There is no doubt that this will be much worse than 2008.
In 2008, the economy was fairly stable, the supply chain intact, employment solid and the world mostly at peace.
Today, nearly every aspect of the globe is on shaky ground with civil unrest, risk of a world war, China’s covid shutdown, the highest energy prices ever, the supply chain collapse, massive global inflation, food shortages, and currency instability.
I do not see a way out without incredible pain. Given the ulterior motives of the globalists, they want to use this (if they did not stage it) to enact their great reset, wiping away liberty, capitalism and sovereignty in favor of an elitist-led central system that will dictate misery for all.
This is one of the things I find frustrating about how this site has devolved since the last election, everything that happens in the world and the fact my Latte came with two full pumps of vanilla instead of a pump and a half, are part of some grand liberal/NWO conspiracy. I will let you in on a secret, the rich and 'successful' are not smart enough to pull off something like that. The 'big money' is dumb as rocks as they usually get their money from one method and become 'true believers' who fail to see the market/s turn.
This was going to happen, it would've happened with the events of 2008 had the global governments had not pumped all this money into the system to stave it off.
It would've happened regardless of Covid, China, and the Russian invasion. All of these are just wrinkles that have the potential to make it all that much worse.
This is the end of a debt bubble, which is characterized by 'speculative investments'. I've always held that 'cryptos' are todays flavor of Tulip mania, and that all the flavors or coins were just variations on the same theme with tulips. With the end of debt bubbles everything becomes worthless at the same time because money becomes largely worthless due to the debt backing it getting wiped out. Everyone has to sell everything to clear debt.
I don’t know what the future holds for the housing market, but any piece like this that makes comparisons between 2022 and 2008 should be dismissed as a joke. The biggest difference between 2008 and 2022 — which doesn’t even come into Moore’s analysis — is the massive inflation that’s become ingrained in our everyday life right now. Whether the real inflation rate is the 9% that the government is reporting or the 20% people are suggesting based on their own experience, any competent economist will tell you that higher rates of inflation make it LESS likely that homeowners will end up underwater on their mortgages.
Two years ago I refinanced my mortgage at 3.75% and paid off my credit cards so that’s the only debt I have now.