The 2nd Great Depression
Many Baby Boomers have been financially devastated by outsourcing, early retirements, automation, cutbacks, skyrocketing healthcare premiums, inflation of everyday necessities, increasing property taxes, the Fed’s ZIRP and NIRP policies, and losses from high yield bond investments that went south.
Many well known, respected financial gurus with great track records and decades of real world investing experience are predicting even rougher times ahead, worse than the ‘Great Recession’ and more devastating than the ‘Great Depression’ of the 1930’s.
We don’t have to look far to see unmistakable signs that the economy is slowing dramatically. Reliable leading indicators like Freight Transportation Indexes are all flashing RED!
Orders for Class 8 trucks are down 59% from just a year ago. Thousands of expensive railway locomotives and hundreds of thousands of rail cars are in storage, parked on remote sidings. Thousands of train crews have been laid off.
Ocean shipping is experiencing one of its worst downturns ever, with Chinese and South Korean shipyards reporting orders down 94% from a year ago.
Extraction industries like oil, gas and mining are in the basement, and even agriculture is in the toilet. Caterpillar and John Deere have already shuttered plants and laid off tens of thousands of highly skilled workers.
While President Obama describes the economy as ‘Awesome’, the fact is things are bad and getting worse.
If you’re still relying on ‘Hope and Change’, or the Donald’s ‘Let’s Make America Great Again’ to get you to the promised land, you could be in for a world of hurt. It’s going to take more than the next sugar daddy or TV savior to pull this rabbit out of the hat.
We’re aboard the Titanic, it’s taking on a lot of water and we’re going to sink. It’s ‘every man for himself’.
The good news is, there are actions You can take now to help survive the coming turbulence.
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“Casey Research founder Doug Casey shares some frightening details on the coming “Greater Depression.” He says we could see the long-term economic decline become a true financial collapse…and the chances of it becoming obvious before the end of this calendar year are very high…” Read more…
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