The Great Depression is Back
The future economic health is not looking so bright this day with many people out of jobs and those with employment have not seen a raise in pay to match with the influx of rising prices. Home prices are depressed and household debt loads remain high.
The Fed chairman said long-term deficit reduction , is necessary. But he emphasized that future economic health could be jeopardized if hiring and growth are not strengthened now. "Fiscal policymakers should not ... disregard the fragility of the current economic recovery," he said.
Is another recession near? It seems pretty clear with consumer spending at an all time low, a battle over raising the debt ceiling, add that to Europe's debt crisis, which has spooked the stock markets and unnerved consumers how could we not have long-term consequences, we are spinning out of control.
The Panic of 1907 was the last and most severe of the bank panics that plagued the National Banking Era of the United States. Severe panics also happened in 1873, 1884, 1890, and 1893, although numerous other smaller financial crises cropped up from time to time. Bank panics were characterized by the widespread appearance of bank runs, attempts by depositors to simultaneously withdraw their deposits from the banking system. Because banks did not (and still do not) keep a 100% reserve against deposits, it paid to be near the front of the line of depositors demanding their money when a panic blew up. Does anyone see a pattern here? Our nation's debt is at an all time high, inflation keeps rising, and people are jobless and broke, when should we start to panic?
Americans need to wake up and realize that some day their Social Security checks might not show up in the mail and government services could shut down. With the economy not able to rebound, the stock market showing drastic fluctuations, and employment at a stand still; the depression is here. We need to get back to basics, we need to start becoming self reliant!
Self-reliance means many different things to a lot of people but to have as many skills as possible definitely is a great start. Getting a good education will expose you to many job possibilities and will help set you apart when looking for a job.
Self reliance can be a simple as making a little extra money and putting it aside for a rainy day. Creating a small food storage pantry where it income becomes tight you have some extra caned goods to pull from; a garden would also help to cut down on grocery bills. You don't have to go to extremes to become self reliant, start out small and let your supplies grow as you are able.
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