How to face fallout from unfolding global financial crisis

Nicole Foss returned to Picton Sunday with an update on how to build resilience and prepare to face fallout from an unfolding global financial crisis.
Prince Edward County residents, Foss noted, are generally already better prepared than their urban counterparts. Rural residents, she said, already know how to execute a strong community approach that pools resources, time and skills and have better means for local self-sufficiency.

In its simplest form, Foss’ message tells today’s baby boomer “doomers” they need to recall how their grandparents lived in much simpler times to increase sustainability in the face of a collapse of the world economy.

Roz Bound, of Transition Prince Edward County, welcomes guest speaker Nicole Foss.

Foss is senior editor of the blog The Automatic Earth (writing as Stoneleigh). An energy industry consultant and financial analyst, Foss made a second trip here on the invitation of Transition Prince Edward County, a group “creating a more resilient community in uncertain times”.

While many scientists and economists insist what will happen is inherently unpredictable, Foss’ two-hour presentation, A Century of Challenges: Financial Crises and Preparation” shared causes and ways to cope.

Foss shared the history of credit booms and busts noting “we are going to experience a world-wide deflationary depression at best just as bad as the Great Depression, but more likely much worse.”
She told her audience to “expect the value of your assets to return to levels not seen since the 1970s, and more likely much lower.”

She told her audience to hold cash and get out of debt, explaining that deflation means cash will hold its value; while property and other assets will not. “Whether you expect inflation or deflation, it is wise to have supplies stored: things to eat, to use as spare parts, or to trade for things you will need.”

To prepare, Foss recommends people develop practical skills, be able to build and fix, be skilled in basic healthcare and ensure you have all the “hard goods” necessary, including: shelter/insulation; land with productive capacity, water infrastructure, cooking equipment and fuel, provisions, energy infrastructure; hand tools, lighting, trading goods, low-tech transportation, spare parts, medicines, books/manuals, communications, containers/storage; clothing, shoes and blankets.

Meanwhile, Transition Prince Edward County coming events include learning how to grow fresh greens in your kitchen; a seed exchange, learning how to build a cold frame and building a solar oven. Visit www.transitionpec.ning.com