Imagine the U.S. dollar being worthless. Picture millionaires and billionaires becoming “thousand-aires” overnight. Think about the possibility of 200 million U.S. citizens being unable to eat unless the government provides food for them. Fathom a day when you check out your 401-k or your bank account and find nothing there. What would happen to Social Security and Medicare if the dollar was devalued to the point of being virtually worthless? The short answer to these scenarios:
We would be in a world of hurt and misery.
As the recent National Urban League report stated, despite our current fiscal situation, Blacks are “optimistic” about our economic future. So it naturally follows that we seldom, if ever, give a thought to the possibility of an economic collapse in this country.
After all, we are the world’s “top economy” the “biggest, strongest, and the ‘baddest’ nation on earth.” Our dollar is the reserve standard for the world; oil is traded in what we call “petrodollars,” which assures that our economy will always rule because everybody needs energy, right? We are the “breadbasket” of the world, and everybody needs to eat, right? We are indeed “all that” aren’t we?
State of our union
In case you have been spending most of your time watching all of the award shows on BET, the housewives and divas of – you fill in the blank – or the many other mindless, provoking distractions being tossed at us 24/7, you have no idea about the true state of our union. You are hung-up on what Donald Sterling said, what Stephen A. Smith and Michael Eric Dyson said, what that police commissioner in New Hampshire said, and what Mark Cuban said. You are ensconced in what Michelle Obama is wearing, what brand of vodka P. Diddy drinks, Solange’s elevator beat-down, and buying a $200 ticket for the Beyonce/Jay-Z concert.
We are not teaching our children and grandchildren about economics, wealth building, finance, entrepreneurship, inflation, hyperinflation, deflation, quantitative easing, cashless society, bartering, self-reliance, gold, silver, bitcoin, fiat, and the role of money in general. In many cases we adults have very little knowledge of these things.
We are too busy working 70 hours a week to earn dollars that could be worthless in the next decade or two. We are not making efforts to prepare for the worst; we are not “hedging” our bets against economic collapse, and we are definitely not working to become more independent, which includes, at a minimum, being able to grow food and feed our children.
Stake your claim
In general, we have very little understanding of what our government is doing and the plans it has for us just in case things get really bad financially. Yes, we talk about conspiracy theories all the time, and we think we know about the Bilderbergers, the Council on Foreign Affairs, the Illuminati, Skull and Bones, the Boule, and all the other so-called secret societies that run the world.
While they may make for great conversation, we cannot affect them one iota. They are doing their thing, and all we do is talk about them. Do you really think they care? When it’s all said and done, if a collapse does come, they will be the ones we will have to depend upon because they have the vast majority of the wealth.
Jim Clingman, founder of the Greater Cincinnati African American Chamber of Commerce, is the nation’s most prolific writer on economic empowerment for Black people.