Hunker Down???

Back in the time of the Great Depression, millions of Americans were still not completely caught up in the money economy. Many still lived on the land. They kept pigs and chickens. They tended their own gardens and “put up” their own canned goods. They cut their own wood to heat their houses. They pumped water from their own wells. Many still made their own clothes. When the Depression came, they could hunker down and wait it out.

Today, the average household can’t wait 10 years for de-leveraging to do its work. Heck, it can’t even wait 2 months. Both parents work. They’ve got two cars. And two mortgages. Money in; money out. 24/7... No garden. No firewood. No chickens. No time to wait. No time to sit still. Just bills...bills...bills... They’ve got to work...they’ve got to earn money...they’ve got to spend...

Bill Bonner on Where to Wait.