working to achieve their dreams
Hah! Am I dreaming to hope for a roof, a little heat, and a little food? Am I one of those “greedy old people?”
“...the government went through people’s safe deposit boxes and confiscated any gold that was found.”
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Will a repeat of that grand theft be possible? That would be one way to shore up the dollar.
There isn’t going to be an economic collapse in Europe or in the US. Economic collapses are caused by the destruction of productive capacity and supply by war, drought, famine, etc. None of that is going to happen. Hyperinflation is also caused not just by printing money but by destruction of supply in the economy. Hyperinflation isn’t going to happen either. We will see incrementally higher inflation in the US than we would have seen otherwise without all the money printing that is going on. But that incrementally higher inflation may end up being only about 3% inflation, compared to 0 or -1% inflation without all the money printing. Again, that is because there is so much productive capacity and supply of goods and services in the world, primarily caused by advancing technology and productivity.
I’ve noticed how much the financial media tends to look at the world through economic history. People keep looking back at the 1970s for a guide about where our economy is going. But today is nothing like the 1970s, because the world economy has globalized, and the powerful labor unions that monopolized the labor markets in many industries back in the 70s have lost most of their members and most of their power. The vicious cost-push inflationary spiral that we had in the 70s is gone now. Workers are much more productive in all industries than in the 70s and this also reduces the need for workers and diminishes the bargaining power of unions and all workers in our economy. That all works against the return of serious inflation, so except for gasoline and other oil products, I don’t see inflation moving above 4% in the rest of this decade.
In general, people in Europe and the US have become too pessimistic and are not seeing the benefits of advancing technology and increased productivity that has happened in the last 15 years. This is typical of a recession when people get too negative and don’t see the recovery arriving until it is at full speed. It’s the exact opposite of what happens during boom times when people get too optimistic, bankers make lots of foolish high-risk loans (e.g. Ireland), and nobody sees the next recession arriving until too late. My view of what we will happen in the US economy in the rest of this decade is a muddling through All-the-Above Scenario: stronger economic growth than expected now, budget cuts, tax increases, higher inflation (but no more than 4% at any time), higher productivity, very cool rapidly advancing technology in all industries, 7% unemployment, and not the economic disaster that some people expect today.
Apart from Germany it’s hard for me to see any EU country whose economy is on any kind of sound foundation.I’d be surprised if the Euro lasts more than another couple of years....if that.
At that time many will turn away from the faith and will betray and hate each other, and many false prophets will appear and deceive many people. - Matthew 24:11
American and European banks have a cross-pollinated financial system, which means we are connected at the hip.
The IMF is a World Tax system from which the banking elites have used as their own personal insurance policy, derived from wealth stolen (money-laundered) from US citizens since 1945.
Yes, Europe may be bankrupt on paper, but so are we. But who cares? (except China)
As long as we own the best printing presses, paper and ink - and an iron-clad Constitution - we'll be ok.
HEY! The game is on!