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How To Profit With The Decline of The US Dollar
The stock market is a roller coaster ride, the credit markets are in a free-fall, with housing and construction costs soaring while their markets plummet. Not a very rosy picture, especially for the U.S. investor. Oh, and did I mention the dollar is at an all-time low? Whew, what else can happen? Well alot quite frankly. The federal government isn't doing much to help things with it's fiscal policy and out of control spending. There are many problems and theories on how we got ourselves in such bad shape, but all of that is for another post and another time. What you want to know is if there were another recession, which many believe we are already in, or worse we begin to see the effects of a depression, ala 1930's, then what can you do to protect yourself? If you look at history you'll see that the depression of the 1930's was brought upon by a financial crisis of the banking and financial system, much like it is today. Depositors made a run on their banks trying to withdraw their cash and the panic forced closure of many banks. The difference of then and now is one thing - the gold standard. Before 1973, our country was on the gold standard, a system that forced the federal reserve to account for the amount of currency it could print. In other words they couldn't print more money then there was gold sitting in the vault. The paper currency was actually gold/silver certificates that represented said gold or silver in the vault. The bottom line is this, Gold and Silver then and now is REAL Money. The paper currency known as dollars are worthless. Here is the game plan to survive a financial crisis or depression in this country. 1. If you are a homeowner and if it is at all possible, pay off your mortgage as soon as you can. You've got to have a place to live regardless of whether you have a job and if a financial crisis does hit ask yourself, will your company or job survive? 2. Most of us, if not all have some form of retirement. IRA's 401k's, Self-employment retirement plans, Annuities. These funds are all in U.S. currencies. Imagine you've got 70% of your net worth tied up in a 401k and a depression hits. What will you have left? If the dollar becomes worthless, so does your retirement fund. By then it's every man for themselves. Start supplementing some of that retirement money into gold and silver bullion. How much? Depending on your age and objective, anywhere between 10%-30%. Physical possession of the bullion is best.
What type of bullion? Answer: Gold or Silver American Eagle Coins, and Canadian Maple Leafs are all you need. If you don't have a lump sum to invest this is a great way to dollar cost average the purchase of gold/silver bullion. 3. If you are addicted to credit cards, now is the time to go cold turkey. Pay off those pieces of plastic and then shred them. Pay cash for everything. If you don't have the cash, then you probably don't need the item. It sounds cruel but start conditioning your mind to think like your grandparents used to think back in the Great Depression and during World War II. If you can get into that frame of mind, you'll soon discover that it's not that hard and in some ways it's kinda fun. Too you might discover what in the world were you doing all these years with a credit card anyway. 4. Once you've got all your financial ducks in a row, start thinking about your new lifestyle the same way a company does. Create a balance sheet and keep track of your progress. At this point you should be debt free, a few dollars in the bank, a stash of gold and silver, and maybe a retirement account somewhere. If and when a real financial crisis does hit the U.S. economy, you'll yawn and be glad you prepared yourself. Hell, you might even pour yourself another cup of coffee. |
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