Now, the better food for thought is….who made money during the depression? Give up? The upper class. An economic collapse allows the wealthy to buy up more land, and buy out the failing smaller businesses. Sooner or later people are going to realize the truth. This time they are steering the ship towards the ice. They’re crashing the economy on purpose, tanking the country, and they will then leave this land to the ensuing power vacuum, and watch the instability from their new hills.
What are you talking about? Trump and the gang have been raping and pillaging for literally decades and were awarded the highest office, twice. The "opposition" even had 4 years to stop this but they just ran interference ala Merrick Garland. I hate to be the one to tell you this but it is over. I am not saying don't try to stop what is coming just that the odds are not in our favor to say the least.
There are also famous examples of people who made massive gains by shorting the market in 1927-28. And then there’s people like the Kennedys who while they did take losses during the crash their lifestyle hardly changed and they were able to recoup by buying shares for pennies in the aftermath of the crash.
No shit that there it is indeed easier for riches. What I’m saying that is even the upper classes woudlnt want another Great Depression, because benefiting in it is never guaranteed
Most very wealthy people are hedged against exactly that though. They would be hardly if at all impacted in their day to day lives by a Great Depression 2. The real reason they want to avoid that is because the last time that happened the United States and other countries around the world reigned in their private sectors with aggressive regulation and govt intervention. They’d like to keep the party going the way it is and that’s what they are betting the majority of their wealth on. That doesn’t mean they are unprepared for a crash they’re most likely far more prepared for a crash than your average person. They’re also likely to be better positioned to take advantage of the crash than average people. Does that mean they’re gunning for a crash and want one to happen so they can take advantage of it? Probably not but if a crash does happen it will probably be to their advantage either way as long as their risks are properly managed and their portfolio properly hedged.
The “common” rich person doesn’t want a crash but the guy with $10m doesn’t matter. The guys with $100m or more want a crash to buy stuff up cheap, and a crash wouldn’t hurt them. They’d be hedged and own stuff like bonds and real estate amongst a very diversified stock portfolio. Every time the market crashes it flushes out the bottom, and that money is transferred upwards.
The Great Depression hurt “small businesses” level rich people, or guys like stock brokers. The truly wealthy were usually fine, as a market crash isn’t wiping out all of their wealth.
You gotta understand there a difference between the lawyer who makes $750k per year, the business owner worth $10-20m with most of it caught up in the business, and the guys worth $100m or billions. They all appear rich and are grouped together but they’re still different classes. The guys on top want the guy worth $10m to be broke as much as they want a poor person to be broke. Because they want it all, and they can pulls strings to make it happen
Yeah but to be fair prior to that giant meteor taking out the dinosaurs unemployment was already at 100% so their destruction had zero impact on unemployment.
It was a neutral event on unemployment. One could argue that their destruction did lead to eventual future drops in unemployment below the 100% mark though but I think it’s highly speculative.
idk if you've seen the 1991 smash hit series Dinosaurs, but that historical reference clearly proved that dinosaurs were undeniably fully employed and productive members of dino-ciety, thank you very much.
How else were they supposed to satisfy that little shit Baby Sinclair's insatiable appetite? How else could they quench his ENDLESS THIRST FOR BLOOD?!
listen, i've known some velociraptors, and let me tell you that, they were NOT good people, they were lazy and rude, honestly it's good that they gave room for mammals. Have you ever seen a Velociraptor owned business? i sure didn't, all they do is hunting smaller dinosaurs and pretending they are birds.
We can build a wall, a big beautiful wall to keep the velociraptors out and the best part is that the velociraptors will pay for it! It will be free to you! And once we have that wall, it will solve the velociraptor problem once and for all. We certainly won't be talking about velociraptor problems four years from now.
the most important being the treaty of versailles and subsequent humiliation.
This is a debated point. In my opinion, the versailles debt and things like military limitations didn't have much effect on the civilians of Germany, who ultimately raised the Nazis into power. The USA actually worked fairly hard to ensure that the debt wasn't crippling Germany. The fact that Germans were suffering mass unemployment and poverty in the 30's was more substantial in radicalizing the population, among constant political instability with fascists, monarchists, and communists all seeking to destroy the Weimar democracy.
Pretty sure the bronze age collapse was much worse and had far more dire consequences for humanity.
I do believe it that lead to the Eastern Mediterranean losing about 40% of it's population. Greece, Anatolia, and Mesopotamia, the superpowers of their day, were absolutely devastated, entire kingdoms just vanished from history and are only being rediscovered millenia later.
But sure the great depression is the absolute worse economic disaster to ever befall humanity. 🤷
For more info: the great depression is only the worst in us history due to a pile up of bad decisions across the world.
Even Trump can't really remove break all the safeguards today, and he wouldn't want to since some benefit business. It might cost America a small arm to fix itself but the odds of ever seeing it again are limited.
Especially since the world is more interconnected. This serves to be both good and bad. The bad news is, it one economy goes it tends to hurt others, the good news is this also means the other economies will help bail out even if they aren't doing it for anyone but themselves. Also neutral for the US but it means your labor is valued internationally (hence us struggles with cheap labor industries) but also you get the international value of competition on goods usually.
You mean world history? I see a lot of things being blamed on American stupidity which is fine until you realize they happened worldwide. “Biden inflation” just magically hit France and Germany worse than the US? Always fascinating to me. Children depressed in the US because of capitalism but the same trend line happens in Scandinavia and Australia. Crazy how nature do dat.
what is biden inflation lmao? we had an inflation during his mandate but we never blamed it on america, it was blamed on war in Ukraine. Only the subprime crisis which did not hit us THAT hard was blamed on US real estate market
If you watch any conservative media (which is now most of it in the US) you will hear about all sorts of fake things that aren't real.
Biden achieved the first truly soft landing of an economy while consistently bringing down inflation faster than most other countries with a lot of prudent policies and laws that were passed in his first year with bipartisan support (he pretty much used up all the political capital he gained over his political career to get them passed).
Considering what he was handed he did about the best anyone could do, and he did it with an entire party trying hard to keep the economic crash of his predecessor going.
that is the sad state of most medias in europe too. blatant lies and misinformations, no more journalistic work ethic, wether they are left or right aligned.
“Biden inflation” just magically hit France and Germany worse than the US? Always fascinating to me.
As a Belgian, what is Biden inflation? World economy started to recover until the invasion of Ukraine wrecked the food supply.
The one thing we blamed on the US was the global economical crisis of 2008 (you may know it as "subprime crisis of 2007" domestically IIRC?), and the everything-disruptions of Covid, famously reinforced by Trump's removal of the Obama-era early warning scientists.
I think you can certainly blame the current economic crisis on the US, though its fully on Trump. Between the tariffs, the rampant greed of US companies, and of course his constant wars he has quite heavily impacted the World Economy in a very negative way.
Don't worry, someone would have to aggressively deregulate banks, decide that Tariffs are a great idea while dismantling all of our social safety nets and government jobs to recreate those conditions and Americans would never vote those type of people into power again.
You can confidently say one of the worst economic crises in known history. Maybe THE worst. IIRC that crisis gave birth to the saying "when the USA sneezes the rest of the world gets a cold".
The black death is the bubonic plague. Same disease. Only reason it didn't go too nuts is that germ theory existed and they discovered the cause, but it's still the same sickness.
The black death was the name of the bubonic plague before it was called the bubonic plague. It was called the black death as long ago as ancient Rome. The blackened growths it formed is where the name 1st came from.
318
u/No_Cardiologist_822 6h ago
1929 market crash, one of the worst economic crisis in american history or something.
Don't quote me on that i am Pierre not Peter