Back to Index

2023-03-21_The_Current_Challenges_and_Whats_Next


Transcript

Welcome to Radical Personal Finance. I have been working over the last week to record a podcast on, among other things, bank failures, SVB, Credit Suisse, inflation, Fed, etc. And although I've hit record multiple times and recorded probably at this point around four hours of audio, I've deleted all of it because I just feel like I'm saying the same thing over and over again.

So here's your short and sweet podcast. Number one, I have shared with you in the archives of Radical Personal Finance everything I know of to protect yourself and to be prepared to win when times are going well and to be prepared to be protected when times are going poorly.

As far as I can tell, the principles that I have espoused, primarily maintaining an income by being a leader in your field, focusing on being at the top of your career because those who maintain an income through any financial crisis are always just fine. Mix that with good, sound, prudent financial planning in your personal affairs, keeping your expenses far lower than your income, avoiding debt that's not tied to productive assets, maintaining a significant cash percentage to protect yourself, having well-thought-out, diversified investments, kind of along a barbell strategy where you're positioned to win from big-picture alternative investments but most of your investments are well-positioned in the boring conservative stuff, making sure that if times go crazy you're well-protected with good physical preparedness, making sure you've got an escape plan, www.internationalescapeplan.com, the ability to go to wherever in the world the best income opportunities are or the best investment opportunities are, having multiple citizenships, multiple residencies, banking in multiple countries, making sure that you're well-squared away if you ever had to leave your country.

As far as I can tell, I don't have anything new to say on the subject. Combine that with the general fact that I expect, primarily from the arguments from the great George Friedman book called The Storm Before the Calm, I expect the 2020s and possibly the 2030s in the United States of America to be quite tumultuous but ultimately, at the end of the day, just fine.

I expect the country to be just fine while going through great chaos. And the chaos is on a social level, the chaos is on an economic level, but you could insulate yourself from a lot of that stuff and live well. And so I expect in the long run that the United States of America is going to be just fine and it's a big part of my future plans while also the fact that I'm not banking on the country.

I want to be prepared. I don't have anything more interesting to say on the economic gyrations than now. I think most of it is minor stuff. I expect mass inflation over the coming years, mass inflation of 5 to 15% per year. That has made sense to me for years.

We're squarely in that. I don't expect hyperinflation. I don't expect recession. And I'm squarely in the camp of the economists who've successfully predicted 23 of the last 7 recessions. So I overpredict them, but I'm prepared for both ways. I don't have anything more to say about the subject. So instead of me releasing any of my long, drawn out, tangled up podcasts, this is what you got.

I think this situation is normal. We are proceeding as predicted by many smart people and we're just in the midst of it. It's frustrating and annoying, but ultimately probably not a complete transformation of the world that we live in. But of course you should still head your bets in that direction as well.

That's why we have a course, bitcoinprivacycourse.com. So that's what I have to say. Thank you for listening.