Monday, August 24, 2015

Stocks Crater; $1.8 TRILLION In Wealth Lost

The New York Stock Exchange plunge 1089 points when it opened today, setting a record before bouncing back somewhat.  The Dow ended at -453.

This follows a 1300 point drop on Thursday and Friday, casting the world's economies into further turmoil.  China's economy continues to decline at a rapid rate, and oil dropped below $38 a barrel for the first time in 2009 on sluggish demand forecasts.  That means economists believe because of the slowdowns across the world, oil is not going to be in high demand.

China, America, and the rest of the world are faltering economically.   Damien McBride, a British economic mind and adviser  to former prime minister Gordon Brown, suggested this downturn could be worse than 2008, and suggested people stock up on food and bottled water.  He suggested storing cash as well at home in case of a bank holiday or closure.

If you are prepping, make sure you are getting basics: food, bottled water, toilet paper, etc.  Keep any prescription medications up to date and get them filled at the earliest possible time.   Get some cash together and keep it in a fireproof safe.   If you can do so safely, stock up on gasoline and add stabilizer to it to preserve for the long haul.

It's probably going to get worse before it gets better.

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