I was provoked by Tito’s recent post with a great cartoon on the economy. Like him I am greatly concerned about where the U.S. Dollar, our economy and country are headed. This post is related to an earlier post that Christopher Blosser and I co-posted on the Austrian School of Economics. Let me state from the beginning that I am neither an economist nor a certified financial planner. My opinions are worth the value of the cyber ink you are now viewing. It seems clear to me though that our economy is heading into a double-dip recession and possible depression, which is actually calling it what it is. I don’t see how the current policies and actions of the Treasury Department and Federal Reserve are helping the common man. The rate of interest for savings is so minimal now and for the foreseeable future that it can be compared to the sand under the ocean, not the raft-boat on top of the waves. Therefore what can we do to not lose and potentially grow our savings?
Many are recommending to invest in precious metals, i.e. owning the actual metal itself or purchasing into Exchange Traded Funds (ETFs), stocks or mutual funds. To be sure precious metals serve as a hedge during times of economic uncertainty and possible hyper-inflation. The future of nearly all commodities besides precious metals look bright as well. Another possible investment (equity) strategy would be to invest in the Asia market.
In these economic tough times I have personally benefited (and will hopefully continue to do so) by following the advice of the following folks via their posts/articles, videos, & books.
The National Inflation Association has produced some helpful videos on the economy in general and recommendations on specific precious metals dealers very worth checking out. Reading the following books might also be something you could consider doing when you have a free moment to gain a clearer view of the big picture on how economics and the economy in general works.
Judge what all these folks say, make your own determination on what you need to do, and then act prudently.