It was once said that the sun never set on the British Empire. That was because the British Crown, at one time, had a colony in virtually every time zone around the World.
However, as reported in the Telegraph today, British Chancellor George Osborne made an amazing statement. He said “The British Government has run out of money because all of the money was spent in the good years.”
With the acknowledgement, it seems that the days of British Imperial Rule are not only gone forever, but the Soverign is now in a severe economic decline, the likes of which her people could not have imagined even 50 years ago.
Central banks and governments around the World are sure to take notice.
The Chancellor’s lament about his country’s decline is not unique. While Greece and Iceland are the most extreme examples, indications are that the World is moving toward a severe and unprecedented cash shortage.
Anecdotal evidence of a coming decline could be observed in the recent price jump of gold, silver and other precious metals as they reached record highs.
And, because economies around the world are so intertwined these days, the majority of countries, including the U.S., WILL feel the pain of decline.
Some governments will try to tax their way out of decline, heaping more of a burden on their already over-taxed citizenry. Unfortunately, as exampled by the riots and uprisings worldwide last summer, which were fueled primarily by government economic woes in the Middle East and all over the globe, their efforts will backfire.
Others governments, like the U.S., with the help of The Federal Reserve, will simply “print”, or more accurately “monetize”, more money, thus devaluing their currencies to the point that they are on par with the almost worthless Peso, or the now extinct Lira.
Regardless of what is causing the decline, it appears that the sun is setting not only the Britian’s economy, but on the lone economies of sovereign countries all around the World.
So what can an individual do to prepare for the coming economic pain? The standard answers (admittedly sometimes easier said than done) are: get out of debt, make sure you have something of tangible value to barter with such as gold, silver, diamonds, etc., have a significant food supply stored up, and perhaps most important, become independent from local, state or federal/central government monatary income.
The march toward economic decline is a process, not an event. There is time to prepare. Politicians will continue to govern in denial, putting off necessary decisions for the sake of a re-election bid. But rest assured, pain is coming.
And when all else fails, what could be next… a One World currency… a One World economy… or even a one World government?
If the coming pain is great enough… Maybe sooner than you think.
Such an occurance would be a disaster of biblical proportions.