Unless you’ve been living under a rock for the past 24 hours, you know that the grand jury in Ferguson declined to indict Officer Daren Wilson in the Michael Brown shooting, and that rioting, looting and burning began immediately thereafter. How bad it will get and how far the violence will spread is anyone’s guess, but whatever the outcome, Ferguson is but a small taste of what’s to come.
What am I talking about? I’m talking about the US economy, specifically the US Dollar, and its inevitable collapse. In case you haven’t noticed, US debt has reached a hyperbolic growth pattern and the world is quickly turning its back on the Petrodollar and the USD as the world reserve currency. How far we are from collapse, and what the collapse will look like (controlled vs. uncontrolled) I do not know, but when we finally reach the breaking point, things will almost assuredly get very ugly in this country.
Let’s imagine for a second that as we approach the USD collapse that austerity measures are enacted to put off the inevitable, and let’s also imagine thatÂ only the Supplemental Nutrition Assistance Program (SNAP) is affected by these austerity measures. SNAP, formerly known as the Food Stamp program, provides food assistance to one in six Americans, and cost $76.4 billion in fiscal year 2013. While this is a significant number to be sure, it’s still a small fraction of total US entitlement spending. Obviously any sort of austerity measures would affect more than just SNAP, but we’ll continue with the thought exercise to prove a point.
So in our make believe scenario, the EBT cards are shut off. If you think the rioting in Ferguson is bad, shut off the EBT cards nationwide and see what happens. Rioting and looting would begin almost immediately, as most Americans don’t have enough food in their homes to last even a few days. Every single metropolitan area would likely burn to the ground, and the only way to (potentially) restore the rule of law would be to enact martial law.
America would make the riots in Greece look like a Sunday picnic at the lake, and that’s if only the EBT cards were turned off. We won’t get that lucky.
I realize that a significant portion of you reading this will write it off as crazy talk, or selling fear or whatever. That’s your choice, but please note that I don’t sell anything other than some patches, stickers and other logo items. I’m not trying to sell you something. This is simply a heads up for those of you who aren’t blinded by the media, by the lies repeated to you by your financial adviser, or your own normalcy bias. Take heed.
For everyone else, get yourself another couple credit cards and buy a new flat screen TV and a bunch of other crap you don’t need, and enjoy it while you can.