Apologies, I misunderstood your use of the term "recession proof." I took it to mean a downward slump in business and perhaps income. I am supposing you took it to mean a job ending event. If I'm supposing correctly, then yes, mechanics are "recession proof."
Also, as a self-employed guy myself for the past 20 years, I've learned to make adjustments during downturns in the economy. People who work for others, don't typically have that option.
I have never had alot of money so I don't really know what I am missing. I spent most of my life in the arts - especially dying artforms with no possibility of wealth -- it got OLD!!! My job is very difficult; mentally, physically etc,,,but the harder it is the greater the sense of accomplishment I have--now the bank doesn't take "sense of accomplishment" as legal tender, but I do believe that, living spartanly (lots of practice as an artist!) I can keep the roof over my head and the door open. OK , here it is -- I just am so grateful, I thank the Lord everyday for getting me sober. This is literally my second life and hopefully, I made a wise choice with the business. Great to pick your brains on economics, really enjoy it. Now back to welding. Yes I know its 5:30 in the morning, but hey, I promised them their car tomorrow. G'night.
Hello Mr.Durasell....Yesterday as we slumbered after a fine Thanksgiving Day, with visits with our families, giving thanks for this great land, only a few markets were open on the commodities exchanges on Friday. It was very light in trading. Very little notice was given to the currencies by the media. But yesterday, Nov. 26,2004 will mark the day that the dollar stepped into the abyss and lost,forever, its position as the reserve currency of the world. It slipped below the support structure of the bearish heads'n'shoulders formation below the 1995 level. If you look at the USDX there are no fibocacci support lines between where we sit today and a USDX at 71, and at 71 there is minimal support. If we pause in our decent, which may or may not happen, it will be a freefall to 51. That translates to gold at about 1500 to satisfy the debt of the dollar. Please remember that when we hear that Japan or China bought dollars, they do not hold dollars in accounts. They hold a debt instrument denominated in dollars. They have, in no uncertain terms, decided to allow the dollar to fall and not offer any support. In other words, they are no longer loaning us money to fund our debt. That leaves, it seems to me, 2 choices, possibly three. We cut back spending. At this time there is no political will to do this on either side of the isle. I do not think it is practical to expect 535 heroin addicts to go cold turkey in the congress and spending your money is their dope. Bush had hoped to cut taxes, increase revenues to the government and "grow" our way out of debt. This does have historical precident, but what happened historically will not happen now because of the same problem President Reagan had. We generate X amout of revenues and increase spending 2X. That math will not work. So we arrive at the governments solution...That is to monitize the debt. They have begun to print, diluting the value of your current dollars until they think they will able to manage the debt load. I hate to say it because it always brings mocking and scoffing at the notion, but this is the same problem Germany had in the 1930's. Those of you who worked hard and saved, rather than living profligately and saved dollars in 1970 and 1980 and 1990 will be spending those dollars in the year 2005 or 2010 or 2015 and that same 1970 dollar will spend with the same purchacing power as a 2005 dollar or whenever you spend it. This is the real deal. I have been posting these warnings over the past few months and had hoped there was still time. Time has run out. Yes, the Fed or Snow may try to give lip service to the dollar, but all, and I do mean all money institutions are focused now. They are assuming a protective posture. There may be a few stopgap measures which are thrown up and move the USDX above 81.5, on an intraday swing, but I suspect not. We will freefall to 71.The momentum itself may propel us past that point and then there is no support until we reach 51. If anyone in America thinks this is good for you, your family, America and its future, you are out of your mind. Again I ask my freeper friends protect yourselves because Friday November 26,2004 in the quiet afternoon, when no one was really paying any attention the dollar died.