Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Broken_Clock who wrote (90391)	11/17/2008 8:57:17 PM
From: Elroy Jetson	1 Recommendation Read Replies (1) of 116555

You can easily understand why the the largest source of social unrest, during the current economic decline, will come from the demographic of the typical "Fox News viewer". As this group of heavily indebted people lose their jobs and businesses, lose their homes to foreclosure, lose their life savings in the stock market, and likely lose their leased cars, they will become desperate. Within months they will have sold their small cache of gold coins to the pawnshop, at a discount to their purchase price, and will have eaten through all the supply of canned goods they could carry from their foreclosed home. The poor living in the inner-city will see little change in their lifestyles as the economy deteriorates -- just as the poor saw little change from the 1920s to 1930s. But the former middle-class, making up the new poor, are going to be accustomed to spending far more than what their welfare check is going to cover. They're going to be angry and looking for someone to blame. They won't be in any mood to blame their catastrophe on their own irresponsible decisions over the past 28 years. When Mexico experienced serious economic troubles in the early 1980s, formerly well-paid professionals turned to crime. Many in Mexico City reported being held-up at gunpoint by well-dressed distinguished looking people who spoke in polished patrician tones. While taking their wallets, the thief would often apologize and explain he needed to feed his family or pay his children's school fees after being laid off by a bank, or major industrial firm. We saw similar situations here in the U.S. in the 1930s. en.wikipedia.org en.wikipedia.org newdeal.feri.org .

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