In many ways, an inflation wage depression that may be coming is worst than a normal recession/depression. A recession has a recovery phase – a wage depression is systemic and can be more permanent. Though you may have a job, your standard of living will change to the point it will force changes in your life. “You will own nothing, and you will be happy.”
The way financial markets puked this week, they must have started reading the news. Let’s face it, the headlines are a little short of reassuring. The $6.49 price on a gallon of diesel is enough alone to tell you that the nation can’t do business the way it’s set up to do, and there isn’t a new model for running things ready to launch — not even Klaus Schwab’s utopia of robots and eunuchs.