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u r so right. contractions are part of capitalistic market economy. you can prevent them by taking steroids (debt pills) but that too has an end.
instead of wage increases and tighter loan procedures, they gave easy credit to anybody that could sign for stuff. small contractions are ok.
big ones are 1929 revisited.
I totally agree. Most of the stuff that Americans have now, were purchased using bank loans and credit cards. I always ask myself, what would Middle Class America's standard of living look like if it weren't for the cheap plastic and bank loans? The value of the dollar has eroded so much, that without private debt instruments, we'd have to live in houses and use cars that are falling apart like most neighborhoods in Mexico
Thanks for this post. Those who read the situation correctly will also note that there will not be a return to "normal" after the world economy has settled in its lower-growth state. We are witnessing an unravelling of debt-fuelled growth and the future is going to be much, much slower growth. But at least that growth is going to be based on productive capital, not debt. The sooner we get used to that, the better.
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