Surviving the crash

Longwalkhome · Feb 12, 2023

In preparation for the crash I am having a lot of work done on the house and grounds. With inflation already too high I decided better to spend some money than lose its value.

25 years ago I roofed the house and it took putting on a plywood solid deck, double underlayment and a top cap. It cost $5k. New roof this week is underlayment and top cap for $11k and there is now only five colors to choose from.

Point being inflation is still going up.

Longwalkhome · Feb 16, 2023

Just reading the forecast for the national debt is $50 trillion 10 years from now. What's the dollar going to be worth by then?

Jbsheepdog · Feb 16, 2023

Longwalkhome said:
Just reading the forecast for the national debt is $50 trillion 10 years from now. What's the dollar going to be worth by then?

What is it worth now?

Longwalkhome · Feb 16, 2023

Jbsheepdog said:
What is it worth now?

Looks like inflation is killing it by 6%+ now. Folks are maxing out their cards too.

Troubling signs emerge as credit card debt hits record high

freerepublic.com

Jbsheepdog · Feb 16, 2023

Longwalkhome said:
Looks like inflation is killing it by 6%+ now. Folks are maxing out their cards too.

Troubling signs emerge as credit card debt hits record high

freerepublic.com

Good reason to not have credit cards

Certaindeaf · Feb 16, 2023

ATCclears said:
I concur with @Burt Gummer about the growing use of the PetroYuan and hence the growing risk to the PetroDollar.

There has been a boiling the frog happening for the last 30 years, and it may be accelerating. Check out the charts from this article and the fundamental change from 1990 to 2020.

I expect we'll see a major war with China over it. When the world doesn't need the PetroDollar it will become challenging for the USA to find buyers for it's debt. The people will scream, the politicians will be out of options, and *poof* we'll be into it.

A change of the informal, reserve currency has happened before and it will happen again. See second link.

https://www.visualcapitalist.com/cp/biggest-trade-partner-of-each-country-1960-2020/

World Reserve Currencies Since 1450

Former world reserve currencies lost their status due to money printing and an overload of debt. The US dollar is on a similar path.

www.midasgoldgroup.com

It's like a PedroDollar but oilier.

The Heretic · Feb 16, 2023

Jbsheepdog said:
Good reason to not have credit cards

credit cards are fine, even quite useful, as long as you pay them off monthly.

sobo · Feb 16, 2023

The Heretic said:
credit cards are fine, even quite useful, as long as you pay them off monthly.

But about half of Americans can't do that. The most recent stats (2022) say that 46% of Americans carry a balance from month to month. Poor suckers...

More People Are Carrying Credit Card Debt, And It Costs More Than Ever | Bankrate

Borrowing money via a credit card has never been more expensive. Here’s how to get your cards working for you, rather than the other way around.

www.bankrate.com

The Heretic · Feb 16, 2023

sobo said:
But about half of Americans can't do that. The most recent stats (2022) say that 46% of Americans carry a balance from month to month. Poor suckers...

More People Are Carrying Credit Card Debt, And It Costs More Than Ever | Bankrate

Borrowing money via a credit card has never been more expensive. Here’s how to get your cards working for you, rather than the other way around.

www.bankrate.com

BTDT - but I brought it on myself

Longwalkhome · Feb 16, 2023

In normal times the government creates a recession about every ten years. It's good to stay out of debt so you don't lose everything. Now days is different, inflation is a killer of the middle class but add in they shut us down for 2 years so it's going to drag the crash out.

Try to stay out of debt, stay healthy and purchase wisely.

Longwalkhome · Feb 18, 2023

Shot Through The Heart! US Bankrupties Had Worst Start To 2023 Since 2010 (US Credit Card Delinquencies Growing At Fastest Rate Since 2010 Too)

The US economy, despite the tight labor market, has been shot through the heart by Biden’s economic policies. The Biden Administration (aka, Obama’s third term as President) is giving g…

confoundedinterest.net

It looks like the booming economy they say is happening is booming from money people didn't have. When they run out of credit cards the crash goes full tilt.

The Heretic · Feb 19, 2023

sobo said:
But about half of Americans can't do that. The most recent stats (2022) say that 46% of Americans carry a balance from month to month. Poor suckers...

More People Are Carrying Credit Card Debt, And It Costs More Than Ever | Bankrate

Borrowing money via a credit card has never been more expensive. Here’s how to get your cards working for you, rather than the other way around.

www.bankrate.com

Call Center Employee Shares Most Ridiculous Things Credit Card Holders Say

Sometimes people make a fool of themselves wherever they go. It's like they are an embarrassment magnet. They always end up becoming the butt of the joke and it is never intentional. It's not like these people are trying to pull a publicity stunt or something, they're simply a case of profound...

defused.com

ATCclears · Feb 20, 2023

PetroDollar versus PetroYuan

How China Became Saudi Arabia’s Largest Trading Partner

This graphic charts Saudi Arabia’s trading history with the EU, the U.S., and it's new largest trading partner — China.

www.visualcapitalist.com

Longwalkhome · Feb 20, 2023

ATCclears said:
PetroDollar versus PetroYuan

How China Became Saudi Arabia’s Largest Trading Partner

This graphic charts Saudi Arabia’s trading history with the EU, the U.S., and it's new largest trading partner — China.

www.visualcapitalist.com

I just can't see how the CCP pulls off being the world currency when they are $51 trillion in debt and their economy suffering from the world shutdown over covid.

It's going to take convincing the world that our dollar is bad but in reality the US is hated so much the world may want the CCP currency.

ATCclears · Feb 20, 2023

@Longwalkhome I've posted this one before. Note the change from 1990 to 2020. They've been boiling the frog for a while now.

Visualizing Countries Grouped by Their Largest Trading Partner (1960-2020)

International trade has evolved drastically over the years. While China dominates now, the landscape was much different a few decades ago.

www.visualcapitalist.com

Longwalkhome · Feb 20, 2023

ATCclears said:
@Longwalkhome I've posted this one before. Note the change from 1990 to 2020. They've been boiling the frog for a while now.

Visualizing Countries Grouped by Their Largest Trading Partner (1960-2020)

International trade has evolved drastically over the years. While China dominates now, the landscape was much different a few decades ago.

www.visualcapitalist.com

I believe the CCP is $51 trillion in debt from building a huge military and infrastructure for their country. We depend so much on trade with China that it wouldn't surprise me if the trillions we have spent have bought some of China's debt so they don't collapse.

We spent $32 trillion and have zilch to show for it so you have to wonder where it went.

When the big crash hits it will change all trade in the world. My out preps for bad times is buy what you need now.

I even bought a second new coffee pot, it's dangerous to live without my coffee.

ATCclears · Feb 22, 2023

Consumer Price Inflation, by Type of Good or Service (2000-2022)

This century has seen divergent price movement. Many consumer goods are cheaper, while critical categories like health and education have skyrocketed.

www.visualcapitalist.com

The Heretic · Feb 22, 2023

ATCclears said:
Consumer Price Inflation, by Type of Good or Service (2000-2022)

This century has seen divergent price movement. Many consumer goods are cheaper, while critical categories like health and education have skyrocketed.

www.visualcapitalist.com

For the first time in 10 years I get a "raise" each year tied to inflation; I am on Social Security.