Whether it will be a Great Depression or just a serious and prolonged downturn, its coming. The demographics alone would tell you that. China adopted the 1 child policy about 40 years ago. In addition to that, the 4 big state owned banks are carrying a ton of toxic debt from ghost cities, extra unfinished and unused apartments, infrastructure projects that were white elephants, etc etc. Incredibly, the CCP has been able to keep the bubble from full bursting yet but China’s debts are much worse than ours were before the 2008 Great Recession. You can’t escape the consequences of that forever.
“China’s debts are much worse than ours were before the 2008 Great Recession”
The federal debt is ~$400,000/American citizen full-time worker.
What do you think is ‘affordable’ when it comes to a house, Mr. & Mrs. Young?
$300,000, tops!
The $300,000 isn’t enough to secure Mr. & Mrs. Young’s $800,000 share of the federal debt.
You might say there’s stock market value to secure the federal debt. That would need to be about $500,000 for Mr. & Mrs. Young and their kiddies. That’s $500,000 after state and federal corporate tax is paid. Yup, $500,000 profit, after tax, just from one American citizen family.
What about the migrants? They can bolt.