I think u/BigOT is being way too dramatic. The collapse isn't coming this year.
You need to keep having federal reserve notes, and even using your card, for a while. Some amount of money needs to be kept in cash even though you're loosing purchasing power in it, just so that you can spend it.
I got my own pile of metals, but there's no way I'm emptying the entirety of my checking account. I can't actually spend gold/silver at the gas station yet, so there's no point.
I don't think you need to be investing in beans. You should have it, but BigOT seems like he built a bunker and is living in Far Cry 5.
/u/ThatYellowBastard is probably right: paying off your debt is actually a good idea under inflation. That's actually what the purpose of inflation is. The government prints money to pay it's debts, and hands all of it's creditors monopoly money. They're basically stealing from creditors and laughing. You basically have to do the same thing (because there's no choice). As your wages increase (because everything will increase) your debts will not, and it will make it easier to pay off your debts.
As u/APDsmith said, I'm investing in bullion. I have a little bit of gold & silver. I've actually purchased "constitutional silver" which is more likely to be used as a mechanism of exchange if necessary.
I think crypto is a good investment, but I don't know which one. The reason I'm not investing in crypto is because I expect it to be criminalized. Whether or not that's enforced, I don't really know. I should probably get a secure wallet, but I don't really know how to do any of that, and it seems very confusing. Frankly, I have to get over my confusion, but I need time to learn what the hell I'm doing.
I'm not investing in real-estate. I think the market is in a bubble, and this is definitely part of why everyone in the housing industry seems so happy. Trillions of dollars are coming in. Not even from banks, but genuinely from boomers and home purchasers. There's a huge supply shortage. Meanwhile, housing developers in China are imploding. The banks aren't buying up homes, they don't need to: they own your mortgage backed securities, so you're paying all the interest on your mortgage to them anyway. It's free money to them (and why you should be paying off your debts with inflated currency). Honestly, I'd wait a few years before buying property. Once the housing prices come down, they'll come down harder than anyone will believe. I wouldn't buy a house until I'm sure we're at a trough. Land could work though... I just can't realistically buy any.
Buying stocks is just a game of musical chairs at this point, tbh. I'm not going to risk the stock market because I don't know when it's going to collapse for sure (unless I'm going to short-sell Bank of America).
/u/xleb2 isn't wrong about investing in guns and ammo. Hilariously, the value of guns has kept up with inflation quite well, even over 30 years. You're not going to make a profit off of just buying guns, but you're probably not going to lose much money. As long as there's no confiscation in your area, you're probably good buying pistols, rifles, and shotguns, even if you don't have ammo to use them, simply as a hedge on investment.
If you are concerned about confiscations, a lot of gold retailers are now selling 24 carrot gold jewelry. Women's jewelry has, for political reasons, always been the last thing a government chooses to confiscate. Even the National Socialists and Fascists were already at war before they confiscated women's jewelry. I think even Italy only went as far as promoting an exchange program where they would give back steel jewelry as "thanks for supporting the war". There's an obvious mark-up on this so it's not the greatest investment in the world. However, I don't think it's a bad idea to have some as a kind of "monetary fire extinguisher". I have a fire extinguisher in my house for the same reason I would get gold jewelry. In case of dire fucking emergency, you might absolutely need it. Even when the US ordered the turning in of gold bullion, they never confiscated women's jewelry. No western nation or democracy ever has.
On a similar position, I have plenty of firewood. I've even bought a bit of copper. Copper is a bad investment. It's another fire extinguisher. Just assume the money you spend on copper is lost (just like every consumer electronic device you have, and 80% of your steam games). However, poor people already know the value of copper, so some 5 oz copper rounds would still work as a method of exchange among poor people in the same way several large packs cigarettes would. Poor people also know the value of aluminum cans. It's why hobos gather up beer cans after college kids binge drink on Friday & Saturday night.
I think u/BigOT is being way too dramatic. The collapse isn't coming this year.
You need to keep having federal reserve notes, and even using your card, for a while. Some amount of money needs to be kept in cash even though you're loosing purchasing power in it, just so that you can spend it.
I got my own pile of metals, but there's no way I'm emptying the entirety of my checking account. I can't actually spend gold/silver at the gas station yet, so there's no point.
I don't think you need to be investing in beans. You should have it, but BigOT seems like he built a bunker and is living in Far Cry 5.
/u/ThatYellowBastard is probably right: paying off your debt is actually a good idea under inflation. That's actually what the purpose of inflation is. The government prints money to pay it's debts, and hands all of it's creditors monopoly money. They're basically stealing from creditors and laughing. You basically have to do the same thing (because there's no choice). As your wages increase (because everything will increase) your debts will not, and it will make it easier to pay off your debts.
As u/APDsmith said, I'm investing in bullion. I have a little bit of gold & silver. I've actually purchased "constitutional silver" which is more likely to be used as a mechanism of exchange if necessary.
I think crypto is a good investment, but I don't know which one. The reason I'm not investing in crypto is because I expect it to be criminalized. Whether or not that's enforced, I don't really know. I should probably get a secure wallet, but I don't really know how to do any of that, and it seems very confusing. Frankly, I have to get over my confusion, but I need time to learn what the hell I'm doing.
I'm not investing in real-estate. I think the market is in a bubble, and this is definitely part of why everyone in the housing industry seems so happy. Trillions of dollars are coming in. Not even from banks, but genuinely from boomers and home purchasers. There's a huge supply shortage. Meanwhile, housing developers in China are imploding. The banks aren't buying up homes, they don't need to: they own your mortgage backed securities, so you're paying all the interest on your mortgage to them anyway. It's free money to them (and why you should be paying off your debts with inflated currency). Honestly, I'd wait a few years before buying property. Once the housing prices come down, they'll come down harder than anyone will believe. I wouldn't buy a house until I'm sure we're at a trough. Land could work though... I just can't realistically buy any.
Buying stocks is just a game of musical chairs at this point, tbh. I'm not going to risk the stock market because I don't know when it's going to collapse for sure (unless I'm going to short-sell Bank of America).
/u/xleb2 isn't wrong about investing in guns and ammo. Hilariously, the value of guns has kept up with inflation quite well, even over 30 years. You're not going to make a profit off of just buying guns, but you're probably not going to lose much money. As long as there's no confiscation in your area, you're probably good buying pistols, rifles, and shotguns, even if you don't have ammo to use them, simply as a hedge on investment.
If you are concerned about confiscations, a lot of gold retailers are now selling 24 carrot gold jewelry. Women's jewelry has, for political reasons, always been the last thing a government chooses to confiscate. Even the National Socialists and Fascists were already at war before they confiscated women's jewelry. I think even Italy only went as far as promoting an exchange program where they would give back steel jewelry as "thanks for supporting the war". There's an obvious mark-up on this so it's not the greatest investment in the world. However, I don't think it's a bad idea to have some as a kind of "monetary fire extinguisher". I have a fire extinguisher in my house for the same reason I would get gold jewelry. In case of dire fucking emergency, you might absolutely need it. Even when the US ordered the turning in of gold bullion, they never confiscated women's jewelry. No western nation or democracy ever has.
On a similar position, I have plenty of firewood. I've even bought a bit of copper. Copper is a bad investment. It's another fire extinguisher. Just assume the money you spend on copper is lost (just like every consumer electronic device you have, and 80% of your steam games). However, poor people already know the value of copper, so some 5 oz copper rounds would still work as a method of exchange among poor people in the same way several large packs cigarettes would. Poor people also know the value of aluminum cans. It's why hobos gather up beer cans after college kids binge drink on Friday & Saturday night.