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Sun Apr 12, 2020, 02:27 PM

Is The Next Great Depression Here?

Economist Danielle DiMartino Booth talks about the correlation to the great depression and today in a sit-down with Patrick Bet-David.

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Reply Is The Next Great Depression Here? (Original post)
Quemado Apr 2020 OP
Newest Reality Apr 2020 #1
msongs Apr 2020 #2
bucolic_frolic Apr 2020 #3
Name removed Apr 2020 #4
Turbineguy Apr 2020 #5
cstanleytech Apr 2020 #6
PoindexterOglethorpe Apr 13 #7

Response to Quemado (Original post)

Sun Apr 12, 2020, 02:58 PM

1. Considering...

Considering the deep, systemic problems in this country that are now becoming glaringly obvious, this may actually be the Greatest Depression and Trumpty-Dumpty is busy making it worse so that the GOP can finalize its massive assault on democracy itself.

This may be the price of capitalism's gross inequity for profit model. The base of their pyramid holds them up there and we are the ones at the foundation who's backs have been breaking from the increasing load of their accrued weight. Now, a viral storm is blowing away the gravel and dust that we have become.

This is where things get very serious, because we already have a strong, Fascist intent on the Right and they are goosestepping their way to going from an obsolete, political dinosaur to a dark and dismal empire of corruption by grabbing for total control and wielding an iron fist of authority over our political landscape. Their time has come.

Make no mistake. The actions by their Dear Leader and the GOP Governors and Senators, et al, should not be considered stupid or a matter of mere bungling. No. We have to stop giving them that cover that they obviously would prefer to the truth about their motives and intents. Which is a bigger threat: a moron or a devious, corrupt usurper? I think that makes the point well and underscores how a facade of incompetence can be beneficial when you are trying to deflect, (which is a GOP staple) from the dirty deals behind the curtain right now.

This economic catastrophe is going to put things into question. Question them. It is going to create a lot of chaos and suffering. We must use the chaos and alleviate that suffering. It is going to shake our system, so we must move and shake in solidarity now. Remember that the GOP is casting democrats as an illegitimate usurper party. How many times have we seen them project what they actually are out on others as a means of deflecting from their motives and actions? That's another proof of where they are going. Be prepared, folks. Stay alert and be sure to search more online about this attempt to take full control so we can meet it at every corner and avert it before it is too late.

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Response to Quemado (Original post)

Sun Apr 12, 2020, 03:21 PM

2. current situation is induced by directive, not caused by systemic underlying issues nt

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Response to Quemado (Original post)

Sun Apr 12, 2020, 03:59 PM

3. Is capitalism dying? Money is worthless (0%)

The biggest problem is that the Fed and the federal government has been used to insulate the economy from all types of risk, and they are confronting the coronavirus shock by printing the biggest exponential amount of money ever to attempt to do the same thing.

We have overcapacity in everything from all the easy money. The economy never cleared from any recession since 1930. Businesses are built on debt, employees are paid on debt that companies expense, all banks want to know is can you make the monthly payment. And bankers' solution is to make money free: 0% interest rates, meaning in one sense it is worthless - no one will pay to borrow it. It will still buy you dinner, but how long will that continue?

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Response to Quemado (Original post)


Response to Quemado (Original post)

Sun Apr 12, 2020, 06:12 PM

5. I'm thinking of that expression

"An Economist is somebody who has predicted the last seven out of two recessions."

We don't have the extreme dilution of the equity markets of 1929, we do not have the shaky banking system of 2007.

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Response to Quemado (Original post)

Sun Apr 12, 2020, 09:20 PM

6. I do not believe it is here, no. Could it? Sure but it could also be 5, 10 or even 60 more years

away.

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Response to Quemado (Original post)

Mon Apr 13, 2020, 12:29 AM

7. Probably not.

There is going to be enormous economic upheaval, but a true Great Depression? It's hard to say.

Capitalism is not dying. Money is not worthless. If you actually think money is worthless, what do you use as a medium of exchange to buy food, or pay your rent?

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