Assuming we cripple the fed and end up on a gold standard again, how do you view the transition occurring?
Mu h discussion about ending debt, taxes.....etc, but how does joe bob with a mortgage, car payment and credit card with a few grand under his pillow make out and square up?
According to one site I found, those of us who are retirees are about 17% of the population of the US. Many of us have small or no pensions and, along with many of those who do have pensions, depend on savings to get by. Most have already paid off their mortgages and have little or no debt. Any way I look at the kind of financial disasters being predicted on here every day, we would face a catastrophe beyond description. And stop with the buy precious metals. We can't spend the savings we live on on gobs of silver and gold.
Bottom line - those of you younger ones figuring out how to survive this should probably be adding in how to make sure your parents and grandparents don't starve and lose their homes because they can't afford taxes. Remember Scarlett O'Hara making a dress out of draperies to go finagle money out of Rhett Butler to pay taxes and save their home? Did you know Margaret Mitchell based that book on family members' real experiences during the Civil War and Reconstruction?
Fortunately I fit the control group you described. I do wonder what debt and assets become in the reset. My plan has been to be hea y on important tangible items.
Same here.
I got myself out of revolving debt. I only owe on my home and car. I pay off my incidentals charges every month.
Invested majority of savings on PM and hard assets.