Before we get into it, check out the first installment of a new fiction series over at Glibertarians!
Moving right along: Listen to investor/businessman Charlie Munger on the current economic situation. It may be one of the most thought-provoking things you’ll see this week. Maybe this month.
Take a look at that lead-in: “Most people will lose everything.” Personally most of our resources are in land and equipment, but both Mrs. Animal and I do have investment accounts, and what this video predicts is alarming:
Some of us (like me) are old enough to remember the recession of 1981-82. Paul Volcker hammered interest rates up high enough to drive down inflation, and it hurt; President Reagan took a lot of heat for the economy early in his first term, but by fall of 1984 things had turned around enough to give the Gipper a 49-state landslide re-election.
This time? Mr. Munger is afraid it will be worse this time. And I’m leaning towards being convinced he’s right.
Watch the video. Think it over. Discuss in comments. Personally, I’m keeping a good supply of precious metals (brass and lead) on hand. If nothing else, Mrs. Animal and I will be able to eat; there are plenty of moose and other game around hereabouts.
The major cities won’t be so lucky.