THE COMING ECONOMIC ARMAGEDDON – I’m not an economist, so I don’t know if it is or is not coming, but a friend of The Daily Chrenk, John Adams, thinks so:

Over the past two years, Australian economist John Adams and others have been warning of a looming global crash, based on record levels of public and private debt, ultra-low interest rates, excessive public spending and a massive housing bubble, among other indicators.

This week, the former Coalition adviser outlined six possible scenarios for the future, depending on whether central banks continued to artificially prop up economies with “quantitative easing” money printing policies, or ended the post-GFC stimulus measures and began to raise interest rates.

While Mr Adams — whose concerns are being quietly acknowledged by a growing number of politicians — believes it’s now too late for government action, he argues there are a number of things ordinary Australians can do to prepare themselves.

He has outlined 10 steps that will “hopefully serve as a useful action guide for individual Australians to get their affairs in order and prepare for the coming crisis”.

“The coming economic armageddon is fast approaching and many Australians are completely unprepared for the possible economic consequences that will result from the crisis,” he said. “There is still a small window of time for individuals to take steps to prepare for the economic crisis not only on a financial basis, but also on a holistic basis as well.”

The ten steps recommended by John are a good advice at all times, good or bad, so you could do worse than try to apply at least some of them to your life and your finances.