There’s been reams of verbiage spewed, by myself and others, over the enormity of the economic issues that surround us. What is refreshing is the tact taken by youtbe user Paladex and how simple and straight-forward he presents the top-level issues for the layman.
If you’re coming here you already know what I think about all of this. Laying that aside for the moment I think this is a great time to review the basics of the problem. It’s easy to get lost in all the day-to-day minutia of what’s going on; the price action in gold, oil and the grains, the ins and outs of Fraudclosure, Greece, etc. Jesse Livermore is famous for saying, “Be right and sit tight.” For those that both are just beginning to grok what’s happening and are hardened, jaded veterans that advice resonates and should help shape your response.
I can’t tell you what to do to prepare, but doing nothing and hoping it all blows over is not a rational response. It’s a limbic one brought on by fear. Fear-based actions are the ultimate in what Mises called high-time preference, action to satisfy present desires over future ones. Given what the video outlines, it seems irrational to not to hedge your bets even a little bit.
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