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Oil crashed even worse back in 1986 than it is today. The big oil states like Texas went into recession but most of the country did quite fine. I think Florida was even thriving that year.
Some people just like to live in gloom I suppose. I'm case any of you missed it, the best job report of the year came out this morning.
I truly hope you're right, but my mind is telling me that tough times are coming. I actually hate the doom and gloom, especially since everything in my life right now is finally falling into place very nicely...but I guess we'll have to wait and see over the next few months/year.
I think a general recession is likely except a slowing of work in the "Oil Patch" of the Dakotas and other places as the price of oil drops below the profitable level. This will return these parts of the high plains to their normal state of affairs. For now the boom is over. The bright spot is the oil is still there so in the meantime we should be pumping the Arabs dry.
Recessions are cyclical. Its why all the doom and gloom guys love the topic-eventually they've always been right, they can point at it and say "See! I was right!"
A recession is coming. And another one after that. And another one after that. I'm 100% right barring the human species dying off completely in the near future.....in which case I wont care if I am wrong.
But folks....it will get better. And I have some reasonable odds of never seeing one as bad as the last one. So theres that.
Any economic system that allows speculation is going to be subject to market collapses and the winning gamblers sell out to the losers and the prices collapse. That is inherent is a speculation based system that is nothing more than a giant casino. One way to reduce the frequency and extent of the collapses is to tax speculative profits at a near confiscatory rates to reduce the attractiveness of speculation. A reduced tax rate in productive, preferably domestic, investment would encourage actual growth instead of feeding the gambler's habit.
If you read the article, it is interesting to note that Russian oil companies are more or less insulated from the drop in oil due to the depreciation in the ruble.
The collapse will be huge whenever it happens. I'm hoping people wake up and see how massive debt - and central banks printing tons of money out of thin air as a "solution" - is so destructive to an economy and society. They'll try to blame Wall Street and greedy private companies, but they aren't the core issue. When people, including the government, are fiscally irresponsible, bad things will happen somewhere down the line.
This coming crisis will be unprecedented, and when things get out of hand, I hope people will finally learn...resources are not infinite, but politicians will ignore the long term consequences in order to get elected and reelected in the short term. It's political suicide to propose actual cuts in the budget. Then it build and builds and keeps getting put off until....everything falls apart.
I'm so behind on a prep. I really need it to get together the next year or two.
The collapse will be huge whenever it happens. I'm hoping people wake up and see how massive debt - and central banks printing tons of money out of thin air as a "solution" - is so destructive to an economy and society. They'll try to blame Wall Street and greedy private companies, but they aren't the core issue. When people, including the government, are fiscally irresponsible, bad things will happen somewhere down the line.
This coming crisis will be unprecedented, and when things get out of hand, I hope people will finally learn...resources are not infinite, but politicians will ignore the long term consequences in order to get elected and reelected in the short term. It's political suicide to propose actual cuts in the budget. Then it build and builds and keeps getting put off until....everything falls apart.
This should weigh heavily on the Federal Reserve's decision to raise interest rates. If interest rates are raised, it will exacerbate this situation, especially considering there is no foreseeable slowdown in oil supply.
can't wait, sick of living around such blase wealth.
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