Stockpiling food items, first aid supplies, and other survival equipment is a fantastic place to start preparing for a potential economic depression, given likely grocery store shortages. However, there are other important tasks to consider that don't revolve around stocking up on certain things.
The next Great Depression will start in 2030 and likely last through 2036. After this six-year period of economic decline, it will take roughly four years to fully climb up from that low point and get to where we were before the Great Depression began.
Tips for Younger Generations
Minimize your debt heading into 2030. Consider a 20-year fixed-rate mortgage, eschew credit cards and other debt-incurring payment vehicles when possible, and pay off your vehicle and other loans by 2030.
Every American should have at least a three-day supply of food and water stored in their home, with at least one gallon of water per person per day. If you have the space, experts recommend a week's supply of food and water. Choose foods that don't require refrigeration and are not high in salt.
Will there be a recession in 2023? Most economists still expect a recession in the second half of the year. They say the Fed's high interest rates eventually will be felt more profoundly by consumers and businesses.
Canned foods, jar foods, powdered foods, dry goods, and anything that was preserved and could be stored for long periods of time became essential during the Great Depression.
For many years, ITR Economics has been forecasting that a second Great Depression will occur in the 2030s. The road leading up to the Great Depression will be consequential in and of itself, with many opportunities and challenges.
To save money, families neglected medical and dental care. Many families sought to cope by planting gardens, canning food, buying used bread, and using cardboard and cotton for shoe soles. Despite a steep decline in food prices, many families did without milk or meat.
ITR Economics is forecasting that a macroeconomic recession will begin in late 2023 and persist throughout 2024. Business leaders recently had to lead their companies through the recession during the COVID-19 pandemic, and some were even in leadership positions back in 2008, during the Great Recession.
Cash, large-cap stocks and gold can be good investments during a recession. Stocks that tend to fluctuate with the economy and cryptocurrencies can be unstable during a recession.
Deposits Are Protected by the FDIC. This is overwhelmingly the main form of protection that consumers have in case their banks fail due to an economic downturn or other issue. The Federal Deposit Insurance Corporation (FDIC) is a semi-private organization that was created in the wake of the Great Depression.
Gold And Cash
Gold historically remains constant or only goes up in value during a depression. If the market is diving and you want to save your investment portfolio, investing in and safely storing gold or cash in a secure private vault is in your best interests.
In June, Commsec chief economist Craig James told Canstar that Australia has a 33% chance of falling into recession in 2023, and that if it did, it would likely be a short-lived contraction. “The sharp rise in interest rates means that the chances of a recession have risen. Perhaps a one-in-three chance.
When Japan attacked the U.S. Naval base at Pearl Harbor, Hawaii, on December 7, 1941, the United States found itself in the war it had sought to avoid for more than two years. Mobilizing the economy for world war finally cured the depression.
Many economists and investors had a clear narrative coming into 2023: The Federal Reserve had spent months pushing borrowing costs rapidly higher in a bid to tame inflation, and those moves were expected to slow growth and the labor market so much that the economy would be at risk of plunging into a downturn.
In a recent interview, renowned investor Stanley Druckenmiller explained why he sees the potential for a financial crisis centered around 2030. His timing perfectly aligns with ITR economics prediction for the next great depression.
A balanced diet of survival food will ensure that your body is getting all the protein, carbs, minerals, and vitamins it requires to remain healthy. If you could only select five foods to survive on, potatoes, kale, trail mix, grains, and beans would get you pretty far.
Household items like toilet paper, paper towels, laundry detergent, and diapers are some great items to stockpile first because you know you'll use them, they tend to be more expensive, and there are frequent deals available.
If you are trying to eat healthy, then spending a little extra on quality food may be worth it in the long run. However, if you are not too concerned about eating healthy, then saving money by eating at home or bringing your own lunch to work may be the better option.