Does anyone else see an economic crash coming?

[Brent S]

I agree that debt is the number one thing that will cause a depression. I don’t think it will end the world as we know it but do believe it will be much harder for individuals to provide for their families. If we were financially sound before this shutdown I don’t think it would be as big of a deal overall but with the existing debt and the runaway deficit happening now there is no way it won’t affect us. All any of us can do is get your own affairs in order to ride out whatever happens. Use the brief shortages we saw on things like meats and toilet paper to learn from.

 

[jayjay]

I agree that debt is the number one thing that will cause a depression.

I thought marriage was?

 

[SheilaT.]

I agree that debt is the number one thing that will cause a depression.

I thought marriage was?

You're not wrong there! My depression left about the same time I kicked my old man out the door.

 

[DrHenley]

I agree that debt is the number one thing that will cause a depression.

I thought marriage was?

Debt + marriage

 

[Maverick]

Fiat currency is designed to run on stable debt never in the black. We been using the fiat for 49 years, Federal Reserve is owned by banks who has been wanting the US to move to the fiat when WWII ended. The Banks that own the Federal Reserve that was wanting the fiat are the same banks that make their money off debt in way of interest rates and who sets the interest rates... 7 governors of the Federal Reserve Board and five Federal Reserve Bank presidents. Self serving isn't it... welcome to the fiat currency.

 

[DrHenley]

When you really get right down to it, fiat currency is borne out of an addiction by governments to spending more money than they have. No different than an individual getting more and more credit cards in order to maintain their lifestyle. Once addicted, the only way to get out of it is by complete collapse of the monetary system. Which has been the final outcome of every fiat currency in history.

 

[user 4617]

nah, we can print money FOREVER!!!!!!!! Nothing to worry about.

 

[Oddcaliber]

One of the things that pulled the USA out of the last depression was WW2. Really not looking forward to the same results. There has to be a better way.

 

[DrHenley]

What brought us out of the great depression was that Roosevelt decided that the "evil industrialists" were needed for the war effort.

 

[SoulSeeker]

Absolutely going to crash. There will be a point where the Gov can no longer help the people. Welfare gone, social security gone, FEMA of no use. The high and mighty will have theirs but take no pity on the rest of us.

 

[DrJenner]

The real damage is that the GDP shrank by 9.5% from April to June compared to Q1 2020. When comparing from year to year, looking at Q2 2020 versus Q2 2019, the percent decrease is also about 9.5%. The biggest quarterly drop on record was 10% in 1958. The biggest drop over a full year was in 1932, during the height of the Great Depression, when the GDP shrank by 12.9% — the government doesn’t have quarterly reports on GDP that far back.

It means that if the annualized decrease of 32.9% came true — as in, the most recent rate of shrink maintained itself over a year — it would far outpace the worst of the Great Depression. It doesn’t mean it will happen, but it’s a blaring siren that something has to change fast. On July 29, over 68,000 new COVID-19 cases were reported, according to the New York Times. The virus is far from being contained, which means that many businesses will continue to be closed, or will feel forced to reopen, or in some states, like California, may even have to close again after reopening.

I don't understand how people can't see this and keep going about their merry way. Unemployment is high, and the government just keeps printing money.

 

[Dracos]

One thing I have learned about people is that they tend to believe that things will pretty much be the way they always have been. A disaster is an Earthquake or a tornado or a hurricane. Here today gone tomorrow. The current plague we are enduring is not going to go away soon. The economic collapse we are facing could last for years. Maybe many.

 

[GeorgiaPeachie]

The real damage is that the GDP shrank by 9.5% from April to June compared to Q1 2020. When comparing from year to year, looking at Q2 2020 versus Q2 2019, the percent decrease is also about 9.5%. The biggest quarterly drop on record was 10% in 1958. The biggest drop over a full year was in 1932, during the height of the Great Depression, when the GDP shrank by 12.9% — the government doesn’t have quarterly reports on GDP that far back.

It means that if the annualized decrease of 32.9% came true — as in, the most recent rate of shrink maintained itself over a year — it would far outpace the worst of the Great Depression. It doesn’t mean it will happen, but it’s a blaring siren that something has to change fast. On July 29, over 68,000 new COVID-19 cases were reported, according to the New York Times. The virus is far from being contained, which means that many businesses will continue to be closed, or will feel forced to reopen, or in some states, like California, may even have to close again after reopening.

I don't understand how people can't see this and keep going about their merry way. Unemployment is high, and the government just keeps printing money.

Americans as a whole have “learned” to trust the government far too much. You will see signs of it in a few posts even on this board. Most members who I consider the heart and soul of this board wisely do not trust or put their well-being in the hands of government. Many Americans, much like a frog in hot water, wait too long to respond to the the issues at hand. And others are not intelligent enough to identify the problems we are experiencing.

The China Flu has had so many false statements by so-called “experts“ made about it that many people are confused. They aren’t linking the “experts” lies with the reason behind these lies...which is political.

You do realize the numbers are far from correct and that includes the death rates. As far as being contained? There isn’t any way to contain a fast spreading virus without locking people in their homes and never going out again. There are no guarantees that even a vaccine will stop it. America needs to get back to work!

STAYING. SHUT DOWN is what is going to crash and burn our beloved country. Of course that is what the left is wanting.

 

[forester]

Absolutely going to crash. There will be a point where the Gov can no longer help the people. Welfare gone, social security gone, FEMA of no use. The high and mighty will have theirs but take no pity on the rest of us.

You got that right. It'll be Barter Town for us then.

 

[Robinjopo1]

so hands up,who still think prepping is crazy??

the only problem here is,we're in a state of " calm and things are better now" so no need to have supplies,sigh..

I noticed the toilet paper aisle is getting low again. I was shopping for mom and cleaning supplies and paper goods were all low.

The dollar is down 10% and the Fed is buying all of our debt. As mom says "robbing Peter to pay Paul".

 

[Psalm7]

We have hit a few bumps wiyh this virus and Leftist violence . But there is going to be a economic boom very soon . Hard times or not the market is going to feed itself .
That being said if the election goes to the left and alot of anti business people get elected then the investors will pull in and then we get the crash alot of you are expecting .

 

[Doreena]

Glad to hear your situated well with work. Being able to work remotely is a huge plus right now as well. I’ve always thought that making big moves during traumatic changes in life wasn’t a good idea. The best advice I can give you is take your time and follow your heart and gut instincts. Life is short for us all so do what you have always wanted to.

Everything seems so unreal right now, disconnected. However, if I retire now I lose less than 200 a month, and I can get surviving spouse benefits from social security until I get to be 66 1/4... I think. It has been so hot here that cooler climates sound more and more tempting. Hope you are well.

 

[Doreena]

I noticed the toilet paper aisle is getting low again. I was shopping for mom and cleaning supplies and paper goods were all low.

The dollar is down 10% and the Fed is buying all of our debt. As mom says "robbing Peter to pay Paul".

I was told that canning supplies are getting hard to find as well. I just want to find my spot and hunker down. Soon.

 

[Robinjopo1]

I am getting low on jars. Never thought that would happen. I dumped some old squash and zucchini that I will never use to give me some in case the guy brings me the 4 boxes of tomatoes next week. I'll need 40+ jars for that many.

 

[Robinjopo1]

We have hit a few bumps wiyh this virus and Leftist violence . But there is going to be a economic boom very soon . Hard times or not the market is going to feed itself .
That being said if the election goes to the left and alot of anti business people get elected then the investors will pull in and then we get the crash alot of you are expecting .

We have lost over 80% of our income. If sports don't come back better than they are, it will all disappear.