One of the more sobering thoughts at the moment is that, as bad as things are, we haven't even hit the full recession yet. And when it comes, Washington’s playbook could deliver a Japan-style zombie economy for decades to come. So despite evaporating jobs, soaring bankruptcies, houses reserved for the six-figure crowd, and grocery prices that make breakfast a luxury, we haven’t even seen the main show.
I equate the US economy with a heroin addicted individual. It really needs is to ween itself off the drug of endless debt and free money but the enabling politicians won’t let that happen and keep pushing it to do more heroin instead.
A few decades ago, if politicians did the right thing, this could have been turned around.
At this level of debt, I think it is actually too late even if we had politicians willing to go through the political suicide to do it.
The debt has ballooned too high and there would need so be a miracle in productivity and energy production to even have a chance.
Money printing and feeding it into Euro and Asian dollars through those central banks flooded the world w petrodollars sure to cause inflation. So they raised interest rates and continued to print petrodollars driving up deficits all around the world. Rather than restricting capital at the banks by requiring higher capital reserves they allow banks to invest in the stock markets w extremely low reserves. With inflation soaring the Central banks raise interest rates hurting credit card holders worse and causing bankruptcies. The banksters come in to buy deflated assets through proxy corporations they control through stock ownership.
The politicians are paid off by the banksters who have rigged the game against real capitalism and free markets.
The historical, world perspective aside, this is all part of the planned collapse of the US, and world, economy and financial systems as engineered by the global bankers. The recession will devolve into a depression, which will devolve into the Great Collapse [followed by the Great Reset]. Secure your wealth and your possessions as all will be lost to the global bankers.
When will the actual recesion hit, hit? For example will we call it the 2024/2025/2026 financial crisis(recession)? Any idea? :)
[money was too cheap for too long, funding a bunch of crappy businesses, called “malinvestments.” ]
And, savers were punished. So, too many dollars chasing too little yield.
The upside though, is that the wild speculation did allow for a great degree of experimentation.
Some of those experiments created businesses, opportunities, and conveniences we might otherwise never have had.
So while there was all manner of fraud, chicanery, and malfeasance and stupidity, there was good in addition to the bad.
You said that the recession will crush "all of us."
I disagree. The gritty, the resourceful, the clear-eyed will survive.
They always do, don't they?
The creative, the open- minded, the kind? They will actually thrive.
This upcoming phase will wash away a lot of the man-made bullshit, some of which you've mentioned here.
It's already happening, as you've noted.
I'm seeing it already. Got myself a front row seat.
I'm looking forward to what's ahead.