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Why You Should Take the Coronavirus Seriously and Prepare

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Burst Details

Why You Should Take the Coronavirus Seriously and Prepare

|
3 months ago

Automatic TRANSCRIPT

Kovic. Nineteen outbreak of flu around the world is an increasing economic threat to you and possibly an increasing physical threat. It does bear the risk of potentially causing sickness for you and your family which can be devastating and that sickness could also be life ending which could be devastating. I'm less concerned about the specific sickness. Then I am about the potential economic effects of this sickness. Yes the sickness could be significant. But there's a good chance that in the societies that you and I live in which are more advanced medically. The itself is not going to be the biggest risk. It is a risk but it's not going to be the biggest risk whereas the big risk is potentially economic. And we're going to. I'm going to do my best to unpack that for you so at this point in time I have moved my own personal defcon threat level up substantially and specifically. I expect that there's a very good chance that This Cova nineteen will be a triggering event for what we call a significant recession And or potentially longer term. Maybe we'll get you reach the economic academic term for depression or something like that but a significant financial crisis and unfortunately based upon the way that this is emerging if it does reach that it could have very long range effects. So I'm going to do my best towards the back half of this show to give you some things to prepare but the simplest thing that I would do is just say Think about how you need to think about some of the medical stuff but think also then about how you would prepare for a significant recession. And here I will commend to you in probably re release the episode that I recorded back in September of two thousand nineteen episode ironically. Enough six hundred sixty six how to prepare for the coming recession had a listener that emailed me couple days ago. You know that there is a show season six six six at the top of your of your itunes chart on how to prepare for the coming recession. I had not known it and I went and fixed the problem but episode six hundred and sixty-six called how to prepare for the coming recession of September. Twenty nineteen has a fairly comprehensive discussion of what to do financially speaking if you are concerned about a recession and I am increasingly concerned about a recession. So that's my thesis statement. My thesis statement is there are significant storm clouds economically on the horizon It'll take a little time to see those storms actually. Do Bring come to your local area. There are significant Physical concerns on the horizon of sickness etc. And there are few things that you can do but you should have your alert level very high and you should be preparing for these events at this point in time. That's the thesis now. Let's back up and I'll talk you through my thinking in my reasoning. I find this topic very hard. Because we're dealing with a lot of things that are unknown and who were dealing with things that are potentially very significant or potentially less significant and so. I need to give you some background ideas that you can then filter through your own rational brain to figure out the right thing for you To do there will be some physical preparation that you can do some economic preparation. But you're going to have to filter that through and so to do that effectively. I need to give you some background thinking in my brain. The things that are that are That I'm considering when I'm making the suggestions that I'm making. Let's begin with the physical threat. I have long considered a global flu pandemic to be the most likely and the most devastating threat in terms of big large scale. Emergency disaster scenarios. I've been interested in emergency disaster preparedness since I was being brought before I was even a teenager. Some of the first books I ever remember buying when I was twelve years old. I remember I took a trip to England with my parents and I came across the SAS survival. Manuals and some bookstores. In England. And I use. My money came home with three. Sas survival manuals. And I. I loved those things and I would go out in my backyard and practice making a shelter an emergency shelter with a pocket knife and string of branches and things just practice all the woods survival techniques and then I got involved in emergency preparedness. At an early age doing emergency communications with Some organizations and hurricane preparedness and I was One hurricane came through. Florida was the Emergency Operation Center in down in downtown West Palm Beach Florida through the hurricane sleeping in the barracks and watching everything and That went on during the the emergency operations systems there in the hurricanes and so I've been interested in the subject for a long time and as a financial planner by trade and training. I've always seen the clear and obvious corollaries from technical financial planning to emergency