So you have to cash in your chips at some point and hunker down. Movable real assets and immovable real assets. Also rich soil and well rotted horse shit, like Josef says! It’s all valuable stuff. For me personally, if there is a war, I have beehives and enough sugar to make over a litre of spirits a week for 5 years. That must surely barter me something!
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Josef. I think I agree and disagree at the same time.
The current system/paradigm is broken and unfixable. Like the escalating debt etc.
But, if we look at Greeks and Italians. Their empire collapsed centuries ago but they’re still there and they’re fairly happy. They have the sun and bums and olives and life is good. On a personal level, people can be ok. Unless they view hardship as having to use pegs and a clothesline (as per another thread) or not being able to blow 30kwh per day to use HVAC to keep the temperature of their uninsulated clapboard house in the desert within 1 degree of whatever is the ideal temp for a 600lb land whale.
I think the entitled (and unproductive) might be hard hit. But maybe some of us can buy the local hotel with our gold stash and not be total HVAC-dependent-fatasses- and be fairly ok. I don’t know.
But like when Chris says that a 36% cut in oil would take us back to 2011. Well, I think more people were happier in 2011 than they are now. So what of it? Hardly a catastrophe. Maybe it messes up the banking system but that’s a load of fakery and you have some protection from that if you have physical stuff. So let’s get the defaulting done, I say. He who defaults first defaults best - and starts the rebuild…
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I wish I was the pony poop thought leader, but the idea was shared with me way back in 2008 via internet videos of an eccentric man in Altadena, California: Zeke the Shiek.
Several acquaintances bought truck loads of his “good stuff” for various projects until he passed away in 2019. The pony poop game seems like a good thing to try on vacant urban boundary land, especially adjacent any future domestic gardening efforts and local equestrian facilities.
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Here’s yet another freaking thing to worry about. This is a long article but here are the pertinent points.
The insurance industry is essentially insolvent. If you own a whole life policy or an annuity that is paid by an insurance company, you are in trouble. In the event of crisis the entire insurance industry goes belly up. If you hold equity (stocks) in insurance companies they will likely be worthless as well.
I’d like to see @cmartenson and Paul Kiker discuss this in a future Financial U episode.
https://x.com/nicknemo17/status/2040906301098881474?s=61&t=Mwt6vB5qMDygkHDLxH9PhQ
The article scared the poop out of Dave Collum.
https://x.com/davidbcollum/status/2083761238824120601?s=61&t=Mwt6vB5qMDygkHDLxH9PhQ
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I just read a paper that outlined the 1961-1968 London Gold Pool arrangements between six or seven central banks that involved lying to the world about foreign reserves, gold on hand, etc.
That scenario reminds me of what I read in this essay - invoiable Vermont asset claims to maintain fake backing for reinsurance schemes.
These financial types - they do not provide any service or good worth what they declare they are owed by the economy of real goods and services. Of course their ledgers are cooked. Of course they use special secret silly rules to duck and weave requirements that prevent competition and justify more fake claims of wealth.
Systems like this do eat away at productive work fairly quickly. What on earth are these liars falsely insuring? Really, when they work side by side with money printers, to call their fake assets a hidden bubble is almost a bit naive. All these losers have is bubbles and lies to justify their world shaking concentration of wealth - though they never wield a baton, or a rifle, or plow a field, or deliver a baby, or mine or refine anything.
They need a legal system backed by real wealth, and they need that system to protect their fake and contrived claims on assets. Barring that, they burn everyone else in their society to ashes. Since they claim we are a global society now, that means the whole world has to go up in flames to save their worthless behinds.
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