Try as we might to ignore it, the suckiness of the U.S. economy has become a major preoccupation even for those of us here in the Possum Kingdom.
I’ve written before about how the rising costs of food, fuel, etc. are big news here as everywhere. But for those of us who count on our money coming from the States or the UK, it is even more worrying. Not only are we paying the same higher prices as everyone else, our income has taken a drop as well, so our purchasing power has sunk lower, faster.
Another big concern for those of us who are not yet at retirement age, but who have private retirement accounts and pensions is whether there will be anything left for us to live on when the time comes. Watching banks and brokerages closing right and left is frankly terrifying, even from a distance.
What happens if the bank where all your bank accounts are situated goes under? Yes, things are insured by the FDIC in the States, but they will probably not be able to cover all the losses without huge government bailouts themselves. And, if the bank closes and you do not live inside the U.S., it is impossible to re-open a new account with a different bank. The days of being able to get signature cards notarized at a consulate, then sending them back to the bank are gone. Spending a couple of thousand dollars to go back and do it in person is an absurdity.
Even if the worst happens, we won’t starve and we’ll manage to survive somehow, but it won’t be easy and it won’t be fun. But, then it won’t be easy or fun for anyone, no matter where they are.
I never thought we would see dark times like these in our lifetime.
Ciao for now.