On the one hand, I, too, think the cookies are going to be pretty awful. I've attached a copy of Russell's newsletter, and he seems to have a similar view.
But on the other hand, I contend that a combination of information and some appropriate mental abilities will protect us from the fate of selling pencils on the corner. Now it may be that our houses will be a little smaller, and the mass of people may not have big-screen flat panel televisions. Perhaps we will have to make do with hamburger instead of fillet mignon. But there are other pleasures to be had.
If the Fed's policies lead to high interest rates, many will be hurt. On the other hand, those with money to put in the bank may start getting a decent yield. If prices crash, then those who have kept cash reserves have a once-in-a-lifetime opportunity coming up.
Example - prior to my birth, my parents lived in a modest little house in Wichita Falls, Texas. It was worth all of $600 - this was circa 1947, if I remember the story. A few years later, lots in small towns in Arkansas - towns like Bull Shoals - were available for $20. Had they had the foresight to purchase such things, I would now be disgustingly wealthy. If only.
The point is, current developments may make similar opportunities available to us. So the point of the post is not to cause despair; no, present developments are just the prelude to opportunity. It may be a while - years, perhaps - but patience can deliver rewards, IMO.
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