Lonnie Scruggs says to be concerned about, and to focus on, “your street” and not Wall Street, Pennsylvania Ave., or any other location. Of course he is correct. Only “your street,” your immediate environment of economic circumstances, impacts your business and will allow you to have some influence. I refer to that as microeconomics. However, even “your street” is not immune to the effects of the macroeconomics of substantially larger geographic areas. As we are all heading toward a decade of fundamental changes in the macroeconomy, it would be prudent for those of us who don’t have a good background in the subject to glean an understanding of the same.
As I have recommended previously, the “crash course” (it’s free) by Chris Martenson (www.ChrisMartenson.com) is an excellent video course on macroeconomics. After viewing (listening to) his presentation, one should have a superior understanding of the “big picture” and of how to prosper on “your street.” Semper paratis.
For those inclined towards reading on economics in general, I would recommend a few works by Thomas Sowell:
The Housing Boom and Bust (2009)
Applied Economics (2009)
Economic Facts and Fallacies (2008)
Basic Economics: A Common Sense Guide to the Economy, Third Edition (2007)
On Classical Economics (2006)
His other materials are also excellent. His website with articles, etc can be found at http://www.tsowell.com/. Rarely has someone so bright been able to communicate so well. Bernd, you would absolutely love him.
Sowell is great! I also enjoy his weekly columns www.townhall.com
I took the time to take the course. I think it took me 2.5 - 3 hrs. Fantastic info. some of which we have discussed.
The author is just like you; an optimist with an eye toward the future realities, based on the current trajectories.
The Boy Scout Motto comes to mind: Be Prepared.
Steve
I listened on Sunday. I am still working on the plan I downloaded, but feel miles ahead of where I was just last week.
Thank you for sharing this link.
Lin
Watched the course and been hanging around the site for awhile. If the next 20 years will not be anything like the last 20 years I wonder what Martenson’s recommendation is about buying mobile home parks now?
Any thoughts yourself?
I should think that Dr. Martensen would look to you for an answer to your question since he is not involved in our industry. Nevertheless, my immediate thoughts would be that our society is experiencing the end of an era and eventually the beginning of an entirely new one. There is no return to the status quo. We are entering a time of depression, but one without historical precedent. The experts charged with solving our social and economic problems were also involved in the causes of our dilemma and obviously did not recognize the approach of the ominous storm clouds. It seems that we will get much more of the same, which hasn