I think a Major Economic Reorganization is Beginning

in #news • last year

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The above image was made with stable diffusion using the prompt 'a bank on fire.'

In the last few months, I've seen more and more signs that a major economic reorganization is beginning. First, the pandemic response encouraged companies to engage in rampant price-gouging across the board, producing runaway inflation. Then US policymakers incorrectly attributed the inflation to money supply issues, and responded by raising interest rates sharply. Financial instruments tied to interest rates suddenly became much more risky. At the same time, artificially-inflated real estate prices began showing signs of distress. Banks with exposure to the risky instruments and mortgage backed securities began to fail.

The failure of three big banks, First Republic, Signature, and Silicon Valley, has already brought us perilously close to the levels of bank failures last seen in the 2008 crisis. Meanwhile, BRICS nations are talking seriously about de-dollarization. Here's a quote from a Foreign Policy article about that:

At least based on the economics, a BRICS-issued currency’s prospects for success are new. However early plans for it are, and however many practical questions remain unanswered, such a currency really could dislodge the U.S. dollar as the reserve currency of BRICS members. Unlike competitors proposed in the past, like a digital yuan, this hypothetical currency actually has the potential to usurp, or at least shake, the dollar’s place on the throne.

While this has been unfolding, the US government has been escalating its war on crypto. Exchanges like Bittrex have been buckling under insane regulator pressure and closing their doors to US customers. This unfortunate trend is leaving Americans with fewer and fewer options to secure their wealth with blockchain assets. So the dollar's purchasing power is being wrecked by government policies and corporate price-gouging, while companies providing crypto alternatives to our risky fiat are being forced out of the country.

Headed for a Crash

All of this suggests to me that we're headed for a crash. Perhaps one that dwarfs the last financial crisis. The executives and regulators responsible for this crash won't be held responsible for their actions. Mainstream media will probably find a way to blame average people for it, in much the same way as regime stooges blamed inflation on rising wages and government stimulus checks to individuals.

While there isn't much we can do to stop these maniacs from further destroying our economy, I'd like to think that we're not entirely powerless in the face of their misdeeds. Personally, my savings is in BTC and EOS, though I'm monitoring prices closely and can adjust this on a moment's notice. Beyond keeping funds out of dollars, there are other ways to make our lives more resilient, most of which involve strengthening social connections.

One thing I haven't seen yet is a concerted activist effort to hold our economy's destroyers accountable in the court of public opinion. I haven't seen this yet, but I think it's coming. Occupy Wall Street was a response to the 2008 crisis and government bailout of big banks. Today, news travels faster, and more and more people have less and less to lose by speaking out against the executives and regulators wrecking the economy.

I'd love to see a concerted campaign of protest against these people. None of them should be able to go to the store without being recognized and booed. None of them should be able to check their emails without having to scroll through a thousand complaint letters. Poisoning the economy harms countless people. It's on par with poisoning the environment in that it harms the health of everyone trying to buy healthy food and medical care with dollars that have less and less purchasing power. My feeling is that if we're being harmed by these people, we should at least make them aware of it. Even if that means getting loud.

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     last year  

    Great post. I appreciate the way you close this blog post by reflecting on a social movement that can appropriately reflect and bring awareness to the catastrophic harm that's been done to humans and the environment. And that strengthening social connections (that's also been destroyed by those in power) is a core piece of this. It reminds me of a MLK Jr quote: "We need a movement that is nonviolent, but militant, and as dramatic, as dislocative, as disruptive, as attention-getting as the riots.... Yet also understands that the goal of such a movement is to bring humanity together and heal."

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     last year  

    Hey thanks! And that's a perfect quote for the subject: )

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