"floating in massive debt bubbles" - I've wondered for a long time what that might mean. The nonsense done to hide the huge losses on 2008 by poor financial engineering have yet to managed. The US responded by creating money and others responded by doing much the same. The Chinese decided to build empty buildings to help a larger middle emerge. All of this debt is owned by someone aside from governments. It's the relative relationship between national currencies that seem to matter to facilitate trade. But it does seem to have peaked. The value of capital is starting to return but the real costs in terms of labor to produce that capital are starting to rise. Does that mean the easy wealth declines?
Joe's glass of beer will require a bit more effort but at least for the moment he can get the glass and there will be some beer. What happens when debt service erodes the outlay budget? Some of the vaulted Scandinavian economies are seeing great stress to continue down that path. And China still must calm a huge middle class grown used to comfort.
I think the great reset is arriving but not quite what some imagined. A lot of complacency has allowed incompetence to arrive nearly everywhere. Still the human spirit will continue to strive. The next generations may learn from errors and the repeating failures might be overcome with the help of technology. The revolution in agriculture and medical science will advance (despite the botched science recently).
"floating in massive debt bubbles" - I've wondered for a long time what that might mean. The nonsense done to hide the huge losses on 2008 by poor financial engineering have yet to managed. The US responded by creating money and others responded by doing much the same. The Chinese decided to build empty buildings to help a larger middle emerge. All of this debt is owned by someone aside from governments. It's the relative relationship between national currencies that seem to matter to facilitate trade. But it does seem to have peaked. The value of capital is starting to return but the real costs in terms of labor to produce that capital are starting to rise. Does that mean the easy wealth declines?
Joe's glass of beer will require a bit more effort but at least for the moment he can get the glass and there will be some beer. What happens when debt service erodes the outlay budget? Some of the vaulted Scandinavian economies are seeing great stress to continue down that path. And China still must calm a huge middle class grown used to comfort.
I think the great reset is arriving but not quite what some imagined. A lot of complacency has allowed incompetence to arrive nearly everywhere. Still the human spirit will continue to strive. The next generations may learn from errors and the repeating failures might be overcome with the help of technology. The revolution in agriculture and medical science will advance (despite the botched science recently).