The greatest economic collapse in world history

A massive economic collapse is very near. Probably just months away. The system nearly imploded just before Covid.
Central banks know the system is unsustainable and will collapse. Here’s the former Greek finance minister.

"Is the global economy just a giant debt scam? What the financial elite doesn’t want you to know "

"Varoufakis argues that the entire Western economy has become a massive con game, on a scale thousands or millions of times larger than anything Bernie Madoff could have imagined. Furthermore, in his telling, it’s a con game run by intelligent and not necessarily malevolent people who understand perfectly well that the whole enterprise is a fraud that’s bound to come crashing down eventually. He says he knows that to be true because those people told him so, in the kinds of closed-door meetings where the uppermost level of the managerial caste discuss such things."

The Great Depression may have been worse than COVID

tshade said:

The Great Depression may have been worse than COVID

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The collapse will likely happen very quickly. Think 1929 on steroids.

Surely, Trump can show the world how to fix it...


... just look at the amazing job he did his first term.

jop7 said:

The collapse will likely happen very quickly. Think 1929 on steroids.

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Sounds like you need to buy lots of mre's and get ready with the doomsday preppers

Did you pick out a spot in the wilderness somewhere to hide out?

gdgyva said:

Sounds like you need to buy lots of mre's and get ready with the doomsday preppers

Did you pick out a spot in the wilderness somewhere to hide out?

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Expecting psyops and martial law.

Erm, worse than the collapse of the Roman Empire?

Not even close.

That may be a tad dramatic but I think the massive US debt and the upending of the trade relationships with no clear focus may very well cause significant economic damage. The chaos Trump is creating does not make for a healthy business environment.

There were lots of bad times in history that I'm glad I didn't live through. In modern times, I think that the Great Depression scares me the most as a parent. Those parents had to deal with hungry kids and very limited prospects for many years, which must have been just awful. Then, if you made it through that, a lot of those kids got shipped right off to war. Take a minute and think about that part of it.

jop7 said:

A massive economic collapse is very near. Probably just months away. The system nearly imploded just before Covid.
Central banks know the system is unsustainable and will collapse. Here’s the former Greek finance minister.

"Is the global economy just a giant debt scam? What the financial elite doesn’t want you to know "

"Varoufakis argues that the entire Western economy has become a massive con game, on a scale thousands or millions of times larger than anything Bernie Madoff could have imagined. Furthermore, in his telling, it’s a con game run by intelligent and not necessarily malevolent people who understand perfectly well that the whole enterprise is a fraud that’s bound to come crashing down eventually. He says he knows that to be true because those people told him so, in the kinds of closed-door meetings where the uppermost level of the managerial caste discuss such things."

Is the global economy just a giant debt scam? What the financial elite doesn't want you to know - Salon.com

Yanis Varoufakis saw power up close. He says capitalism is dead, democracy is crumbling and we're ruled by debt

www.salon.com

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Souldn't this be in the Conspiracy Theories forum?

tshade said:

The Great Depression may have been worse than COVID

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It was. One metric? Unemployment reached 24.9%. Covid reached 14.8.

jop7 said:

The collapse will likely happen very quickly. Think 1929 on steroids.

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only if the safety nets collaspe

The 2008 banking collapse was the closest thing I've seen to total meltdown. Banks couldn't loan to other banks because nobody wanted to be left holding the bad debt. Fed had to come in to rescue the whole system. The guilty party was essentially everyone. There's a lot of lessons to be learned from those years but I fear we are doomed to repeat history because every new generation needs to experience the same thing.

dmpi said:

The 2008 banking collapse was the closest thing I've seen to total meltdown. Banks couldn't loan to other banks because nobody wanted to be left holding the bad debt. Fed had to come in to rescue the whole system. The guilty party was essentially everyone. There's a lot of lessons to be learned from those years but I fear we are doomed to repeat history because every new generation needs to experience the same thing.

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Truth in this.....

If it wasn't for the safety nets, 2008 would have been worse than the 1930s...............8 years of GOP under Bush was a bit much. Up to that time Bush was the worst president this generation had ever seen, but compared to Trump Bush looks a LOT better.......

Helix said:

There were lots of bad times in history that I'm glad I didn't live through. In modern times, I think that the Great Depression scares me the most as a parent. Those parents had to deal with hungry kids and very limited prospects for many years, which must have been just awful. Then, if you made it through that, a lot of those kids got shipped right off to war. Take a minute and think about that part of it.

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Europe during the bubonic plague wasnt exactly a barrel of laughs and economic miracles.

Peter said:

Europe during the bubonic plague wasnt exactly a barrel of laughs and economic miracles.

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Yes, I agree. However, I was narrowing it down to modern times in which someone living today might know someone who lived through it.

NatMorton said:

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Nat, that would make a Great Avatar....

jop7 said:

A massive economic collapse is very near. Probably just months away. The system nearly imploded just before Covid.
Central banks know the system is unsustainable and will collapse. Here’s the former Greek finance minister.

Click to expand...

thanks. maybe we can figure out a Date for this Economic Collapse, could be as soon as 2025 or next year?

jop7 said:

"Is the global economy just a giant debt scam? What the financial elite doesn’t want you to know "

"Varoufakis argues that the entire Western economy has become a massive con game, on a scale thousands or millions of times larger than anything Bernie Madoff could have imagined. Furthermore, in his telling, it’s a con game run by intelligent and not necessarily malevolent people who understand perfectly well that the whole enterprise is a fraud that’s bound to come crashing down eventually. He says he knows that to be true because those people told him so, in the kinds of closed-door meetings where the uppermost level of the managerial caste discuss such things."

Is the global economy just a giant debt scam? What the financial elite doesn't want you to know - Salon.com

Yanis Varoufakis saw power up close. He says capitalism is dead, democracy is crumbling and we're ruled by debt

www.salon.com

Click to expand...

Revelation said:

thanks. maybe we can figure out a Date for this Economic Collapse, could be as soon as 2025 or next year?

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Fledermaus said:

View attachment 67579503

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yes, yes, yes............shout it among the Forums. please run to a Safe place dug deep into the Earth: Last Chance people....



CVS, Walgreens, Macy's and dozens more bracing for '15,000 store closures' this year amid brutal retail culls;By comparison, 7,325 brick-and-mortar stores were closed in the whole of last year.

Store closures have continued to gather pace and remain on track to far surpass the number of stores that shut down last year.

5,822 stores closed in the first half of the year alone, a new report from Coresight Research revealed.

By comparison, 7,325 brick-and-mortar stores were closed in the whole of last year.

Coresight predicted that as many as 15,000 stores would shut up shop in 2025.






Iconic department store Macy's and beloved retailer Kohl's have been among the household names to announce mass closures this year.




.

Revelation said:

yes, yes, yes............shout it among the Forums. please run to a Safe place dug deep into the Earth: Last Chance people....



CVS, Walgreens, Macy's and dozens more bracing for '15,000 store closures' this year amid brutal retail culls;By comparison, 7,325 brick-and-mortar stores were closed in the whole of last year.

Store closures have continued to gather pace and remain on track to far surpass the number of stores that shut down last year.

5,822 stores closed in the first half of the year alone, a new report from Coresight Research revealed.

By comparison, 7,325 brick-and-mortar stores were closed in the whole of last year.

Coresight predicted that as many as 15,000 stores would shut up shop in 2025.

View attachment 67579524

Iconic department store Macy's and beloved retailer Kohl's have been among the household names to announce mass closures this year.
.

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jop7 said:

A massive economic collapse is very near. Probably just months away. The system nearly imploded just before Covid.
Central banks know the system is unsustainable and will collapse. Here’s the former Greek finance minister.

Click to expand...

A whole lot of what YV is talking about here seems to be Euro-specific.

When countries switched over to the Euro, they essentially ceded their monetary sovereignty. Where Germany once controlled the Mark and could create it as needed, now they use a currency controlled by the ECB. The Bundesbank became a second-tier bank, sitting under the ECB. The German government was now constrained by the Maastricht Treaty, which dictated things like max deficits as they relate to GDP, based on some wrongheaded thinking at the time that determined such ratios and figures thought to be indicative of healthy economies.

One of the problems is that all euro countries are competing against each other financially. A German euro bond is a better bet than a Greek euro bond, so the Greeks had to pay higher interest when they needed euros. It's like Mississippi competing against California and New York, with no federal intervention allowed.

Much of his frustration came about because austerity was forced upon Greece by foreign banks. Austerity is almost always a lousy idea for the country it is applied to, because it generally means less commerce, less income, fewer benefits, etc. People suffer so banks (in Europe) and governments (monetarily sovereign countries) can be repaid/lower their debt. It certainly didn't help Greece, but the banks got paid, and extended more loans to keep the euros flowing out of Greece.

As for other countries, I think he is referring to the heavy financialization of big economies, where money is more efficiently skimmed from real production into the pockets of the rich.

Lots to discuss here. Good topic.

jop7 said:

A massive economic collapse is very near. Probably just months away.

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Let’s dial down the hysteria. The “collapse is imminent” crowd trots out this warning every few years, and yet here we are, still functioning. The real economy — you know, the one where people actually produce things, ship them, sell them, and buy them — continues to hum along. Warehouses are stocked, goods are flowing by truck, train, ship, and plane, and services haven’t ground to a halt. That’s the real heartbeat of the economy.

Wall Street and the banking sector are not the economy. You can have significant stress in financial markets, even major bank failures, and yet the underlying production structure remains intact. Yes, a banking crisis can disrupt credit, and that affects certain sectors — particularly those addicted to cheap borrowing. But let’s not confuse that with an economy-wide meltdown.

The fundamentals of production, distribution, and exchange are still functioning. That’s not to say we’re immune from downturns — central banks and fiscal irresponsibility can still do plenty of damage. But the idea that we’re teetering on the edge of a total collapse, while grocery stores are stocked and Amazon delivers in 48 hours, just doesn’t hold water.

In short: economic reality is more than financial headlines. Let’s keep the analysis rooted in substance, not panic.

dmpi said:

The 2008 banking collapse was the closest thing I've seen to total meltdown. Banks couldn't loan to other banks because nobody wanted to be left holding the bad debt. Fed had to come in to rescue the whole system. The guilty party was essentially everyone.

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The guilty party was the bankers who took big risks and paid themselves BIG rewards, right up until they crapped out and left the taxpayers with the bill. And right now the banks are being rapidly and thoroughly deregulated so they can do it AGAIN.