Apr 19, 2023
Today we open with three different stories all related to the financial health of our banks and our economy. The Financial Times is reporting on upwards of $60 billion dollars being withdrawn from banks. Yahoo Finance reports that Morgan Stanley’s CIO says a credit crunch has started as banks tighten lending by the most on record. Finally, Elon Musk predicts a dire financial situation for the U.S. later this year.
So, what’s happening behind the scenes that we aren’t being explicitly told? Was the SVB collapse an indication of being the giant canary in the coal mine? If it died, does it mean the miners are already dying and we just haven’t figured that out yet?
Imagine this, if people are willing to riot and loot now, before any economic collapse, what’s going to happen to the country when it really does get bad? The city of Chicago is mired in crime and the public is living in fear daily, yet they voted for the guy who is going to make it worse. That’s not hyperbole. That’s a fact.
As I close the show, I do leave you with some ideas and suggestions on how to whether the coming economic storm. The time to take stock of your life and your situation is now, before the bad comes. You have to ask yourself if you could survive for a few weeks if you couldn’t get to the store. Are there ways you could stretch your dollar at the store? What about pinching pennies on your own utilities. Even if the worse doesn’t come to pass, what’s the harm in being just a little proactive in planning for the possible emergency?
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