I’ll bet people thought we were down for good during the depression, and the dust bowl, and during the early 80’s what with the Japanese were going to kick our ass, etc, etc, etc.
It was never permanent.
Economics is *cyclical* people. California had a budget surplus in the many billions as recently as 1999, do we really think that will *never* happen again?
Why is it “different this time”? Anytime I hear that implication, either on the way up or the way down, I immediately get *very* skeptical.
Even the soviet union, yes they had a multigenerational event, but it’s not like society there collapsed and they’re all cannibalizing each other. The average citizen has not had to stock up on gold and ammo there to get through their day as far as I can tell.
Now one thing I will say: I believe demographics is destiny. So countries like Japan, Russia, lots of W. European countries – they got major troubles coming their way.
India and China look very strong demographically, but actually, due to immigration (legal/illegal, a whole other topic) guess who else has a relatively large worker pool coming on line in the decades to come?: the U.S.
Think I’ll pour a glass of Cab and sleep soundly tonight.
