Peter Schiff: "We're in the Early Stages of a Depression"

The Motley Fool ^ | 09 August 2010 | Jennifer Schonberger

[Las Vegas Ron]

Recession - When your neighbor loses his job
Depression - When you lose your job
Recovery - When obama loses his job

[RKBA Democrat]

Wow! That picture shows a stunning resemblance to Barbara Mikulski.

Separated at birth?

[tnvol01]

“Doctor Doom” moniker belongs to Dr. Nouriel Roubini.

[artaxerces]

The best thing we can do now is to buckle down and weather this storm.

I personally believe that it’s better to down-size my standard of living on my own terms right now rather than having it shoved down my throat 6 months from now.

In terms of proactive actions, I’m doing the following:

1. I’ve set up a huge vegetable garden that is covering a substantial portion of the grocery bill. Mad canning action has allowed me to preserve a good portion of this summer’s produce.

2. Paid off all debts, trying to pay off the mortgage.

3. Spend money based on needs not wants. If it’s not broken, don’t fix it. WEAR IT OUT or DO WITHOUT!

4. Diversify my revenue stream through multiple side incomes. This is just in case I get laid off at the day job.

I think that if people really dug deep and helped each other, we can still maintain a high quality of life, even if the standard of living drops in half across the board.

However, I do understand that a significant portion of the population is in no way capable of supporting themselves without government help. Once the welfare checks stops flowing, I suspect that 20-30% of the population will experience riots and near starvation.