaded “ death cross “occur 6-7 months ago and has already declined 12-14 percent....nothing really safe when the unit( dollar) you trade in collapses. Study the world’s currency crisis’s, and what destroyed Russia, Argentina, Venezuela, Brazil......the list is long. When socialism raised its head, currency collapses quickly followed.....it took only three years for Venezuela to fully collapse, and Argentina( the wealthiest SA nation) less than that.

Press bimbos and pretentious men have already been told 'it's all Trump's fault' is the way the stories are to be written...

[BiteYourSelf]

But it can be confiscated.😑

[dragnet2]

I usually don’t give financial advice, but if it were me I’d invest in real estate in nice desirable smaller towns, outside of big cities and massive population centers.

[SecAmndmt]

“Matthew to Revelation”

That would be one of the 5 “B’s”

Bible
Beans
Bullion
Bullets
Band Aids

or the 5 “G’s”

God
Guns
Ground
Grub
Gold

[alexander_busek]

Stagflation....no jobs No pay back.. . .

Yes, of course - it wasn't possible for me to cover all conceivable scenarios.

But if he could sell a bottle of booze for ten thousand worthless, post-inflation dollars, even a jobless person could easily pay off a tremendous amount of pre-inflation debt, provided he had a few barterable possessions.

Another poster above has alluded to further possibilities: In a wide-scale collapse, police authorities might be too busy with other matters to preside over repossessions / evictions... The lending entity itself might be so severely compromised that it wouldn't be able to mount a legal battle...

Remember how, during the 2008 housing crisis, many U.S. homeowners with mortgages were able to combat foreclosure because the paper trail had been so convoluted that it wasn't really possible to establish who, ultimately, the lending party had been?

Regards,

[1Old Pro]

That would be one of the 5 “B’s” Bible Beans Bullion Bullets Band Aids or the 5 “G’s” God Guns Ground Grub Gold

Hunter focuses on the D's D cups, Diamonds, Drugs,

[alexander_busek]

But it can be confiscated.

Don't know what your "it" originally referred to - but if you were referring to real property: Homeowners in post-WWII W. Germany - many of whom had been entirely debt-free - were informed by govt. authorities that they now suddenly had a 25% mortgage on their homes, and that they would have to make mortgage payments to the State.

Nice way to raise revenue, huh?

Regards,

[Phlap]

I’d go with quickly.

[BiteYourSelf]

I’m talk about gold.

[PLMerite]

Cat. The other white meat.

[This_Dude]

Exactly. You can’t buy with gold. Ammunition and alcohol and medical supplies will be currency soon enough. Gold will make a great paperweight however.

People who’s first first response to SHTF is to buy gold aren’t gonna last long. Food, water, fuel, and ammunition will be vastly more valuable and useful.

[alexander_busek]

I’m talk about gold.

I would rather try to hide gold than hide a 3-acre lot with a home on it.

Regards,

[1Old Pro]

I’m talk about gold. I would rather try to hide gold than hide a 3-acre lot with a home on it. Regards,

You folks are 3-5 moves behind. You need to start up a business in China, a government friendly one, you'll be way ahead of the curve.

[Jan_Sobieski]

Question sir! Can America borrow its way out of debt?

[PGR88]

I, too, advise people to acquire MORE debt - and then pay it back with (in the future) worthless dollars.

there are conditions and cautions, of course. IMHO, a collapse could first be deflationary - an immediate economic shock (ie. March 2020) means sky-high debts can’t be supported. A downward spiral will occur as there are fire sales on assets to pay debt. This is what people mean by “get out of debt.” If you don’t have a job, you don’t want the bank taking your over-leveraged house. Debt used to go on vacation is probably a bad idea!

But I absolutely believe the government and societal response will then be inflationary. Scarcity of goods, massive government regulation, and massive government money-printing. Above all, government is massively in debt - deflation would otherwise bankrupt it quickly. The best analogy I have seen is after the economic depression starting in 1929, by 1933, and especially into WWII, with massive debts from the New Deal and WWII, price-inflation went up strongly

So debt for assets that are productive and cash-positive is the best.

[metmom]

Gold and Bitcoin represent an alternative to the U.S. dollar.

Brass and lead are better precious metals to invest in.

[metmom]

More seriously, stock up on food, water, toilet paper and other essentials. Don't be in a situation where you will die if the grocery store closed today for a month. In the worst case you'll have to rotate stock when you buy more and eat the older cans of food.

Now is the time to be buying what you need for the long haul while it's still available and our money is still worth something.

Anyone who has not prepped by now is going to be in a world of hurt.

Don't forget essentials like meds, toiletries, first aid stuff, cleaning supplies etc.

And don't forget salt. It's critical for survival, especially in hot weather. It keeps about forever. I use cleaned out pasta jars to store my salt it. Keeps it from caking and the lids don't corrode like canning jars lids do. Besides since canning jar lids have essentially disappeared from the market, nobody wants to be wasting them.