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(The Economic Collapse Blog)—If you have enough money, you can buy just about anything. And when you are in a position where you can buy just about anything, you wield an enormous amount of raw power. Today, our world is completely and utterly dominated by those at the very top of the economic pyramid.
Those in the top one percent of the top one percent are pretty much able to do whatever they want, and the rest of us are pretty much powerless to stop them. Unfortunately, the gap between the ultra-wealthy elite and the rest of us just continues to get even larger.
Last year, the total wealth of the world’s millionaires reached a staggering 86.8 trillion dollars…
The world has never had so many rich people and their investments in soaring stock markets have made them wealthier than ever recorded, according to a study published on Wednesday.
The number of “high net worth individuals” (HNWI) — defined as people with liquid assets of at least $1 million — rose by 5.1 percent last year to 22.8 million, according to consulting firm Capgemini.
Their total wealth reached $86.8 trillion in 2023, a 4.7 percent increase from the previous year, according to the annual World Wealth Report.
Meanwhile, 5 billion people have gotten poorer since the start of the pandemic…
Since 2020, the richest five men in the world have doubled their fortunes. During the same period, almost 5 billion people globally have become poorer.
How much power do the hundreds of millions of people around the world that are living on less than two dollars a day have compared to the billionaires in the western world that are constantly making headlines?
The truth is that they run the world and the rest of us are just living in it.
Here in the United States, the colossal gap between CEO pay and worker pay got even larger last year…
Bosses have always made more money than workers. But the gap between CEOs and employees is growing.
The median CEO in the S&P 500 was paid 196 times as much as the median employee in 2023, according to an analysis by Equilar and The Associated Press.
That’s up from a ratio of 185 in 2022.
It would be a good thing if the rich were getting richer as long as everyone else was getting richer as well.
But instead, poverty is literally exploding all around us.
In 2020, there were approximately 140 homeless camps in Oakland, California.
Since that time, the city has closed 537 homeless camps, but there are still approximately 1,500 remaining all over the city…
Oakland officials passed a policy in 2020 to regulate homeless encampments when there were about 140 camps. The policy was created to prohibit encampments in specific areas of the city, including proximity to businesses, schools, playgrounds, traffic lanes, bike paths, housing and playgrounds.
Any encampments in those prohibited areas were supposed to be vacated, with the city offering shelter before evacuating the camp.
Since then, the city has closed 537 homeless camps with approximately 1,500 remaining, according to a city report.
I feel so bad for the law-abiding citizens that still live in Oakland. Conditions have become so precarious that one construction company actually “refused to finish its pothole paving job because it got ‘too dangerous’ for its workers”…
Frustrated Oakland residents are in the hole after a construction crew quit and refused to finish its pothole paving job because it got ‘too dangerous’ for its workers – as other businesses flee the Bay Area over the same concerns.
Residents in the Sobrante Park area in East Oakland said they weren’t even notified after the third-party general contractor decided to abandon the project before repaving the streets, leaving large potholes and dangerous loose gravel all over the neighborhood since mid-May.
If you still have a nice home and plenty of money, good for you. But you should understand that you are solidly in the minority at this point.
Of course our politicians care far more about the economic health of the elite than anyone else, because it is the elite that fund their campaigns. So even though just about all the rest of us have seen our standard of living go way down, in recent years there has been an all-out effort to prop up the stock market because that is where the elite have much of their wealth.
Today, the wealthiest 10 percent of all Americans own 93 percent of all the stocks. And the poorest 50 percent of all Americans own just 1 percent of all the stocks.
The stock market wealth that the entire bottom half of the country controls is basically just a rounding error compared to the enormous holdings of the elite. Unfortunately for the elite, it appears that trouble may be brewing for the financial markets…
The US stock market is shrinking, and investors are pulling their money out at a near-record pace as storm clouds gather over the US economy.
That means the titans of Wall Street may have to contend with choppy water as they cruise toward their Nantucket getaways this year.
In fact, Bank of America says that their customers have been pulling large amounts of money out of stocks for five consecutive weeks…
Bank of America analysts said on Tuesday that their clients have now been large net sellers of US stocks for five weeks in a row. Just last week, they sold off $5.7 billion more in stocks than they purchased, the highest outflow since last July.
Bank of America recorded the second largest sell-off of tech stocks in their history last week. And while one week does not a trend make, it does stand in stark contrast with the Magnificent Seven fervor that ensnared Wall Street mere months ago.
Whether it happens sooner or later, it is inevitable that America’s financial idols will come crashing down at some point.
But for most of the country, it feels like the economy has already crashed.
Our cost of living crisis has become exceedingly painful, our entire society is drowning in debt, and poverty and homelessness are exploding all around us.
Just about the only people that are still doing really well are those that are at the very top of the food chain.
When you hear that “the economy is booming”, those are the people they are talking about.
But just like all the rest of us, the elite will not be able to escape the period of tremendous global chaos that is ahead of us.
Like I said, money can buy you just about anything, but it cannot purchase a free pass from the day of reckoning that is rapidly approaching.
Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.
Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
