Quote:
Originally Posted by GreaterMontréal
yes but there were no epic stock market crash in 1918. Now we have a perfect combination of problems, stock market crash, oil price crash, covid-19, all happening at the same time.
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Yeah I think the middle ground is to assume an economic collapse is about to occur. Our housing still exists and isn't gonna crumble any time soon, we have tonnes of land for food production, mass unemployment will be the norm but at the end most of us will end up dying of old age.
My question is can we afford to be broke?
I think people misunderstand how much we suffer from over abundance of everything.
Food shelter that's it.
Everything else functions as a luxury good.
We still have our industrial capacity and we still have our service sector as a labor reserve that we can mobilize to fill in the gaps.
My default assumption is that this is the end of our economic system. And I ask does anyone really want this system of extensive debt and inequality to prolong?
I'm not saying I want things to get worst, simply that our system is far from perfect and was bound for an overhall.
We still have technology and a highly skilled workforce.
We likely might loose a lot but it was inevitable we'd experience an "interruption" in prolonged prosperity.