Loading ...Like when you quit smoking or drinking, the transition hurts, then you get better. Below a note to a friend:
I know after 1900 we had the roaring 1920s that were great booming years with the advancement of fractional reserve banking, lend out 90% of deposits for inflationary growth. (that ended in 1929) Then again boom times after 1934 for war time preparation, there were good years with a few short recessions on to 1971.
The stock market bottomed in June 1982 from 1968. Real estate too dead 18% mtg rates until 1982 Just a blip with the 1987 market crash. Dines says..”A bubble is invisible to the people inside the bubble”
I’m certain many people have been booming since 1982, and a growing number going down the tubes at the same time. Re low wages, not able to get married and have kids, be responsible citizens contribute to society with wives to keep them out of trouble, so they deal drugs, riot and burn down buildings, and complain about old monuments even though only a few per capita people had slaves, when it was normal, and the whole country is evil and all the cops are bad.
“Modern Monetary Theory” and less people working makes sense lately. When we were down to 40 hours, Gene and I in the 1960s thought the future would be even LESS hours needed. But 40 turned to 80 with wives working. I report you decide.