Are we looking at the next great depression?
What do you guyz think with the 52 trillion dollars in unfunded liabilities and the 11 trillion dollar deficit… and just the oncoming of the ABC cycle…How bad is it going to get?
no,
a greater depression.
During the great depression not as many Americans owned homes as they did today. They had savings. Credit cards were only just invented. Population wasn’t as concentrated in cities - they lived closer to farm land. The country was a producer, exporter and a creditor to the rest of the world. The country used gold for money, which was worth something. Now we’re the total opposite of all that - which today are all negatives.
What we do have is a Fascist president just like FDR, nationalizing the country and controlling the economy. Only this time we will have an inflationary depression (rising costs while people have less money) whereas in the 1930’s it was deflationary (lower costs made the bit of money people had go further).
In my opinion this crisis will “officially” end much sooner than most of us expected. This doesn’t mean that the system will be reformed and we’ll be looking at a “new age” in politics and economics but simply that the problem will be swept under the carpet, hoping it’ll never surface again. Like Prof. Rozeff often says everybody hopes not to live long enough to see the day of judgement: let our children and grandchildren see to it.
Why am I saying this? Because I know that people would rather end up much poorer and worse off than roll up their sleeves, show Leviathan the door, get quietly to work and build a better and more honest place. Most still believe in the scam called democracy (the Greeks gave it a negative meaning: they were too kind), just look at the recent Obama fever, and many more have absolute faith in government. It’s worse than a childish attitude. At least children know they must behave all year long and leave water and biscuits out to get presents from Santa Claus, Saint Lucy, Baby Jesus or whoever. Authors talking about a “cargo-cult” economy are more right than they’d expect: people really expect Joe Frumm to come with his nice red plane loaded with free goods for everybody, goods taken from the “evil” and “undeserving” white men. Yes, that’s how bad it is.