Thursday, February 19, 2009

Eastern Europe Begins to Give Way

During a visit to Romania back in 2007, I marveled at all the construction going on in and around Bucharest. Talking to the locals, there was a lot of money moving in from both Russia and Western Europe and throwing loans around everywhere - much of it denominated in Euros and Swiss Francs. Looks like Eastern Europe may go Iceland on us soon, if Dr. Faber is correct.

Action Items

Nothing new here - lot's of problems continue to crop up in the banking sector. Review your contingency plans to see how well you'd fare if a banking crisis of some sort caused a shutdown of ATMs for a few days or a week.

Other than that, I strongly suggest you enjoy this period we are in. Insane financial policies and corrupt elites are still driving the Republic into a wall, but you still have time to calmly plan fallback positions and shore up your financial position.

Grow that garden. Save that cash. Have a little gold or silver in your possession. Connect with your community. Enjoy a sunset. Read a good book. Turn off the television.

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