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Thought it would be interesting to take a look back at posts in the BF&I forum to see what the hot topics were in play prior to the U.S.'s current economic struggles. This was a post from 12/27/2007......kinda scary and prophetic at the same time. Post housing bubble fiasco, but pre stock market crash of Oct. 2008. This question was posted by questioner2:
Quote:
In a World Economy is an America Middle Class even possible?
I am starting to believe increasing globalization will cause American Middle Class to go away. I suspect that most middle class jobs will slowly be outsourced in the next 20 years. Most of our factories will close as work is shipped to China and other low wage locations. The only jobs left outside of medical, will be retail, construction, and low wage services jobs, everything else will be outsourced. Even medical work will be cut as we are forced to limit services as costs spiral out of control.
As government is forced to shrink due to raising deficits, rapidly dropping home valuations, huge budget problems, and lack of credit availability. I suspect that few middle class Americans will exist in twenty years. Your thoughts?
"Now is a great time to get out of debt, to reduce expenses, to develop additional streams of income and to start storing up food and supplies for when things really fall apart."
Second half of 2010 almost up.... okay to eat the food we stored up yet?
Isn't it wonderful how a website calling itself "theeconomiccollapseblog.com" can post a blog entitled "Almost Everyone is expecting an Economic Collapse", and is still taken as serious scholarship by some people.
Some infamous posters on this board advanced the idea we would be in the midst of "food riots" by now. I haven't even seen a "food fight" since Animal House came out!
BTW, globalization and outsourcing were well under way by 2000, IIRC.
When I was a kid, my Mechanix Illustrated magazine promised me that by 1980, all cars would automatically be driving themselves, levitating above the magnetic highway. There was even an artist's conception of the car, with mom and dad watching black and white TV and playing games with the kids, while the car sped along through futuristic city-scapes under a sky aswarm with private jet helicopters. Dad wearing a hat and a necktie and smoking a pipe, and the blonde Aryan kids in knickers.
Well, 1980 came and went with the K-car still intact, and I lost faith in the prognosticators.
When I was a kid, my Mechanix Illustrated magazine promised me that by 1980, all cars would automatically be driving themselves, levitating above the magnetic highway. There was even an artist's conception of the car, with mom and dad watching black and white TV and playing games with the kids, while the car sped along through futuristic city-scapes under a sky aswarm with private jet helicopters. Dad wearing a hat and a necktie and smoking a pipe, and the blonde Aryan kids in knickers.
Well, 1980 came and went with the K-car still intact, and I lost faith in the prognosticators.
There certainly doesn't seem to be a shortage of prognosticators out there with a gazillion different theories about the future. But if we COULD predict the future, wouldn't that take half the fun out of life? Of course we wouldn't be in the mess we are in right now, but still.......
Prophecies self-fulfill only if they are believed.
If someone predicted that the stock market would crash, and everyone believed the prediction, they would pull their money out of the market, and sure enough, it would indeed crash. Which is why people with money invested (analysts) have a self-interest in purveying their bullish predictions. The more investors you can convince to be bullish, the higher your own portfolio goes.
The statue of the bull and bear on Wall Street ought to be replaced by a statue of a lemming and an ostrich.
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Just remember.....you can't use (eat) what you don't have so keep an eye to the future to prepare.
