Financial markets are driving the world towards another Great Depression with incalculable political consequences. The authorities, particularly in Europe, have lost control of the situation, George Soros
There are measures that you can take to minimize your risk at a personal level and actions that we should take at a community level.
On a personal level, these suggestions have been proposed:
- Get informed, analyse what is going on in the world and never let mass media (tele-trash, sports, reality shows, etc.), social media such as Facebook, Twitter or Instagram, and political propaganda entertain and distract us from the real problems. We should not allow ourselves to be deceived and manipulated with a distorted view of reality or just noise, bread and circus.
Reporters are puppets. They simply respond to the pull of the most powerful strings, President Johnson
The television, that insidious beast, that Medusa which freezes a billion people to stone every night, staring fixedly, that Siren which called and sang and promised so much and gave, after all, so little, Ray Bradbury
- Live within your means, consider a more simplistic or minimalist lifestyle as positive, healthy, and reasonable, which is not at all contrary to being happy and living life to the fullest. Always pay cash, avoid credit cards.
- Eliminate or at least reduce personal debt as much as possible: mortgages, auto loans, student loans, etc. Before you borrow money: Do you really need to spend the money at all? Can you save up, use some savings or ask some friends and relatives to help you out instead of borrowing money?
- Avoid buying risky assets (domestic and international stocks, mixed funds, index certificates, options, futures, etc.), bank charges such as commissions or overdraft fees, and do not keep all your money in one bank.
- Buy gold, silver and precious stones. Gold is a scarce and limited resource that cannot be created from nothing like fiat money. Fiat money is based solely on faith or trust in the state, but it is backed by nothing. Gold has been used in economic transactions since time immemorial, it has always been considered a safe haven in times of economic and political instability, crisis, and depression.
- Always keep some cash on hand and some basic supplies so that you can survive, at least for a couple of weeks. In the case of economic collapse, banks and ATMs may be out of service for several days or even weeks.
- Opportunities are also going to arise to buy solid assets (real estate and distressed businesses) on the cheap.
- Study and prepare yourself to offer services in demand and increase your income earning potential in the future. Seriously consider self-employment or starting your own business.
- Some people even advocate escaping from big cities and the possible conflicts and riots that may arise if basic services (water, electricity, etc.) are stopped or shops are closed down because the currency becomes worthless (Hyperinflation). They are talking about rural life, living in less populated areas with access to potable water and sanitation. Places where they can grow their own food, own electricity generators, and can protect themselves, their families, and their possessions. It is also defended as a viable alternative economic model; small and local communities that can become self-sustaining and are able to provide help and assistance to their members when needed.
I am a social activist. I have two Bachelor's degrees, Maths and Computer & Software Engineering. I also have a Ph.D. in Psychology. I have written nine published books, four scientific articles, and five scientific presentations. I simply want to contribute to making a difference where it counts, so that we make the world a better, more sustainable, prosperous, and fairer place. I am always willing to give free talks and lectures about the social problems that exist in our world today. View all posts by Anawim