Tuesday, October 16, 2018

The next time 'round

A snippet from Charles Hugh Smith;
"Here's the difference between a recession and a depression: you can't get blood from a stone, or make an insolvent entity solvent with more debt. Losses will have to taken, and nose-bleed fixed-costs will have to be slashed; reality will eventually have to be dealt with. 
But everyone will resist this process because high fixed costs are the gravy train everyone depends on. Slashing fixed costs destroys the income needed to support asset valuations which are the collateral for the stupendous mountains of debt that define the U.S. economy. Once that debt is written down, the entire financial system collapses."
I'm afraid that we've devolved from just three or four generations ago, when my grandparents lived through the Depression as children and adolescents. Those people could bear not having even the basic necessities, much less the niceties that everyone demands now.

What would the world look like if kids didn't have their electronic babysitters in hand any longer? What would it look like if these same brats had only old, tatty clothing and no shoes? No shelter, and living out of a car, while on the road? No food, and on a similar scale as before?

THAT is scary shit to consider, because of our society's lack of being able to cope with that kind of weight, in my estimation.

Then again, keep giving the idiots their bread and circuses and they'll stay fat, dumb and happy.

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