With all of the economic hardships people are facing from the lower to middle class, combined with the poor performance of the banks after 2008, the people of US and Canada are wondering if there will be another great depression. The recession it self has been referred to as “the great recession” since it has affected so many families of blue-collar workers, by seeing the manufacturing sector continue to shrink and evaporate in favour of jobs overseas.
The coming collapse of the fiat currency could spark revolution through out the world, if the fiat were to collapse. Even drastic restructuring can cause very high volatility and see many peoples mutual funds and bonds drastically change in value over night, this can cause a lot of panic when people begin to realize what their savings, or as they are termed now, securities, are actually worth. It’s estimated that there exists more electronic currency then actual physical currency, that is how the fractional banking system functions. Once the banks begin to experience mass runs, when a lot of people withdraw money at the same time, the bank will experience cash shortages and it will become evident the Federal Reserve has been printing too much money, and if they continue to print more the US dollar will be inflated without any sort of reasonable control.
High inflation combined with civil unrest will cause great anarchy and chaos in the streets. The protests of Occupy Wall Street are just a pale comparison of what is actually possible once the apocalyptic high prices begin to set it. It will be difficult to conduct business reasonably and basic utilities will skyrocket in price along with essential food stuffs and staples of living. Real gold and silver will begin to be traded for basic goods and necessities, with dollars being so hyper inflated it is difficult to survive and many people will lose their jobs as companies cannot afford to do business in this new economy.
Through great change will come our retribution, when we’ll observe the real value of our labour compared to those around the world. With globalization continuing to expand our horizons, our societies will be forced to change in how they conduct business and produce valuable goods and resources. The service sector, especially the financial sector, will take the biggest blow, and it will be the final one they do unto themselves. The financial sector would have existed as a shadow banking industry which created wealth out of thin air. Currently, more then 30% of our economy is tied to the financial industry, in the field of creating paper money to push projects we risk our livelihoods and essential security. There is only bad undoing that can come from this, once we decided to sell our own social security to gamblers who constructed advanced derivative formulas that would cause such economic unrest, we sold our freedoms and liberties away.
We’ll expand this section in the future with more on what to expect, how to prepare, and how to fare in the new economy. Job roles will have changed, and a lot of things will be different.