Almost as if they're censoring morons that are trying to thought police the internet <:thronk:441701565607444482>

about the Ron Paul piece earlier: I agree with him on the next collapse being worse than 1929 - the fact that the West never really recovered from the last collapse means that any future 'collapse' will be met with massive suffering. Imagine going into a collapse where there are absolutely zero job opportunities except now you're saddled with $50k+ in credit card debt.

Simple: Hold a trade skill, and don't take on debt <:makes_you_think:382980749780844554>

you must not be married

Not yet. That's step 3

then you will enter the realm of massive indebtedness

Why would I? There's zero reason to be in debt, except for owning a house

And if you do that right, it will be worth more than you originally paid for it

because females

I would say real estate/car. But the equity of the house will offset the loss on the car.

Never buy a new car. Only get something you can fix easily, and cheaply by yourself

@nutsnax the issue with that idea is the collapse in 29 included the banks. If we were to repeat the debt would be absolved, as banks dissolve.

@Fitzydog not saying new car, but you raise your credit getting a newer car financed and make your payments. Do it on a short loan to minimize interest with a decent down payment.

Oh yeah, that

And not everyone is mechanically apt.

Tbh

Just like not everyone is technologically adapt

Yea my credit score skyrocketed after i finished paying off my last car, which helped when going for a house.

@Goblin_Slayer_Floki you are probably right, though credit availability and companies' ability to fund operations/expansion would grind to a halt.... inter-bank lending would grind to a halt, the banks would go under with these conditions too I think

Well of course. But the overall debt of the individual would be less an issue if the banks themselves (including credit unions) went under.

Pretty sure people of the late 20s had debts as well. Doubt those factored as they fought to survive. But even in those conditions new things were constructed and so on.

And if such were ever to happen it would be a global catastrophe tbh.

Ron paul for all his great aspects, lacks a lot of forsight, and deeper critical thought i jave noticed. Traits he passed to Rand as well.

^ Not like there would be any owner of the title after a massive meltdown anyways

One major difference between 29 and now. FDIC insurance. So at least before total collapse individuals will retain their assets to certain amount per account.

Assuming there's an FDIC left to even pay out insurance

The FDIC is seperated. And at the very least up till the last bank (fed reserve) falls it can.

So they'll print more money, exacerbating the problem, causing hyperinflation, until the dollar collapses

Not really. Because as banks crash, the money they had flows back to the fed reserve. But the fdic money is already set aside.

In a sense.

And if that's less than required? Idk, I'm just making hypotheticals

I get what your saying. But one of the things about 29. Is as banks fell, the money they had was collected by the central bank, and disposed of. Since we havent had such since the fdic. I assume similar would happen but rather than distruction, it would be shifted to pay out the fdic insurances

It would still effectibely be worthless if that central bank (fed reserve) collapsed.

Fair enough. I just feel like there's more "magic money" than "real money" (even in federal spreadsheets) out there in circulation

And more so if faith in the currency is fully lost. The true value of a currency isnt how much is in circulation, but overall faith in the currency especially compared to others

Yea over printing devalues due to this. But in some cases say the german marcs they never overprinted. The public faith in the currency compared to the prospects of the euro crashed its value.

And then there's the possibility of the Dollar being derated in its credit rating

That comes with the defaulting as public faith in the value falls. The issue is if the dollar crashes that bad and banks fail, it would send a ripple through the world that will make 2008 and 29 look like a nice summer day.

Especially when the economic crash moves into other aspects like defense, housing, support, ect.

The 08 recession gave a snapshot. It hit everyone from japan to germany. Only those without so much of a private property set up (like china) escaped it. However, this hypothetical one would leave no one unscathed.

a currency collapse could.........technically (in the case of the US) be not so horrendous because what do you typically see when a country's currency is about to fail? I typically see people buying anything that isn't nailed to the wall... well, Americans do that anyway, so you have a country full of physical goods with zero-balance bank accounts...