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Experts offer tips on surviving inflation

April 10, 2009 by  

Experts offer tips on surviving inflation As economic uncertainty continues and government spending skyrockets, some experts have offered advice on how best to prepare for what they see as an inevitable rise in inflation.

According to the National Inflation Association (NIA), the smartest way to shield one’s net worth from the damaging effects of rising prices is to do away with U.S. bonds, treasuries and other dollar-denominated assets.

Due to uncertainties surrounding the stock and the real estate markets, NIA also suggests precious metals, especially gold and silver, will become an ever more attractive class of assets to invest in, given their liquidity and tradability.

"Gold and silver have been accepted as real money for thousands of years and could replace the U.S. dollar as the ultimate safe haven for Americans to store their money," the association said.

Because inflation leads to rising prices of food, clothing and other necessities, it may also be a good idea to stock up on canned foods, bottled water, medicine, toothpaste and first aid products in case government imposes price controls that would lead to shortages, it says.

In times of economic hardship, some people have moreover benefitted from planting their own gardens or starting a farm.

NIA concludes its inflation warning by saying that those who have debt should try to refinance it into smaller monthly payments over a longer period of time and should not loan money to anybody given that inflation increases the real value of debt.

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  • rancherlady

    Dear Bob:

    Buy some gold and silver, get canned goods, bottled water, toothpaste, and a first aid kit in case the government imposes price controls, and consider planting a garden or starting a farm. The NIA forgot to suggest Flintstones vitamins, a water pistol, and a flashlight.

    I’m still shaking my head over such a blase fluffing off of a very serious subject that all Americans should be preparing for in the greatest depth they can. Shortages are apt to arise from several different causes, and the bare minimum food a family should have stored safely is three months’ worth. Fellow readers, may I suggest that at the very least you Google the 100 items which will disappear from your grocer’s shelves first in times of catastrophe?

    • Bruce

      Regardless of an impending crisis, most Americans aren’t prepared for much of anything. Our population has become entirely dependent on quick trips to the grocer and they’d be lost without their umbilical cord, I mean cell phone.
      It was normal for households to have a well stocked larder and to grow a garden to supplement their food supply.
      If the crap hits the fan, there will be rioting and panic. It’s quite feasible that existing gangs, who are well armed, would rule inner cities. It’s always been prudent to store up during good times to get one through hard times.

  • catwoman

    Hi Bob,

    Before I retired last year a friend of mine and I talked about this. I know getting supplies in but people in apartments and small homes have space problems. What I find difficult to imagine is what is going to happen in the big cities where people can not have access to land to have their own gardens. Those of us in rural areas and some outlying farm areas better be perpared to defend what we have from city crime gangs as they will more than willing to rob us and resale at high profits.

  • Willma

    In CA we were instructed on how to prepare for an earthquake which would apply to other catastrophies as well. To save space get a large garbage can and you can fill it with all your necessities food, water, etc. You can find wooden circles at hardware stores to cover your garbage can and then put a large round cloth over the top…and it can serve as an end table and placed anywhere in your home. This is a good idea especially for those who live in apts. with not much available space for storage.

    • Sharon

      Great idea. We live in a travel trailer at present & there is not room for even that but are moving to an apartment soon. One on each side of the bed acting as nightstands and two in the living room holding lamps will store our emergency stuff nicely.

  • Fantastic Frank

    Hi, BOB and every one reading this.. what can I do when the people that I am around me tell me not to buy gold or silver..

    that this is just something that will not happen.. and that these people are my TRUSTEE, my business partners etc.. HOW CAN I get them to change their minds?

    because I hope and pray they are right but I know in my heart that they are wrong..

    BUT what can I DO?

    Fantastic Frank

    • Big Bert

      F. Frank,

      It’s like this: Everyone should have a little insurance to protect the car, house, boat, and onesself. That’s where precious metals come in. One never knows when disaster may strike, but, being prepared is the best defense Everyone owes his/her family that assurance. As an aside, diversifacation (not just betwen stock, bonds or mutual funds) is advised. Five to about 20% is common for precious metals. Not only that but look at the recent history. Wouldn’t you have liked to have purchased when prices on spot gold were about $258/oz. and silver aboy $4
      an ounce? Not to mention the premium being charged now and the scarcity!

      • Kathy

        If you have gold, and everyone else is broke, then who is going to give you anything for your gold?

        Plus, if you want to buy a loaf of bread, what do you do… chip a chunk off your gold bar to pay for it?

    • Bob

      Big Bert is on track w/ diversification. Didn’t your grandparents always say not to put all your eggs in one basket? personally I feel about 10% is ok…. it’s too volatile and it’s long history is not the kind of return you want to achieve. Let’s start with faith and family …. then some values clarification and a prudent course of action. The name Noah comes to mind. He was shown a course of action to take … and took it… in spite of years of nay sayers and those that said things like “the nearest water is ‘x’ number of miles away and YOU want to build a what?” or “it’s never happened before”. Current events take much less faith… b/c it has happened before. We know the signs and can predict the consequences.

      The sooner you can get completely debt free, pantry stocked, and a victory garden nearby the better off you’ll be if and when tough times come. It has been said, “those that don’t learn from history are doomed to repeat it.” Let’s hope and pray that we don’t repeat the history of middle Europe about 60 years ago. You may also wish to read “The Coming Economic Earthquake” by Larry Burkett. Seek The Truth… it will set you free.

  • Gjoe

    I agree that the main problem for those of us in rual areas who have properly prepared and are able to maintain our own food, water and shelter, are the inevitable roving gangs of raiders who won’t hesitate to murder you in your sleep for what little you have. It will become absolutly imparitive to be well armed and ever vigilant. If you are able to make friends with your neighboring farmers or produce enough food to hire men, then make an attempt to form a community militia. Strength in numbers is how the gangs will operate and strength in numbers will be the best way to repell them.

  • Major T. Allen Smith USMC (RET)

    Twenty years ago as a retired Marine I bought our present home with the idea of defensibility in mind. Our closed subdivision (only one way in and out) is more easily defensible than your normal S/D. We also have a center community ares with a 40 plus acre lake, with fish to catch and eat if things get really desperate. We also have high terrain areas where bunker deense positions could be established to hold off a gang attack. Unfortunately I am probable one of few in the neighborhood who is armed. I would probably be committed if I suggested forming a S/D militia!

  • Disabled Veteran Brian

    I am armed, with a garden, and well stocked. Gold and silver I have. Don’t forget burn cream, acetominophen, ibuprofen, and a good shovel or two. Also a good axe, for its multiple uses. Take a lesson from the Mormons and keep at least six months food on hand. A man that has missed three meals will kill to eat, and you might be on the menu. Then pray to God, Buddha, Allah, and anyone else that might help. Keep your neighbors safe and help them, as they might help you.


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