The United States is on the brink of an economic collapse, and David Stockman, an equity investor and author, predicts that it will be a “reckoning” that will rock the nation with a meltdown that hasn’t been seen in decades. “The Fed is finally out of dry powder,” he shares, referring to the attempts of the Federal Reserve System to keep things artificially stabilized. David talks about the pros and cons of bitcoin and cryptocurrencies, but more importantly, he discusses how Americans can wisely prepare for the coming economic devastation. He recommends doing four major things: pay off your debt, pocket your profits (like stocks), put those profits into securities like cash, and invest in financial insurance, like gold. “I think gold still remains a fundamental asset that everyone should have,” he says.
TAKEAWAYS
Gold is ultimately the final form of money in this world, even amidst a collapse
Find properties that bring you residual income - buy them with as little debt as possible
In a potential collapse, people will lose their homes, and there will be a higher demand for rental properties
Central bank money is fiat money and it can be manipulated
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