Coming Financial Crisis Worse Than ’29?

Discussion in 'Happy Hour' started by DixieDestroyer, Dec 26, 2007.

  1. werewolf

    werewolf Hall of Famer

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  2. DixieDestroyer

    DixieDestroyer Hall of Famer

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  3. DixieDestroyer

    DixieDestroyer Hall of Famer

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  4. white is right

    white is right Hall of Famer

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  5. white is right

    white is right Hall of Famer

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  6. CovidCrisis

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    A depression is coming in the very near future. Stock Markets have posted consecutive record losses. USA job loss numbers to be released soon will be the worst in recorded history. Society is on the verge of completely shutting down, we're literally looking at 80% unemployment in the short term. Governments are printing money out of thin air (actually, it's all digital now, they don't even print it, just key it in on a computer, and of course there is absolutely nothing backing that money). Debts are being delayed and will likely end up being cancelled as society itself goes bankrupt. This is hyperinflation which will devalue the currency.

    You can go to a bank and "take out your money" but what good will that do if your paper money is worthless? That's where we are headed in certain terms.

    If there is a rule to be learned here, its that responsible behaviour (paying debts, mortgages, loans) is not rewarded, as after a depression you are going to be in the exact same position as someone who dodged all of their debts, and the idea of saving money or investing money is inherently flawed, maybe in the short term it makes sense and can help you, but in the long-term you will lose that value. Money only has real value when you use it. You could buy a car, and will still have the value of that car in a depression, but your paper money savings are worthless.

    International trade will be reevaluated after this crisis and decreased. Nations will become more independent and self-sufficient. Italy, an EU member, is having its citizens dying left right and center after relying on the EU to supply medical equipment but to the Italians' surprise the EU has not been there to help. The EU will be destroyed after this.

    This is a full on crisis and the forthcoming depression will be massive, on the scale of 1929 or greater.

    The only positive out of this is that when its all over, there will be an upswing just as significant. Getting there could be decades though.
     
    Last edited: Mar 20, 2020
  7. werewolf

    werewolf Hall of Famer

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    This is a full on crisis and the forthcoming depression will be massive, on the scale of 1929 or greater.


    The way they got out of that one was by starting another world war - with Germany, which was booming while the rest of the world was mired in the Great Depression, because Germany had opted out of the international bankers usury racket - and that's probably their plan again - start a war with Iran, China, Russia...

    A big difference now is that in 1929 this was totally a White mans' country and people stuck together for the most part. This time there will be massive crime and riots by the diversities. They don't want people to be able to defend themselves either. They have already shut down gun stores and sales in places like San Jose, Champaign, Ill., and Washington DC.
     
  8. CovidCrisis

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    Great points you raise. Yes, sh1t is about to get very real very fcuking fast. Each man for himself. The implications of this will be severe and it also may the tipping point in establishing a new world superpower. It is events like this that will demote one nation and promote another. You are correct that this could lead to a war.

    I won't post sources, but a simple google search will reveal 10+ articles that banks in the USA and Germany (probably more countries too) are now refusing or significantly limiting cash withdrawls. The banks are insolvent. So you can't access your own money. And of course when the banks do that, it just encourages a run on the banks. And customers rightfully lose 100% confidence in the bank. Guess what? They don't have the cash to pay everyone. And even if they did, it would be worthless. The entire fcuking system here in North America and W. Europe is built on credit, debt and loans to wealth that does not exist except in a fabricated form. The average North American lives on a credit card, lives paycheck to paycheck, owes more than they actually have. Western civilization has the highest personal debt levels in history and we are ripe for an utter economic collapse. The whole sh1tty system is going down from here. A pandemic which creates this kind of panic and short term unemployment levels is all it takes. Society will shut down, almost everyone out of work, every single industry is going to need a bailout. We're talking a massive fcuking crash here.

    Politicians are sugercoating it and calling it a recession, but we've already been in a recession in the Western world since 2008, this is a step beyond that a recession. The value of currency will go to 0, everyone except for the ultra rich will see their savings become worthless, and the system is going to have to start over. Debts will be cancelled, so if you're the type of person who has paid a debt, you've been swindled.

    Economic collapse 100%.

    The only major takeaway from this is that money only has a real value when you buy things with it, and really, responsible financial behaviour (ie paying your bills, loans, and such) is not rewarded, because in the event of a crash we're all starting at the same point, so you might as well have not paid your bills to begin with.
     
    Last edited: Mar 21, 2020
  9. werewolf

    werewolf Hall of Famer

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    "and that's probably their plan again - start a war with Iran, China, Russia..."




    "Pompeo and Netanyahu Paved a Path to War With Iran, and They’re Pushing Trump Again
    by Gareth Porter Posted onMarch 21, 2020"

    https://original.antiwar.com/porter...war-with-iran-and-theyre-pushing-trump-again/



    US Warns Iran: Coronavirus Won’t Save You From Sanctions
    Pompeo falsely denies humanitarian aid is restricted by US sanctions
    Jason Ditz Posted onMarch 20, 2020CategoriesNewsTagsIran, Pompeo

    https://news.antiwar.com/2020/03/20/us-warns-iran-coronavirus-wont-save-you-from-sanctions/
     
  10. whiteathlete33

    whiteathlete33 Hall of Famer

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    Have you seen the job numbers from January and February? Yes, job losses will be huge the next few months but the economy was doing very well up until a few weeks ago. If this crap can get under control within 1-2 months we will be okay.
     
  11. werewolf

    werewolf Hall of Famer

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    Before all the restaurants and all the other other small businesses permanently shut down!
     
  12. FootballDad

    FootballDad Hall of Famer

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    I figure that if it goes past 45 days, we will hemorrhage a huge amount of businesses along with the jobs that they support. The Democrats however will cheer the decline because "Orange Man Bad".
     
  13. white is right

    white is right Hall of Famer

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    Granted this jurisdiction was the equivalent of frontier living during the gold rush, but Alberta's premiere is openly talking about 25 percent unemployment in the next jobless report. This was a province that before the oil crash payed lower skilled and blue collar workers high salaries to work in the oil patch or to work in a service job related to the oil patch.

    The stereotypical dream of the typical high school drop out was to get a job in the oil patch buy a Ford Ram truck and put 1o percent down on a McMansion house in the ever expanding suburbs of the province, that dreams been over for years.......
     
  14. CovidCrisis

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    Elon Musk recently stated that due to automation and artificial intelligence, levels of unemployment are going to remain exceptionally high for decades to come. As humans we should be asking ourselves why we are willingingly introducing technologies that serve to put people out of work and makes us poorer? Who benefits from that, other than the extreme ultra rich? Isn't technology supposed to make our lives easier and benefit us and why do we develop technologies that do the reverse?

    I go to McDonalds sometimes (guilty pleasure I know) but you can't even order from a human being anymore. It's all automated and 99% of people are too sh1t scared to say anything about in public. I got into an argument in public with a woman once when I told her that these machines are taking people's jobs and she actually tried to explain that they weren't (yes, unfortunately, there are people out there who actually believe automation isn't taking someone's livelihood). Somebody should vandalize these self-serve machines and destroy them all. Force these corporations to actually hire someone new and pay a salary.

    Oh right, but Guaranteed Welfare Income is coming. We'll all be out of work , but the Government will give us all 1500$/month. But what if you're not happy with that and want more? What then if there are no jobs to have? Not to mention if you work, they're just going to take it from your Guaranteed Welfare Income so you'll basically be working for nothing.

    I am a working man, and I do well. But the reality is the opportunity to do so (particularly starting out in a career) is significantly reduced as time goes on. More and more we become a society of automation and one that does not reward work or production. You can get paid welfare to stay home, or you can work and make a bit more, but what you're really earning as a working person is the difference between your salary and welfare, which by the year becomes less and less. The incentive to work is being reduced. And eventually we'll all be on welfare except for the elitist ruling class.

    The only way you can really make "big bucks" like serious money today is if you're born into that class to begin with, or you are self employed and have some sort of in demand skill you can sell as your own business. The other option is working for government. Other than that it's all fcuked.

    The welfare state in full swing . Guaranteed Welfare Income just means that we're all going to be slightly above poverty.

    Always remember when the Government claims an unemployment rate of say 10% the actual rate is atleast twice that. It doesn't look good after COVID, the markets, extreme unemployment, debt cancellations, guaranteed income. It's all crap.
     
    Last edited: Apr 10, 2020
  15. white is right

    white is right Hall of Famer

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    If you want to see what social disorder unemployment can cause watch what younger men and middle aged bread winning men will do if this crisis lasts longer than a month or 2. You will see narcotics usage rise, alcohol consumption rise, destructive gambling will rise(online casino play has increased as physical casinos have shuttered), domestic violence will rise and mental illness will sprout up among relatively sane people before this crisis.

    If you want see destructive behaviour for people with money but don't have a purpose read about the Saudi Royal family and all of the rapists, child molesters/statutory rapists, gambling addicts, spending addicts, alcoholics and narcotics abusers are in that extended clan. Their late King Fahd was a known womanizer, gambling addict and alcoholic......
     
  16. white is right

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  17. TomIron361

    TomIron361 Mentor

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    Road to Perdition (4/9) Movie CLIP - Kill Sullivan and All ...
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    2:36

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    • Exactly right - Listen to what the bouncer says as he leads Tom Hanks through the nightclub. It's always that way in a depression.
     
  18. white is right

    white is right Hall of Famer

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    I wonder if he we will see the headline of Trump/Biden tells NYC to drop dead..... The more things change the more they stay the same it seems as this Covid crisis is slowly destroying the housing market in major uber expensive cities. NYC hasn't seen rental prices drop since the Abe Beam days and he was told to "drop dead" by president Ford when he asked for a bailout from city bankruptcy......https://www.cnbc.com/2020/10/08/emp...in-manhattan-triple-nearly-hitting-16000.html
     
    Last edited: Oct 24, 2020 at 12:33 AM

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