.

I watched the video and don't disagree with most of what was said. It seems to me that the credit of our culture of growth goes to the exponential growth of human population for the last two hundred years. That single variable backstopped our capitalist system and ensured its success. I think that it is generally accepted that the world population cannot sustain the growth that it has in the recent past and so too the world economy which is addicted to growth.

So what does it mean for our world's financial systems? I think the "re-boot" described in the video will have to seriously consider low to nil growth as a common characteristic of normalcy. In the petri dish of war torn countries, economies collapse and industries stall yet people survive. Farmers continue to harvest their crops (although somewhat reduced), and people work out underground systems for trade of goods and services. It could be that this re-boot is long overdue. It reminds me of the curse, "May you live in interesting times." I think we are fortunate to live in a country with such a small population.

My only gripe with the speaker in the video is his use of mixed metaphors. If you have something to say, for goodness sakes just say it.

Antsy

My only gripe with the speaker in the video is his use of mixed metaphors. If you have something to say, for goodness sakes just say it.

I know how you feel. Glen Beck, he has a few moments of sincerity and patriotic vision which are not tainted by his shilling for whatever, but it is too hard to find the wheat amongst the chaff.

Been reading and listening to a fair bit about this as it is the primary reason we prep.
Alex Jones had an interesting interview with Max Keiser recently and Max thinks that at the 'very out-most' it will collapse in April 2013 but that it could go at any time before that.

I'm hoping it holds on into the new year as we are subdividing our land and selling part, we have accepted an offer on it and now wish to get the subdivision and sale through before the economy implodes.
It won't get rid of our mortgage but will go a long way toward it and then our investments will look after the rest of it.

Fingers Crossed 😐

With the U.S. and Europe in the tank you would think that the Canadian dollar would be stronger..But the reality is it is not because of the amount of dept this country is actually carrying, and the amount of personal dept individuals are carrying it all pulls down the dollar...So the reality is when the world economy collapses this country is in for a very rude awaking....

We have 19K or so per capita debt. We have a resource based dollar. If the customers aren't buying as much that lowers the dollars value. If everything collapses and it is resource that others want but can not buy then what? Do they just take it? My guess is if it was global then the wars are for resource and nothing more. We are sitting ducks with pinned out guns and sling shots.

We have 19K or so per capita debt. We have a resource based dollar. If the customers aren't buying as much that lowers the dollars value. If everything collapses and it is resource that others want but can not buy then what? Do they just take it? My guess is if it was global then the wars are for resource and nothing more. We are sitting ducks with pinned out guns and sling shots.

That's why you keep a nail cutter and a good file in your gun case. No more pinned mag when the time comes. Of course I'm not recommending that you do that, because its illigal (looks around cautiously)

Today the Star posted that the average Canadian debt was over $26,000. Here's the link: http://www.thestar.com/business/article/1245808--canadian-debt-loads-rise-to-highest-level-in-eight-years

I was talking about the national debt. Tack on personal, provincial and muni and there is another number that is staggering. Especially if you live anywhere outside of the western provinces.

I watched the video and don't disagree with most of what was said. It seems to me that the credit of our culture of growth goes to the exponential growth of human population for the last two hundred years. That single variable backstopped our capitalist system and ensured its success. I think that it is generally accepted that the world population cannot sustain the growth that it has in the recent past and so too the world economy which is addicted to growth.

Antsy

I'm not trained in economics but I've tried to have this discussion at a very 'lite' level over the years... why is it that a corporation can make literally billions of profits in a quarter, but because they miss expectations; they lose stock value as the lemmings sell. I can't understand how the capitalist system has survived this long as it is based absolutely on carving larger and larger slices of pie for every corporation. The thing I don't understand is that if one corp gets a bigger slice, 2 others lose (and then die). There really isn't more money, just more money flowing into that one pocket. Antsy's got me thinking that this concept of population-based growth is what I wasn't getting my head around.

All I know for sure is that no matter how bad a recession or depression is; the wealthy still have the cash or credit to take advantage. So, in good times or in bad, the capitalist system will make the rich richer. There are always exceptions but the media and optimists always point to those innovators like Jobs, Gates, and Trump but never the other 100 million poor bastards.

I read somewhere, can't remember where, that the 400 wealthiest individual americans control more wealth than the bottom 150 million individual americans...

@ Gravlore

Bet we are in the western provinces. We have got Food, Fuel, and Fertilizer here in the west (oh, and Crier has a bunch of guns). If or when the economy goes down the toilet we will have the building blocks to put a new one back together. The question I have; if the banks all go under and try to do a "re-boot", what happens to personal debt? Does it re-boot as well? I am certain the creditors would like to think not! Goose and gander....

Antsy

OK, a number of experts have said that a total economic collapse would mean the end of civilization. So here we are, economic collapse and TSHHTF in a major way. A couple of years later and things are starting to slowly come back. In the meantime, 12 million (a number picked out of the hat) people in Canada are dead because they were too stupid to survive.
Before TSHTF, tazweiss owed a hundred thousand dollars on his mortgage (I don't actually). Now the executives of the new and improved bank are saying,
"Tazweiss owed us a hundred grand before TSHTF. He still owes us, with interest." Of course, the bank can't collect because tazweiss is one of the 12 million dead. Having never met tazweiss in person, it doesn't occur to any of the bank execs that Joe Bloggins over there, looks a lot like tazweiss and even sounds like him. Joe Bloggins however, doesn't owe any money to the bank, so he don't care.
The moral of the story:
The banks and the government have spent decades screwing the little guy. Now one of the little guys got to screw over the bank.
That's my kinda reboot.

Then you have to consider what no one wants to talk about. Unsecured debt. For instance the federal gov on its own has something like 300 BILLION just in federal employee retirement benefits, health and dental benefits etc. Basically unsecured debt is stuff they have agreed to pay for but don't have the money to pay for it and don't really know where it is coming from in the future.
MP pensions are not included. Every dollar they contribute to THEIR pension you and I contribute 26 to THEIR pension. Hows that for a slap in the face.

Taz,

Nice.

How about this. In a super inflation response to a economic crisis the value of the Canadian Dollar repeats the German Mark of World War 2 and loses its value. To the point that a loaf of bread costs $100,000. Just for example. Now, unless there is some inflation index on your mortgage, this could be a good time for Canadians to get out of debt. If for the cost of 4 loaves of bread you could buy your mortgage, it might be worth it.

Just a thought,

Mountainman.

PS - the big banks and their guns for hire lawyers would probably have you killed before they would hand over your deed to your home.