President Obama downplayed the negative action by S&P on US long-term debt today. You can read the gruesome details in this Reuters’ “analysis” if you like, but over half of it is little more than administration talking points. Therefore, since you come here, I assume you already know that anything coming out of Team Obama about the deficit and debt is pretty much a straight up fabrication so let’s get down to business.
You, my friend, should not ignore this shot across the bow. Obama’s true intentions, whether they be principled concern for his fellow man or malevolent intent to crash the country, are meaningless because the result is well known–we’re heading for rough seas. And, as any good sailor knows, you have to batten down the hatches when the storm is on the way:
- Buy some gold – The only currency Ben Bernanke can’t print.
- Buy a weapon – A good thing to have and be familiar with even in good economies.
- Stock up – Seen the prices at the grocery store lately? ‘Nuff said.
- Plant a garden – See stock up.
Don’t be caught with your pants down. The next financial crisis is brewing on the sovereign balance sheets of the US, Europe, and Japan. Unless a major course correction is made, it will break hard on our shores too.