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This isn’t as bad as it may seem. Pass this on to your friends and family so they can prepare today (Analysis by 35 year financial analyst and retired Certified Financial Planner). |
Poll: 79% of Americans Think US Economy May Collapse – For easy steps to get prepared click "Essential For Transition" Page Above
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When an American family is overwhelmed by debt (even if through no fault of their own) they have the right to discharge that debt and start over. Irresponsible politicians from both parties There are only two probable outcomes to the continuing irresponsible overspending. One consequence is to allow the economy to collapse. Sooner or later, that is almost inevitable (see the next page above). The spending plus the debt will damage the economy so much that the people will ultimately be unable to pay that debt. The only other option is to declare national bankruptcy (now?) and make a fresh beginning for all Americans (like other debt-ridden families).have over-spent, over-borrowed and over-promised extravagant benefits that cannot be sustained. If allowed to continue, our children and grandchildren will never know true prosperity if burdened by the overpowering debt. |
There are only two probable outcomes to the continuing irresponsible overspending. One consequence is to allow the economy to collapse. Sooner or later, that is almost inevitable (see the next page above). The spending plus the debt will damage the economy so much that the people will ultimately be unable to pay that debt. The only other option is to declare national bankruptcy (now?) and make a fresh beginning for all Americans (like other debt-ridden families). |
How National Bankruptcy Will Effect You
What will happen if national bankruptcy or economic collapse occurs? Seven Essentials:
- The Federal Reserve Note (current paper dollar) will be worthless soon. This will not happen instantly. As people realize that the paper dollar is increasingly worthless they will require more and more of them to buy something of real value. Banks are required to accept this paper as payments of "debts public and private" so paying off credit cards and other debts will be easy. Paying off a $500,000 mortgage will be like sending them a few hundred dollars today.
- Stocks, bonds and other paper "investments" will be useless. They will have the right to pay you off in worthless paper but of course you will not be able to buy anything of real value with that paper (except perhaps your debts above).
- Gold and Silver will be useless metals. Coins are made from them only because they do not rust and the coin will last forever. Aside from industrial uses, there is no real value. Gullible people may be willing to trade something of real value (like guns or food) for a hunk of metal - but don’t count on it. Metals may be valuable again someday but not in the short-run.
- "Things" will still have value. Real estate, buildings, food, gas, clothes, guns, ammunition, etc. will have real value. Stuff that can be bartered and traded will be the short-term currency. For example: A junk car will be very valuable if it runs and there is gasoline in it.
- Prepare for this time by finding things that you can trade, grow, salvage, and create. For example: If you know how to grow or store food those skills will make you a very valuable neighbor.
- Initially, security will be a concern until people learn to band together to help each other. Consider forming a "neighborhood protection association" now.
- If you rely on the government, your assistance will continue (for a while). You will be paid with increasingly worthless paper. You will need to rely on the community eventually. However, if the government does not confiscate 50% of real value from you there should be plenty of excess to help your neighbors in need.
You will then be able to live debt free, spending money on those activities and assets deemed most important to you and your communities.
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