As the economic warning signs continue to flash bright red, many experts are warning that hyperinflation, and with it food shortages, are headed to the United States. How could this possibly be in the world’s richest country, and what should we do about preparing for it?
Well, the first thing to do is take a cold, hard look at reality and admit that America is bankrupt, so it is only a matter of time before we have to just keep printing money to pay our nation’s bills.
The second thing to do is take a look at what has happened to every other country that has gotten themselves this far into debt. They have all experienced economic collapse and with it, hyperinflation.
Hyperinflation is when 5% becomes the monthly or weekly inflation rate instead of the annual inflation rate. When that happens, the only ones who will get by without losing everything are those who have taken a few precautions.
1) Store food in your pantry instead of cash in the bank. The food in your pantry now appreciates at about 10% each year, while the cash in a savings account gets less than 1%. Seems to be a no-brainer where you should have more of your money, especially considering the fact that you WILL eat the food.
2) Consider hard assets such as precious metals for long-term wealth preservation. When things go haywire and banks are closing and nobody can get a loan and food takes up 40% of your take home pay, the best asset that will hold its value is precious metal.
While an ounce of gold costs over $1600 per ounce, as of Christmas 2022, an ounce of silver is only about $30. This is well within reach of any blue collar worker who wants to be sure that all his money doesn’t evaporate in the stock market or in bank crashes.
When you have taken care of the basic essentials of life, like storing up several weeks’ worth of non-perishable food to keep you out of the bread lines, and have some precious metals that have always proven to hold their value, you will be able to breathe a little easier when you watch the situation deteriorate.
Since we know that we are headed for hyperinflation and/ or food shortages, or at least food that gets to be unaffordable for a time, the only question is whether or not we will take action or just “hope for the best.” However, we must remember the old adage that “hope is not a strategy.”
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