What Do We Call The Next Financial Crisis?
Has anybody really thought of that? I mean we had the Great Depression that started in 1929 and the Great Recession that began in 2008. So, this means we have used up the word 'great' unless we can tie it to a different economic term. Maybe, The 'Greater Depression? Or The 'Great, Great, Recession?
The current, most popular name is 'The 'Grear Reset'. which has been thrown around for a few years now, as people expect something to change, but I am not sure it will really fit unless the financial system goes all the way down, and very few pieces can be salvaged.
And it might even seem strange that I am bringing this up. But I truly believe, at some point soon, we are going to see and experience, a major upheaval in our financial world. It will probably be a collapse of the U.S. dollar, and then by default, most other currencies associated with/through that dollar. It could be a slower, more controlled collapse, Which I hope it is for the sake of everyone involved. Or it can tumble down extremely quickly, bringing down the world's credit markets with it.
That is the one to fear.
Bill Holter, an expert on the economy and gold, thinks it will happen this way. He is also adamant that when it does, we will have roughly 3 days until the bottom is in, then things stay flat for weeks or possibly months, if not longer. This is based on the fact that all things credit are connected, and they will take that much time to collapse. one falls and the next, and the next. Like a well-set up row of dominoes. This 3-day period is also tied to the average person's ability to maintain their composure with little or no food, as he believes, without a form of payment, all deliveries will stop instantly. And sad to say, most people only have a couple of days of supplies on hand
Also sad to say, this makes sense in both areas. Most people don't keep much food on hand and almost everyone alive is unaware that in 2008, the banking system was said to be 12 hours away from total failure.
During that crisis, there were stories of bankers who called home to send their wives to remove all money from their accounts. And then quickly buy food by the end of the day. Can you imagine the panic when you have only a few hours to perform weeks of preparation?
This looks bad on paper, but the reality is much worse. Imagine that every gas station you stop at is empty. No gas. Every grocery store is empty. Nothing. Other stores are depleted. Riots are going on everywhere because people are scared and not sure how to feed their children. This is the stuff movies are made of. And no one knows when or if, stores will get more in. It really would be apocalyptic in many ways. And who knows when a resemblance of normal will return?
But eventually, life would regain some activities again, as a new monetary system, payment system, took root, and people learned to cope. And the years following such a mind-blowing, life-altering disaster, the survivors, they will talk about the hardest time period in modern history.
And it will need a name.
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