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Perilous Economic Dates Ahead?

Perilous Economic Dates Ahead?

While I have never been a big believer in definitive economic prognostication, (we have owned a precious metals firm for over a decade and have watched “analysts” price predict the gold and silver spot prices – they are consistently wrong), I believe it is safe to say that there is a severe global economic crisis coming.

We have been a part of a preparedness minded community for a long time, after all we live in Florida.  We are also keenly aware of global economic news (none of which can be found on CNN or major US news outlets.)  Economic preparedness has unfolded as a result.

Is anyone paying any attention to the economic events across the EU?  Brexit made headlines and some paid atttention, although few understand the long term ramifications.  How many of your friends that you recently had dinner with are aware that both Deutsche Bank and Monte Paschi, the primary banks in Germany and Italy are on the brink of collapse?  Why should your friends be talking about Deutsche Bank at dinner?  Well, for starters, Deutsche is the second largest bank in Europe with a crumbling stock price and a $70 trilllion derivatives position.   What happens if a European bank that size fails?  The global banking system is tightly intertwined, and the collapse of any major bank would affect banks all over the world.

It would make the Lehman Brothers’ collapse look like child’s play.

It is astounding how many Americans still believe that the U.S. is somehow insulated from the tumultuous economic challenges that Europe is not hurdling, but crashing in to head on.  I am not looking forward to the day when U.S. banks begin charging their depositors negative interest rates like the Bank of Ireland and the Royal Bank of Scotland are already doing to their customers.  That would be a best case scenario in what might come to be.

Enough about the European sovereign debt crisis and their troubled economy.  Let’s look at just the next 2 months and what might be ahead.

More specifically, there are a few upcoming dates and events worth noting that could add to the already rocking economic boat.  By “worth noting” I mean that there is a chance these events and dates will potentially have some significant economic effect on both our country and others around the globe.

Here is the list of potential looming catalysts:

  1. September 24th – Obama’s decision to sign or veto JASTA, the Justice for Sponsors of Terrorism Act
  2. September 26th – The first Trump/Clinton debate
  3. September 27th – Algiers Oil producer meeting
  4. September 30th – End of U.S. fiscal year – what is to be expected for a fiscal 2017 budget?
  5. October 1st – SDR currency basket begins inclusion of the Chinese Yuan – will increased gold reserves coincide with this event in China?
  6. October 2nd – End of the biblical “Jubilee Year”
  7. October 7th – September Non-Farm Payroll Report – in August there were 151,000 jobs vs. the predicted 180,000
  8. October 8th – Deadline for Italian Parliament to set the date for this Fall’s Constitutional Reform Referendum
  9. Ongoing – EU issues, not limited to Deutsche Bank, Monte Paschi, and Greek “bailout” discussions

What should one do to prepare as we face these dates and events in the next few weeks?

  1.  Spiritually – This trumps all.  Make sure you are sure of your salvation and pray for our country, our leaders and those around the globe.
  2. Practically – If you are reading this, you should know the drill; water, food, ammo/firearms, fire supplies, seeds,  etc. to start with – in that order.  Your preparedness community’s skills and supplies should all be aligned.
  3. Financially – Reduce your cash exposure in the banking system.  But have cash.  There will be a time when current overvalued assets become significantly undervalued (think real estate) – you want to be in a buying position.  Precious metals, in your possession, silver first, then gold.  Also have high value barter items on hand – my Eastern European friends that have been through war torn years would tell you that Bic lighters were their #1 barter item.  They were as good as gold and silver in the intial months.

Predicted date?  I won’t give one.  Need to be prepared?   Absolutely.

 

 


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