1977 I was graduating. No one could get a job in my class of Physics students. I got a job in the horse racing biz. .
1987. I was in California USA then, the factory I was in closed. Lots of people lost their jobs. Huge time of unrest and consolidations in the industry.
1990. Lost my house. Nearly went bankrupt. Many did.
2001 . Just a terrible time.
2008. This was entirely predictable. Started getting wise to the repeated “wash-rinse-dry” of the financial crooks by this time.
2020. Locked and loaded. Ready for ’em this time. It could be just a bad sneeze, but these sort of things are more then just bad luck or an “accident”. Just like a Bull that goes up more then you can possibly imagine, the Bear does the exact opposite thing. Big gainers become simple reflected mirror images. What goes up comes back down. If it goes up exponentially, it goes back down the same way as the hot shots flip out. There is no safety or any safety net. Just focus on survival and not being greedy. If you hoard anything, including money, it will likely become worth a fraction of it’s original value. Our fellow human beings are the best things we have… like it or not. Make the best of life and do your best to be a decent human being. That is the only treasure worth keeping.
….. What to do if your neck deep in financial “do do.”
First of all don’t panic. It’s normal, and lots of people will be in the same boat. It happens, and do watch Paul Grignons “Money as Debt” video shown in a slightly earlier post.
Do get out of debt if possible, the sooner the better. If you are not able to, do not despair. The system is rigged so the least prepared get blamed for anything while the criminals who rig banks and markets get away with free money and your wealth. No point crying about it just now. Seek good advice, plenty of professionals out there and get things straigtened out, whatever it takes. Forget any feeling of guilt once you understand how and why you ended up on the wrong side of the financial tracks. It’s a fiat money system, it got created out of nothing and that’s where it ends up. Nowhere.
Here is something worth looking at. Hyman P. Minsky is a name to always remember and the “five stages of a bubble”.
Kindleberger wrote a great book. Lots of editions. I have an old edition, but it still very appropriate and “on the money”.
Some history. Political history in reality.
Watch out for the inflationary kick as the “fix is in”.
From the DT in 2010. Ambrose Prichard. “The death of Money”.
or, if the DT asks you for money, and you don’t wish to pay it…Here is the book he talks about… A freebie copy too 🙂