Peak Moment TV: Protecting Your Money in a Declining Economy
We've already seen from the Fast Money team's hilarious response to Matt Simmons' sensible advice, that the twin threats of peak oil and climate change have the potential to turn conventional financial wisdom on its head. And while Lloyd's suggestions of 11 lifestyle choices that can help you prepare for recession are certainly useful, I'm pretty sure all of us can do with more advice on this subject. Now Peak Moment TV, which normally concerns itself with subjects like backyard permaculture or community-wide peak oil planning, brings us an interesting interview with market analyst Marc Cuniberti, who discusses how to keep your money safe in troubled times.
Marc and hostess Janaia run through the makings of our current financial crisis, the true meaning of inflation, and investment strategies to help you cope. Among the most sensible pieces of advice in the show are probably the most obvious — make a budget; start saving; get out of debt; invest in tangible items you can genuinely use; and don't plan on the government bailing you out. Interestingly, given the forum, there's not much discussion of investment as a tool for change. Marc advises putting your money in commodities, including oil, natural gas, and hard metals - sadly there is little suggestion of supporting solar, or other renewables technologies that may help us collectively get out of this mess. Perhaps the best line comes towards the end:
"Holding some US debt is OK. It's about the one thing we can guarantee will not go away."
It's also worth noting the disclaimer on the blurb for this show, which goes for this post too:
"The information in this program is not offered as investment advice. Consult a qualified financial advisor before making any investment decisions, and do your own research before investing."
More on Managing Your Finances in an Age of Peak Oil and Climate Change
11 Lifestyle Choices that can Help You Prepare for Recession
Matt Simmons on Peak Oil: How to Silence the Fast Money Team
66 Ways to Save Money on Gasoline