Gog and Magog

[donquixote99]

Originally Posted by Dondilion

So why is the middle disappearing and the people have no savings. US is living way beyond its means that is what the mounting debt implies. And the debt is pervasive...credit card, car, education, shelter.
Real wage is stagnant.

Bankruptcy provides a new start. It a staple of capitalism.

The problems you describe are a symptom of owning class control over taxation, economic activity, and wages, and the suppression of unions. They have nothing to do with currency stability or national solvency.

[finnbow]

Originally Posted by Dondilion

So why is the middle disappearing and the people have no savings. US is living way beyond its means that is what the mounting debt implies. And the debt is pervasive...credit card, car, education, shelter.
Real wage is stagnant.

Bankruptcy provides a new start. It a staple of capitalism.

Personal and corporate bankruptcy are indeed relatively common in capitalism. Sovereign bankruptcy, particular of the country whose money is the world's reserve currency, is not. Indeed it has never occurred and accordingly is hardly a staple of capitalism.

BTW, your takes on capitalism seem to come straight from Karl Marx and Soviet propaganda.

[Dondilion]

The bankruptcy of 2008 was not declared and so it is still with us.

[finnbow]

Originally Posted by Dondilion

The bankruptcy of 2008 was not declared and so it is still with us.

There was no bankruptcy in 2008 as our creditors were paid. You should get another news source besides RT, TASS and Tucker Carlson.

Meanwhile:

GOLDMAN SACHS: All major economies (except the UK) now look likely to avoid recession this year.

[Mark B]

When Repubs are in power at the Federal level their economic agenda is simple: reduce taxes on the wealthy, reduce or eliminate regulations, and when the inevitable SHTF the wealthy clean up big time by buying up newly cheap assets.

[Dondilion]

Originally Posted by finnbow

There was no bankruptcy in 2008 as our creditors were paid. You should get another news source besides RT, TASS and Tucker Carlson.

Meanwhile:

GOLDMAN SACHS: All major economies (except the UK) now look likely to avoid recession this year.

According to capitalists' rules the bad actors should have been allowed to fail...that is officially declared bankrupted.
Instead they were bailed out and what followed was massive printing of funny money.

Quantitative Easing as it was called kept credit rates well low. However the banksters and their friends who were close to the printing benefited alot and quickly transformed easy money into real assets. This contributed to the increasing disparity between rich and working class.

[Dondilion]

Originally Posted by Mark B

When Repubs are in power at the Federal level their economic agenda is simple: reduce taxes on the wealthy, reduce or eliminate regulations, and when the inevitable SHTF the wealthy clean up big time by buying up newly cheap assets.

Indeed, however, note the elites connected to both parties benefitted immensely from easy money. Both parties have been printing like crazies.

[donquixote99]

This is a pretty fascinating overview of history and global economics. It's an animated bar graph tracking the top 15 countries by GDP, from 1600 to present. Historically, China has spent a lot of time at the top.

https://youtu.be/xb5zYKYF3Xo

[Dondilion]

Originally Posted by donquixote99

This is a pretty fascinating overview of history and global economics. It's an animated bar graph tracking the top 15 countries by GDP, from 1600 to present. Historically, China has spent a lot of time at the top.

https://youtu.be/xb5zYKYF3Xo

What is really revealing by the graph is the enormity of the British Raj plus UK. Wow! No wonder Churchill was so anti Indian independence.

[finnbow]

Originally Posted by donquixote99

This is a pretty fascinating overview of history and global economics. It's an animated bar graph tracking the top 15 countries by GDP, from 1600 to present. Historically, China has spent a lot of time at the top.

https://youtu.be/xb5zYKYF3Xo

And a lot of the GDP of China and the British Raj during their dominance was opium, tea, silk and porcelain. The Industrial Revolution in the first half of the 19th century jump-started the UK and US.