Global Depression 2022 - Time to do the Breadline Boogaloo!

[moocow]

"lol things aren't as bad as the doomsayers were claiming they'd be a couple months ago so everything's just fine now!" is the strangest cope I've seen in a long time. You recent posters wouldn't be mainstays in the Ukraine's Winning thread, would you?

Just bear in mind the old Wall Street bankers were swearing everything was just fine one day and jumping out of windows the next.

 

[FatalTater]

Remember when survival hoarding, get some pet food/treats/litter if needed. I was on Amazon earlier and cans of tuna were cheaper than cans of Friskies.

 

[Pissmaster]

All the survival and emergency preparedness folk are rustled and telling us all to stock up on food.
(With what money I wonder)
I'll go further and say that we need to cut back on our portions.
Learn what a serving is, and train yourself to only have that much.
This means that breakfast might be one egg and one slice of toast.
Lunch might be one cup of soup and 4 saltines.
Dinner might be one slice of pizza. ONE.

I mean, I'm not doing that. I'm gonna empty out the fridge on snack at a time and then whine until it's refilled like a true 'Murican. The rest of you should probably learn to live on less.

Lowering them to such an extreme is an excellent way to make yourself more susceptible to illness, physically weaker, more tired, and depressed. You're not wrong, but I wouldn't recommend someone go that far. Like, if you're a fatty who eats an entire large pizza in one sitting for dinner, maybe cut it down to just 7 slices instead.

I remember a lot of loser NEET teenagers online assuring everyone that the US would be in a second Depression by now. I wonder how they're doing.

Feeling smug, because they were right?

 

[Some Dumb Faggot]

One reason people aren't as bad off yet is because consumer debt is through the roof. So people are taking on more debt to maintain lifestyles they can't afford.

I mean honestly though if you ask me things are getting bad. Look at any major US city or the border and it looks like Haiti. The media is essentially gas-lighting people by not showing the state of the cities or the other poor areas. America is just like Venezuela now with extremely poor areas and rich areas.

 

[Angry Alt Right Nerd]

I don't know how close we are to another great recession, but if it happens it'll probably be quick and sudden with little warning beforehand for most people.

 

[Ancient Pioneer]

I remember a lot of loser NEET teenagers online assuring everyone that the US would be in a second Depression by now. I wonder how they're doing.

Its falling apart, nobody serious was predicting a spontaneous collapse where the whole thing collapses in a week, as an example, the trade union guys I know have been talking to others in the union, and other trade unions as well, there is almost zero new construction planned in the entire Philadelphia metro region, once the current batch of jobs complete over the course of 2023 and 1Q 2024 there is nothing. This state of affairs where most of the unions will have maybe half if not two thirds of their member roll out on unemployment will continue all through 2024 and probably as late as 2026 or beyond if the 2008 crash was any indicator. When the 2008 crash occurred the extant jobs continued on as if nothing was happening and stuff in the pipeline were run to completion, the lag time was something like a year or two behind the crash, so the unions were a den of agony from mid 2009 until almost 2012.

I would expect that this is likely the status for almost all trade work in the US, the work pipelines are drying up and with it an entire sector of the economy is going to be in recession if not depressionary state. This will in turn affect the transportation industry because those big fucking pipes go inside skyscrapers or that you can stand inside don't just magically appear out of thin air at the job sites. Both trucking and trains will lose a decent portion of their work load as well. Given that the mortgage rates are sky high I would suspect that new housing construction is also concluding all prior developments and no new ones are planned so even the timber industry is going to get a hair cut.

As for the banking industry, the small market cap banks have been losing a staggering amount of deposits over time, largely because the Middle Class and small businesses are just going bankrupt due to inflation. There is more money flowing out than going in. Eventually this is going to be a serious issue that will be unavoidable and cause damage as banks start closing left and right.



Also some people were mentioning the Dollar losing its reserve currency status being an impossibility, here is the President of Kenya urging other African nations to embrace a mechanism that settles trade between African nations in local African currencies:

Systems collapse slowly at first and suddenly at the end. Over the course of this decade America and the West in general are going to be looking like a bunch of post-USSR states when it comes to their hollowed out de-industrialized economies imploding.

 

[Jump]

I remember a lot of loser NEET teenagers online assuring everyone that the US would be in a second Depression by now. I wonder how they're doing.

They are likely still loser NEETs. If your already poor then what would change for them? Nothing. They have their EBT and section 8. Or their living with mom and dad. They don't care about never owning a home because even in the best of times that likely wasn't in the cards for them.

The people who are getting hit are the middle class. Cheap credit is gone and inflation is killing their ability to get ahead. They are actually sliding backwards now.

 

[Odd Opossum]

Feeling smug, because they were right?

This is far from an economic depression, even if your tendies are five dollars more than usual.

 

[WelperHelper99]

would expect that this is likely the status for almost all trade work in the US, the work pipelines are drying up and with it an entire sector of the economy is going to be in recession if not depressionary state. This will in turn affect the transportation industry because those big fucking pipes go inside skyscrapers or that you can stand inside don't just magically appear out of thin air at the job sites. Both trucking and trains will lose a decent portion of their work load as well. Given that the mortgage rates are sky high I would suspect that new housing construction is also concluding all prior developments and no new ones are planned so even the timber industry is going to get a hair cut.

Being a welder, I'd say it depends on where you are and what you're doing. Unions are top heavy, they'll crumble when times get bad. Independent contractors and businesses? Mission critical shit still needs to be done. They'll offer a better cost and get done in half the time. The market will be hyper competitive at that point.

 

[Some Dumb Faggot]

This is far from an economic depression, even if your tendies are five dollars more than usual.

Yeah and then the next year it goes up another 7 dollars and the year after it goes up 9 dollars, shit adds up.

people are just being short-sighted and in denial look at the state of any America city and it looks like a war zone or the rapid increase in crime and drug usage.

The bank failures this year have already dwarfed the 2008 crisis and it will be significantly harder if not impossible to paper over it. Look at the defcit the US is in that's a trillion dollars of debt added per year. The US currently has 170 trillion in unfunded liabilities, the Feds would have to tax each person 750k to pay that off.

Things don't seem that bad to you yet because you are probably isolated from it because of the size of the US, but it will eventually hit you.

 

[Secret Asshole]

Systems collapse slowly at first and suddenly at the end. Over the course of this decade America and the West in general are going to be looking like a bunch of post-USSR states when it comes to their hollowed out de-industrialized economies imploding.

The thing is economies are like cargo ships. Once they start moving in a different direction, by sheer momentum it will be impossible to turn them.

The weaponization of the West's economy against Russia and even in places like Uganda has not gone without notice. Saudi Arabia has been wanting to disconnect America from the petro-dollar forever. South and Latin America wants to join BRICS to resist US foreign policy and economic weight.

For the first time, the Yuan has eclipsed the dollar. China is the world's trading partner now, not the United States. Also reserve currencies are not forever. Once we started throwing our weight around and demanding countries get themselves raped by our corporations, that was the only incentive they needed to de-dollarize.

The failure of sanctions on Russia has revealed huge weaknesses in Western economies and they're no longer viewed as invincible or inevitable. This has allowed China to practice economic warfare, even among our closest allies because they're tired of our shit. There's a very good reason a lot of people have started discussing a multi-polar world now.

All reserve currencies have been switched out before. And America has continued to be extremely arrogant, demanding and pompous. The world is sick of it and wants an alternative.

 

[Rei is Shit.]

This is far from an economic depression, even if your tendies are five dollars more than usual.

The great depression started in Oct of 29 but it didn't bottom out until 1933, a full 4 years later

 

[GunCar Gary]

The failure of sanctions on Russia has revealed huge weaknesses in Western economies and they're no longer viewed as invincible or inevitable.

as an american who benefits greatly from american imperialism i was very not happy about the news stories that came out of russia right after the sanctions hit about "locals scrambling to replace all american stuff with local stuff." one of america's strengths has always been other countries' dependence on our military and our consumer goods. america and american corporations making it a pain in the ass to do business with them only makes america weaker. the west pushed its soft influence too far and now other countries are working towards non-american alternatives to even more things

 

[WelperHelper99]

as an american who benefits greatly from american imperialism i was very not happy about the news stories that came out of russia right after the sanctions hit about "locals scrambling to replace all american stuff with local stuff." one of america's strengths has always been other countries' dependence on our military and our consumer goods. america and american corporations making it a pain in the ass to do business with them only makes america weaker. the west pushed its soft influence too far and now other countries are working towards non-american alternatives to even more things

Part of the issue is consumer goods. Jobs have slowly been trickling back since covid because of the supply chain crunch, but the majority of plastics to toasters is still made in China. Also batteries. In order to survive, we need to wean off and wean off fast of that cheap labor.

 

[Quindoll]

Just bear in mind the old Wall Street bankers were swearing everything was just fine one day and jumping out of windows the next.

Yeah but at least those folks had the decency to kill themselves as they were proven wrong. Just wish the doom preachers would do the same if proven wrong.

 

[Ancient Pioneer]

In order to survive, we need to wean off and wean off fast of that cheap labor.

You're probably referring to the act of out-sourcing labor to the third world. The US and Western economies have moved beyond this to in-sourcing third world labor, this is what the whole economic migration stuff is about.

 

[WelperHelper99]

You're probably referring to the act of out-sourcing labor to the third world. The US and Western economies have moved beyond this to in-sourcing third world labor, this is what the whole economic migration stuff is about.

It's both. Bring back the factories, AND stop paying Pablo 2 bucks at your farm because you don't want to pay the white boys in the neighborhood (and they'll fight back against slave driving)

 

[K-Hole]

It's in the little things.

You just can't buy a dozen eggs anymore. You need to buy 6 at 2 quid a pop. That's about 4 quid for a dozen. Or 5 bucks/dollars. Fuck.

Quite a few things have doubled in price. This whole 20 percent inflation thing is bollox.

Thing is, it's keeping going and got no sign of slowing down. I wonder how much eggs will cost next year. If it doesn't calm the fuck down they will be beyond the price point of most people being able to afford them.

Every time I go to the shop every item goes up 5p, 10p. Which is fine. But if it keeps going like this...


You used to be able to buy supermarket no name brands for not much money. Well, you still can. Except that they almost cost as much as the mid-range brands. I remember buying 500g of pasta for 19p a few years ago. Now it's bumped much closer to the most expensive ones.

I've always tried to save money on buying food, because I like to buy equipment for my studio. But I've always eaten good and healthy. It's getting harder to do that.

I'm pretty lucky in that I have a little in the bank for hard times. It's not much, but it's better than nothing.

This will be a very hard time for some. And it's going to get heavier.

 

[cybertoaster]

America is just like Venezuela now with extremely poor areas and rich areas.

This is the kind of hyperbole you hear from wokes calling any mild criticism "trans genocide".

You seriously have no idea how bad things are there, those people have to flee on foot thru the jungle to reach fucking Colombia of all places, and those are the lucky ones who get to flee.

here is the President of Kenya urging other African nations to embrace a mechanism that settles trade between African nations in local African currencies:

That means nothing, you see the same shit among some SEA and LATAM countries. Getting paid in Kenyan shillings is pointless because like most african countries Kenya has to import anything above raw materials, their industry its very basic. If you convert debt in US dollars to kenyan shillings you're getting funny money over hard currency, funny money that can't buy anything not made in Kenya since nobody but the locals take kenyan shillings.

The real threat are G20 countries trading with China using the yuan, that's the point of no return for our currency.

If your already poor then what would change for them? Nothing.

Look at any south american country infested with venezuelan emigres and you'll find plenty who were living in Baltimore-tier poverty in the shanty towns of Caracas and still were forced to leave because things were just unbearable.

Or their living with mom and dad.

Many of said venezuelans actually had to leave and are now doing any odd jobs to send money to mom and dad who are too old to emigrate, their pensions are paid in monopoly money and their homes are worth jack shit because nobody in Venezuela can pay for a house anymore.

Again, we're not even near that level yet.

They are actually sliding backwards now.

Our middle class has slowly but surely been going to shit since the 70's, we just had a lot of plateaus and some mild spikes during times like Clinton's years, but its been going down since the GenX was in elementary.

Look at the defcit the US is in that's a trillion dollars of debt added per year. The US currently has 170 trillion in unfunded liabilities, the Feds would have to tax each person 750k to pay that off.

Those numbers don't mean shit, the dutch are still paying debts from over 400 years ago, the market does not care how much debt you have as long as you keep paying in time, which we do and its why American debt pays so little interest, meanwhile you got shithole countries with debt that pays insane numbers, the secret is.....................they default all the time and you never get your money back, and even if those shitholes get a decent administration for once they can't get out of the hole because nobody is willing to loan them shit anymore so they have to rely on the nation equivalent of loan sharks and so-called "vulture capitalists" like that blackrock asshole.

and even in places like Uganda has not gone without notice.

The influence of the LGBT lobby is truly insane, not even the israeli one can get an entire country semi-sanctioned like that. This overreaction to some dumb laws in a fourth-world backwater most can't even find on a map its borderline religious histeria.

locals scrambling to replace all american stuff with local stuff."

Worse, chinese stuff, so when this shit ends our corporations will have to fight chinese corporations for the russian market.

And if you think that's easy look at how long the Xbox has been lagging in sales in Japan.

we need to wean off and wean off fast of that cheap labor.

We won't, the current strategy is moving from China to even cheaper labor in poorer countries like Vietnam and India.

Some strategic manufacturing is being brought back, like chip foundries, but the bulk of what left after reaganomics and NAFTA will never return.

Yeah but at least those folks had the decency to kill themselves as they were proven wrong.

They weren't jumping out windows because they were wrong, they did it because most of them had lost literally everything in the crash and chose that over being a literal hobbo begging in the corner, there was no QE for those fuckers back then.

 

[Some Dumb Faggot]

Bro, look at pictures of the border or any major US city it does not look good. You have tent cities popping up like the Great depression and tons of coked out meth zombies wandering the streets. Even just ten years ago things weren't anywhere near as bad.

You also clearly do not understand how Government debt works. There isn't monthly payments made to one singular entity that money is instead owed in bonds that the Government sells. The bonds reach "maturity" at set intervals which HAVE to be paid. For years the Government has been overspending so to make up the difference they had to sell bonds to have the money to do so. If people lose faith in the US to payback the bonds then people will stop buying them. No bonds sold means the US loses that income they used to have money which means the Feds go broke and every Government function goes off because no money.