Termyn8or
Posts: 18681
Joined: 11/12/2005
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Nobody can change it. Ask any poor person, when the money is not there it is not there. Understand where I am coming from, including my habits and some measure of philanthropy I have been living beyond my means for some time. Now I have to scale back because the credit with which to do so is gone. Part of it is my fault of course, I made good money and could've lived my entire life without credit. But certain things wouldn't have happened.
I went through money like a drunken sailor, I helped my friends, and a good piece of it I never got back, or got back in dribs and drabs which made it useless. Let me rephrase my earlier statement, it is mostly my fault. I chose this path a long time ago and the only thing that tripped me up was the credit crunch, I wanted to grab maybe ten or thirty grand more.
However what i/we did was to buy some tangible assets, tools and machinery. I have at least one guy who would like to rent time on my machines, I consider that a hard asset. This credit is all unsecured, and my upcoming bankruptcy is for the sole purpose of holding onto the property. A plethora of offers came over the years to get an equity loan and reduce the interest rate, but that would have been foolish. What is more I consider it justified because they started rolling back my credit and raising interest amidst a 0% prime rate and a bailout. So fukum. And that is exactly what is going to happen.
Now the country on the other hand has not been very smart. The US has been living on credit since the last depression, but instead of using this credit for tangible assets of late they have been giving them away, leaving nothing. Now understand that the national debt is actually secured by the land and structures thereon in the US, however it cannot be forclosed upon, nor can we be put off the land, which effectively makes it unsecured.
So in essence a good piece of this drunken sailor's credit was spent on the means to create true wealth, while big business and government mostly destroyed the assets which can do the same. Destroyed or sold.
What will happen next is a period of hyperinflation, like pre WW2 Germany where you needed a wheelbarrell full of money to buy a loaf of bread. This is not the first time either, IIRC it was Poland that simply lopped a zero off the end of the currency. Perhaps the large numbers wouldn't fit on the bills. I guess it would be pretty gosh(sp) to use exponents on a nation's currency.
Now you may think that we could be an isolationist nation and all will be well, but that is not possible, nor is it possible for me. Just like I can't manufacture certain things, there are more and more things which need to be imported because their means of production has been destroyed or sold. That means even domestic goods must rise in price because those who produce them are going to have to buy some of their materials from overseas. It wouldn't be so bad if we were still a self sufficient nation. Just like I am going to have to come up with money for electricity, gas, water, tool bits and raw materials, the nation is going to have to buy from others. The exchnge rate imbalance will then come into play, and the situation will get worse.
This will all happen when, not if, we default on the national debt. In other words, it's only just begun, and I urge people to get ready for it. It is beginning now because our currency is dropping so fast that our Tbills and other instruments of credit are not as desirable, right now. Some places in the world already will not accept the USD because they fear that the rate will change before they deposit the day's take in their bank account. But remember this is only the beginning.
Soon, the interest payments alone will be more toxic than defaulting, which is what happened to me. The difference is that on a personal level I have acquired real assets, and did it before the dollar dropped into the abyss. You may consider my actions not the smartest in the world, but I am Einstein when compared to the brainiacs who destroyed most of our means of production. I have defaulted and maneuvered myself into a prime position for the coveted chapter seven. Right now without the debt service I can work less and have more money in my pocket.
There are many like me and many can sort of follow suit. Get rid of your money, buy tangible assets, tools, nonperishables and so forth. Rich land with low taxes, non-genetically modified/cloned seeds for plants, to eat, not flowers ! Hold on to your bling for now, and anything else of precious or semiprecious metal. The time to sell or trade it to your maximum advantage will come, I would estimate in 2 - 4 years.
The most tangible of all assets are going to be weapons and personal security items. As this inevitable process goes on, many of the unprepared are going to do things they would never normally do. The streets are going to get meaner, and don't think just because you live in a good area it will not come to you. It will get bad in the inner cities of course, but when you have more land there is less likelyhood that someone will hear you scream. There will also be the perception, true or not, that you have more to steal.
Sorry I can't paint a rosy picture of the future, but I am a realist. Toward the end, the only people with money will be lawyers and politicians. For the rest of us there will be less effective law enforcement and crime rates the likes of which have never been seen. Dr. William Pierce asserted that some will resort to cannibalism, and I can find no cogent argument against that statement.
You see, in pre WW2 Germany they still had the means to create wealth, we do not. As long as you understand what wealth really is, that it is not money, you can understand this.
T
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Record U.S. Poverty Rates. - 
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