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Consumer Crash Article
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I've been watching this for months now.
I've been sending double and triple payments to my credit card, and I've quietly been selling off my "safe queens" to help this, although I may acquire other firearms also IF I HAVE THE CASH and don't have to use credit.
Here's what I see happening:
Something like high gas prices will start causing those people who live right on the edge to simply default on their $20,000 credit card balances. This will cause the credit card companies to raise interest rates and minimum payments on EVERYONE. This will result in more defaults, and it will snowball.
The final result is that only those with little to no debt and perfect repayment histories will be able to get credit, and at higher interest rates.
This country's economy will fall into a deep recession or depression as people STOP SPENDING.
Every day, I see people use their credit cards to buy stuff at convenience stores, groceries, or the most minimal purchases. That will come to an end and stores that depend on those customers will close. A town that has five McDonald's restaurants, for example, will end up with ONE. People will virtually stop eating out, unless they are rich enough to eat at the fancier places.
As far as firearms, expect high dollar guns to become even more high dollar as manufacturers have to charge more from fewer customers. Other manufacturers will go out of business. Makers of cheap firearms will be the only ones still around. There's a proverb among gun dealers in this town: "People don't buy a gun they can't pay for in one paycheck." This will become true nationwide. The firearms industry will become a shadow of what it is now.
We are headed for dark times, indeed.
I've been sending double and triple payments to my credit card, and I've quietly been selling off my "safe queens" to help this, although I may acquire other firearms also IF I HAVE THE CASH and don't have to use credit.
Here's what I see happening:
Something like high gas prices will start causing those people who live right on the edge to simply default on their $20,000 credit card balances. This will cause the credit card companies to raise interest rates and minimum payments on EVERYONE. This will result in more defaults, and it will snowball.
The final result is that only those with little to no debt and perfect repayment histories will be able to get credit, and at higher interest rates.
This country's economy will fall into a deep recession or depression as people STOP SPENDING.
Every day, I see people use their credit cards to buy stuff at convenience stores, groceries, or the most minimal purchases. That will come to an end and stores that depend on those customers will close. A town that has five McDonald's restaurants, for example, will end up with ONE. People will virtually stop eating out, unless they are rich enough to eat at the fancier places.
As far as firearms, expect high dollar guns to become even more high dollar as manufacturers have to charge more from fewer customers. Other manufacturers will go out of business. Makers of cheap firearms will be the only ones still around. There's a proverb among gun dealers in this town: "People don't buy a gun they can't pay for in one paycheck." This will become true nationwide. The firearms industry will become a shadow of what it is now.
We are headed for dark times, indeed.
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Well said Zane. I have been doing the same...and what little debt I have (one credit card, and a truck payment for a few more months) will be gone shortly.
I was actually thinking clearly when I bought my house, and stayed within my means. Its value has gone up a little, but I will never take out a Home Equity Loan like some people have. If current trends continue with the prices on the basics like food, and fuel, people who made bad financial choices are gonna get hit VERY soon I think.
I"ve let one rifle go, but I"ve done much better getting rid of some of the uniforms and gear that I"ve collected since I was in my twentys.
I agree that are some very dark days ahead for all us, I just wonder how bad, and how long before an upswing in things.
What else are some of you guys doing to hedge your bets in these uncertain times?
I was actually thinking clearly when I bought my house, and stayed within my means. Its value has gone up a little, but I will never take out a Home Equity Loan like some people have. If current trends continue with the prices on the basics like food, and fuel, people who made bad financial choices are gonna get hit VERY soon I think.
I"ve let one rifle go, but I"ve done much better getting rid of some of the uniforms and gear that I"ve collected since I was in my twentys.
I agree that are some very dark days ahead for all us, I just wonder how bad, and how long before an upswing in things.
What else are some of you guys doing to hedge your bets in these uncertain times?
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In the not so distant past I'd read the novels "Patriots" and "Lights Out". Both really opened my eyes to some material foolishness I'd partaken of over the years. Many readers of these novels nit pick flaws in the novels (they are fiction, after all), but I appreciate the fictional disasters they conveyed. I believe I've been "cured" of being a spoiled American. (Please understand I'm definitely Pro-American/USA). I've personally squandered a lot of money in the past but also wisely invested some of that money. I got over it and have moved on.JoeMomma said:
After this "awakening" I've been selling off all my tangibles and collectibles outside the firearm/ammo arena that have little or no use in "the real world". I use some of the proceeds to purchase foods from the local grocery store that store well, some to better round out my firearm/ammo preps and save some $ to purchase land some distance from the city I currently live in. I work on improving my "survival" skills. I became a volunteer rifle marksmanship instructor, which has been a very rewarding experience.
Happily unmarried - no wife or kids to influence/squawk about my decisions and - simply said - I refuse to hook up with a chick who isn't like minded (and I've passed over a couple that were pretty hard to pass over).
Some of my friends see things like I see ("There's a storm coming") and also prep and improve skills. Some friends see it but do nothing because they are financially overwhelmed with house/wife/kids. Some don't think anything is going to happen (I hope they are right) - one of these friends came running to me for ammo for his rifle during a potential SHTF event a few years ago - I remind him of this every chance I get. The friends that I trust that are strapped I plan to be prepared to help as much as I can (which may not be enough).
I don't pretend to have an answer for it all nor to be a master of it all, but I just do what I can with what I've got - right now. Every day ends with a little more progress in being better prepared and self-sufficient - spiritually, mentally, physically and materially.
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Even if you are "rich" enough there are plenty of them who still depend on the stock market and other investment instruments that may vanish in an instant if there were some serious SHTF because of EMP or war or some other disaster.
Personally I have never carried a credit card balance. The only debt I have is my mortgage. I have enough cash to maintain my mortgage payments for 20 years and if the SHTF is worse than that it really doesn't matter that my bank lost my cash.
I paid cash for college and used scholarships, not loans. My salary is direct deposited into the bank (two different banks just in case) but I still maintain a significant amount of cash in the house. I have a well diversified portfolio that has gained in value even over the last year (thank you Exxon.)
Personally I have never carried a credit card balance. The only debt I have is my mortgage. I have enough cash to maintain my mortgage payments for 20 years and if the SHTF is worse than that it really doesn't matter that my bank lost my cash.
I paid cash for college and used scholarships, not loans. My salary is direct deposited into the bank (two different banks just in case) but I still maintain a significant amount of cash in the house. I have a well diversified portfolio that has gained in value even over the last year (thank you Exxon.)
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I think another good idea would be to keep some decent coin at your house for emergencys. If some kind of a massive bank failure were to happen, I doubt plastic would help (to include debit cards).
While the convienence of direct deposit is good, its also a double edge sword if there were ever a run on the banks, or a massive power outage.
I think $300-$500 would be a good starting point depending on your personal circumstances.
While the convienence of direct deposit is good, its also a double edge sword if there were ever a run on the banks, or a massive power outage.
I think $300-$500 would be a good starting point depending on your personal circumstances.
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Having gone through the big NE US Blackout I can tell you that $500 is cutitng it tight if you aren't already prepared. A generator will wipe out most if not all of that cash. I was without power for 5 days. Back at that time it cost $30 to fill up each car. Another $30 to fill a few 5gallon cans. You still haven't bought any non-perishable foods, batteries or flashlights
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I"ve been meaning to get a decent small generator to power the fridge, and freezer.
One of these days I"ll get around to it. A friend of mine who does electrical work said its possible to hook it right in to the box so all I have to do is start it.
Anyone know a decent generator that won"t break the bank?
One of these days I"ll get around to it. A friend of mine who does electrical work said its possible to hook it right in to the box so all I have to do is start it.
Anyone know a decent generator that won"t break the bank?
Keep in mind that in a crisis:
There is a 3 day supply of food in the system (between the distributor and store)
If the power is out you will not get gasoline at a gas station.
Nor will the ATM's work or the will the banks be open.
NICS check system won't work either.
SO.....
Have some guns & ammo stockpiled,
Cash on hand.
Stockpile- some MRE's and/or canned food- don't forget a manual can opener.
and Some gasoline stored- 20 gals enogh to get you out of the area ASAP if necessary.
There is a 3 day supply of food in the system (between the distributor and store)
If the power is out you will not get gasoline at a gas station.
Nor will the ATM's work or the will the banks be open.
NICS check system won't work either.
SO.....
Have some guns & ammo stockpiled,
Cash on hand.
Stockpile- some MRE's and/or canned food- don't forget a manual can opener.
and Some gasoline stored- 20 gals enogh to get you out of the area ASAP if necessary.
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Couple of months ago, I was also thinking that we are heading for much worse times, however few fundamentals changed and now I think the storm will be over soon.
My prediction is sometime next year the economy will start recovering, consumer confidence will start to improve and people will start spending again.
Why?
1. Because we will have new, conservative president who will make sure we get more nuclear power stations, drilling for oil will hit yet a new record, and in the next few years we will have the opportunity to buy reliable and cheap cars that do not need gasoline to run.
2. Because the dollar is already gaining against the euro and the loosing trend is over - I predict much stronger dollar, gaining against foreign currency in the next few years.
3. The inflation scare is over as of this month, as dollar is stronger and oil is way off its $150/barrel heights.
Its good to be prepared, but lets not overdo it ... good times are coming once more to the greatest nation on earth!
My prediction is sometime next year the economy will start recovering, consumer confidence will start to improve and people will start spending again.
Why?
1. Because we will have new, conservative president who will make sure we get more nuclear power stations, drilling for oil will hit yet a new record, and in the next few years we will have the opportunity to buy reliable and cheap cars that do not need gasoline to run.
2. Because the dollar is already gaining against the euro and the loosing trend is over - I predict much stronger dollar, gaining against foreign currency in the next few years.
3. The inflation scare is over as of this month, as dollar is stronger and oil is way off its $150/barrel heights.
Its good to be prepared, but lets not overdo it ... good times are coming once more to the greatest nation on earth!
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When it comes to generator use, I"m thinking more on the power outage side of the house than SHTF.
I buy a 1/4 cow every year, and don"t want all that meat going to waste.
I hope your correct about an upswing, but I doubt that whoever become the next President will be able to do a whole lot about the economy. The credit crisis were in will not be fixed by any one man, or Political party, its going to take all of us in the Nation to fix it.
Until John Q. Citizen starts down the path of fiscal responsability, the private sector as well as our Government will continue to vote themselves bread and circuses.
One day were all going to have to pay the price on our massive personal, as well as National debt and its not going to be pretty for anyone.
The dollar has gained some of its losses back, and gas has come down a little...but all that will end when the election is over. Then its going to be back to reality, and if if there is one thing average Americans don"t want, its reality.
Now, more than ever, I fear what the solution that our Government might come up with to try and fix or stabilize our economy will be. I don"t trust those in D.C. to do the right thing, regardless of Party affiliation. They will do whats right for them, and corporate America, because thats where the money is.
I buy a 1/4 cow every year, and don"t want all that meat going to waste.
I hope your correct about an upswing, but I doubt that whoever become the next President will be able to do a whole lot about the economy. The credit crisis were in will not be fixed by any one man, or Political party, its going to take all of us in the Nation to fix it.
Until John Q. Citizen starts down the path of fiscal responsability, the private sector as well as our Government will continue to vote themselves bread and circuses.
One day were all going to have to pay the price on our massive personal, as well as National debt and its not going to be pretty for anyone.
The dollar has gained some of its losses back, and gas has come down a little...but all that will end when the election is over. Then its going to be back to reality, and if if there is one thing average Americans don"t want, its reality.
Now, more than ever, I fear what the solution that our Government might come up with to try and fix or stabilize our economy will be. I don"t trust those in D.C. to do the right thing, regardless of Party affiliation. They will do whats right for them, and corporate America, because thats where the money is.
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Whoever is president isn't going to be able to prevent a tornado from hitting my town or a flood from wiping out the region, etc. Those are the kinds of preps I had in mind.
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