I do not want this to be a political debate nor an opportunity to post recent headlines. However, in my opinion, this administration seems to be taking actions which history suggests may lead towards a near or total economic collapse. Whether you agree with this or not is irrelevant.
This post’s question is: If one were to have a concern that they’d no longer be able to afford common household goods or that mainstream (S&P, Nasdaq) financial investments were no longer sound, what can one do to prepare for “the worst”? What actions could someone take today to minimize economic hardship in the future?
I would also like thoughtful insight from older adults to offer younger adults about how they should be better preparing themselves for an uncertain future, outside of current events or place of residence.
How old were your elders? We don’t have the gold standard anymore and gold prices are only loosely tied to the economy anymore. In a dire enough scenario, lead becomes more valuable than gold. If you’re going to try to make money off of this situation, put all of your chips on China. As we collapse, they’re right behind us. In many parts of the tech tree, they’re ahead of us already. Despite their population problem, they’re trending up while America is trending down. They’re leading the way in solar, fusion and drones. Ahead in hypersonic, hacking, manufacturing, and AI. And they’re on par in space, and I know I’m forgetting something. Oh, they’re also way ahead on worldwide public opinion at the moment. So likely to get better deals.
Literally the only advantage the US has right now is military and logistically. But if we keep alienating (ironic, right?) allies, our logistics is shot to shit. (It’s actually worse, because if we can’t supply our bases around the world, those bases are sitting ducks.) The Chinese are masters at stealing tech. What they don’t have is a navy capable of projecting power, but that’s changing quickly.
If you want to make money off the fall of America, bet on the next superpower. Which is china.
It’s not so much about profiting from the situation but maximising your options.
You don’t want to cash in your 401k and buy gold, but if you have some investments then buying physical gold with 5% or 10% is not a terrible idea.
In a holocaust type situation an ounce of gold in the right palm at the right time could buy passage for an entire family.
We may not have the gold standard anymore but I can assure you that gold remains a stable store of wealth.
No arguments from me on China. They’re excellent at playing the long game. My elders are boomers and the greatest generation.
Alright well just forget what boomers say. American boomers had the easiest lives in human history. But the greatest generation knows struggle. Listen to them, but not on gold. Gold isn’t what it was, it’s volatile at the moment. It’ll stabilize again if the world comes to peace, but that isn’t likely.
Lol you just reminded me of what my grams said to me about why the boomers suck…
me: grams why are your kids so messed up? grams: they were raised during the US’s peak golden age. they have no basis for actual reality.
May she rest in peace. Thanks for the advice. I appreciate it.