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fortunately, the tech sector was shaken out with the dot com bust and did not fully recover. I have friends in construction who are not that far from the bread
by kls 17y ago
fortunately, the tech sector was shaken out with the dot com bust and did not fully recover. I have friends in construction who are not that far from the bread line. Now that is slipper slope hyperbole, but the fact remains that they are not doing well at all. Currently, if you are not in tech or medical it is not a great outlook for your prosperity.
The problem is that we have traded debt (future labor and products) for currently assets as if it where a current asset (and we convinced the rest of the world to do so too). The problem is that you can continue to sell the future (debt) until someone looses faith in that return then the whole thing comes crashing down.
I really think we should go back to a hard asset economy as it is less susceptible to crashes in valuation and is far harder to manipulate. The problem is when only current assets are valued. Prosperity tends to shrink and amass in the hands of a few. It really is a catch 22.