What is interesting is that I read somewhere once that 40% of Americans are a paycheck away from homelessness, which is an incredible amount if true.
We are just about to find out, I fear. The federal unemployment 'boost' has expired and rent assistance and eviction protection expire tomorrow. Unemployment is back on the rise and a whole bunch of people in the 'middle' used invested money to get by. It really looks to be ugly from where I sit.
I know at least two people that have lived for a time off of their Hive. One who just reopened her business and one that hasn't yet. It had to be scary AF but they had that cushion at the very last.
I honestly don't see what's driving the stock market here, but it's not reflected in the well being of a significant fraction of the population. It's got to be pure profit taking and that isn't sustainable.
For me, the question now is 'how bad will the crash end up being'?
I guess I am on the more optimistic side of things when it comes to America and our economy. however I do live in a State that has not bee hit as hard by the social unrest of the lower 48 states. With the crisis in China, and people still wanting to spend money in America, it seems some manufacturing may be coming back to America.
I have seen over the last two years a small building boom, and business boom around me. Yes the virus lock down hurt, yes we have a lot of people wearing mask, and a lot of people not wearing mask, but the communities around me don't seem to mind one way or the other it is a personal choice. I have only had to put a mask on for one business, that is all.
So I really don't see a crash coming that will have wide ranging effects for where I live nor can I see how it will effect my life that much. The housing bubble bust did not stop me from selling and then buying a home. The housing bubble bust did not have long lasting effects on the economy. The Internet bust did not have long lasting effects on the economy.
I do not see long lasting effects from corona virus issues having a long term effect either. but like I said, I am pretty much and optimist.
I wonder what this will look like - or if it will actually happen.
I think in regards to masks, you might have a northerner approach to life - a bit more common sense.
What I think will happen is that it will concentrate more wealth in fewer hands again - the next layer of the pyramid.
At 200 billion, Bezos has made 21M a day for every day since Amazon was founded - including weekends. Quite incredible. Corona has added about 50 Billion to his net worth. Sure, this is all technical and is a drop in the ocean in comparison to the derivative markets - but it tells of what is happening with the money flow.
This is happening in Australia too. In Finland, I am not sure how much was spent on this, but I have a feeling that it was less per capita.
This is how I see it. I will see rockbottom, feel rockbottom, but not have to touch rockbottom.
The collapse is going to be mammoth. I would suggest that some percentage of the profits will ove into new stores of value - to "protect" it from reach.
I think you could be right, particularly from the 'near top' and middle. I think there will be a 'correction' where a whole bunch of fiat disappears from the supply. People will realize that (and mammoth inflation) are both possibilities that might be mitigated in crypto, and probably more so there than anyplace else.
I think there is going to be a severe human cost, AND a severe monetary cost to the entire nation.
The thing with the rich is, they spend cash on generative assets - and who they buy it from spend that cash on consumables.
It is going to be global. The human cost is going to be immense.
If there is hyper inflation just 'holding spot' might seriously be considered 'generative'. I'm sure at least some would see it that way some would see precious metals rather than crypto as the answer.
In my particular case I'm hoping for devaluation not inflation. Much of my income is fixed. In hyper inflation I'd be left sucking wind.
The Federal Reserve Bank’s Leave No Billionaire Behind policies. 😏
I think I am just shy - so will drop off the billionaire peloton.
I think it's a long-term drop. The Fed is fighting the effects of COVID on the economy. At the same time, it is fighting sell pressure from Baby Boomer retirements, which are at their peak. The demographic effects on the economy are a major long-term downtrend unless much of the Boomer wealth is inherited down. COVID might suck up retirement savings for Boomers, however. One good hospital stay can devour retirement savings.
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ENGAGEtokens.We will see, and sooner rather than later. I expect a crash, not a recession. I don't know about everywhere, but the bank that my brother works for offered delayed payments on 4 billion in loans. Those deferments end tomorrow, too.
10 million unemployed and that is rising pretty fast. Travel and hospitality are just toasted.
It has been happening for years already -most just haven't paid attention. Something large is brewing.