I've been mulling over this topic recently trying to figure out the implications. I think one of them will be that healthy, functioning human beings will be increasingly more valuable as time goes on. Hopefully, that will spur more investment into public health and mental health facilities. Those homeless people who we have abandoned will be seen as a vital resource being neglected rather than a burden.
There are two possible ways that the debt problem could go, either taxes are raised and raised on a continually shrinking workforce to pay off the debt or the debt is defaulted on. That would be something like a global default but it would mean banks going bust and pension funds being wiped out.
It will also mean that services and products for the elderly will be more and more in demand. High end products and services for kids will grow too but the bottom will fall out of the mid to lower end, something like what's happened in the watch industry.
Property will be down or stagnant in general but increasing urbanisation will mean that property in cities will continue to increase in price. That will be balanced out by falling property values in rural areas.
The Middle East will become more peaceful but stagnant economically. Iran will continue its acrimonious relationship with the Arabs but the possibility of war is extremely low. As Saudi loses its position of importance in the world and the oil market becomes irrelevant, increasing Arab unity will be talked up but largely token gestures.
The US is likely to withdraw from its role as world police taking it's navy with it leaving shipping dependent nations like Australia and China vulnerable to piracy and sabotage on the high seas. The cost of shipping will increase dramatically as lawlessness returns to the high seas.
China is due for a big bust within the next few years. Their debt to GDP is around 100% now and the tide is turning against them trade wise. This is a huge challenge to the CCP who have built their legitimacy on economic growth. The stories of how dysfunctional the Chinese economy really is will be interesting. Expect violent clashes between the armed forces and a disillusioned public. The Chinese economy is likely to stagnate for a long time (think Japan) post-bust. China is due for a big bust within the next few years. Their debt to GDP is around 100% now and the tide is turning against them trade wise. This is a huge challenge to the CCP who have built their legitimacy on economic growth. The stories of how dysfunctional the Chinese economy really is will be interesting. Expect violent clashes between the armed forces and a disillusioned public. The Chinese economy is likely to stagnate for a long time (think Japan) post-bust.
It looks like we should all be employed as economists.
https://www.commondreams.org/news/2...el-economist-calls-humanity-end-obsession-gdp
'Everything Is Not Fine': Nobel Economist Calls on Humanity to End Obsession With GDP
Greece is giving €2000 to people who have babies this year in an effort to prevent population decline:
https://www.theguardian.com/world/2...n-greece-offers-baby-bonus-to-boost-birthrate
BB has a very good point there for me.
But in the spirit of Melon's post, given we know the working age child growth is shrinking....maybe we should stop glorifying finishing in the mouth, on the breasticles and small of the back?
BB has a very good point there for me.
But in the spirit of Melon's post, given we know the working age child growth is shrinking....maybe we should stop glorifying finishing in the mouth, on the breasticles and small of the back?
Probably not because they don’t want to be taxed or forced to sell what they’ve earned which is fair enough by the way, but it does need more correcting. The poor don’t stand a chance, there’s a generation between 25 and 35 I would say who if they don’t have some wealth handed down are a lost generation when it comes to owning a property and then having kids.
Specifically speaking about Ireland, the last downturn allowed the vultures to come in and snap up land at a fraction of its cost. Ireland really suffered from this, I couldn't give you the numbers but we went from a lot of domestic land owners to international property owners. Second issue is supply/demand. Banks wouldn't lend so nobody could buy homes and therefore there was no incentive to build houses.
Population grows, supply doesn't increase so as soon as the downturn stops there is now increase demand on supply that has barely moved since it was at its peak.
Construction development drives economies, it employs so many people especially in Ireland but not so much now since so many of us left. Irelands recession was so severe barely any homes were built and now the generation who were hit the most continue to be hit. So yeah you're right we're a bit lost and for most of us the answer was to leave.
To get to the point, it doesnt matter what the older generation wants the corporations hold the keys.
L The money from all of those rounds of 'quantitative easing' went into the stock market and property.