Solutions to the problem

[Practic]

It is expected that we have a recession soon. Together with inflation this will result in reduction of consumers purchasing power, which leads to reduction in consumption. This means that traditional methods of marketing and advertising will not be efficient.

Any ideas, which marketing methods will work in recession+inflation environment?

 

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[BizyDad]

You're probably right. With a recession and inflation already here, people are going to stop advertising on TV, Google and social media.

Everybody give up. Word of mouth is all that's left.

 

[Andy Black]

Google Ads for appliance repairs in Dublin are working pretty good at the moment...

 

[Practic]

Google Ads for appliance repairs in Dublin are working pretty good at the moment...

People do not have money to buy new products, therefore there is a boom in repair business. When recession+inflation hit hard they reduce their spending to basic needs (food+shelter).

 

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[bpbrewer]

"Marketing" is just connecting with the people who can genuinely benefit from your products and services. Advertising is just a tool at your disposal to get noticed or establish an initial connection with your potential customers.

What matters during a recession is not your marketing strategy, but the product or service that you're offering. If your products and services solve real problems for your customers even in times of recession then you should be ok. If your product or service does not solve a real problem or is highly dependent on disposable income, then no marketing strategy or amount of advertising will help you.

Take this time and reevaluate your products and services and figure out if it's something that your market needs even in times of recession.

 

[Practic]

"Marketing" is just connecting with the people who can genuinely benefit from your products and services. Advertising is just a tool at your disposal to get noticed or establish an initial connection with your potential customers.

What matters during a recession is not your marketing strategy, but the product or service that you're offering. If your products and services solve real problems for your customers even in times of recession then you should be ok. If your product or service does not solve a real problem or is highly dependent on disposable income, then no marketing strategy or amount of advertising will help you.

Take this time and reevaluate your products and services and figure out if it's something that your market needs even in times of recession.

"If your product or service does not solve a real problem or is highly dependent on disposable income, then no marketing strategy or amount of advertising will help you."

Strongly disagree with your opinion. Your statement is true for normal economic conditions. When you have no enough money to pay for shelter and food you will not be spending money on a vacation package, which in normal conditions solve a real problem of regeneration of your health.

In your second part you have found a solution. If your marketing strategy put money into your client's pockets then she/he will be able to buy your product/services.

 

[BizyDad]

"If your product or service does not solve a real problem or is highly dependent on disposable income, then no marketing strategy or amount of advertising will help you."

Strongly disagree with your opinion. Your statement is true for normal economic conditions. When you have no enough money to pay for shelter and food you will not be spending money on a vacation package, which in normal conditions solve a real problem of regeneration of your health.

In your second part you have found a solution. If your marketing strategy put money into your client's pockets then she/he will be able to buy your product/services.

You should look up the meaning of the word "disposable income". You didn't actually contradict what he said. You just used different words.

But it is one thing to talk about normal economic conditions. It is another thing to talk about a recession and inflation.

I don't know what part of the world you living in. So maybe your panic is justified? But you're acting like all monies value everywhere is going to go to zero in the very near future. Your doom and gloom attitude is out of touch with reality. Not everybody on Earth is going to be suffering to the point of only being able to afford food and rent or less. You should still be able to find customers who can afford your offerings.

 

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[Practic]

You should look up the meaning of the word "disposable income". You didn't actually contradict what he said. You just used different words.

But it is one thing to talk about normal economic conditions. It is another thing to talk about a recession and inflation.

I don't know what part of the world you living in. So maybe your panic is justified? But you're acting like all monies value everywhere is going to go to zero in the very near future. Your doom and gloom attitude is out of touch with reality. Not everybody on Earth is going to be suffering to the point of only being able to afford food and rent or less. You should still be able to find customers who can afford your offerings.

"Your doom and gloom attitude is out of touch with reality."

USA had no recession+inflation situation in last 100 years, Germany had in 1920-30s which resulted in World War II at the end.

I agree with you that always will be customers, which will be able to buy any products/services, but majority of people worldwide in conditions of recession+inflation will reduce spending significantly.

 

[Kak]

Any ideas, which marketing methods will work in recession+inflation environment?

Freelance copywriting is the only thing that will work. Everyone’s going to be unemployed. Companies are going to be out of business… But the 7 quadrillion dollar freelance copywriting industry will thrive like a cockroach after a nuke. Get in now before it’s too late. Soon you’ll have to compete with the likes of kings and dignitaries.

 

[Cano]

People do not have money to buy new products, therefore there is a boom in repair business. When recession+inflation hit hard they reduce their spending to basic needs (food+shelter).

what are you talking about

you act like the world is going to end.

people do have enough money to buy products filling there needs and problems if not all businesses would go bankrupt lmao.

 

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[Practic]

what are you talking about

you act like the world is going to end.

people do have enough money to buy products filling there needs and problems if not all businesses would go bankrupt lmao.

"you act like the world is going to end."

I did not said that world is going to end and all businesses go bankrupt.

If you go to any supermarket and compare prices you will discover that there is high inflation (in food prices).

If you listen to many economic experts (mainstream and independent) they are in an agreement that we will have a recession soon. I have no reasons to not believe them, I buy groceries twice a week and live in a real world.

 

[Cano]

I agree with you that always will be customers, which will be able to buy any products/services, but majority of people worldwide in conditions of recession+inflation will reduce spending significantly.

and thats why you absolutely NEED a recession proof business and everything else which could be improved you just ignore?

because „some people“ will go through pain because lack of money to not buy your perfect solution to there problem?

stop this recession proof type shit, you wont go anywhere with that mindset.

 

[Practic]

and thats why you absolutely NEED a recession proof business and everything else which could be improved you just ignore?

because „some people“ will go through pain because lack of money to not buy your perfect solution to there problem?

stop this recession proof type shit, you wont go anywhere with that mindset.

I did not said that "you absolutely NEED a recession proof business". You use your own conclusions and post them as mine.

 

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[Cano]

I did not said that "you absolutely NEED a recession proof business". You use your own conclusions and post them as mine.

im sorry, i missed your point.

you talked about marketing, i apologize.

 

[Practic]

im sorry, i missed your point.

you talked about marketing, i apologize.

No, problem! Such things happen sometime.

 

[bpbrewer]

"If your product or service does not solve a real problem or is highly dependent on disposable income, then no marketing strategy or amount of advertising will help you."

Strongly disagree with your opinion. Your statement is true for normal economic conditions. When you have no enough money to pay for shelter and food you will not be spending money on a vacation package, which in normal conditions solve a real problem of regeneration of your health.

In your second part you have found a solution. If your marketing strategy put money into your client's pockets then she/he will be able to buy your product/services.

Point taken. Poor choice of words on my part. You can absolutely solve real problems, like providing vacation rentals. However, my point is that if a product or service relies on times being good, and people having extra money in their pockets, then that product or service is not recession-proof.

My other poor choice of words is saying that no marketing strategy will work either. That may be true for marketing existing services as nothing ever changes. But a large part of marketing is ensuring the product-market fit. Markets are not static. They're very dynamic. Things change all the time, and it's the role of marketing to respond to those changes and to make sure that the business needs align with the current needs of the customers. Many businesses fail because they're either oblivious to the change or resistant to the change.

For instance, if the vacation rental is primarily for middle-class vacationers, and those people are no longer vacationing because they have no disposable income, then your business will suffer. In that case, it could be more beneficial to adjust the product or service versus continuing to market the unchanged product or service, only harder. Maybe instead of a vacation rental, pivot the service to provide long-term fully-furnished rentals to traveling professionals like hospital contractors. Or remodel the property and cater to high-end and wealthy clients who may still have disposable income.

Point is that figuring out problems in the market and helping to solve those problems is part of marketing, not just the things that happen after we have a product or service. Iterating products and services, or creating new products and services based on current market conditions is part of the marketing strategy.

Now there are a lot of nuances and gray areas. As others said, the economy rarely goes from 100 to 0 mph. It will slow down to 60, or 40 mph, but it will keep going to some capacity. It did even during the great depression.

The economy is a reflection of human needs. The need to survive and live comfortably. And as long as humans exist, there will always be needs. The need for certain comfort services, like vacation rentals, will go down. But as long as people exist, you will find opportunities.

 

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[BizyDad]

USA had no recession+inflation situation in last 100 years, Germany had in 1920-30s which resulted in World War II at the end.

Not sure if you even care to be accurate, but if you want some sense of what to expect, check out US history 1972-1975.

People still bought things. I'm old enough to remember the aftereffects of that era, but of course I'm older than the forum GrandPa.

Freelance copywriting is the only thing that will work. Everyone’s going to be unemployed. Companies are going to be out of business… But the 7 quadrillion dollar freelance copywriting industry will thrive like a cockroach after a nuke. Get in now before it’s too late. Soon you’ll have to compete with the likes of kings and dignitaries.

So true. So so true. Bro, you totally nailed it!

Like, did you know Julius Caesar's greatest skill was copywriting? If it wasn't, you'd've never heard of him. Without it, he'd never have become Dictator for life. And he became one of the richest men in Rome, so you really can't argue with the career path. Copywriter, Pontifex Maximus, General, Governor, Dictator for life, short though it was.

Of course, Marcus Aurelius is probably the best royal copywriter. Man that guy could turn a phrase. You're not going to compete with him, but he's dead, so these new freelancers still have a chance.

The United States would never have become or stayed the United States without the copywriting skills of Thomas Jefferson and Ben Franklin.

Hey, how do we know about Ramses the Great or Hammarubi? They hired good copywriters.

How did Homer become Homer and Shakespeare become The Bard? Excellent copywriting.

Why don't we know much of anything about the Olmecs or the Indus Valley civilization or the aliens who come down to do experiments in cow fields? Simple. Zero copywriting skills.

Zero. Think about it.

The copywriting industry is older than Kongō Gumi and every other corporation in existence today. I'm pretty sure copywriting is like the world's 3rd or 4th oldest profession.

It'll definitely survive the coming apocolypse like a cockroach, but this is probably one more reason why someone should wear a bio-hazard suit in libraries.

People do not have money to buy new products, therefore there is a boom in repair business. When recession+inflation hit hard they reduce their spending to basic needs (food+shelter).

Hey Panic, I mean Practic, I thought of one more thing. Just 2 years ago the world rolled up its sidewalks and stopped commerce.

People still made money. People still went fastlane. Here's a historic thread from that long bygone era for you to chew on...

HOT! - All Businesses Will Fail In a Couple Of Months??

So we know that the Corona Virus is gonna hit hard - very hard. On the other hand we await the recession and now with Corona it probably will speed up. I think we will probably see the start of the recession still in 2020. Now I´ve been thinking: - What business can thrive in a recession +...

www.thefastlaneforum.com

 

[Practic]

Not sure if you even care to be accurate, but if you want some sense of what to expect, check out US history 1972-1975.

People still bought things. I'm old enough to remember the aftereffects of that era, but of course I'm older than the forum GrandPa.



So true. So so true. Bro, you totally nailed it!

Like, did you know Julius Caesar's greatest skill was copywriting? If it wasn't, you'd've never heard of him. Without it, he'd never have become Dictator for life. And he became one of the richest men in Rome, so you really can't argue with the career path. Copywriter, Pontifex Maximus, General, Governor, Dictator for life, short though it was.

Of course, Marcus Aurelius is probably the best royal copywriter. Man that guy could turn a phrase. You're not going to compete with him, but he's dead, so these new freelancers still have a chance.

The United States would never have become or stayed the United States without the copywriting skills of Thomas Jefferson and Ben Franklin.

Hey, how do we know about Ramses the Great or Hammarubi? They hired good copywriters.

How did Homer become Homer and Shakespeare become The Bard? Excellent copywriting.

Why don't we know much of anything about the Olmecs or the Indus Valley civilization or the aliens who come down to do experiments in cow fields? Simple. Zero copywriting skills.

Zero. Think about it.

The copywriting industry is older than Kongō Gumi and every other corporation in existence today. I'm pretty sure copywriting is like the world's 3rd or 4th oldest profession.

It'll definitely survive the coming apocolypse like a cockroach, but this is probably one more reason why someone should wear a bio-hazard suit in libraries.



Hey Panic, I mean Practic, I thought of one more thing. Just 2 years ago the world rolled up its sidewalks and stopped commerce.

People still made money. People still went fastlane. Here's a historic thread from that long bygone era for you to chew on...

HOT! - All Businesses Will Fail In a Couple Of Months??

So we know that the Corona Virus is gonna hit hard - very hard. On the other hand we await the recession and now with Corona it probably will speed up. I think we will probably see the start of the recession still in 2020. Now I´ve been thinking: - What business can thrive in a recession +...

www.thefastlaneforum.com

"Hey Panic, I mean Practic, "

I am not in panic and I am not a panic. My question was about what marketing methods will be efficient in recession+inflation environments. It is a practical question because we are almost in such situation. All your panic related nonsense is irrelevant to the topic.

 

[Practic]

Point taken. Poor choice of words on my part. You can absolutely solve real problems, like providing vacation rentals. However, my point is that if a product or service relies on times being good, and people having extra money in their pockets, then that product or service is not recession-proof.

My other poor choice of words is saying that no marketing strategy will work either. That may be true for marketing existing services as nothing ever changes. But a large part of marketing is ensuring the product-market fit. Markets are not static. They're very dynamic. Things change all the time, and it's the role of marketing to respond to those changes and to make sure that the business needs align with the current needs of the customers. Many businesses fail because they're either oblivious to the change or resistant to the change.

For instance, if the vacation rental is primarily for middle-class vacationers, and those people are no longer vacationing because they have no disposable income, then your business will suffer. In that case, it could be more beneficial to adjust the product or service versus continuing to market the unchanged product or service, only harder. Maybe instead of a vacation rental, pivot the service to provide long-term fully-furnished rentals to traveling professionals like hospital contractors. Or remodel the property and cater to high-end and wealthy clients who may still have disposable income.

Point is that figuring out problems in the market and helping to solve those problems is part of marketing, not just the things that happen after we have a product or service. Iterating products and services, or creating new products and services based on current market conditions is part of the marketing strategy.

Now there are a lot of nuances and gray areas. As others said, the economy rarely goes from 100 to 0 mph. It will slow down to 60, or 40 mph, but it will keep going to some capacity. It did even during the great depression.

The economy is a reflection of human needs. The need to survive and live comfortably. And as long as humans exist, there will always be needs. The need for certain comfort services, like vacation rentals, will go down. But as long as people exist, you will find opportunities.

I agree with your statements, but they are not directly related to my question. My question was about what marketing methods will be efficient in conditions of recession+inflation. Obviously, traditional advertising and marketing methods, which work fine in normal economy will be inefficient (or will not work at all) in an environment of recession+inflation.

 

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[Practic]

Not sure if you even care to be accurate, but if you want some sense of what to expect, check out US history 1972-1975.

People still bought things. I'm old enough to remember the aftereffects of that era, but of course I'm older than the forum GrandPa.



So true. So so true. Bro, you totally nailed it!

Like, did you know Julius Caesar's greatest skill was copywriting? If it wasn't, you'd've never heard of him. Without it, he'd never have become Dictator for life. And he became one of the richest men in Rome, so you really can't argue with the career path. Copywriter, Pontifex Maximus, General, Governor, Dictator for life, short though it was.

Of course, Marcus Aurelius is probably the best royal copywriter. Man that guy could turn a phrase. You're not going to compete with him, but he's dead, so these new freelancers still have a chance.

The United States would never have become or stayed the United States without the copywriting skills of Thomas Jefferson and Ben Franklin.

Hey, how do we know about Ramses the Great or Hammarubi? They hired good copywriters.

How did Homer become Homer and Shakespeare become The Bard? Excellent copywriting.

Why don't we know much of anything about the Olmecs or the Indus Valley civilization or the aliens who come down to do experiments in cow fields? Simple. Zero copywriting skills.

Zero. Think about it.

The copywriting industry is older than Kongō Gumi and every other corporation in existence today. I'm pretty sure copywriting is like the world's 3rd or 4th oldest profession.

It'll definitely survive the coming apocolypse like a cockroach, but this is probably one more reason why someone should wear a bio-hazard suit in libraries.



Hey Panic, I mean Practic, I thought of one more thing. Just 2 years ago the world rolled up its sidewalks and stopped commerce.

People still made money. People still went fastlane. Here's a historic thread from that long bygone era for you to chew on...

HOT! - All Businesses Will Fail In a Couple Of Months??

So we know that the Corona Virus is gonna hit hard - very hard. On the other hand we await the recession and now with Corona it probably will speed up. I think we will probably see the start of the recession still in 2020. Now I´ve been thinking: - What business can thrive in a recession +...

www.thefastlaneforum.com

"Not sure if you even care to be accurate, but if you want some sense of what to expect, check out US history 1972-1975."

I do not think that this is an accurate comparison. In that time we had no hundreds of trillions in debt, so it will be different this time that it was in 1972-1975.

 

[BizyDad]

"Not sure if you even care to be accurate, but if you want some sense of what to expect, check out US history 1972-1975."

I do not think that this is an accurate comparison. In that time we had no hundreds of trillions in debt, so it will be different this time that it was in 1972-1975.

I should have known better than to engage somebody who thinks there's such a thing as "efficient marketing". That's the topic right? Good luck tilting at that windmill.

There are literally dozens of marketing methods that will continue to work. But efficient marketing? I think you just want to sound smart.

And of course it's not an "accurate comparison". That's why I said "some sense" of what to expect. Inflation + recession was what we were talking about, and that is the last such era in US history, not 100 years ago. There are people on this forum who lived through that era.

As they say, history doesn't repeat itself but it rhymes.

There wasn't trillions in debt, but oil prices were high, war shocked the world, global trade was slowing, and we had just gotten off the gold standard so currency was being devalued.

There also was no internet, China had only just opened its borders, so duh, of course it isn't an "accurate comparison".

If you want to dismiss that corollary point in history because you want to feel logically superior, that's on you.

Doomed to repeat it, right?

Good luck finding the answer to your question. Hopefully you find it soon and get some real work done.

 

[Practic]

I should have known better than to engage somebody who thinks there's such a thing as "efficient marketing". That's the topic right? Good luck tilting at that windmill.

There are literally dozens of marketing methods that will continue to work. But efficient marketing? I think you just want to sound smart.

And of course it's not an "accurate comparison". That's why I said "some sense" of what to expect. Inflation + recession was what we were talking about, and that is the last such era in US history, not 100 years ago. There are people on this forum who lived through that era.

As they say, history doesn't repeat itself but it rhymes.

There wasn't trillions in debt, but oil prices were high, war shocked the world, global trade was slowing, and we had just gotten off the gold standard so currency was being devalued.

There also was no internet, China had only just opened its borders, so duh, of course it isn't an "accurate comparison".

If you want to dismiss that corollary point in history because you want to feel logically superior, that's on you.

Doomed to repeat it, right?

Good luck finding the answer to your question. Hopefully you find it soon and get some real work done.

"There wasn't trillions in debt, but oil prices were high, war shocked the world, global trade was slowing, and we had just gotten off the gold standard so currency was being devalued."

All you describe are consequences of inflation. Today we have a recession caused by excessive debt plus inflation caused by uncontrolled printing of money by central banks. If you do not see a difference you are just dreaming that future will be similar to the past. You have rights to dreams, but I was looking for practical answers to my question, not dreamers fantasies.

 

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[BizyDad]

All you describe are consequences of inflation.

All you describe are consequences causes of inflation. Fixed it for you.

but I was looking for practical answers to my question, not dreamers fantasies.

This is demonstrably false. Andy Black responded with a highly practical response, and you dismissed it.

I'm sure you're making quite an impression around here new guy. Do you even have a business? How can you get a "practical" answer when you haven't revealed the business you need help with?

You actual expect me/us to list the dozens of marketing tactics that will continue to work "efficeintly" because you are too lazy to learn good marketing tactics for yourself?

And if you don't have a real business, then your "dreamers fantasies" comment is super duper hilarious.

 

[heavy_industry]

This thread has accidentally been posted outside the #landfill section.

 

[Practic]

All you describe are consequences causes of inflation. Fixed it for you.



This is demonstrably false. Andy Black responded with a highly practical response, and you dismissed it.

I'm sure you're making quite an impression around here new guy. Do you even have a business? How can you get a "practical" answer when you haven't revealed the business you need help with?

You actual expect me/us to list the dozens of marketing tactics that will continue to work "efficeintly" because you are too lazy to learn good marketing tactics for yourself?

And if you don't have a real business, then your "dreamers fantasies" comment is super duper hilarious.

"This is demonstrably false. Andy Black responded with a highly practical response, and you dismissed it."

In my case Google Ads do not work. You are right, I have no an established business right now. I am an immigrant in a new country and I am trying out to figure out the "fast line" approach. The traditional methods do not work fast for immigrants, because of "not from here" syndrome.

 

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[BizyDad]

The traditional methods do not work fast for immigrants, because of "not from here" syndrome.

No immigrants to your current country have ever built a business fast?

Do immigrants not clean houses, landscape, or construct things in this country? I'm genuinely curious, I've only spent time in 8 countries, so I don't know what I don't know.

What country is this? Why did you immigrate there? And if this is actually true, then who cares about "recession + inflation" it sounds like you have bigger problems buddy.

But if even one immigrant has proven you wrong, then you need to reread the books, stop asking irrelevant questions, and get to work.

You will never build a fastlane business if you don't start trying to build a fastlane business.

And you don't start by asking for "efficient marketing methods".

What problems can people pay you to solve?

 

[Practic]

"You will never build a fastlane business if you don't start trying to build a fastlane business."

There are different ways of trying.

"And you don't start by asking for "efficient marketing methods". "

In fact, this question get me a business idea, what services will be in demand soon.
Thank, you for your answers, they are not answers I was looking for, but they reveal an business opportunity to worth put efforts in.


>What problems can people pay you to solve?

Problem 1.

How to attract new customers in bad economic conditions (recession+inflation).

Problem 2.

How to keep current customers loyal.

Problem 3. (similar to 2)

How to reduce rates of churn among customers



As for other questions, I am from Ukraine. After the collapse of Soviet Union it was not a recession or depression, it was a complete collapse of economy. Inflation in 1993 was over 10,000% (See http://www.vostroknutov.com/pdfs/teaching/2005spring/1102hyperinflation.pdf )
One day you learned that the government printed new money and your old money almost worthless.

So, I know on personal experiences what recession+inflation is.

In any way, thank you for your answers, I learned something, see fastline business opportunities ahead.

Have a great weekend!

 

[Practic]

No immigrants to your current country have ever built a business fast?

Do immigrants not clean houses, landscape, or construct things in this country? I'm genuinely curious, I've only spent time in 8 countries, so I don't know what I don't know.

What country is this? Why did you immigrate there? And if this is actually true, then who cares about "recession + inflation" it sounds like you have bigger problems buddy.

But if even one immigrant has proven you wrong, then you need to reread the books, stop asking irrelevant questions, and get to work.

You will never build a fastlane business if you don't start trying to build a fastlane business.

And you don't start by asking for "efficient marketing methods".

What problems can people pay you to solve?

"Do immigrants not clean houses, landscape, or construct things in this country?"

This is a script, which should be unscripted .

 

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[BizyDad]

"Do immigrants not clean houses, landscape, or construct things in this country?"

This is a script, which should be unscripted .

What? Well now I've heard it all. So when native citizenry builds landscaping, construction or house cleaning businesses, it's fast lane, but when an immigrant does it, it's a script?

Bro, there really is no helping you. You have an excuse for everything.

There are different ways of trying.

You think you are trying by typing this thread? Go reread the part of the books about action faking.

I hope you and yours are safe from the war in your country. I can't imagine how I would handle such a thing. I wish you the best of luck, but I'm done responding because I feel like you are arguing just to argue now and time is just too precious a thing to be wasted not being helpful.

 

[Practic]

What? Well now I've heard it all. So when native citizenry builds landscaping, construction or house cleaning businesses, it's fast lane, but when an immigrant does it, it's a script?

Bro, there really is no helping you. You have an excuse for everything.



You think you are trying by typing this thread? Go reread the part of the books about action faking.

I hope you and yours are safe from the war in your country. I can't imagine how I would handle such a thing. I wish you the best of luck, but I'm done responding because I feel like you are arguing just to argue now and time is just too precious a thing to be wasted not being helpful.

You are right, I see a value in asking questions (even that seem stupid) on this forum. It seems you reject any approach that do not fit your "script".