Great Depression II
In the 20s and 30s W.W.I was simple the World War. Maybe we'll start referring to 1929-1932 as G.D.I because it was simply the first of it's kind.
I don't want to be a doomsday nutcase, but I am deeply scared about the world we live in. I'm not scared of life ending - I'm scared about catastrophic economic collapse. Something that can shake the world more than a 10.0 earthquake, a worldwide wipe out of retirement savings, financial institutions, and debt/credit.
Grandpa Bouchard, my mom's dad, was nearly vibrating a few months back because he was so excited about the massive collapses he predicted would be coming in the near future. He was never specific, but he felt like many banks would fail and we might just see times not-so-different than those during the Great Depression. He was envious that I was young enough to experience it, learn from it, and make it out on the other side someday. I guess it is possible that much of what is remaining of his retirement savings could get wiped out. I certainly hope not because if that turns out to be the case then the Average Joe will be in a much worse predicament.
I was reading
a few articles
and they didn't scare me - but that's because I already scared myself by wildly speculating what could happen.
So many of the banks out there are interconnected such that the rapid failing of a few could bring down the whole lot of them. The Fed pretty much had
to bailout AIG a few days ago. If they didn't I think things could have quickly become exponentially worse.
It's no wonder my favorite
) has spiked (along with gold, oil, etc) - these things are considered "safe
" thus many are buying them up because they don't know exactly what stock will lose them their life savings next. At least gold and silver have a REAL value to fall back on...
Labels: doomsday, economy, money, recession, retirement, silver, stock market