by Capt. James M. Hoover, CACM (Ret), ©2024
(Sep. 7, 2024) — There are many early signs of a forthcoming market crash these days. When Warren Buffett makes a move in the market, we common folks should sit up and take notice. He is reported to have sold Bank of America and other risk stocks and put them into liquid assets (cash) and a few other commodities.
Goldman Sachs, the internationally renowned investment firm, has warned its clientele not to invest in the stock market. Other sources are doing the same in a slow and quiet manner. Concerns over government overspending, national debt, USA budget deficit, spiraling inflation challenges, and more people scrimping to make ends meet are real and should be hitting us “in the eye with a big pizza pie.” Doesn’t seem to be, but Boy Scouting taught me to be prepared.
So, what should an average person do? Many of us are thinking the same thing but have no idea of what to do or where to go. Panic is starting to emerge nationwide. The time is now to consider the following.
Move your boodle, or investments, to CDs, which have guaranteed income, or better yet, an annuity with a strong insurance company. Silver and gold should be part of your plan. Banks go belly-up very easily, as in 1929 for example. Yes, CDs are FDIC-insured, but the FDIC is underfunded and it would take months before recovery is complete. But an insurance company has never gone belly-up. Many banks have more liabilities than assets. That’s why they go belly-up. They can’t cover their losses. A prophetic religious song states, “A pound of gold will buy a loaf of bread.” We don’t want to be in this spot.
Protect your family with shelter, food, and water. Shelter means to pay your mortgage on time as a very high financial priority. If you have an alternate dwelling, more power to you. Stock it wisely. Food will be an additional priority as will be water. Many companies sell 25-year preserved food boxes which are sealed and can be stored efficiently. As for water, have some of those five-gallon bottles and a dispenser which can be purchased most places and you can fill up empty gallon water jugs and it won’t go bad. Save some for washing yourself. It could also come down to trading resources with others.
As for power, you can ask anyone in a third-world nation what it is like to go without electricity for a prolonged period. Misery! Water distribution is most difficult without energy from the pumping facility to homes. Some good news: toilets flush without the use of power! There are a number of good generators of various sizes on the market today to save your refrigerated foods and allow limited cooking ability on ovens and microwaves. Fuel for generators should be stored in safe containers. Not a bad idea to have more than a lawn mower can of gas available. Always store on the ground in a cool area. Read other safety precautions.
Another good idea is to have a wind-up radio on hand for communications with emergency broadcasts, a packed suitcase, and your vehicle fully charged or with fuel and extra cans of oil.
For more information, there are several good websites interested parties may go to. A pretty inclusive book I found is “How to Survive the End of the World as We Know It.” Printed in October 2009, it still has many good tips.
Remember, the great General Colin Powell once stated, “There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” In our near future, failure may not be an option.