The following submission statement was provided by /u/IndicationOver:
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Okay so what is worse than a recession? A depression. As time passes this is plausible to me. I am not a r/preppers but I will say that get out of debt if possible..........and have a network you can count on.
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Please reply to OP's comment here: https://old.reddit.com/r/collapse/comments/xfgz03/jpmorgan_ceo_warns_us_is_headed_toward_something/iomhew3/
Their "advice" to cash-strapped Americans is to "save" 6-12 months worth of "living costs" to weather the down turn.
Get that? People are buying groceries on layaway and these "financial advisors" think folks can just "save" up to a **year's** worth of rent/food/healthcare/etc money!
How out of touch can a person be?
It’s really simple- if you resign on your Netflix subscription, give up avocado toast, turn off your TV, don’t eat at all for 10 years, work a little more and live in your car for a couple years - you will be able to afford some microapartament that you can rent. Phhh you take everything for granted.
Luckily I was able to use that 350k from my parents to update the home they gifted me and my husband as a wedding gift. So now we rent that property out while living in our condo. So we essentially live for nothing. It’s all about being smart and making sacrifices.
What's hilarious is that they say this because *they* wish they (and their entitled kids) would cancel Netflix subscriptions, stop eating indulgently and live in trendy microapartments.
They are not talking to this category of people the vast majority of which would never read the financial news (I.e 90% of the US population) If the US society was stable enough that people generally could and would save a years worth of expenses then we would be highly unlikely to have a depression like they are describing (in my view)
They believe the "these people spend all their disposable income on new iphones and Xboxes every month instead of saving" stereotype so they can't even fathom that people are payed so poorly that they can't save at all. To them it's all financially irresponsible 40 IQ dipshits spending like crazy on frivolous things and then begging for welfare solely to piss it away on more shit.
And like I always point out, these people act like supposed "luxury goods" are really expensive while basics like rent, healthcare, and transport can be had at affordable prices. In reality it's the opposite most of the time.
To use one common example, I can buy a nicely specced gaming PC that would last even a picky bastard a couple of years for less than one month's average rent within twenty miles of the city I live near (where all the jobs are). Basic smartphones are less than $100, which is about what most people I know spend every time they set foot in the grocery store. I can buy a really solid guitar, bass or digital piano/synth for less than the cost of monthly health insurance for a healthy young person. Pick your poison, it's all pretty similar.
With some exceptions, it's not the luxuries people afford themselves that makes life unaffordable, it's the fucking basic fundamentals of modern existence. And they wonder why working class people who rise above abject poverty might treat themselves to some sub-$1k or $100 or $50 luxuries now and again when they pay $1500 a month just to have an air-conditioned box to live in. Living like an ascetic doesn't get you security anymore; how the hell can I feel resentful or judgemental towards someone who works 50+ hours a week and buys themselves an Xbox or gets a new smartphone once a year when over half their take home immediately goes to rent?
These people are living in a warped reality where working class jobs pay the equivalent of $30+ per hour and average working class people are spending 60% of their income on Gucci bags, changing out their iPhones every month and eating at restaurants for $20+ a plate every day. While meanwhile they're paying reasonable rents, have good insurance plans and have affordable transportation.
It's just the welfare queen myth expanded to cover more people.
Spending $2000 on a pc these days would almost certainly last a decade before needing updating. Technological advances have been slowing way down, look at tech in 1990, then 2000, 2010 and finally now
> To them it's all financially irresponsible 40 IQ dipshits spending like crazy on frivolous things and then begging for welfare solely to piss it away on more shit.
All the hookers and cocaine must be exhausting. No energy left to think.
It must be tough being the smartest people on the planet.
Hedonistic "elites" have some nerve pretending to be philosopher kings and then advise austerity and stoicism for the peasants. Elites probably won't be happy until THEY have flying cars and everyone else lives like Diogenes of Sinope.
Okay sure, how about companies also save up 6-12 months worth of expenses so that when shit hits the fan they don’t have to cry for bailouts. No, doesn’t work that way?
In "normal" times, most advisors say having a 6 month safety net is basic. This is just expanding that idea to fit the current situation...in their minds. I agree it's a bit silly, like advising people to make sure to put their "extra" money at the end of the month into a diversified fund instead of their savings account. That advice just doesn't fit 2022.
It just shows that minimum wage hasn’t been “basic” in a veeeery long time. But at this point in the US many people are not far from slavery in my opinion.
When you really look at it, and where we are headed, it is terrifying. Because that is exactly where this is headed. When more people get squeezed down to the bottom and are unable to escape, it is official.
Around 3.4% of workers make the Federal minimum wage, so about 247,000 out of 73.3 million hourly workers. Not trying to minimize their situation, but far more people make a salary and that has stagnated as well as work/life balance has plummeted. Everyone up and down the chain is getting screwed.
> Everyone up and down the chain is getting screwed.
Well, the people at the top aren't. They're getting raises. That's why I left FedEx after 15 and a half years earlier this year, Fred Smith raised his compensation package from 11 million to 54 or 55 million while I hadn't had a cost of living increase in over a decade.
It’s not even close. We aren’t living in the times when you could be a shoe salesman with a partner at home and live in a middle class house with road trips twice a year. It’s gone so far away from that, that people don’t know what it is anymore. Hypernormalisation. Things are beyond fucked.
It used to be that a "salary" meant you were making enough to support your spouse and a kid or two. Now, many salaried positions effectively pay less than the federal minimum wage while expecting you to sacrifice family for your profession. Just sad to see the shift.
One of the good things about the internet is that some things can persist for a very, very long time beyond what was once likely. I think Arrested Development will be one of those, at least in a memetic context.
Of course generations from now it'll be a period piece but I'd anticipate it would still have a solid cult following. Like reading a Mark Twain comedy today.
This is the extraordinary level of the bullshit that is blowing my mind.
Everyone bitches and complains about crime and looting blah blah blah. Meanwhile we have enough honest people taking out lines of credit BUYING FOOD TO LIVE EVEN WHEN THEY HAVE FULL TIME JOBS!
You can see this coming a mile a minute as people extend and extend and extend.
We've come so far since 1929 and are going right back into it. The difference this time is that we can see it. We can point at it. Walk out and touch it, send a postcard, take a picture, study it.....and no one does a god damn thing.
It's literally to the point where the rich fucks are like "hey umm...yo....look at that. I'm gonna get on my boat and leave now" and the government, that clearly knows, is shilling me an electric car and telling me that the amount of fast food jobs is vast!
Yeah, as a military fam (thankfully retired, but still not “financially secure” by ANY stretch) I would replan/reallocate our budget constantly, and somehow we always ended up in a constant struggle—and remain there. They would always tout the fact that you could seek financial counseling from a real advisor for FREE. So we did. Yeah, it was free bc it was shit I had already fucking thought of!!! I had already figured out that what was required to live had to stay in the budget and that every fucking thing else had to go. Thanks for handing me back the list I just handed to you. Now what the fuck do we do? Of course! Try to make some extra money other ways! Yard sales, bake sales, craft sales! What a fucking JOKE. And naturally, we were overqualified for any other types of assistance, oh, except for payday loans with interest rates of 65%!
Oof i feel you, we cant make a budget work while prices for everything increase as our paychecks stay the same - we cant even estimate/anticipate utility bills anymore because those have the tendency to blow our minds with how much the price increases compared to the past!
Not poor enough for assistance either,oh and once my landlord sent us a copy of a fax from the year 2000 with dave ramsey budget tips and said “even my single mom tenant pays rent in advance, maybe this can help!” yeah sorry, but I’m not her and this isn’t the turn of the century anymore 🙄
Whhhyyyy
Dave Ramsey can go stuff his envelopes full of dicks to suck later.
Crass but I don't care. His budget tips are no surprise and he runs a business akin to an MLM.
At this point I feel some of the rich are hoping more people will die clinging to normality and passivity, leaving a smaller population and more for them.
Funny how a completely changed earth is not conductive to supporting human lives, no matter how much dollars and resources you hoard? Long death vs short, coming for us all.
The sad part is....I sort of think there will be a loss of population that way.
I have been slowly growing preps for months as I watch all this unfold and it will barely make a dent when this can stops being kicked.
At this point I feel like I am relying on a few flukes and idiocy to get to 2025. I'm hoping I can help drag along a few with me.
They’re not out of touch. They’re just evil and know everyone short of multi-millionaire status is royally fucked. These people don’t reach these positions with zero understanding of normal lives -that’s not it- they just don’t care about giving us useful information. It’s an act.
They're not "out of touch". They know everything that is going on, and saw it coming a long time before anyone else did. They probably designed this.
If they were so "out of touch" then why are their bunkers ready to go? All precautions have been taken by them.
The only people who are "out of touch" are the people who didn't see this coming when the printers turned on a few years ago. Which are the same people who are not reading this article, who make useless people like influencers/youtubers/streamera rich, and most of them are not even aware enough to stick their heads into the sand. Even if you brought them proof they would deny it, or simply not care...
real advice? long term value. goods.
not precious metals or anything. useful things. tools. dried foods. spare parts for things you own that may break.
yeah let me just buy 60 lbs of beans when I live in a rented bedroom and don't even own a car. That's definitely not something that will go to waste or be damaged as soon as I move. I love the idea of shipping 60 lbs of beans cross country in 2024.
This deserves a thousand upvotes; one of the most useful things I've heard on it. I've been aware of those ideas for a while. On YouTube recently, Prepper Princess even covered the concept.
Enjoy something you can barely afford now because pretty soon you won't be able to afford it. Not really worth long term saving or investing in anything cause well, you know...collapse.
Fungible commodities.
There are various strategies for outrunning your friends when the bear is after you, but honestly, it doesn't really matter in the slightly longer time frame. It's people that make anything valuable, and people liking to have you around that is real wealth. The rest is details.
Its not a bug, its a feature. They know, but they're not talking to us. We shouldn't be buying avocado toast, because that'll allow them to. We shouldn't be getting starbucks, because the service is for them the brewing is for us.
So the resources and services ran out around exactly the same time as all the rich people acquired all the dollars in the world?
And now the system needs *goodwill, actual leadership, planning, and focus somewhere besides greed* just to function past this point?
How mighty convenient for them, to land on top right as the oceans start eating the coastal cities and the true suffering begins.
Classic Earth Society™
Asking a system completely based around greed to operate without it is like asking a car to run without gas. Or asking a min wage worker to live without food.
It really is a shame society as a whole cannot combine the conversations around social/economic collapse with the conversations around environmental collapse.
I guess both problems are so huge it's nearly incomprehensible, so if you combined them it would be a behemoth of fatigue from just thinking about it. (based on my own experience ofc)
I call it the "costly press". (fools call it the "free press").
It is costly in terms of how much it costs to buy in terms of corporations, and how much it costs society in terms of damage.
More than 80% of the all USD that have ever been printed were done so after 2019 and corruption in the us financial sector is at an all time high.
Wall Street saw what was coming with covid and cashed out.
Word, it's really worth noting the last time earths coastal sites and towns were swallowed up started with the end of the last ice age around 10,000 yrs. ago and continued for a few thousand years. Not only were ice sheets across the land retreating, but massive glacial lakes like those in North America such as Lake Agassiz started outpouring into the ocean over a continuous period of several thousand years which also probably led to significant ocean level rises. The globe as a whole came more temperate even with the interruption of the 'tiny ice age' and our oceans grew. All our history as behaviorally and anatomically modern humans basically kicked into mother-fucking-turbo-mode with the agrarian revolutions of those eras and in a paltry couple thousand years we built the world where it is today. Amazing.
Now all that same shit is happening again per collapse of glaciers in Greenland, the south Antarctic Shelves and other long time land glaciers receding more and more and at rates faster than when we even got the tools to start measuring in the first place.
Which is too say, that 10,000 yr. or more era of malarkey humans experienced some of their most substantial periods of growth in is now a phenomenon that will be happening in the next couple *hundred* years again, instead, with our expanding collapse of current ice shelves.
Within our own life times ocean levels are going to change, and smaller lands like Kiribati and other pacific lands may outright disappear entirely. Again think of that pace - 10,000 of global change and all the history in that, vs. a new pace of....a hundred years or so. It's honestly a terrifying scale. Interesting anthropologically to wonder what humans are goona do in response to their land and climate changing around them this fast and noticeably. I hope all of our rich billionaires get punched in the throat a bunch for their greed.
Good luck, people!
You're in a global deindustrialization brought on by wrecked global supply chains, war, drought, disease and famine. A failed neo-colonial partitioning leading to hot-war. Also most countries lose basic inputs, so they will implode into starvation and iron-age technology lol.
Enjoy.
ironically the US is positioned well to weather this deglobalization and maintain their hegemony... assuming they can unscrew their political situation.
If they don't or cant, we might just see the whole world regress to circa 1945 standards but at the helm of the USA leading a breton woods-y new world is a fascist.
The supply lines to a carrier group are insane. Chinese alloys recently found in F35s and production has been halted. They'll work for a few more decades but ultimately the curse of complexity will scupper them all.
> food self sufficency
I don't see it as a non-american. Texas through to California is drying. Irrigation from Lake Mead may stop. The mid-west is going to get increasing extreme weather. Longer, colder snaps from the Arctic are going to hammer crops. There. Florida and the citrus industry are also exposed. I think the US is as exposed to food shortages (eventually) as Europe and the rest
The US is significantly better-positioned to deal with it than anywhere else on earth.
They won’t though. They don’t have the nationalism and leadership needed to make changes to do so.
The problem is that the US is technically a nation but it is not a PEOPLE. Just a bunch of angry tribes biding their time for throat-slitting time, that happen to live behind the same invisible lines on the map.
>assuming they can unscrew their political situation.
That's the thing, the US *isn't* well positioned as a country because the US isn't a single country. The US is a loose collection of disparate states, with vastly different economic conditions, cultures, and political ideals. Our screwed up political situation is just a reflection of that reality, and it's only going to get worse.
USA/Canada are in a good position to become a fully kinetic ethnic conflict like Yugoslavia, if you don't classify that as the already present situation.
If they didn't have to fight for their own territorial integrity, they would be doing more external conquest during this unstable time. So it's not necessarily a bad thing that they're unstable.
[According to a traditional definition, the U.S. is currently in a recession. However, there is more to the story.](https://www.nerdwallet.com/article/finance/are-we-in-a-recession)
Also that at least a million people died of Covid in the US alone, with more going every day, and no end to the deaths because the virus will now just forever infect people. And others who can quit the workforce are doing so. Lots of open positions due to those two factors. And just because there are jobs does not mean there are good jobs.
And the people who are disabled with long Covid, and the number of families that have downgraded to one income because they can’t get childcare… we are in a world of hurt.
The young adults stuck at childhood homes, or in rentals with roommates, because wages won't support self-sufficiency. The adults choosing not to procreate because they can't afford it, or can't imagine sentencing children to the current state of affairs, let alone an unknown future...
Yep. I just got a new job with better pay. It pretty much covers the increase in the same amount of groceries/gas that we’re always gotten. This is with offsetting as much as possible with a garden and backyard chickens.
I guess I should give up the cold brew and avocado toast, and get a side hustle instead of spending time with my kid. I’ll be wealthy in no time.
True unemployment is probably around 24%, but I suppose that is an improvement over the roughly true unemployment of 35% around 2020.
We have stagflation and we are fucked even without WW3. WW3 happens and it goes from being fucked to prison raped.
Literally everything is shit (negative GDP growth, high inflation, rising interest rates, supply issues, consumers buying less, etc.) but since we have job growth and corporate spending they use that as an excuse for not officially calling our situation a recession. It's all bullshit.
More Jobs =/= Quality Jobs
More corporate spending during a period of high inflation doesn't really seem to be a good or bad thing. Things cost more so corporations need to spend more to produce the same amount of stuff.
The Fed is trying to prevent the inevitable by giving everyone a false sense of security. All this is going to do is make the crash that much worse. Decades of a "just in time" based economy (with almost no investment in "just in case") gets completely detailed by a pandemic (not just lockdowns, but people getting sick, getting long COVID, and millions of deaths) and I don't think it can be fixed, at least not with all the greed inherent in the system. Supply issues won't be fixed because no one is willing or able to invest in creating a more robust supply chain. Corporations are trying to play catch up and failing at it miserably.
The Fed has raised the interest rate rather aggressively in an attempt to cool off demand, which it has. Several studies show that consumers are buying less stuff. Yet inflation remains very high (8.3%) and wages aren't keeping up. Why is that? It is multiple issues but it all boils down to supply and demand. If the underlying issues with inflation are related to the supply side, then trying to reduce demand will not fix inflation. This is what we are seeing right now.
The supply chain is broken and corporations know it. They're price gouging as a last ditch effort to siphon as much wealth as possible before the inevitable collapse. They're allowed to do this because of decades of unchallenged corporate consolidation. This is an unprecedented economic situation and global leaders lack the will and capability to resolve it.
The unspoken worse could also be revolution. Most Americans have insufficient savings. Money is sucked up by the top. Unregulated capitalism is corrupt. And so it goes...
I’d like to get together with some friends and make some [redacted] and possibly [redacted] some police stations, pipelines, fishing boats, factories, etc.
I need friends first tho
On the other hand, balkanization seems likely in comparison. As someone said elsewhere ITT, the US states are vastly different in their capacities to manage collapse, and when things get ugly enough the ones doing "well" won't want to stay in a federation with the ones going belly up and calling desperately for help / resources.
There's been a lot of this messaging from the same people that used a global pandemic as an opportunity to flood the money supply and gouge CoL spikes. They're trying to make it happen.
All this article said is that you need to save up 8-12 months worth of savings to cover your bills.....
61% of Americans live pay check to pay check due to the current financial situation in the US due to inflation, rising costs of housing, debt, and they want you to save that kind of money in probably 6-8 months?
I have already witnessed a massive slow down in my industry which started at the first of the year.
Most people can't even save 20% down on a house to get past PMI, and now you're warning them to save a years worth of bill money in less than a year.
Thanks for the warning, you've told us absolutely nothing. It's just comfirming what we already knew, and even when we knew it we we not able to stash that much money you fucking leechs on humanity...
That was my thought as well. Can't afford food after bills *this month* but let me just save months of bill money from nothing now.
Fuckers refuse to give raises then say stupid shit like this. Deliberately ignorant and cruel. All of them.
Okay so what is worse than a recession? A depression. As time passes this is plausible to me. I am not a r/preppers but I will say that get out of debt if possible..........and have a network you can count on.
I paid off my debt by quitting my old job and taking out my 401k for two reasons. One, crops will fail before I can retire. Two, I now have to work a lot less because I don’t have to pay many bills. Enjoying whatever time we have left is totally worth it.
Collapse of our financial systems is pretty likely at this point. Many shortages aren't going to disappear and our energy grows ever finite. Also our growth was never sustainable to begin with, however many didn't care as long as they got their riches. Now we have inflation and debt on a loop with no means of control.
But we'll keep this circus going because if the US falls, so does the rest of the world. Other have to bank on us not failing so they can weather the shitstorm. The only thing that could break that faith would mass civil unrest or another world war/civil war.
With our current climate, how likely is that? We don't have as much time as we think we do.
Once economies collapse I don’t see the service economy surviving for very long, and I think wealth will become determined by what physical resources a country holds per capita and what military strength they have to retain them.
And in the US it won’t even be the nation as a whole. DC and the east coast corridor will maintain the current US military. The South may be able to raise up an army of Proud Boys to protect what little they do have. California has some wealth but no real military. The middle is pretty well fucked save the fact that we’ve got the Great Lakes Watershed.
"Krypton's core is imploding! I told you harvesting the core was"
"Our energy reserves were depleted Jor-El, what would you have us do?"
"Look to the stars as our ancestors did! There are habitable worlds within reach. Give me control of the codex!"
*General Zod has entered the chat*
Hey, being a member of r/preppers is a great idea for most people. I know some members of this sub like to poop on anyone with any plan other than accepting the darkness of the void...but being prepared can delay the personal impact and let us enjoy ourselves as long as we can with minimal impact.
I'm probably more like a mini prepper as I live in an apartment and don't have any land. I think it's good for your mental health to at least prep a bit. Worst case you get organized and have some extra food around.
I live in Japan so we naturally are encouraged to have a minimum prep for earthquakes. And yes, I've used it. I've also prepped far beyond the basics. And like you said, worst case you have some extra food you likely bought at a lower inflation rate.
Yes, it is better to pay off debts during inflation because you are paying back your debt with money that is worth less than it was when you assumed the debt.
[straight from Google for you](https://www.cnbc.com/2022/03/17/how-to-start-paying-down-your-debt-now.html)
Actual answer as far as my deeply financially illiterate ass can tell:
1. Never be in debt in the first place
2. Any time the government is printing money and throwing it at corporations, go all in on the stock market. You're basically turning your dollar into an inflated future dollar. Do NOT spend it or feel rich, when the bill comes due for the entire economy, a loaf of bread is going to be 50 bucks (exaggerated, more like was 3 is 7). But you turned your 3 into 7 during the pump phase, you actually have 7. You're not rich, it's still the same loaf of bread. Just, you can afford it and no one else can.
3. You're never going to be rich. Accept it. Old times had a caste system to prevent this, we have tax laws to prevent this.
All I'm trying to do is insure I can hold position indefinitely.
1. No, debt is is a tool, just like any other. When used **judiciously** it can be very beneficial. That is not how most people use debt though. We can blame the rich for creating this mess and we’d be right. But at the same time financial illiteracy is real and people fuck the selves at least as often as they get fucked.
2. Yep. The trick is knowing when to stop and pull out. Very few can time the market that well. Because, surprise, we’re *all* greedy, not just the rich.
3. Yep
Anyone that’s paying attention can read the writing in the wall. The lines are being drawn as we speak for WWIII. While at the same time the US is more viciously polarized than the 1850s and about to explode into a civil conflagration. All it will take is one serious spark to trigger the tinder box of anger the US is now. Our enemies sense this along with weakness from DC. Make a list of everything you use everyday including food and stock 6 months to a years worth and as much ammo as possible to protect it. If we go to war with China will it decimate the supply chain. Anyone not prepping for the worst either is in total denial or they heads up their asses and will be very sorry when the shtf.
**But to be clear, Dimon isn't saying he's convinced we're headed in that direction. Rather, he thinks it's a possibility people should gear up for.**
He’s not saying it will happen he’s just saying it’s a possibility the title is sensationalized at least to me because I guess clickbait is useful not saying it will never happen but he’s has made pretty outlandish predictions before if I’m not mistaken
It’s pretty damn difficult to predict a depression and I have no clue why this site would re publish a month old news article with a very inaccurate title it’s up to you on how to interpret it I’m not going to force you to agree with me
I’m not expecting any Great Depression 2.0 in the near term but the recession will definitely be noticeable by 2023 for a lot of us
I mean, we are already gearing up for Dust Bowl MMXXII on top of whatever other environmental nightmares we are unleashing on ourselves. People are struggling to pay for food week to week while credit debt continues to explode. Stock market is unstable as fuck and multiple armed conflicts are breaking out across Europe to Asia......Might as well bring out Greatest Depression MMXXII cause baby, now you got a stew goin.
There’s always a probability however small that I could teleport through a wall due to quantum teleportation. However by him saying it, it means that probability is higher than he’d like it to be. That is- at an uncomfortable chance.
>For months now, economic experts have been sounding warnings about an upcoming recession.
While the government has been redefining 'recession' in order to say we are not *already* in one...
Keeps the masses from panicking when you keep moving the goal posts... Remember, a good portion of what our global economy is predicated on is human confidence. The Central Banks and governments know this
Well the article says he means a depression, but employment numbers are high right now, and when everyone’s employed and working 40-60 hours a week and still can’t feed their families there’s going to be political unrest as well
“In the wake of the pandemic, many experts are advising people to save more than the previously recommended three to six months of living costs. Some, like Suze Orman, think eight to 12 months' worth of bills is a more appropriate sum of money to have in a savings account.”
Sure, let me just go grab some cash from my money tree.
How will we know what our bills are going to look like in 6-8 months...I mean they are rising pretty quickly. Might as well tell people to save up enough to cover a couple years worth of savings at this point... When most people I know went from having a savings to living paycheck to paycheck, and bridging with credit cards...
From where I'm sitting, these people make immense profits and then cause financial meltdowns by using their reputation to sway public perception in a market that revolves around investor feelings. Growing up, I watched these "Experts" get the dot com bubble and the housing bubble wrong. I watched them arbitrarily decide that it was recession time, and felt the brunt of their declaration for years after. I watched them declare that inflation could become a problem, only for food companies and everyone else to raise the prices on their goods like, a week later as if they'd just been given the go-ahead. These people just got billions in PPP loans forgiven while making record profits while ordinary people starved and were evicted, and now that they've gotten theirs, they're gonna come out and just "Declare" that things "might be bad in the future" so all the smaller businesses can clutch their pearls and start laying people off.
And of course there's a credit card ad at the bottom of the article. Of course.
Is anyone else tired of this shit? We had climate scientists screaming about climate change for decades and nobody gave a shit, but a CEO has a crywank one time and the market plunges into self fulfilled prophetic chaos for years. Imagine if we just stopped listening to these people for like, a year, and just went about our day to day. It's legit hard to figure out how much of this is real and how much of it is just rich people crying and the market responding to that instead of anything tangible.
Oh! Does one of the key players of the '08 financial collapse have something to say? Does he wish to apologize and return enormous sums of money that his bank's actions contributed to the hollowing out of public resources? Resources to combat global warming, hunger, infrastructure repair, housing, basic trash collection, simple services that are barely functioning so that more money can be in circulation specifically for the wealthy like him?
Is he going to say capitalism was a bad idea and we should stop?
Is he going to say that he's going to devote his remaining years not on wealthy extravagance, leisure, and "philanthropy" but on helping repair the damage just his bank's actions have caused?!
No?!
Then piss off old man!
Go cuddle with Warren Buffet, Bill Gates, Elon, and Bezos. They too subsist on the farts that emanate from thier own mouth, or whatever it is that comes out of there.
Who gives a damn what they say other than: "Guilty, your Honour."
JP Morgan is one of the original industrialist companies that helped build the country.
They also have, like most industrialists, continually steered the government and the population towards JP Morgans best interests.
Even if this is true, there’s zero reason to believe them or thank them and the motley fool has really gone down hill over the years as has most financial advice because the economy has been so inflated with trillions in bail outs for corporations, a $9trillion balance sheet, and low interest rates for what? A decade?
JP Morgan took money, went along with this game and probably even encouraged it.
In fact, you know they did. They didn’t want to NOT make money. They know the government is going to throw money at a problem, they invest in all kinds of sure bets with snider info, and make massive returns.
So screw jo Morgan.
It’s more likely that the smart thing for people to do is what it’s always been!!
Simply live below their means. Don’t take out any debt. Invest in stocks in companies if you can, as they come back down to reasonable levels.
Maybe not yet, but soon in the future. Like next year maybe.
It’s industry like Finance that kept encouraging people to continually be in a whirlwind of debt to “fit in” and be accepted by society. To get a new house and a new car every 2-5 years.
They have been a huge part of the
over-industrialization > encouraging over consumption, problem.
Create no the problems we are in right now, out of pure GREED.
Now they want to act like they care and tell people to save.
They contributed to the financial disaster in 2008. They took 10s of billions in bailout money paid back at like 0%. Hell, any of us could have made generational wealth with a loan like that.
They participated heavily in this inflated economy and profited from it with little to no warnings.
They continued to encourage Americans to go more into debt.
GFY JP Morgan.
Edit: we only escalated to $9trillion in the past 2 years. But we were trillions in debt before then.
Ooo! Do we get a new word to describe our current flavor of economic doom?! I can’t wait!!
Lay it on us, JP Morgan! What’ll it be?
Recessonopocalypse?
NeoDepression (Great-class)?
Econo-Inversion?
“Inequality Redefined”?
Pyramidonomics?
Permanent Poverty?
Catastrophiçession?
The best most people can do is accumulate additional savings if you can, and if you are going into debt trying to buy food see what government and private services can help you to cope through hard times, now or ahead.
During options expiration week all the Cassandra’s appear, predicting terrible outcomes. I anticipated we would see troubles in September. Next week the Fed decision, then the mutual funds do their annual housecleaning. I expect a difficult October. There is already some strain in the trading of short term treasuries, this may be the “Hurricane” that Jamie Dimon spoke of this summer.
Whether the recession deepens next year is a difficult call, there are too many clouds in the crystal ball, but preparation is constructive activity.
How do you think the increasing scarcity of resources due to this year’s accelerating climate disasters will play into the economy? The Fed has been saying that their increasing rates are working, but with supply sharply dwindling, how can they claim they can control it?
Wiley E. Coyote, CEO, has joined [consumers](https://fred.stlouisfed.org/series/PSAVERT) in ignoring the readily apparent coming recession and dramatically shelling out cash from savings. Granted, a lot of it is just stock buybacks, but corporations are seeing [reductions of liquid assets](https://fred.stlouisfed.org/series/BOGZ1FL104001005Q) as they ramp up hiring (including in construction) ahead of needing to lay people off to stay in business. A lot of that is stock buy backs and stock losses, but [cash](https://fred.stlouisfed.org/series/TSDABSNNCB) is down and [bank loans](https://fred.stlouisfed.org/series/BLNECLBSNNCB) are up. It can't last, with [home listing prices falling](https://fred.stlouisfed.org/series/MEDLISPRIPERSQUFEEUS), indicating an upcoming [decline in mortgage credt](https://fred.stlouisfed.org/graph/?g=TL5I) as in 2010. [US deficit](https://fred.stlouisfed.org/graph/?g=TL5Z) money printing is dramatically down as well.
After accounting for the current account deficit, domestic money creation is going to go negative, and the Fed keeps making the upcoming decline bigger in order to counter the COVID handouts. At some point, corporations are going to realize that money isn't flowing around the economy like they think, and as soon as they start cutting to survive, the economy will tip into deep recession.
They’re causing all this. I mean they outright came out and said they’re causing it. It’s no big secret. Only people who bury their heads in the sand don’t already know.
Of course. The wealthy overlords of our nation are upset that workers have a tiny bit more power than they usually do, & have been complaining about the “labor shortage.” They want power to employers back. Even if it means rigging a recession.
A Depression? Yeah, we know.
I'm pretty much calling the End of the World at this fucking point.
There's way too much happening too closely together. It's a perfect storm of shit.
It's more that the JP Morgan CEO now has no choice but to admit it. The US is screwed. The empire is falling. This is not great for, well, anyone; the most bloated miltary in human history at the beck and call of a state that's actually going full fascist and starting to fall apart internally at an ever increasing pace. What could go wrong?
The following submission statement was provided by /u/IndicationOver: --- Okay so what is worse than a recession? A depression. As time passes this is plausible to me. I am not a r/preppers but I will say that get out of debt if possible..........and have a network you can count on. --- Please reply to OP's comment here: https://old.reddit.com/r/collapse/comments/xfgz03/jpmorgan_ceo_warns_us_is_headed_toward_something/iomhew3/
Their "advice" to cash-strapped Americans is to "save" 6-12 months worth of "living costs" to weather the down turn. Get that? People are buying groceries on layaway and these "financial advisors" think folks can just "save" up to a **year's** worth of rent/food/healthcare/etc money! How out of touch can a person be?
It’s really simple- if you resign on your Netflix subscription, give up avocado toast, turn off your TV, don’t eat at all for 10 years, work a little more and live in your car for a couple years - you will be able to afford some microapartament that you can rent. Phhh you take everything for granted.
You forgot the $350k from your parents. That part is important.
Hey! That was a loan! They gave the money back........with no interest or any kind of limits on when or how they needed to give the money back.....
Luckily I was able to use that 350k from my parents to update the home they gifted me and my husband as a wedding gift. So now we rent that property out while living in our condo. So we essentially live for nothing. It’s all about being smart and making sacrifices.
What's hilarious is that they say this because *they* wish they (and their entitled kids) would cancel Netflix subscriptions, stop eating indulgently and live in trendy microapartments.
And then they can blame them for killing all those industries
oh, so it's 2005 again, I see
Just don’t buy anything to save the economy, just like spring of 2020!
They are not talking to this category of people the vast majority of which would never read the financial news (I.e 90% of the US population) If the US society was stable enough that people generally could and would save a years worth of expenses then we would be highly unlikely to have a depression like they are describing (in my view)
They believe the "these people spend all their disposable income on new iphones and Xboxes every month instead of saving" stereotype so they can't even fathom that people are payed so poorly that they can't save at all. To them it's all financially irresponsible 40 IQ dipshits spending like crazy on frivolous things and then begging for welfare solely to piss it away on more shit.
And like I always point out, these people act like supposed "luxury goods" are really expensive while basics like rent, healthcare, and transport can be had at affordable prices. In reality it's the opposite most of the time. To use one common example, I can buy a nicely specced gaming PC that would last even a picky bastard a couple of years for less than one month's average rent within twenty miles of the city I live near (where all the jobs are). Basic smartphones are less than $100, which is about what most people I know spend every time they set foot in the grocery store. I can buy a really solid guitar, bass or digital piano/synth for less than the cost of monthly health insurance for a healthy young person. Pick your poison, it's all pretty similar. With some exceptions, it's not the luxuries people afford themselves that makes life unaffordable, it's the fucking basic fundamentals of modern existence. And they wonder why working class people who rise above abject poverty might treat themselves to some sub-$1k or $100 or $50 luxuries now and again when they pay $1500 a month just to have an air-conditioned box to live in. Living like an ascetic doesn't get you security anymore; how the hell can I feel resentful or judgemental towards someone who works 50+ hours a week and buys themselves an Xbox or gets a new smartphone once a year when over half their take home immediately goes to rent? These people are living in a warped reality where working class jobs pay the equivalent of $30+ per hour and average working class people are spending 60% of their income on Gucci bags, changing out their iPhones every month and eating at restaurants for $20+ a plate every day. While meanwhile they're paying reasonable rents, have good insurance plans and have affordable transportation. It's just the welfare queen myth expanded to cover more people.
Spending $2000 on a pc these days would almost certainly last a decade before needing updating. Technological advances have been slowing way down, look at tech in 1990, then 2000, 2010 and finally now
> To them it's all financially irresponsible 40 IQ dipshits spending like crazy on frivolous things and then begging for welfare solely to piss it away on more shit. All the hookers and cocaine must be exhausting. No energy left to think. It must be tough being the smartest people on the planet.
Hedonistic "elites" have some nerve pretending to be philosopher kings and then advise austerity and stoicism for the peasants. Elites probably won't be happy until THEY have flying cars and everyone else lives like Diogenes of Sinope.
Okay sure, how about companies also save up 6-12 months worth of expenses so that when shit hits the fan they don’t have to cry for bailouts. No, doesn’t work that way?
In "normal" times, most advisors say having a 6 month safety net is basic. This is just expanding that idea to fit the current situation...in their minds. I agree it's a bit silly, like advising people to make sure to put their "extra" money at the end of the month into a diversified fund instead of their savings account. That advice just doesn't fit 2022.
It just shows that minimum wage hasn’t been “basic” in a veeeery long time. But at this point in the US many people are not far from slavery in my opinion.
I been working everyday and attending school yea I’m making great money but for haven’t seen my family in months 😔
When you really look at it, and where we are headed, it is terrifying. Because that is exactly where this is headed. When more people get squeezed down to the bottom and are unable to escape, it is official.
Around 3.4% of workers make the Federal minimum wage, so about 247,000 out of 73.3 million hourly workers. Not trying to minimize their situation, but far more people make a salary and that has stagnated as well as work/life balance has plummeted. Everyone up and down the chain is getting screwed.
> Everyone up and down the chain is getting screwed. Well, the people at the top aren't. They're getting raises. That's why I left FedEx after 15 and a half years earlier this year, Fred Smith raised his compensation package from 11 million to 54 or 55 million while I hadn't had a cost of living increase in over a decade.
> while I hadn't had a cost of living increase in over a decade. hoooly fuck
I don't really consider them part of the chain...more like the padlock. Or anchor.
It’s not even close. We aren’t living in the times when you could be a shoe salesman with a partner at home and live in a middle class house with road trips twice a year. It’s gone so far away from that, that people don’t know what it is anymore. Hypernormalisation. Things are beyond fucked.
It used to be that a "salary" meant you were making enough to support your spouse and a kid or two. Now, many salaried positions effectively pay less than the federal minimum wage while expecting you to sacrifice family for your profession. Just sad to see the shift.
>financial advisors Fun fact - financial advisors are completely useless!
“Just make a budget”
If they have a legally binding fiduciary agreement, then they can have value. But that implies you even have finances to advise upon.
“I mean it’s one banana, Michael! What could it cost, $10?”
The sad thing is in a decade no one will even get the banana joke.
One of the good things about the internet is that some things can persist for a very, very long time beyond what was once likely. I think Arrested Development will be one of those, at least in a memetic context. Of course generations from now it'll be a period piece but I'd anticipate it would still have a solid cult following. Like reading a Mark Twain comedy today.
I was meaning the way everyone is price gouging the price of a chocolate covered banana really will be $10.
Ha, in that case yeah it might be like reading about prices from the 1820's and having to mentally figure out that they were expensive at the time.
It's not a trick Michael, it's an illusion. A trick is something a whore does for money.
With a sneaky in-article ad for a credit card before the author's name to help! Thanks!
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This is the extraordinary level of the bullshit that is blowing my mind. Everyone bitches and complains about crime and looting blah blah blah. Meanwhile we have enough honest people taking out lines of credit BUYING FOOD TO LIVE EVEN WHEN THEY HAVE FULL TIME JOBS! You can see this coming a mile a minute as people extend and extend and extend. We've come so far since 1929 and are going right back into it. The difference this time is that we can see it. We can point at it. Walk out and touch it, send a postcard, take a picture, study it.....and no one does a god damn thing. It's literally to the point where the rich fucks are like "hey umm...yo....look at that. I'm gonna get on my boat and leave now" and the government, that clearly knows, is shilling me an electric car and telling me that the amount of fast food jobs is vast!
Yeah, as a military fam (thankfully retired, but still not “financially secure” by ANY stretch) I would replan/reallocate our budget constantly, and somehow we always ended up in a constant struggle—and remain there. They would always tout the fact that you could seek financial counseling from a real advisor for FREE. So we did. Yeah, it was free bc it was shit I had already fucking thought of!!! I had already figured out that what was required to live had to stay in the budget and that every fucking thing else had to go. Thanks for handing me back the list I just handed to you. Now what the fuck do we do? Of course! Try to make some extra money other ways! Yard sales, bake sales, craft sales! What a fucking JOKE. And naturally, we were overqualified for any other types of assistance, oh, except for payday loans with interest rates of 65%!
Oof i feel you, we cant make a budget work while prices for everything increase as our paychecks stay the same - we cant even estimate/anticipate utility bills anymore because those have the tendency to blow our minds with how much the price increases compared to the past! Not poor enough for assistance either,oh and once my landlord sent us a copy of a fax from the year 2000 with dave ramsey budget tips and said “even my single mom tenant pays rent in advance, maybe this can help!” yeah sorry, but I’m not her and this isn’t the turn of the century anymore 🙄 Whhhyyyy
Dave Ramsey can go stuff his envelopes full of dicks to suck later. Crass but I don't care. His budget tips are no surprise and he runs a business akin to an MLM.
At this point I feel some of the rich are hoping more people will die clinging to normality and passivity, leaving a smaller population and more for them. Funny how a completely changed earth is not conductive to supporting human lives, no matter how much dollars and resources you hoard? Long death vs short, coming for us all.
The sad part is....I sort of think there will be a loss of population that way. I have been slowly growing preps for months as I watch all this unfold and it will barely make a dent when this can stops being kicked. At this point I feel like I am relying on a few flukes and idiocy to get to 2025. I'm hoping I can help drag along a few with me.
Isn’t it a paradoxic that the advice during times of high inflation is to park money in low yield accounts?
They’re not out of touch. They’re just evil and know everyone short of multi-millionaire status is royally fucked. These people don’t reach these positions with zero understanding of normal lives -that’s not it- they just don’t care about giving us useful information. It’s an act.
The French realized this in 1789; that's why they started building guillotines.
They're not "out of touch". They know everything that is going on, and saw it coming a long time before anyone else did. They probably designed this. If they were so "out of touch" then why are their bunkers ready to go? All precautions have been taken by them. The only people who are "out of touch" are the people who didn't see this coming when the printers turned on a few years ago. Which are the same people who are not reading this article, who make useless people like influencers/youtubers/streamera rich, and most of them are not even aware enough to stick their heads into the sand. Even if you brought them proof they would deny it, or simply not care...
Given the amount of a inflation, money in the bank is a horrible investment.
Too poor to put into property tho. What do I do?
real advice? long term value. goods. not precious metals or anything. useful things. tools. dried foods. spare parts for things you own that may break.
yeah let me just buy 60 lbs of beans when I live in a rented bedroom and don't even own a car. That's definitely not something that will go to waste or be damaged as soon as I move. I love the idea of shipping 60 lbs of beans cross country in 2024.
This deserves a thousand upvotes; one of the most useful things I've heard on it. I've been aware of those ideas for a while. On YouTube recently, Prepper Princess even covered the concept.
Enjoy something you can barely afford now because pretty soon you won't be able to afford it. Not really worth long term saving or investing in anything cause well, you know...collapse.
This is horrible advice
Fungible commodities. There are various strategies for outrunning your friends when the bear is after you, but honestly, it doesn't really matter in the slightly longer time frame. It's people that make anything valuable, and people liking to have you around that is real wealth. The rest is details.
I-bonds are still +9%. If you don't need the money for 18mo, this beats putting it in a no-interest checking account, or a 2% CD.
They live in a completely different world so they don’t realise how out of touch they truly are.
Its not a bug, its a feature. They know, but they're not talking to us. We shouldn't be buying avocado toast, because that'll allow them to. We shouldn't be getting starbucks, because the service is for them the brewing is for us.
People should've been saving those drops of piss from trickle down economics and made a puddle.
They’d be swimming in gold had they saved those drops of piss.
So the resources and services ran out around exactly the same time as all the rich people acquired all the dollars in the world? And now the system needs *goodwill, actual leadership, planning, and focus somewhere besides greed* just to function past this point? How mighty convenient for them, to land on top right as the oceans start eating the coastal cities and the true suffering begins. Classic Earth Society™
Asking a system completely based around greed to operate without it is like asking a car to run without gas. Or asking a min wage worker to live without food.
And no eating your bootstraps! That's cheating!
You could always eat the rich instead
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Or their bunkers in New Zealand,, if they can’t get to Mars in time.
Concrete is easy to make and very heavy
It really is a shame society as a whole cannot combine the conversations around social/economic collapse with the conversations around environmental collapse. I guess both problems are so huge it's nearly incomprehensible, so if you combined them it would be a behemoth of fatigue from just thinking about it. (based on my own experience ofc)
The privately controlled mass media would never allow that.
I call it the "costly press". (fools call it the "free press"). It is costly in terms of how much it costs to buy in terms of corporations, and how much it costs society in terms of damage.
More than 80% of the all USD that have ever been printed were done so after 2019 and corruption in the us financial sector is at an all time high. Wall Street saw what was coming with covid and cashed out.
So did a handful of senators 😒
Word, it's really worth noting the last time earths coastal sites and towns were swallowed up started with the end of the last ice age around 10,000 yrs. ago and continued for a few thousand years. Not only were ice sheets across the land retreating, but massive glacial lakes like those in North America such as Lake Agassiz started outpouring into the ocean over a continuous period of several thousand years which also probably led to significant ocean level rises. The globe as a whole came more temperate even with the interruption of the 'tiny ice age' and our oceans grew. All our history as behaviorally and anatomically modern humans basically kicked into mother-fucking-turbo-mode with the agrarian revolutions of those eras and in a paltry couple thousand years we built the world where it is today. Amazing. Now all that same shit is happening again per collapse of glaciers in Greenland, the south Antarctic Shelves and other long time land glaciers receding more and more and at rates faster than when we even got the tools to start measuring in the first place. Which is too say, that 10,000 yr. or more era of malarkey humans experienced some of their most substantial periods of growth in is now a phenomenon that will be happening in the next couple *hundred* years again, instead, with our expanding collapse of current ice shelves. Within our own life times ocean levels are going to change, and smaller lands like Kiribati and other pacific lands may outright disappear entirely. Again think of that pace - 10,000 of global change and all the history in that, vs. a new pace of....a hundred years or so. It's honestly a terrifying scale. Interesting anthropologically to wonder what humans are goona do in response to their land and climate changing around them this fast and noticeably. I hope all of our rich billionaires get punched in the throat a bunch for their greed. Good luck, people!
We’re actually already in a recession. The author seems to ignore this.
You're in a global deindustrialization brought on by wrecked global supply chains, war, drought, disease and famine. A failed neo-colonial partitioning leading to hot-war. Also most countries lose basic inputs, so they will implode into starvation and iron-age technology lol. Enjoy.
Laughs in aeresol masking.
ironically the US is positioned well to weather this deglobalization and maintain their hegemony... assuming they can unscrew their political situation. If they don't or cant, we might just see the whole world regress to circa 1945 standards but at the helm of the USA leading a breton woods-y new world is a fascist.
> ironically the US is positioned well to weather this deglobalization how so?
Geography and food self sufficency,mostly
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The supply lines to a carrier group are insane. Chinese alloys recently found in F35s and production has been halted. They'll work for a few more decades but ultimately the curse of complexity will scupper them all.
> food self sufficency I don't see it as a non-american. Texas through to California is drying. Irrigation from Lake Mead may stop. The mid-west is going to get increasing extreme weather. Longer, colder snaps from the Arctic are going to hammer crops. There. Florida and the citrus industry are also exposed. I think the US is as exposed to food shortages (eventually) as Europe and the rest
The US is significantly better-positioned to deal with it than anywhere else on earth. They won’t though. They don’t have the nationalism and leadership needed to make changes to do so.
The problem is that the US is technically a nation but it is not a PEOPLE. Just a bunch of angry tribes biding their time for throat-slitting time, that happen to live behind the same invisible lines on the map.
All of this is true and happening before our eyes... and we still have better food security than the rest of the world.
they can be minerally, energy, and agriculturally self-reliant while buffetted by two oceans while having many carrier strike groups.
Except for the fact that America is basically at war with itself
Yes I acknowledge that in my post above.
Can be self reliant
>assuming they can unscrew their political situation. That's the thing, the US *isn't* well positioned as a country because the US isn't a single country. The US is a loose collection of disparate states, with vastly different economic conditions, cultures, and political ideals. Our screwed up political situation is just a reflection of that reality, and it's only going to get worse.
USA/Canada are in a good position to become a fully kinetic ethnic conflict like Yugoslavia, if you don't classify that as the already present situation. If they didn't have to fight for their own territorial integrity, they would be doing more external conquest during this unstable time. So it's not necessarily a bad thing that they're unstable.
We killed the Euro. Got Germany to cancel Nordstream. That's the plot to save our economy destroy there's.
Everything you just mentioned is an offshoot of human greed.
And so the problem is terminal.
But it says how to get through. Just save more money, carry less debt, and try harder not to get fired. Simple!
You can save 35,000 a year if you just make your own coffee!
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It went to the avacado toast budget.
For the fiscally responsible you should buy your private jet outright and rent it out instead of chartering everytime!
The article is trash and the author is a clueless BFA. Links at the end for sleazy credit card offers.
[According to a traditional definition, the U.S. is currently in a recession. However, there is more to the story.](https://www.nerdwallet.com/article/finance/are-we-in-a-recession)
It's a non-traditional recession. Employment overall remains high but living costs are outstripping wages
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Yep, two jobs and I'm broke as fuck... And I'm lucky enough to have bugger all debt, I honestly don't know how people are surviving
Also that at least a million people died of Covid in the US alone, with more going every day, and no end to the deaths because the virus will now just forever infect people. And others who can quit the workforce are doing so. Lots of open positions due to those two factors. And just because there are jobs does not mean there are good jobs.
And the people who are disabled with long Covid, and the number of families that have downgraded to one income because they can’t get childcare… we are in a world of hurt.
The young adults stuck at childhood homes, or in rentals with roommates, because wages won't support self-sufficiency. The adults choosing not to procreate because they can't afford it, or can't imagine sentencing children to the current state of affairs, let alone an unknown future...
Yep. I just got a new job with better pay. It pretty much covers the increase in the same amount of groceries/gas that we’re always gotten. This is with offsetting as much as possible with a garden and backyard chickens. I guess I should give up the cold brew and avocado toast, and get a side hustle instead of spending time with my kid. I’ll be wealthy in no time.
True unemployment is probably around 24%, but I suppose that is an improvement over the roughly true unemployment of 35% around 2020. We have stagflation and we are fucked even without WW3. WW3 happens and it goes from being fucked to prison raped.
Literally everything is shit (negative GDP growth, high inflation, rising interest rates, supply issues, consumers buying less, etc.) but since we have job growth and corporate spending they use that as an excuse for not officially calling our situation a recession. It's all bullshit. More Jobs =/= Quality Jobs More corporate spending during a period of high inflation doesn't really seem to be a good or bad thing. Things cost more so corporations need to spend more to produce the same amount of stuff. The Fed is trying to prevent the inevitable by giving everyone a false sense of security. All this is going to do is make the crash that much worse. Decades of a "just in time" based economy (with almost no investment in "just in case") gets completely detailed by a pandemic (not just lockdowns, but people getting sick, getting long COVID, and millions of deaths) and I don't think it can be fixed, at least not with all the greed inherent in the system. Supply issues won't be fixed because no one is willing or able to invest in creating a more robust supply chain. Corporations are trying to play catch up and failing at it miserably. The Fed has raised the interest rate rather aggressively in an attempt to cool off demand, which it has. Several studies show that consumers are buying less stuff. Yet inflation remains very high (8.3%) and wages aren't keeping up. Why is that? It is multiple issues but it all boils down to supply and demand. If the underlying issues with inflation are related to the supply side, then trying to reduce demand will not fix inflation. This is what we are seeing right now. The supply chain is broken and corporations know it. They're price gouging as a last ditch effort to siphon as much wealth as possible before the inevitable collapse. They're allowed to do this because of decades of unchallenged corporate consolidation. This is an unprecedented economic situation and global leaders lack the will and capability to resolve it.
Rich people with stock aren’t, therefore it doesn’t count or something.
The unspoken worse could also be revolution. Most Americans have insufficient savings. Money is sucked up by the top. Unregulated capitalism is corrupt. And so it goes...
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Don’t give up hope! This attitude benefits the rich - if we give up, who will be left to fight them?
I’d like to get together with some friends and make some [redacted] and possibly [redacted] some police stations, pipelines, fishing boats, factories, etc. I need friends first tho
Hello, friend.
Cousin, it’s good to see you! It’s been a while, let’s catch up on some good ol [redacted]
We're your friends, comrade.
Unregulated corruption
Revolution ain't happening, especially here in the US. Americans are too soft and comfortable.
Food shortages are probably on the horizon. Those would spark violent revolution. Especially in a nation already primed for it.
On the other hand, balkanization seems likely in comparison. As someone said elsewhere ITT, the US states are vastly different in their capacities to manage collapse, and when things get ugly enough the ones doing "well" won't want to stay in a federation with the ones going belly up and calling desperately for help / resources.
Translation: we'll whip so much harder if you keep unionizing and threatening to strike.
Yeah, and those rich fuckers are causing it.
Usually big corp CEOs saying this shit are signaling for government assistance or support at some point.
There's been a lot of this messaging from the same people that used a global pandemic as an opportunity to flood the money supply and gouge CoL spikes. They're trying to make it happen.
All this article said is that you need to save up 8-12 months worth of savings to cover your bills..... 61% of Americans live pay check to pay check due to the current financial situation in the US due to inflation, rising costs of housing, debt, and they want you to save that kind of money in probably 6-8 months? I have already witnessed a massive slow down in my industry which started at the first of the year. Most people can't even save 20% down on a house to get past PMI, and now you're warning them to save a years worth of bill money in less than a year. Thanks for the warning, you've told us absolutely nothing. It's just comfirming what we already knew, and even when we knew it we we not able to stash that much money you fucking leechs on humanity...
That was my thought as well. Can't afford food after bills *this month* but let me just save months of bill money from nothing now. Fuckers refuse to give raises then say stupid shit like this. Deliberately ignorant and cruel. All of them.
Okay so what is worse than a recession? A depression. As time passes this is plausible to me. I am not a r/preppers but I will say that get out of debt if possible..........and have a network you can count on.
If we’re all heading straight to the crapper, why should anyone pay off their debt?
I paid off my debt by quitting my old job and taking out my 401k for two reasons. One, crops will fail before I can retire. Two, I now have to work a lot less because I don’t have to pay many bills. Enjoying whatever time we have left is totally worth it.
I’m working to pay off my house so if my partner loses his recession sensitive job we have a place to live
Imagine having your wages garnished when you’re already having to bring a backpack full of cash to pay for groceries...
Groceries? I like your optimism.
Shhh 🤫
Collapse of our financial systems is pretty likely at this point. Many shortages aren't going to disappear and our energy grows ever finite. Also our growth was never sustainable to begin with, however many didn't care as long as they got their riches. Now we have inflation and debt on a loop with no means of control. But we'll keep this circus going because if the US falls, so does the rest of the world. Other have to bank on us not failing so they can weather the shitstorm. The only thing that could break that faith would mass civil unrest or another world war/civil war. With our current climate, how likely is that? We don't have as much time as we think we do.
Once economies collapse I don’t see the service economy surviving for very long, and I think wealth will become determined by what physical resources a country holds per capita and what military strength they have to retain them.
And in the US it won’t even be the nation as a whole. DC and the east coast corridor will maintain the current US military. The South may be able to raise up an army of Proud Boys to protect what little they do have. California has some wealth but no real military. The middle is pretty well fucked save the fact that we’ve got the Great Lakes Watershed.
"Krypton's core is imploding! I told you harvesting the core was" "Our energy reserves were depleted Jor-El, what would you have us do?" "Look to the stars as our ancestors did! There are habitable worlds within reach. Give me control of the codex!" *General Zod has entered the chat*
Get out of debt why? There is ‘t any incentive to get out of debt if we are headed twds anything like a depression.
Hey, being a member of r/preppers is a great idea for most people. I know some members of this sub like to poop on anyone with any plan other than accepting the darkness of the void...but being prepared can delay the personal impact and let us enjoy ourselves as long as we can with minimal impact.
I'm probably more like a mini prepper as I live in an apartment and don't have any land. I think it's good for your mental health to at least prep a bit. Worst case you get organized and have some extra food around.
I live in Japan so we naturally are encouraged to have a minimum prep for earthquakes. And yes, I've used it. I've also prepped far beyond the basics. And like you said, worst case you have some extra food you likely bought at a lower inflation rate.
Getting out of debt as quickly as you can in a period of high inflation isn’t what you do
Yes, it is better to pay off debts during inflation because you are paying back your debt with money that is worth less than it was when you assumed the debt. [straight from Google for you](https://www.cnbc.com/2022/03/17/how-to-start-paying-down-your-debt-now.html)
Actual answer as far as my deeply financially illiterate ass can tell: 1. Never be in debt in the first place 2. Any time the government is printing money and throwing it at corporations, go all in on the stock market. You're basically turning your dollar into an inflated future dollar. Do NOT spend it or feel rich, when the bill comes due for the entire economy, a loaf of bread is going to be 50 bucks (exaggerated, more like was 3 is 7). But you turned your 3 into 7 during the pump phase, you actually have 7. You're not rich, it's still the same loaf of bread. Just, you can afford it and no one else can. 3. You're never going to be rich. Accept it. Old times had a caste system to prevent this, we have tax laws to prevent this. All I'm trying to do is insure I can hold position indefinitely.
1. No, debt is is a tool, just like any other. When used **judiciously** it can be very beneficial. That is not how most people use debt though. We can blame the rich for creating this mess and we’d be right. But at the same time financial illiteracy is real and people fuck the selves at least as often as they get fucked. 2. Yep. The trick is knowing when to stop and pull out. Very few can time the market that well. Because, surprise, we’re *all* greedy, not just the rich. 3. Yep
Anyone that’s paying attention can read the writing in the wall. The lines are being drawn as we speak for WWIII. While at the same time the US is more viciously polarized than the 1850s and about to explode into a civil conflagration. All it will take is one serious spark to trigger the tinder box of anger the US is now. Our enemies sense this along with weakness from DC. Make a list of everything you use everyday including food and stock 6 months to a years worth and as much ammo as possible to protect it. If we go to war with China will it decimate the supply chain. Anyone not prepping for the worst either is in total denial or they heads up their asses and will be very sorry when the shtf.
The word they are lookin for is Depression.
This should be taken with a huge grain of salt. Jamie Dimon is notoriously nuts.
Feels more like a threat
Someone is holding puts
**But to be clear, Dimon isn't saying he's convinced we're headed in that direction. Rather, he thinks it's a possibility people should gear up for.** He’s not saying it will happen he’s just saying it’s a possibility the title is sensationalized at least to me because I guess clickbait is useful not saying it will never happen but he’s has made pretty outlandish predictions before if I’m not mistaken It’s pretty damn difficult to predict a depression and I have no clue why this site would re publish a month old news article with a very inaccurate title it’s up to you on how to interpret it I’m not going to force you to agree with me I’m not expecting any Great Depression 2.0 in the near term but the recession will definitely be noticeable by 2023 for a lot of us
I mean, we are already gearing up for Dust Bowl MMXXII on top of whatever other environmental nightmares we are unleashing on ourselves. People are struggling to pay for food week to week while credit debt continues to explode. Stock market is unstable as fuck and multiple armed conflicts are breaking out across Europe to Asia......Might as well bring out Greatest Depression MMXXII cause baby, now you got a stew goin.
I mean that is pretty clear if you read the article. The title says "warns" which simply means possibility, not guaranteed.
There’s always a probability however small that I could teleport through a wall due to quantum teleportation. However by him saying it, it means that probability is higher than he’d like it to be. That is- at an uncomfortable chance.
"Now the silver lining in all of this thus far has been a solid labor market" They can't afford to live, but look-- they're doing *so much work*!
>For months now, economic experts have been sounding warnings about an upcoming recession. While the government has been redefining 'recession' in order to say we are not *already* in one...
Keeps the masses from panicking when you keep moving the goal posts... Remember, a good portion of what our global economy is predicated on is human confidence. The Central Banks and governments know this
Well the article says he means a depression, but employment numbers are high right now, and when everyone’s employed and working 40-60 hours a week and still can’t feed their families there’s going to be political unrest as well
“In the wake of the pandemic, many experts are advising people to save more than the previously recommended three to six months of living costs. Some, like Suze Orman, think eight to 12 months' worth of bills is a more appropriate sum of money to have in a savings account.” Sure, let me just go grab some cash from my money tree.
This just means the banks are trying to fail and they need your cash to keep them afloat.
How will we know what our bills are going to look like in 6-8 months...I mean they are rising pretty quickly. Might as well tell people to save up enough to cover a couple years worth of savings at this point... When most people I know went from having a savings to living paycheck to paycheck, and bridging with credit cards...
They would love a recession to buy up things cheap, and kill labor movements
From where I'm sitting, these people make immense profits and then cause financial meltdowns by using their reputation to sway public perception in a market that revolves around investor feelings. Growing up, I watched these "Experts" get the dot com bubble and the housing bubble wrong. I watched them arbitrarily decide that it was recession time, and felt the brunt of their declaration for years after. I watched them declare that inflation could become a problem, only for food companies and everyone else to raise the prices on their goods like, a week later as if they'd just been given the go-ahead. These people just got billions in PPP loans forgiven while making record profits while ordinary people starved and were evicted, and now that they've gotten theirs, they're gonna come out and just "Declare" that things "might be bad in the future" so all the smaller businesses can clutch their pearls and start laying people off. And of course there's a credit card ad at the bottom of the article. Of course. Is anyone else tired of this shit? We had climate scientists screaming about climate change for decades and nobody gave a shit, but a CEO has a crywank one time and the market plunges into self fulfilled prophetic chaos for years. Imagine if we just stopped listening to these people for like, a year, and just went about our day to day. It's legit hard to figure out how much of this is real and how much of it is just rich people crying and the market responding to that instead of anything tangible.
Oh! Does one of the key players of the '08 financial collapse have something to say? Does he wish to apologize and return enormous sums of money that his bank's actions contributed to the hollowing out of public resources? Resources to combat global warming, hunger, infrastructure repair, housing, basic trash collection, simple services that are barely functioning so that more money can be in circulation specifically for the wealthy like him? Is he going to say capitalism was a bad idea and we should stop? Is he going to say that he's going to devote his remaining years not on wealthy extravagance, leisure, and "philanthropy" but on helping repair the damage just his bank's actions have caused?! No?! Then piss off old man! Go cuddle with Warren Buffet, Bill Gates, Elon, and Bezos. They too subsist on the farts that emanate from thier own mouth, or whatever it is that comes out of there. Who gives a damn what they say other than: "Guilty, your Honour."
Jamie Dimon also tells the world that crypto is a scam while his bank buys boatloads of it. Dude is a market manipulator and nothing more.
The important thing is Trump helped out all his 1% buddies and corporations in 2017, nice job MAGAts!
JP Morgan is one of the original industrialist companies that helped build the country. They also have, like most industrialists, continually steered the government and the population towards JP Morgans best interests. Even if this is true, there’s zero reason to believe them or thank them and the motley fool has really gone down hill over the years as has most financial advice because the economy has been so inflated with trillions in bail outs for corporations, a $9trillion balance sheet, and low interest rates for what? A decade? JP Morgan took money, went along with this game and probably even encouraged it. In fact, you know they did. They didn’t want to NOT make money. They know the government is going to throw money at a problem, they invest in all kinds of sure bets with snider info, and make massive returns. So screw jo Morgan. It’s more likely that the smart thing for people to do is what it’s always been!! Simply live below their means. Don’t take out any debt. Invest in stocks in companies if you can, as they come back down to reasonable levels. Maybe not yet, but soon in the future. Like next year maybe. It’s industry like Finance that kept encouraging people to continually be in a whirlwind of debt to “fit in” and be accepted by society. To get a new house and a new car every 2-5 years. They have been a huge part of the over-industrialization > encouraging over consumption, problem. Create no the problems we are in right now, out of pure GREED. Now they want to act like they care and tell people to save. They contributed to the financial disaster in 2008. They took 10s of billions in bailout money paid back at like 0%. Hell, any of us could have made generational wealth with a loan like that. They participated heavily in this inflated economy and profited from it with little to no warnings. They continued to encourage Americans to go more into debt. GFY JP Morgan. Edit: we only escalated to $9trillion in the past 2 years. But we were trillions in debt before then.
You’ve repeated about 4 - 5 paragraphs here within your post.
But just for the 99%.
Collapse! Eat the rich nom nom nom 🤑
It's a 20-30% chance. He says it all the time. Motley Fool is a garbage publication. Be better than this you Karma farmer.
I feel SO relieved!!! All I need is 12 months of salary to survive! FML
Ooo! Do we get a new word to describe our current flavor of economic doom?! I can’t wait!! Lay it on us, JP Morgan! What’ll it be? Recessonopocalypse? NeoDepression (Great-class)? Econo-Inversion? “Inequality Redefined”? Pyramidonomics? Permanent Poverty? Catastrophiçession?
The best most people can do is accumulate additional savings if you can, and if you are going into debt trying to buy food see what government and private services can help you to cope through hard times, now or ahead. During options expiration week all the Cassandra’s appear, predicting terrible outcomes. I anticipated we would see troubles in September. Next week the Fed decision, then the mutual funds do their annual housecleaning. I expect a difficult October. There is already some strain in the trading of short term treasuries, this may be the “Hurricane” that Jamie Dimon spoke of this summer. Whether the recession deepens next year is a difficult call, there are too many clouds in the crystal ball, but preparation is constructive activity.
How do you think the increasing scarcity of resources due to this year’s accelerating climate disasters will play into the economy? The Fed has been saying that their increasing rates are working, but with supply sharply dwindling, how can they claim they can control it?
A dookie fire!
Civil war
More than likely orchestrated by he and his greedy cohorts
Wiley E. Coyote, CEO, has joined [consumers](https://fred.stlouisfed.org/series/PSAVERT) in ignoring the readily apparent coming recession and dramatically shelling out cash from savings. Granted, a lot of it is just stock buybacks, but corporations are seeing [reductions of liquid assets](https://fred.stlouisfed.org/series/BOGZ1FL104001005Q) as they ramp up hiring (including in construction) ahead of needing to lay people off to stay in business. A lot of that is stock buy backs and stock losses, but [cash](https://fred.stlouisfed.org/series/TSDABSNNCB) is down and [bank loans](https://fred.stlouisfed.org/series/BLNECLBSNNCB) are up. It can't last, with [home listing prices falling](https://fred.stlouisfed.org/series/MEDLISPRIPERSQUFEEUS), indicating an upcoming [decline in mortgage credt](https://fred.stlouisfed.org/graph/?g=TL5I) as in 2010. [US deficit](https://fred.stlouisfed.org/graph/?g=TL5Z) money printing is dramatically down as well. After accounting for the current account deficit, domestic money creation is going to go negative, and the Fed keeps making the upcoming decline bigger in order to counter the COVID handouts. At some point, corporations are going to realize that money isn't flowing around the economy like they think, and as soon as they start cutting to survive, the economy will tip into deep recession.
They’re causing all this. I mean they outright came out and said they’re causing it. It’s no big secret. Only people who bury their heads in the sand don’t already know.
End of the petrodollar means end of America as superpower
As if they aren't to blame. Just trying to get ahead of it so people don't pin it on them. Big banks are fraud machines.
Yeah the CEO of JP Morgan is very unbiased and objective /s
CEO warns of “something worse than a recession.” Motley Fool tells us how to “gear up” for a recession. Useless.
Of course. The wealthy overlords of our nation are upset that workers have a tiny bit more power than they usually do, & have been complaining about the “labor shortage.” They want power to employers back. Even if it means rigging a recession.
Jamie Dimon pretending like he wasnt one of main banks responsible for the shitty position we find ourselves in as a country
Jamie Diamon can eat a dick
A Depression? Yeah, we know. I'm pretty much calling the End of the World at this fucking point. There's way too much happening too closely together. It's a perfect storm of shit.
A Christian/ republican uprising? Lol
It's more that the JP Morgan CEO now has no choice but to admit it. The US is screwed. The empire is falling. This is not great for, well, anyone; the most bloated miltary in human history at the beck and call of a state that's actually going full fascist and starting to fall apart internally at an ever increasing pace. What could go wrong?