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this post was submitted on 09 Jun 2024
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@DJDarren @Bye do you think we're close to another financial crisis?
I’d say we are right on top of one
@andrewta so I'd say it's deflating, right?
Central Bank rates are reducing in EU. In USA not yet or maybe growing. China is still in the crisis with signals of recovery more and more delayed
No. In the US at least, wages are up for blue collar work, and that’s where the economy was most vulnerable. Inflation has been bad but it’s coming back under control and wages can outpace it in the next couple years, median wage growth already has (yes I have a hard time believing this too, but that’s the numbers).
The last financial crisis had a flagrant cause in default-prone loans. There isn’t such a problem right now.
The largest crisis we are running into is a crisis of propaganda, where people are being told “everything is terrible” when in fact the numbers show that everything is pretty great… except for white collar tech workers (me!).
I think the tech market will rebound the second that the fed lowers rates again, because tech is fundamentally capital intensive and speculative. So you need cheap money to fuel tech. Video games deflated/corrected a bit but that’s fine, those people can work on other things.
Ridiculous assessment.
Everyone is being told its all fine, but the insane CPI massaging has gotten beyond out of hand. There are very little gains for the proletariat masses RN, mostly losses.