My dad was born in 1913 and my mother a couple years later in Minnesota. My mother's family was in the terms of that day, well off. Her grandfather and his brother had extensive real estate holdings, mostly farm land, and owned 5 small country banks. When my grandmother and grandfather got married, her grandfather gave her an 80 acre farm as a wedding present. Then the bust came in 1929 and 1933. Her grandfather lost everything and ended up living with his daughter on the farm that had been the wedding present. By the time I came along, 1938, my dad and mother had no money nor did their families. While this type of generational collapse may never happen, it did in theirs. In my lifetime I have been thru several periods of both inflation and recession. I have worked in what was at that time a good job as a machinist and was paid $2.50 an hour. While I continued to work, I began drawing social security at age 65. At that time, around 2000, $1 would have the buying power of about $2.00 today. All things are not equal however. The medical care that was covered for free with my employment now costs me about $600 a month with my "free" medicare and supplemental insurance. In one of the recessions. 1973 oil embargo, I owned a house and made payments on it for a couple years that I could not sell. In Michigan and with the collapse of the auto industry, housing prices collapsed. By the sheer will of God I was able to sell it as the people working at Michigan State University did not lose their jobs and after a period did again buy houses and I was able to sell it. I did however lose most of my equity. I have also lost my total 401k once, in the 1970's and half its value in the year 2000. When I put my money in a safe investment, Credit Union, I have for most of that time made less than 1 % on my investments and not the 5 to 7 % that the retirement advisors say you should earn. I do know that when I was invested in a 401k being operated by one of the major firms, I was charged a fee of 2 % for operating the investments even when I lost half my money. While you may have better luck in your lifetime, and I must admit I have been very lucky in mine, there is always the chance of a system crash. The following clip shows what has happened in some other countries and what impact it had on the middle class and working people. As always the poor have nothing to lose and many of the truly rich find a way to avoid the worst affects. As a prepper, it is possible by choosing your assets carefully, to at least minimize your discomfort. Here is a clip that discusses what you think you own and what you really do. Makes you as a prepper think of caching and being very grey.
My greatest fear is not AI or nuclear end of days. It is waking up to find that the dollar has lost its value and that I have a stack of paper that is worth very, very little.
Skills that will always be in demand, With out the ability to produce medicines or alternative meds, most doctors are worthless. Most are such specialists they are useless in the field. So a practiced herbalist with a functioning green house might be able to sustain himself. Most mechanics are nothing more than parts exchangers, knowing nothing about how to fix the broken parts or modify similar parts but the person that knows where and how to scavenge for the workable solution is your man. a small engine mechanic might be able to keep your generator going if only on methane. In the event there is no electricity and welding needs to be done a blacksmith would be handy, and some one knowing how to make charcoal for his forge would have plenty to do. as well as the guy that makes gunpowder and process lead and primers. The movie The Book of ELI there were scavengers that traded with a local junk shop, trading for charging things even for clean water, something to think about.
The great danger is personal debt. as the dollar value plummets it does not change the debt on owes on products and services and property. Every country that has their citizens in debt drive the situation further down the rabbit hole. Water bills electric bills and other services are going to demand payment, but with poorly paying jobs or no jobs at all Banks don't care and all your stuff including new cars becoming liabilities with the price of insurance and gasoline and all the other new laws being implemented people will be carpooling to go shopping and doing other necessary tasks around town. It's already happening.
Example of things becoming useless. The top picture is a view of the house in a very good neighborhood in Detroit where Charles Lindbergh was born. I saw it before it was destroyed. Beautiful house with all kinds of very fine late 1800's woodwork and plaster detail. Area went bad, up for sale with no buyers, set fire by either by homeless or vandalism. Torn down in 1973 or so as part of the "urban renewal" that was supposed to renew Detroit. Some sources state that housing for Wayne State U was constructed on the site. One local legend was that there used to be a bronze plague on the site stating that it was the birthplace of Lindbergh and such, but it was stolen for scrap and never replaced. Don't know if it is true but that is what one old man told me when I visited the area about 2000.
The world went pretty much to shit in Puerto Rico and the people there were still accepting cash. Probably a good chance you could spend your cash before everyone else figures out it's useless.
I figure a lot college degrees will become worthless in economic distress.. Hard skilled degrees will always have value. Doctors, nurses and other medical specialists, engineering, truckers, soldiers, cops/fire/EMT, pilots..... A lot of liberal arts or diversity hires are going to be doing shameful things behind the truck stop.
Cobblers and merchants around here add 4% to the cost of what ever your buying with a debit card, feeling ripped off much? Cash is still king.
