My wife and I have seen some very hard times. We both survived hyper inflation during the military governments in Latin America during the 1970s. I also survived some very rough US recessions where interest rates went above 20% and unemployment went above 11%.
Elena and I also survived the default in Argentina in late 2001 when the peso crashed from 1 peso = $1.00 US to 3.15 pesos = $1.00 US. In this case, Elena's condominium crashed from $56,000 US to $16,000 US. (It has since recovered.)
There are two important principles as follows:
1) Either be debt free or owe a lot of money.
2) Cash will be king. In this case the question is whether the cash will be US dollars or Euros.
If you owe a lot and still have credit lines left, pull them all down before the crash. You can either hold dollars, Euros or gold. When the bottom falls out you will be able to survive even if unemployed. Buy 6 months of food and sit on it. Do not worry about your house. Obama or Hillary will do the same thing that Franklin Roosevelt did in 1933. They will freeze all foreclosures and collection actions for several years.
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