During the 1970's crash in the US the stock market tanked, inflation ramped up which made bonds sink as well, and high inflation had rich people moving money into art works and collectables before it lost too much of its worth. Because of the strength of the unions most working people with few assets essentially stayed the same. Wages tended to (almost) keep up with inflation.
This time with all the outstanding debt it would seem that the results will be different. Those with variable rate loans will be in trouble. Since credit card interest rates already reach 24% there is little risk of them increasing, but banks will be squeezed by the cost of borrowing. With no union power it is doubtful that wages will rise with inflation so consumers won't be able to pay down debt with devalued dollars.
I think we will see a fair amount of house defaults which will cause families to double up. Adult children will move back in with their parents (whose houses are paid off), or the elderly will move in with their children because they can't afford the heating bills and other expenses of living separately.
I've been thinking of defensive steps to take for many years now, and I'm still at a loss as to what could work. Policies not Politics ---- Daily Landscape
With no union power it is doubtful that wages will rise with inflation so consumers won't be able to pay down debt with devalued dollars.
We will see a rise in black market and criminal activity. Policies not Politics ---- Daily Landscape
If what you want to protect is not yourself but your assets, you'll have to diversify them as much as possible because there's no way to predict which ones will lose their value. guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
