Since the last great recession of 2008, economic forecasters and preppers alike have warned of the bottom dropping out of the economy. The proverbial doom prediction of “it’s not if, but when” was used for years as a call to action to get ready for a much larger economic disaster. Well folks, it seems that history is repeating itself. This week, George Soros cautioned the public of an impending economic crisis.
Speaking at an economic forum in Sri Lanka’s capital, Colombo, he told an audience that China is struggling to find a new growth model and its currency devaluation is transferring problems to the rest of the world, according to media. He added that a return to rising interest rates was proving difficult for the developing world.
The current environment reminded him of the “crisis we had in 2008,”The Sunday Times in Sri Lanka reported on Thursday morning. “China has a major adjustment problem,” he added, according to Bloomberg. “I would say it amounts to a crisis.” WaterBrick - Emergency... Best Price: null Buy New $249.09 (as of 09:30 EST - Details)
The Reality is Stark and the Consequences are Clear
For years, Mac Slavo of SHTFPlan fervently warned his readers to stock up on physical assets and to prepare. His weekly economic posts proved of economic strife, but many believed he was all hype. It seems the day is finally here and we are looking at the possibility of this crisis being more unforgiving than its predecessor.
Mac states, “All you have to do is look around. The signs are everywhere. There is an industrial recession in China, lackluster holiday sales prove there is a consumer recession in the United States, real estate is stalled and is re-collapsing and stock markets around the world are set to buckle. If you’ve yet to prepare, the time is now because the whole thing is about to come unhinged.
Wise Company Survival ... Best Price: null Buy New $69.95 (as of 01:25 EST - Details) What is about to occur is mirroring what happened in 2008. In fact, given the many national and world events that has plagued us in the past, it seems that this looming crisis on the horizon is the perfect storm for disaster.
Mac goes on to warn us. What to expect is to expect the unexpected because uncertainty is the name of the game. We don’t know how far markets will crash, what will happen with the U.S. dollar or what will happen with geopolitical tensions; and our way of life could change literally overnight. In the last 15 years, we’ve seen what systemic breakdown does in countries like Greece, Cyprus, Venezuela and Argentina.
The lessons learned are clear – you better have supplies on hand. In Venezuela, for example, they couldn’t even get toilet paper or condoms. In Greece, people were lining up in droves to get expired food that grocery stores were throwing away, and perhaps just as significantly, access to lifesaving medicine was lost when Greek credit markets were locked up.
The reality is stark and the consequences are clear – there will be panic, confusion and violence. Are you ready for that?
If You’ve Yet to Prepare, the Time is Now
Unlike the recession of 2008, this economic beast will not be held off. There will be extensive amounts of wealth lost leading to drastic cutbacks by consumers. Moreover, you can expect massive job loss. In 2008 and 2009, the U.S. labor market lost 8.4 million jobs, or 6.1% of all payroll employment. This was the most dramatic employment contraction (by far) of any recession since the Great Depression (Source).
As well, you can anticipate food prices to increase even more than they have over the last few years. In fact, the price for food has drastically risen since the last recession; and according to this chart, prices are set to steadily increase with this next crisis.
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