What’s happening in Greece could happen in America if we’re not careful!
Recently, the New York Times did a story on Greece. They reported that 1/4 of all Greek companies have gone out of business since 2009.
1/2 of all businesses in the country say they are unable to meet payroll. The suicide rate has increased by 40% in the first 1/2 of 2011. A barter economy has sprung up as people try to work around their broken financial system. Nearly 1/2 of the population under age 25 is unemployed.
They also reported that last September, a government-sponsored seminar on emigrating to Australia that normally draws an average of 42 people a year ended up drawing 12,000 people!
They also reported that Greek bankers are saying that people have pulled out about 1/3 of their money outside of their accounts and they are instead keeping it under their beds or buried in their backyards. So there’s little trust for Greek banks right now.
What happened? Government mismanagement of funds and a comfort with debt! Citizens were do different. They mismanaged their money and got comfortable with debt and had very little saved up.
We’re seeing these things happen more and more here in America. We need a “change” that people can believe in, which is getting Obama out of office.
We also need both republicans and democrats to become fiscally responsible. The same goes for individual families within America.
If we stay on the track that we’re presently on…a “Greek-like situation” could happen here as well.
Make sure you’re saving money…paying down debts and invest wisely. Make sure you’re fighting off the downward trajectory of the dollar which would erode your purchasing power. You see, it’s not only how many dollars you have…but also how far do those dollars go in purchasing things. Remember, people from Zimbabwe owned bills worth “trillions” and yet was worth almost nothing in its purchasing power.
Don’t depend upon the government to “get it right”. Yes, they need to…but you can’t control that part 100%. What you can control is your saving…your investing…your reduction of your debts. Make this a regular habit today that you carry on from here on out. You’ll never regret it. I haven’t ever regretted it.
Invest in strong currencies that retain their purchasing power and fend off inflation better than the dollar.
P.S. – If you’d like to find out more about the NY Times story, you can view it here.