Poor Man Survival
Self Reliance tools for
independent minded people…
A Digest of Urban
In all my years of writing, I have never seen more economic
pessimism than I am seeing right now. Over the past couple of months
there has been a monumental shift in public sentiment, and now just about everyone
realizes that we are heading into very troubled economic times.
Of course there were still a few economic optimists that were
searching for a ray of hope, but the Federal Reserve left no room for optimism
when it announced the largest interest rate hike in 28 years on Wednesday.
When the Fed aggressively raised rates in the early 1980s, it resulted in one
of the most painful recessions in American history. Unfortunately, many
believe that what is ahead of us is going to be even worse.
For example, legendary Wall Street investor Michael Novogratz is
openly warning that “the economy is going to collapse”…
“The economy is going to collapse,” he told MarketWatch. “We are
going to go into a really fast recession, and you can see that in lots of
ways,” he added.
“Housing is starting to roll over,” he said. “Inventories have
exploded. There are layoffs in multiple industries, and the Fed is stuck [with
a position of having to] hike [interest rates] until inflation rolls over.”
Novogratz is correct, but I think that it would be more accurate
to say that “the economy is already starting to collapse”. The following
are 18 signs that the economic meltdown we have been waiting for has already
#1 Stock prices have been plummeting in recent weeks, and that
has resulted in almost 3 trillion dollars being erased from retirement accounts
in the United States…
The U.S. stock market rout that has put U.S. equities in a bear
market isn’t just reducing the net worth of billionaires like Elon Musk and
Jeff Bezos. It’s also taking a toll on Americans’ retirement savings, wiping
out trillions of dollars in value.
The selloff has erased nearly $3 trillion from U.S. retirement
accounts, according to Alicia Munnell, director of the Center for Retirement
Research at Boston College. By her calculations, 401(k) plan participants have
lost about $1.4 trillion from their accounts since the end of 2021. People with
IRAs — most of which are 401(k) rollovers — have lost $2 trillion this year.
#2 The Dow Jones Industrial Average fell beneath the
psychologically important 30,000 barrier for the first time in more than a year on Thursday. If it cannot return to that level within
the next few trading sessions, a lot of investors are really going to start to
#3 The Dow is now down 19 percent from the all-time high.
#4 The S&P 500 is now down 24 percent from the all-time
#5 The Nasdaq is now down 34 percent from the all-time
high. Just think about that for a moment. A third of the value of
the Nasdaq has already been wiped out.
#6 Two-thirds of the value of all cryptocurrencies has already
been wiped out since the peak of the market. Last November, the total
value of all cryptocurrencies had soared past the three trillion dollar mark. As I write this
article, that number has fallen to less than a trillion.
#7 This week we witnessed the fastest rise in mortgage
rates since 1987. Needless to say, this is going to absolutely devastate the
Mortgage buyer Freddie Mac said Thursday that the average rate on
the 30-year loan this week rose to 5.78% from 5.23%, the latest in a series of
rapid increases and the biggest one-week jump since 1987. The rate is well
above the 2.93% recorded just one year ago and marks the steepest level since
#8 The largest percentage of sellers ever recorded reduced the list price on their
homes during the four week period ending June 12th.
#9 In some parts of the nation, home prices have already
fallen by as much as 20 percent.
#10 Compared to the same period a year ago, the total number of mortgage
applications was down 52.7 percent last week.
#11 We just learned that housing starts in the U.S. fell 14.4 percent in May.
#12 The number of permits for the construction of new homes was
down 7 percent in May.
#13 Wholesale prices continue to accelerate at a very alarming pace…
Wholesale prices rose at a brisk pace in May as inflation
pressures mounted on the U.S. economy, the Bureau of Labor Statistics reported
The producer price index, a measure of the prices paid to
producers of goods and services, rose 0.8% for the month and 10.8% over the
past year. The monthly rise was in line with Dow Jones estimates and a doubling
of the 0.4% pace in April.
#14 The Atlanta Fed’s GDPNow tracker is now projecting that
economic growth during the second quarter will be 0 percent.
#15 The Philadelphia Fed Business Index came in at a negative 3.3 reading for the month of June. This represents the
first contraction since the early days of the COVID pandemic.
#16 One recent survey discovered that small business owners
are “feeling their gloomiest in nearly five decades”.
#17 At this point, 59 percent of manufacturers in the United States believe that a
recession is coming.
#18 Bloomberg is projecting that the probability of a recession
during the next 24 months is 98.5 percent.
But this was not supposed to happen.
Last year, the talking heads on television assured us that a
golden new age of prosperity was just around the corner and that the stock
market could just keep going up indefinitely.
In fact, many of those talking heads were telling us things that
now look completely and utterly ridiculous in retrospect.
Our leaders thought that they could defy the laws of economics,
and for a while their “economic voodoo” seemed to be working.
But the truth is that every time they kicked the can down the road
they just made our long-term problems even worse.
Now we have reached a point where the immediate future looks
extremely bleak, and the outlook for our long-term future is
If we would have made much different decisions along the way, we
would not be facing such a horrifying crisis today.
Unfortunately, what is done is done, and now we get to reap the
consequences for the very foolish decisions that our leaders have been making.
Climate change and
global warming have transitioned from a vague threat people used to get us to
recycle our single-use plastics to a looming reality. Even if we stopped all
emissions right now, it would still take decades for existing impacts to
FIND OUT HOW TO TURN YOUR SHED INTO A COMPACT AND EFFICIENT GREENHOUSE!
FOOD PRICES WILL SKY ROCKET EVEN MORE IN
THE COMING YEAR…Biden is killing the Middle Class!
How to Catch and Cook Mice
Many of us have enjoyed the taste of wild game, from venison to
rabbit and even squirrel. It’s a good bet that few of us have spent any time
pondering mice or rats for dinner. That’s no surprise, but in many countries
and cultures, mice and rats are a regular part of the menu.
A lot has to do with the culture and conditions in a society. In
many parts of Asia and Africa, eating mice and rats is both accepted and
routine. For many people in those areas, mice and rats are part of their
regular cuisine, so there’s no hesitation when they show up at a meal.
There are also numerous examples of societies in turmoil due to
civil war, drought, or economic collapse resulting in desperate efforts to find
the most basic nutrition. In that regard, mice and rats define that basic
nutrition, particularly as a source of protein...
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