Appleman, I absolutely agree with your assessment, except that absent a world war or other major catastrophe of some type (which very well could happen), I think the current bubble could last for 20 to 50 years.
The tsunami of cheap credit that rolled across the planet between 2002 and 2008 was more than a simple financial phenomenon: it was temptation, offering entire societies the chance to reveal aspects of their characters they could not normally afford to indulge.
Icelanders wanted to stop fishing and become investment bankers. The Greeks wanted to turn their country into a pinata stuffed with cash and allow as many citizens as possible to take a whack at it. The Germans wanted to be even more German; the Irish wanted to stop being Irish.
Michael Lewis's investigation of bubbles beyond our shores is so brilliantly, sadly hilarious that it leads the American reader to a comfortable complacency: oh, those foolish foreigners. But when he turns a merciless eye on California and Washington, DC, we see that the narrative is a trap baited with humor, and we understand the reckoning that awaits the greatest and greediest of debtor nations.
RZehr wrote:I haven't watched this video. But I did watch a video put out by someone like this (maybe the same guys) which predicted economic disasters and highlighted their prior successful predictions, and wanted to sell subscriptions.
With their track record of churning out predictions, I'd be shocked if they didn't get some correct. Even a blind hog finds a walnut sometimes. So I don't really believe these things and don't worry a bit about it. I'm going to keep living how I have been. If the way I'm living is according to how God plans for me/us to live, then he will take care of me/us.
Of course more economic disasters will come. And some of these types of guys will be shown correct. But why worry about it? Lets try to live a life of contentment and peace, and focus on the things that we are called to do.
I agree. Whatever you do, do not pay anything for their predictions. If you really need financial advice they are good certified financial planners that can give you all the advice you need. And quite frankly I am predicting any possible thing that most of us might be able to do will not make any difference in the grand scheme of things from an earthly perspective anyway.
ken_sylvania wrote:Appleman, I absolutely agree with your assessment, except that absent a world war or other major catastrophe of some type (which very well could happen), I think the current bubble could last for 20 to 50 years.
The tsunami of cheap credit that rolled across the planet between 2002 and 2008 was more than a simple financial phenomenon: it was temptation, offering entire societies the chance to reveal aspects of their characters they could not normally afford to indulge.
Icelanders wanted to stop fishing and become investment bankers. The Greeks wanted to turn their country into a pinata stuffed with cash and allow as many citizens as possible to take a whack at it. The Germans wanted to be even more German; the Irish wanted to stop being Irish.
Michael Lewis's investigation of bubbles beyond our shores is so brilliantly, sadly hilarious that it leads the American reader to a comfortable complacency: oh, those foolish foreigners. But when he turns a merciless eye on California and Washington, DC, we see that the narrative is a trap baited with humor, and we understand the reckoning that awaits the greatest and greediest of debtor nations.
Yup. And I will not quibble with you on the 10 to 20 or 20 to 50. For selfish reasons I hope you are closer to right.
Since it is hard for a wealthy man to enter the kingdom of heaven, perhaps a collapse will mean more people become poor and identify with the Sermon on the Mount.
But I don't think a collapse is coming. The enemy of our souls sees too much profit for his kingdom by keeping us wealthy.
Josh wrote:Since it is hard for a wealthy man to enter the kingdom of heaven, perhaps a collapse will mean more people become poor and identify with the Sermon on the Mount.
But I don't think a collapse is coming. The enemy of our souls sees too much profit for his kingdom by keeping us wealthy.
I am of the opinion that it is just as hard for the person that wants to be rich to enter into the kingdom of heaven. And a collapse alone will not change that. Where a collapse could help both classes of people is it could be a vehicle that causes people to take a new look at their priorities.
Josh wrote:Since it is hard for a wealthy man to enter the kingdom of heaven, perhaps a collapse will mean more people become poor and identify with the Sermon on the Mount.
The poverty itself isn't going to do them any good spiritually except to the extent that it drives them to seek for answers and they go to the source of living water. There are times that the rich seem so self-sufficient that they are unwilling to hear the gospel, but government assistance programs can have a similar effect on the poor.
Josh wrote:But I don't think a collapse is coming. The enemy of our souls sees too much profit for his kingdom by keeping us wealthy.
Was there no profit for him in keeping the common people in Portugal, Italy, Greece, and Spain wealthy?
I agree that the countries mentioned have not suffered the kinds of collapse that I am talking about. However they are good case examples as to why I believe austerity will not work and also help prove my point in showing that in fact when there are no countries left to bail out the countries in trouble anymore, that collapse will be inevitable.
The fact is that within the western world there are almost no countries left that are not in serious financial trouble. The few that are not are so small they will not make a difference in the grand scheme of things.
