Just in time for Christmas: What would it take to repeat the Great Depression? The key is that Depressions don’t fall from the sky: They’re made by a never-ending series of government interventions that scare investors and businesses into what’s called a “capital strike.” Biden’s certainly stupid enough to do it. Whether he does depends what hare-brained schemes they roll out when the recession hits, from price controls to UBI’s.
Just in time for Christmas: What would it take to repeat the Great Depression?
The key is that Depressions don’t fall from the sky: They’re made by a never-ending series of government interventions that scare investors and businesses into what’s called a “capital strike.”… pic.twitter.com/iuGFxGZQFI
— Peter St Onge, Ph.D. (@profstonge) December 23, 2023
Companion to today’s video: What Would it Take to Get a Depression Read it here (it’s free!): profstonge.com/p/what-would-i “Joe Biden is certainly dumb enough to copy them. But we won’t see the truly stupid ideas until we hit the recession.” Going by last time, that could mean price controls, shortages, top-down dictates and extortionate taxes that shutter even health businesses, and probably a UBI — “Universal Basic Income” — to put another 5 million Americans on the couch permanently.” “In the meantime, the rule of thumb is the dumber the solutions, the closer we are to a Depression.” – Peter St Onge
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