- cross-posted to:
- worldnews@lemmy.ml
- cross-posted to:
- worldnews@lemmy.ml
“Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz,” said Trump
This has happened many times. And this time is no different besides having easier access to debt though digital currency. It might actually make the problem worse never we will have more debt that had been ever generated before.
Thinking of it like that, its easy to see this will be the worst collapse ever recorded. 90% of our money didn’t exist, and only exists though fractional reserve lending, and asset backed debt like stock borrowing. When the system falls apart and we go to eat the wealthy and distribute the wealth, we will find nothing there because it doesn’t exist.
Currently we have a few options, completely stop spending and pay the debt back which will never happen. Or continue to spend until bankruptcy. Or what is currently happening, we built a new digital currency that we can leverage debt can continue the gravy train a little longer passing the debt onto future generations. All roads lead to a shitty outcome, it’s just do we go though it or our kids, and we both know what people vote for, to fuck the kids.
I’m thinking the problem this time around is that countries are far more urbanized and thus fewer people can simply subsist by farming their own little plot of land just for food.
For most people food has to be bought, so they’re dependent not just on the entire structure for producing and selling food keeping on working well enough that food prices don’t go through the roof, but also on still having a job so that they can buy the food (a problem made worse because of how shallow most people’s savings buffers have become).
So whilst I doubt that in terms of Economics “this time is different”, I suspect the impact will be a lot more painful.