by phaster » Mon 05 Jan 2009, 02:48:34
$this->bbcode_second_pass_quote('ki11ercane', '')$this->bbcode_second_pass_quote('rangerone314', 'W')hen it becomes apparent that it is about to hit the fan with peak oil economically, what should one do financially?
I am personally planning 2009 as a year when I stockpile ETFs in Oil, like ticker USO.
I figure when TSHTF I need to sell all ETFs and stocks take profits as get cash, but then I should use the cash to buy something tangible.
Should it be gold, silver, what?
My first round of questions on this topic for you would be:
1. How old are you?
2. Whose currency are you referring to?
3. Do you have any kids?
If you answered:
1. Between 18 and 110 years old.
2. Any currency that is currently not hyper inflated at this moment in time. (Zimbabwe for example)
3. I have none and I have no intention ever to have them thereby ending my bloodline and family tree.
Then for you and for your non-existent kin, this question is moot. You will not see in your lifetime your currency becoming devalued to a point where you have to solely rely on the trade of food, silver, gold, bullets, your hot body, or <insert whatever you want here> in replacement of a paper currency. Your kids may see it in their lifetime around their eighties assuming they are under 3 years old right now. Your grand kids will most likely see it in their fifties if your kids are in their mid 20's just having their first kids right now. If my daughter has a kid at 25 by the time that kid was 50 I will be 107 years old. I may see this phenom for about 20 minutes before I kick off this mortal coil.
If you answered:
1. I am not born yet, and I intend to come into existence within 75-100 years from today, and I am posting from wherever babies come from before they are born.
2. My currency is already hyper inflated. (ie. you live in Zimbabwe)
3. I have kids planned for 2086. Gotta get the nursery in order before the 22nd century.
Then yes, you need to plan to have a replacement for your extinct paper dollars. You should be planning now to store silver, gold, bullets, food, or <insert whatever you want here> to use for barter.
Sorry for sounding sarcastic, but the possibility that anyone here other than our large Zimbabwean posters here on PO regardless of their age thinking they or their kids or POSSIBLY your grand kids will see this happening is beyond remote. We have clearly seen our governments and pretty much any other government in the world will prop up their economy through currency production and iffy accounting to keep the status quo. You have nothing to worry about.
What people should be doing is preparing wealth (money, land, house, investments, silver, gold, food, preps, bullets, etc.) for their kids for their kids NOW. You should also be preparing a "way of life" and an "education" for your kids etc. to replicate if they need it if this happens. Then when you take the Big Sleep you can rest assured you did your best to prepare the generations ahead you for the currency collapse you're referring to.
Bottom line, unless you're in a country like Zimbabwe right now, this is not going to happen to you in your lifetime.
I'm glad ya had the common sense to approach the problem by looking at the big picture. Even though we are going thru an economic rough spot, live here in the UAS and the developed world is much better than it is in third world slums.
As far as a medium of exchange after currency is worthless, I'd say it would be knowledge! Think about it for a moment, all the guns and gold are not going to save your ass in jam if suddenly they are gone.
In my book there is no better investment that a sharp mind and a fit body, once ya have that its possible improvise the rest no matter if thats on wall street, main street, in a physics lab, or suddenly stuck somewhere out in the bush.