A chill wind blew into Oklahoma City yesterday, bringing much-needed rain, fog, and a definite turn to the weather. Winter is on its way! My list of pre-winter chores is long and I haven’t been making much progress. There is nothing like a “chill wind” however, to move those projects up on the priority list.
A chill wind also blew through the stock market today. Two days ago, the market zoomed upward, thanks to the latest, biggest, dose of financial methamphetamine. But as that dreary record goes, the high just doesn’t last like it did once upon a time, when we all thought that financial meth was the greatest drug since the invention of paper currency.
The government is hoping for some success for its partial nationalization of the nine largest banks. I am a bit dubious. Soviet nationalization of agriculture in Russia didn’t do much for agricultural productivity, and the present crisis should cause us to wonder if the financial commissars at the Treasury and the Fed are more competent than the Soviet central planners of the 20s and 30s.
If I had any money in any of those banks, I would take it out immediately. The government’s investment in those banks is not based on their soundness and their stability, but rather on their risk of failure.
This is what it looks like at the End of Empire. That chill wind that roars through Wall Street is telling us that we had all better get busy on those “pre-Kondratieff Winter” checklists. . .
- Money out of big transcontinental banks and in to a locally owned credit union or bank?
- House superinsulated?
- Practicing energy conservation?
- Food storage?
- Slash household spending, curb consumption? Credit cards cut-up?
- Living below your means and saving money?
- Growing some of your own food?
- Edible perennial landscaping (fruit and nut trees, berry bushes, asparagus, rhubarb, Good King Henry, sorrel, etc.)?
- Paying off your debt?
- Supporting local businesses and farmers?