Even though I don't have much tied up in the markets, I was still concerned about the drops in the market and the spike in the price of crude oil in the last two days. I've been around looking for wise words but find that perhaps wise people are processing this event and waiting to see what will happen at this time next week.
In looking around I found a new catch phraise for what I think we are looking at. I found phrase "The Greater Depression" from reading guest columnist Doug Casey, guest columnist at the Prudent Bear. He says he should have trademarked the name but he doesn't want to blamed for the event (good thinking, I'd say). The implication is that what the economic future holds is far worse than the recession we have been in so far and on par with some of the world's most profound economic crisis. It will look different than the Great Depression in America because the conditions and times are different.
He only has a few words of advice and they are along the lines of reduce your standard of living NOW (while you still have some control), increase your savings (preferable in the form of gold - yea right), and prepare for a vastly different patterns of employment, consumption, production... for an extended period of time as the trouble is only just beginning. Now this might just be the rumblings of a bear, but its resonating with something in my bones.
I think the specifics of that kind of advice is along the like of what folks in the blogisphere are currently doing. I know that folks in the Independence days challenge are working to shore up all fronts, but what about the rest of you? What changes are you making as this financial storm builds? Do you think a we are in for a depression?