Below is the end of an excellent interview with John Williams that gives a good overview of where we are in terms of the coming economic and financial holocaust that is headed our way, especially in America, which has no sense of reality any longer. It really matters where you live today and that is not a statement of just economic reality but also one of toxic exposure (don’t be caught dead downwind of a coal fired power plant). It also matters in terms of climate change, water and food availability, and quite a few other variables.
Over the past two years I have written and published many articles on finance and economics and we have had a lot of time to prepare. I cannot imagine what it would have been like if the bottom had dropped out a year ago so personally I am grateful for the extra time to prepare and make things as safe as possible for my family.
Those millions of houses out there that people are still living in. They want to buy them back for maybe one penny on the dollar. This is a financial holocaust by design. The American bankers are holocaust brokers. They should be in front of a human rights court and taken up on human rights abuses and all hung. – Max Keiser
John Williams says, “Most importantly, build up a store of supplies, more than you would normally consume over a couple of months, particularly food and water, canned goods. Having those goods can save your life in a number of ways. You’d have food to eat, and if you have extra you can use it to barter. I met a guy who’d been through hyperinflation and found for purposes of the barter system those airline-size bottles of high-quality scotch proved quite valuable. Buy things that you would otherwise consume and rotate your inventory. Don’t go out buying all sorts of things you’ll never use. Keep what makes sense to you and your circumstances. Make sure you have things that are stable. Not too perishable.”
John Williams: Times That Try Our Souls
JW: If there’s no solution for the system—and I don’t see one; I think it just has to run its course—there still is good news. We as individuals have ways of protecting ourselves, our families, our friends, our businesses—whatever is important to us. To do that we have to preserve the value of our wealth and assets in order to ride out the storm. As terrible as it will be, it will end. A time will come when things become self-righting and the people who have been able to survive will be able to do some extraordinary things.
TER: And what do you advocate in terms of individuals preserving wealth and assets?
JW: Hold some gold, silver, precious metals. I’m talking physical possession. Preferably coins because coins, sovereign coins, are recognized as such. They don’t have liquidity issues. Having some assets outside the U.S., and certainly some assets outside the U.S. dollar, is a good thing. I like the Australian dollar, the Canadian dollar, the Swiss franc in particular. They won’t suffer the same hyperinflation in Australia, Canada and Switzerland as we do in the U.S., so those currencies will tend to act as ways of preserving wealth.