Ok, This post is to encourage suggestions as to the best practices
That last the Great Depression lasted for 10 years so you will have plenty of time to add your suggestions.
Since the start of the COVID-19 pandemic, countries have poured funds into saving their economies.
You don’t need a Bachelor’s in Economics, to know that where the demand goes out the window so does the supply. Just watch the Unsustanianle Advertising Industry desperately trying to create demand. It would not surprise me before long if they will be promoting Bio corona free recycled paper to wipe your troubles away.
At the intersection of social science and mathematics is economics, the science of money.
COVID-19 is exposing the weakness of money and the lack of attention to what should have been valued in the first place to make social science with the result that the great lockdown is now on course to turn into the great slump.
So here are 10 steps to personally take to prepare for a deflationary depression.
- Don’t sign up for a tracking App unless it is 1000% transparent.
- Don’t trust the banking system. Don’t think bank runs can’t happen- they can. “Cash is king” as average joes like you and I will not be able to depend on credit to get the things we need.
- Gain some control over the necessities of your own existence if you can afford it.
- Be prepared to work with others as that will give you far greater scope for resilience and security. Form buying clubs. Growing Coops.Independent food security as much as possible.
- Be worth more to your employer than he is paying you.
- Look after your health!
- Hold no debt (for most people this means renting)
- If possible Pay off your debt and do not take on a new debt no matter how low-interest rates may appear to be.
- Instead of focusing on debt and credit, pay attention to your liquid assets.
- If times get tough, you’re gonna want like-minded people to work, trade, and barter with. Don’t rely too much on internet “prepper groups.” Instead, you’re going to turn to family members and friends you already know and trust. Invest in relationships with people who actually live near you and will be able to physically lend a helping hand when you need it.
(Deflation, for those of you who don’t know, is the phenomenon when prices for goods and services get lower and lower and lower during a given period of time.) Much worse than inflation because debts, in real terms, become far harder to pay off.
All contributions appreciated. All like clicks and abuse chucked in the bin.