Not Ready

Except for the very old, Americans have generally lived pretty easy, comfortable, safe, and prosperous lives.

That's why this downturn will be worse than the Great Depression. Americans are not prepared for adversity. During the Great Depression, most people still lived on farms. They heated their houses with wood they cut themselves. They grew their own vegetables. They canned their own fruit. They raised their own hogs. They knew how to survive.

That's not true today. We don't know what would happen in a major crisis. But people are not ready for it. They depend on the system...the cash machines and grocery stores...and the unemployment compensation and food stamps. I don't think they could stand it if theses things break down.

Bill Bonner's Particularly Gloomy Friend