It is going to take a miracle for the U.S. economy to pull out of this new economic collapse that is on our doorstep, because the economic numbers are really starting to deteriorate very rapidly now. On Tuesday we got some more new numbers, and they were just as bad as we thought they might be. But even before today’s numbers all of the data were telling us the exact same thing: economic collapse is coming.
The world has never seen anything like this ever before, and one of the central themes of Epic Economist youtube channel is that these bad economic numbers will destroy our society with a horrible stock market crash and financial collapse: The New York Fed’s Empire State manufacturing index just suffered the worst one month decline in U.S. history, Morgan Stanley’s Business Conditions Index just suffered the largest one month decline that we have ever seen, global trade numbers are the worst they have been since the last financial collapse, and just last week I detailed the complete and utter “bloodbath” that we are witnessing in the U.S. trucking industry right now.
So considering what we already knew, it shouldn’t have been a surprise that new home sales in the U.S. were down a whopping 7.8 percent during the month of May: The Commerce Department said Tuesday that new homes sold at a seasonally adjusted annual rate of 626,000 in May, down from 679,000 in April. During the first five months of the year, purchases of new homes have fallen 3.7% compared to the same period in 2018. Those are absolutely horrible numbers, and this is precisely what an economic crisis looks like. On Tuesday we also learned that U.S. consumer confidence is rapidly declining. Once again, this is precisely what we would expect to see during a recession. In the fiscal fourth quarter, which ended May 31, FedEx reported a loss of $1.97 billion, compared with profit of $1.13 billion a year earlier.
FedEx blamed this horrible number on the ongoing global economic slowdown, and unfortunately things are not likely to get any better for them any time soon. Many in the mainstream media continue to speak of “the next economic collapse” as some future event, but when we get the final economic numbers many months from now we may discover that it had already started by now. In fact, one prominent economist recently stated that he believes that “we’re probably already in a recession” Meanwhile, the global trade war continues to intensify, and over 300 companies are literally begging the Trump administration to find a way to end it. Sadly, it isn’t likely that the trade war will end any time soon.
Money manager Peter Schiff predicts, “Inflation is going to run out of control. . . . This is why people need to buy gold. Paper currencies are going to lose a tremendous amount of value. So, if you want to preserve your purchasing power of your savings, you better be saving real money and not all this funny money the central banks create. . . . Once the market perceives that there is no light at the end of the tunnel, that we are never going back to normal, that interest rates are going to stay negative in real terms forever, that the Fed has no ability to raise rates, that all the new money that has been created will never be destroyed, that the Fed balance sheet will grow in perpetuity so liquidity will never be removed, then the dollar will fall through the floor. Then we are going to get all that inflation.” Schiff is predicting another bull market in gold and silver. Schiff says, “If we are going to have another bull market in gold, which we will and it’s probably already starting, we are going to have a bull market in silver. I don’t think we have ever had a gold bull market that didn’t include silver. In every gold bull market, silver has outperformed gold (on a percentage basis). So, there is a lot of upside in silver. Join Greg Hunter as he goes One-on-One with Peter Schiff, founder of Euro Pacific Capital and Schiff Gold.
In fact, it is probably much more likely that a shooting war will start in the Middle East instead. And if that happens, economic collapse will dramatically escalate.
With that in mind, here’s how you should consider preparing for a collapse — in order of descending importance:
Water. If you’re dependent on your local municipality for water, what will you do if a lack of spare parts shuts down the water system for a week or two? If the situation is dire, you can get by on about one quart of water per day. However, ideally you should prepare to have at least one gallon per person per day for at least two weeks, preferably four. You should also purchase a heavy duty filter to purify additional water. Top-of-the-line water filters that will purify up to 13,000 gallons cost roughly $250.
Food. In the opening days and weeks of the crisis, the last place you’ll want to be is anywhere near a supermarket, fighting clueless hooligans or hoards of looters and panicked people. Some of the cheapest food available on a cost per calorie basis is white rice. And while canned food is preferable to dry, dehydrated, and freeze-dried vittles because it’s ready to eat and doesn’t require other valuable resources to prepare such as heat and water, it’s also much more expensive. That being said, while there may be occasional utility disruptions due to a lack of spare parts, I don’t expect catastrophic failures. You should have at least a six-month supply of food on hand. Remember: Even if the food shortages fail to manifest themselves or are quickly extinguished, the food you store will come in handy if you find yourself unemployed and unable to afford, say, $30 for a loaf of bread.
Warmth. Although I live in a warm weather climate, I realize many people don’t. If you live in an area with extremely cold winters, make sure you have a sufficient supply of wood or heating oil on hand.
Medications. If you need prescription medications, make sure you have enough to get you through until the supply chains are restored. Make sure you always have an extra bottle or two of aspirin, cold medicine and vitamins. You should also have a decent first-aid kit and, if at all possible, a supply of antibiotics on hand.
Sanitary supplies. One of the most important things we take for granted, aside from food and water, is sanitation. Make sure you have a six-month supply of multiple soaps on hand including: bar soap, laundry detergent, and dish washing liquid. You’ll also want to make sure you have adequate stores of toilet paper, baby wipes, paper towels, trash bags, and feminine hygiene products.
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Employment. The best protection against hyperinflation is your own earning power. Unfortunately, those on fixed incomes like senior citizens and other retirees will be especially vulnerable to rising prices because buying power declines sharply as dollar-denominated savings and retirement accounts rapidly lose value. Thankfully, most people who manage to remain employed will be able to minimize the loss of their purchasing power because employers will be pressured to increase wages in order to allow their workers to keep up with rising consumer prices. So keep your skills polished and stay employable.
Barter items. When a national currency fails and the normal supply chains breakdown, the local economy carries on and products become available via the black market. The only difference is that instead of using dollars, people will begin trading with others for needed goods and services. Proven options for bartering during times of economic distress include: whiskey and other alcohol, coffee, cigarettes, chocolate, salt, batteries, ammunition, and butane lighters.
Defense. Even now, when seconds count, the cops are only minutes away. And you can bet that if the economy collapses your local police will be hours away. That’s because they’re going to be overwhelmed trying to keep some semblance of order — especially if you live in a large metropolitan area. After Argentina’s economy collapsed at the turn of the century, crime skyrocketed. In fact, rapes increased by 165%, car thefts climbed 248%, robberies climbed 4159%, aggravated assaults rose 5597%, and burglaries increased by an incredible 512,100% (!). That is serious stuff, folks. So, more than ever, protecting your home, family, and yourself is going to be your responsibility. Learn how to use and safely handle a firearm. Then invest in at least one handgun and at least 500 rounds of ammunition, preferably more. My entire family, including my 16-year-old daughter, has taken multiple handgun classes and I consider those courses to be among the best investments I’ve ever made. If you aren’t comfortable with purchasing firearms, then make sure you have alternative defense options on hand such as pepper spray because the odds are good that you’re going to need it.
Long-term fixed rate mortgages. Consider refinancing into a 30-year mortgage. That’s because, as hyperinflation takes it course, those with fixed-rate 30-year mortgages who are lucky enough to remain employed will find that the percentage of their paycheck that goes toward that mortgage payment will decrease significantly, leaving more cash to buy other necessities, like food and fuel. And if hyperinflation really takes off, they may even be able to pay off the loan completely.
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