Reply to Does anyone else feel like we are the precipice of economic calamity?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, you sound both naive and entitled.

PPs are right -- people have bought homes and cars at much higher interest rates than now and lived to tell the tale. It's bad luck of timing if you happen to be in the market for either right now, because if you'd just bought within the last few years, you could have saved money. Such is life. I lived through the insane inflation and energy crises of the late 70s/early 80s and there were plenty of people freaking out then, too. Yet I'm still here.

And unlike some of the folks on here, I'm MC. I've lived through layoffs and multiple recessions. I didn't make it big on a retirement plan like a lot of Boomers did because I didn't have enough money in those plans to do so. I didn't own property that appreciated 500% either. But I'm okay. I became a better saver, and know how to live frugally, and it all worked out. I caught some lucky breaks with my health (knock on wood) but now I have an affordable semi-retirement and easily live off my social security and some PT income without having to touch my little nest egg. I even manage to travel a bit and give my grandkid extravagant grandma gifts.

The sky is not falling. We've been through much, much worse economically. I worry more about the political unrest that Trump and his cronies seem determined to stir up and capitalize on. Maybe you're trying to stir that up too? Telling people the economy is falling apart is a common tactic of fascists, as it makes fascism sound more reasonable. Is that you? A fascist?[/quote]

It's not just rising interest rates amid a historic asset bubble that's been inflated for 10+ years.  The world is also now facing shocks to energy, shocks to food, shocks to supply chains, war in the Ukraine, increasing hostilities with China/Taiwan, currency issues, and the complete deterioration of globalization that will mean supply chains will be screwed for very, very long times, perhaps permanently.  High inflation is going to be persistent for a lot longer than people expect due to the changes we are witnessing in global order. [/quote]

There is drought in the West, Lake Mead is drying up (and the Great Salt Lake), rivers all over the world are drying up, Pakistan is underwater.  We're not on the precipice of economic calamity.  We're on the precipice of calamity.  Forgiving student loans now is a great idea.  Forgive all of it, why not?[/quote]

Look how bad China is too.  The friggin' Yangtze river is dry as a bone!  They're going to have a food crisis in China at this right, which is going to shock food costs across the globe. [/quote]

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