There have been many countries that survived financial crisis, 94 Peso issue, 89 Ruble issues, still strong countries and many other countries that survived.
I'm not much of one to believe in steady unchanging cycles, there is always drift, and if one looks back to what happened before, during, and after the Spanish flu, there are many similarities.
Unless people went back to floating interest rates on their home loan or balloon payments on their home loan, there really is nothing anyone with a standard 30 year loan needs to worry about other than they may not be able to sell on a whim and move. I sold a home, and unimproved property, and bought a house all during the so called housing bubble bust. So I don't think housing will really be affected.
If we do have such a big crisis maybe people can move to Syria, Pakistan, Iraq, China or even to Mexico seeking financial refuge status, and have those countries support and provide for them.
I'm ever the optimist, things fall, things break, we pick up the pieces and glue them back together as best we can and continue to live.
Hey, @bashadow.
We're at an interesting point in history, certainly. As I said, I'm more of the messenger with the contrarian news that Happy Days are here again shouldn't be the mantra. When it happens, how it happens, if we can escape somehow—who knows. As far as the U.S. goes, I think we take a bigger hit just because we're also the reserve currency of the world.
Those who were hoping to sell their properties at higher prices will need to do that sooner than later. That's where the losses come in.
re: loans
From what I gather, people with just their home don't need to worry so much. If the home gets devalued, Dent's thinking the banks will have to mark to market this time, so loans might actually get cut to whatever the market value ends up at. Didn't happen last time, but again, as I said, he's more positive about the fallout than I am.
re: refugee status
Wouldn't that be a massive turnaround in world affairs.
re: optimist
To some people, I probably look like a pessimist, and to others, and optimist, because I think I'm somewhere in between, trying to figure out what's what so I can navigate it.
I think the dollar is one of the few things preventing the UN from becoming the defacto world government, so 2023 will be an interesting year but then again most years are rather interesting. I find it funny that the WHO Wu Han lab investigators found no evidence that the Wu Han Flu started there, but to the victors go the right to write history as they see fit.