The down fall of the US economy (and thus the rest of the World’s) is being billed as the worst since the Great Depression. Some believe this may be the downfall of western civilization.
So now talks are of the US Government bailing more financial institutions out to tune of $1000 Billion or for the math-inclined-but-don’t-really-care-about-economics crowd, $1 Trillion dollars. Or enough to keep the wars going for another year or so.
The bad news is that the US Government may not be able to make a real difference. With estimates of the total amount of debt in the $6 Trillion dollar range how much can the Government really afford to take on before it squeezes ALL Americans to the breaking point? The average American already feels squeezed by food and gas prices. Of course they can continue to shop at Walmart as McCain gives tax breaks to the company to keep it in business.
My biggest surprise about this whole thing is that it’s not been worse for those of us who are in the Middle class. Unemployment rate has been going up, but pretty slowly. I’m not sure this is indicates that the non-Financial industries are stable though. Rather I believe the people being affected the most are the poor, and are already unemployed. These are the people who are defaulting on loans and causing the chain reaction back the other way.
But, I still would recommend looking into living off the grid if you own a house, prepare to take care of yourself in emergencies, start a garden and get out of debt as fast as you can.
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