Why debt free? In a collapse situation...least of my worries is a debt collector on a unsecured loan, like credit cards....
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It all depends what you are prepping for - if it is only for a collapse then having a bunch of debt is not a big deal. But if your house gets taken out by a tornado or flood, it is easier to recover without a bunch of debt collectors hounding you for money. Insurance does not cover everything. In some cases, it covers nothing.
for about a year now, i have been stock piling food, beer, water, my gun collection and accessories is impeccable but guns are useless without ammo so i have been pilling a lot of ammo lately.
I’m reading a lot of chatter, both from the usual doom-porn peddlers, and more worryingly from mainstream corporate sources, that the economic outlook for the U.S. is grim. Most are saying we’ll see a recession by the end of 2020 (hey! That’s when the election happens! I’m sure that’s a coincidence).
It’s making me take a look at my supplies, but more so, taking a look at my savings. I think we should try to be in a position to be able to ride out 12 months with $0 income. But along with that: one of my concerns is a Bail-IN of the banks. Instead of taxpayer money, they’d just use deposits. Is that a real concern? Could they/ Would they actually steal people’s savings accounts? I don’t want the equivalent of annual salary sitting in my safe at home, but damn sure thinking about it.
If the bank is stealing your money like that then I think it's safe to say all bets are off and you won't need to be paying your mortgage.
https://www.thenationalherald.com/20...-bank-bail-in/
So, as of now, AFAIK, it’s only been done once. But the thought of it is enough to make one question their trust in banks. And I am concerned that the next “recession” is going to be far worse than 2008/2009. There’s not much anyone can do besides QE/ fire up them printing presses.Quote:
“He said, “As you know, the Cypriot ‘bail-in’ of 2013 was a historic measure that wiped out life-savings, college funds, and pensions of thousands of Greek middle-class people. It has found no parallel in other rescue programs in other countries anywhere, especially the part where depositors lost all or half their money.”
Actually I believe Brazil did something similar in 2000. Savings deposits were confiscated except for a token balance like $100 worth. I talked with a friend in Brazil about it and he said many small businesses and retirees were wiped out. There had been a lot of economic turmoil leading up to that and so many people moved holdings to bank savings accounts thinking that even losing some to inflation it was the safest place. NOT.
Here in the US a few years ago there was serious discussion of nationalizing 401K funds so the govt could spend all that and replace with IOUs (Treasuries).
Going to the range! Need to work out some kinks in handgunning, so I'm going back to the Ruger Mk.III today.
I see your ComDems comment, and raise you some RINOs:
https://www.forbes.com/sites/chuckjo.../#4d4931817693
They’re all paving the way to a gargantuan reset. Good news is: we can probably coast for a while with a MASSIVE debt-to-GDP ratio imbalance, look at Japan.