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How will the "Great Reset" affect you?


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https://www.msn.com/en-us/money/markets/what-is-the-great-reset-and-why-does-it-scare-some-conservatives/ar-BB1cq8yD

There are multiple explanations for Schwab's brain-child so I grabbed one that should have the least controversy as a source.

Leaving aside the obvious use of a pandemic scare to herd people in a new direction, I'm curious about how individuals see this unfolding and what do they expect in their own lives as a result of it?  The U.S. is about $30 T in debt today and DC is champing at the bit for several $T more in the near term.  The dollar is inevitably going to collapse.  So, what comes next?  Will the global elite transition smoothly into some pre-planned crypto-currency UBI scheme or will they just step back and watch chaos ensue?

My guess is that they'll allow widespread suffering for long enough to make people more compliant, less rebellious.  In the near term though, what will such an economic collapse look like in your life?  Imagine pensioners losing the means to even feed and shelter themselves.  What will Young adults with families do when they're suddenly unemployed with no real prospects to recover?  What will this "reset" actually look like?  Will the PTB simply issue an edict erasing ownership of private property, even that which is truly owned and without debt or attachments?  If you wake up and suddenly realize the money in your bank account is as valuable as Monopoly cash, how will you survive?  

I'm genuinely baffled by the thinking behind this power grab.  Opinions?

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35 minutes ago, and then said:

Imagine pensioners losing the means to even feed and shelter themselves.

I already know "pensioners" that have a hard time feeding and sheltering themselves.  This article seems to have been written by someone in the UK, because we don't use that term, for one thing, and for another we already have had that problem manifested decades ago.   Once the mandatory retirement accounts by employers were removed and replaced with a 401K or nothing, people who earned low incomes their whole working life do not get enough from Social Security to support themselves and either go hungry, homeless or move in with relatives or friends.   My 90 year old aunt finally walked away from her mortgage and moved in with her daughter because she could pay the mortgage or buy food and medicine and pay the doctor bills but she could not do both.  I have a friend in the same boat, her son can afford to pay her rent and has moved her to a livable apartment from the hovel she was struggling to pay for herself.

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Well, I just typed something but it copied over my previous post.   There will be no "Great Reset", we will continue on as we have financially and it will get worse for those of us who are not bankers or wall street investors, but we will be able to get credit like always and the balloon will just keep getting bigger.

Edited by Desertrat56
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23 minutes ago, Desertrat56 said:

I already know "pensioners" that have a hard time feeding and sheltering themselves.  This article seems to have been written by someone in the UK, because we don't use that term, for one thing, and for another we already have had that problem manifested decades ago.   Once the mandatory retirement accounts by employers were removed and replaced with a 401K or nothing, people who earned low incomes their whole working life do not get enough from Social Security to support themselves and either go hungry, homeless or move in with relatives or friends.   My 90 year old aunt finally walked away from her mortgage and moved in with her daughter because she could pay the mortgage or buy food and medicine and pay the doctor bills but she could not do both.  I have a friend in the same boat, her son can afford to pay her rent and has moved her to a livable apartment from the hovel she was struggling to pay for herself.

What has this got to do with the great reset? Unless you think a reset would be a good thing due to your elderly aunt not being able to afford things?

 

If people make good decisions in their lives, they will be able to live comfortably. Personal responsibility is the issue.

 

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18 minutes ago, Desertrat56 said:

Well, I just typed something but it copied over my previous post.   There will be no "Great Reset", we will continue on as we have financially and it will get worse for those of us who are not bankers or wall street investors, but we will be able to get credit like always and the balloon will just keep getting bigger.

I don't think you know about economics. You think that governments can keep printing money without consequences? Firstly, inflation occurs at the instant the money is created. If too much is printed too rapidly (think post war Germany or early 2000's Zimbabwe) hyper inflation occurs. This generally requires a "reset" of the currency.

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47 minutes ago, ted hughes said:

and you are suggesting they will deliberately withhold treatment?

This topic isn't concerned with C-19 except as one element of a global plan for a unified government and economic system.  I'm not only suggesting they will withold means of life from millions, I'm stating it clearly.  What you think of it is your business, not mine.

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3 minutes ago, and then said:

This topic isn't concerned with C-19 except as one element of a global plan for a unified government and economic system.  I'm not only suggesting they will withold means of life from millions, I'm stating it clearly.  What you think of it is your business, not mine.

I can understand your point of view on healthcare, it is already happening in the U.S. but is not because of any globalization, it is because the U.S. has let the insurance companies run the system into the ground.  That is not happening in most 1st world countries.

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What will happen in an ideal world is this:

The governments of the world will announce that in a year all debts will be void as the old currency is ended. Banks will not take any new loans out etc for that period so as to not lose money unless the interest rates are exhorbitently high. In a year, people will stop being paid in dollars (or whatever the local currency is) and in place as be paid in credits (or whatever the new currency will be). A reasonable exachange rate of dollars to credits will be offered and any money stored electronically will be automatically transformed into credits. After that, there may be a period where the price of big things like houses fluctuates wildly as sellers work put what they can charge, but as there’s already an exchange rate established that won’t last long. 
Some people will work out how to take advantage of the change over. These people will be the already stupidly rich and influential people of the world, so as to ensure they remain stupidly rich and influential.

For 99% of the population, nothing will change.  
In the lead up to the change over, the usual human stupidities will occur, panic buying, Tucker Carlson losing his tiny little mind, everyone blaming the American Presidency for what happens/won’t happen/didn’t happen, conspiracy theories about the Beast. 
But on rhe first day of the new system people get up, go to work and do exactly the same job, for a new rate of pay that is commiserately the same as their old rate of pay. 
The only difference is that no one, from the janitor to the CEO has any personal debt anymore.... until they start accruing new debt under the new system.

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4 minutes ago, Hugh Mungus said:

You think that governments can keep printing money without consequences?

I really believe that millions on the Liberal side of the spectrum actually DO believe the amount of cash for governments to give away is limitless and that there will NOT be any consequences.  I guess when the day comes that their savings, their work, even their means of life become impossible because they have no means of exchange, they'll suddenly realize that economics is a science with its own immutable laws.

My guess is the collapse will occur in tandem with the hyperinflation that's on the near horizon. 

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1 hour ago, and then said:

There are multiple explanations for Schwab's brain-child so I grabbed one that should have the least controversy as a source.

Leaving aside the obvious use of a pandemic scare to herd people in a new direction, I'm curious about how individuals see this unfolding and what do they expect in their own lives as a result of it?  The U.S. is about $30 T in debt today and DC is champing at the bit for several $T more in the near term.  The dollar is inevitably going to collapse.  So, what comes next?  Will the global elite transition smoothly into some pre-planned crypto-currency UBI scheme or will they just step back and watch chaos ensue?

My guess is that they'll allow widespread suffering for long enough to make people more compliant, less rebellious.  In the near term though, what will such an economic collapse look like in your life?  Imagine pensioners losing the means to even feed and shelter themselves.  What will Young adults with families do when they're suddenly unemployed with no real prospects to recover?  What will this "reset" actually look like?  Will the PTB simply issue an edict erasing ownership of private property, even that which is truly owned and without debt or attachments?  If you wake up and suddenly realize the money in your bank account is as valuable as Monopoly cash, how will you survive?  

I'm genuinely baffled by the thinking behind this power grab.  Opinions?

Thanks, it was a good article.  You know from our past discussions, I have more opinions than wisdom.  I am happy to share.

The article is a proposal, not a policy.  The German who proposed it thought it would make the world a more resilient prosperous place.   Opinions may differ.

Either  liberal or conservative media takes a panic climb up the Oh My God tree depending on which side made the original proposal. It gets eyes on the network and sells ads.   It happened under Trump, it is still happening under Biden.  "Biden is going to outlaw hamburgers" comes to mind.

Follow the money is still good advice. A reset and collapse is not good for generating money.  An interruption is not good for the average person trying to get by, it is even worse for the elite who expects  an income measured in billions.  The elites depending on sharing the harvest of millions of hard working people would suffer long term effects as their workers fail and starve.  They can weather it of course, but it sets them back. 

To keep us in line we have police forces and media outlets that have convinced people law and order is all that keeps our society from falling apart.  It also silences the malcontents and protests.

No need for any legislation to outlaw private property.  Already young people find housing out of their reach.  Banks and real estate investment groups are buying up much of the available housing.  Your vision of everybody being a renter at some future time could easily come to pass just letting capitalism take its course. 

Every system has flaws and excesses.  Capitalism may be far and away the best system, but it was not communism that brought us to this point, it was unrestrained capitalism.  We want to win that Monopoly game and bankrupt our friends, but when it ceases to be fun for all players, the game ends.  Even wives who share in the bounty seem to get tired of guys like Bezos and Gates.

Of course, maybe we don't know everything that goes on beneath the surface.  Have you considered that independent nations have shared information and are trying to mount a credible defense against an alien invasion should that occur?  Lets see what the Pentagon has to say.:rolleyes:

 

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13 minutes ago, Sir Wearer of Hats said:

The only difference is that no one, from the janitor to the CEO has any personal debt anymore.... until they start accruing new debt under the new system.

And those whose ledger is being gutted by this change?  Do we imagine they'll simply yawn and move on?  Also, any adult understands that nothing is "free" except maybe the love of a mom.  So, what will becoming debt-free cost us?  

 

4 minutes ago, Tatetopa said:

A reset and collapse is not good for generating money.

Can you lay out a scenario where our fiat currency doesn't collapse as a result of manic $ creation in DC?  Also, if there is no reset, how does the global economy aoid hyper-inflation?

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28 minutes ago, Hugh Mungus said:

What has this got to do with the great reset? Unless you think a reset would be a good thing due to your elderly aunt not being able to afford things?

 

If people make good decisions in their lives, they will be able to live comfortably. Personal responsibility is the issue.

 

Does this include people with disabilities, who develop illnesses  or  or experience other adverse life experiences? Who live in circumstances where social advancement was not an option? 

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6 minutes ago, and then said:

I really believe that millions on the Liberal side of the spectrum actually DO believe the amount of cash for governments to give away is limitless and that there will NOT be any consequences.  I guess when the day comes that their savings, their work, even their means of life become impossible because they have no means of exchange, they'll suddenly realize that economics is a science with its own immutable laws.

I think you are  right about the liberal view to some extent.  The conservative view is more like the day laborers living on subsistence.  Entrepreneurs tend to use credit to build, make and shape their future as well as our own..  Credit makes them fabulously wealthy as well as changing the world according to their vision.  

Entrepreneurs do not build factories to hire workers and feed them, they do it to create prosperity.  My very liberal view is that if a government can invest in infrastructure, education, training, and health care to liberate private organizations from those concerns,  .businesses will be more competitive in a global market and flourish. If it doubles the GDP over the next decade, I am for it as a good investment.  Provided we pay it back out of the profits of course.

 

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29 minutes ago, Hugh Mungus said:

I don't think you know about economics. You think that governments can keep printing money without consequences? Firstly, inflation occurs at the instant the money is created. If too much is printed too rapidly (think post war Germany or early 2000's Zimbabwe) hyper inflation occurs. This generally requires a "reset" of the currency.

Do you? Is this another subject you are an expert on?

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15 minutes ago, ted hughes said:

Does this include people with disabilities, who develop illnesses  or  or experience other adverse life experiences? Who live in circumstances where social advancement was not an option? 

Yes

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12 minutes ago, ted hughes said:

Do you? Is this another subject you are an expert on?

I studied economics as part of a bachelor of business. But this is really stuff they teach 14 year olds. It's not a secret.

Do you disagree that printing money causes inflation and that hyper inflation occurs due to rapid money printing?

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28 minutes ago, Tatetopa said:

I think you are  right about the liberal view to some extent.  The conservative view is more like the day laborers living on subsistence.  Entrepreneurs tend to use credit to build, make and shape their future as well as our own..  Credit makes them fabulously wealthy as well as changing the world according to their vision.  

While this is true, there are also failures. If you take out credit to invest in something there is a risk that goes along with that. If you fail you are likely to become bankrupt (or even worse if negligence is a factor). Most entrepreneurs have failed a few times before they succeed. If they wanted a steady stable relatively risk free income they would become employees. 

Reward and risk go together hand in hand, but there is a reason it's called risk.

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55 minutes ago, Sir Wearer of Hats said:

What will happen in an ideal world is this:

The governments of the world will announce that in a year all debts will be void as the old currency is ended. Banks will not take any new loans out etc for that period so as to not lose money unless the interest rates are exhorbitently high. In a year, people will stop being paid in dollars (or whatever the local currency is) and in place as be paid in credits (or whatever the new currency will be). A reasonable exachange rate of dollars to credits will be offered and any money stored electronically will be automatically transformed into credits. After that, there may be a period where the price of big things like houses fluctuates wildly as sellers work put what they can charge, but as there’s already an exchange rate established that won’t last long. 
Some people will work out how to take advantage of the change over. These people will be the already stupidly rich and influential people of the world, so as to ensure they remain stupidly rich and influential.

For 99% of the population, nothing will change.  
In the lead up to the change over, the usual human stupidities will occur, panic buying, Tucker Carlson losing his tiny little mind, everyone blaming the American Presidency for what happens/won’t happen/didn’t happen, conspiracy theories about the Beast. 
But on rhe first day of the new system people get up, go to work and do exactly the same job, for a new rate of pay that is commiserately the same as their old rate of pay. 
The only difference is that no one, from the janitor to the CEO has any personal debt anymore.... until they start accruing new debt under the new system.

That would be interesting, but if its the case, why wouldn't various governments around the world be more open about it?

In my opinion the world has been on this track since the US$ became a fiat currency in 1971. The value of the USD is now irreversibly linked to the value of a barrel of oil. If it wasn't for the Saudi's only selling their oil for USD (instead of any other currency) and that price being set, then the USD would already be in severe inflation.

Maybe the world can never get back to a gold based currency, but it would be the best option in my opinion. You cannot create gold. There is a finite amount. It will always be precious and valuable. Perfect for basing a currency off.

 

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3 hours ago, Hugh Mungus said:

While this is true, there are also failures. If you take out credit to invest in something there is a risk that goes along with that. If you fail you are likely to become bankrupt (or even worse if negligence is a factor). Most entrepreneurs have failed a few times before they succeed. If they wanted a steady stable relatively risk free income they would become employees. 

Reward and risk go together hand in hand, but there is a reason it's called risk.

Indeed Hugh failure is an almost inevitable result of striving.  Pushing oneself beyond one's current bounds one often has to deal with failure before finding success.  Successful entrepreneurs will tell you learning from their failures helped them reach success. 

I am not in agreement with many of the Democratic policies as they tend to be  too bleeding heart and enable some to stay in their comfort zones as failures instead of helping them succeed.  Of course, some people never will summon the grit to move out of their comfort zone. That spells failure for an individual and just as likely failure for a nation.  That is why I disagree with many conservative views. If we do not change and move forward, China and perhaps India will surpass us as the world's great economies.  How much worse will this great reset you are talking about be if it occurs for a declining nation than a rising one? 

 

 

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4 hours ago, Hugh Mungus said:

That would be interesting, but if its the case, why wouldn't various governments around the world be more open about it?

In my opinion the world has been on this track since the US$ became a fiat currency in 1971. The value of the USD is now irreversibly linked to the value of a barrel of oil. If it wasn't for the Saudi's only selling their oil for USD (instead of any other currency) and that price being set, then the USD would already be in severe inflation.

Maybe the world can never get back to a gold based currency, but it would be the best option in my opinion. You cannot create gold. There is a finite amount. It will always be precious and valuable. Perfect for basing a currency off.

 

Stop it...you studied ecenomics and are in favor of the gold standard?  There isn't enough gold in the world to support the wealth of the top 10%...so explain how that would work?  The total gold mined is about 7.5 trillion dollars.  Currency is based on faith.  It doesn't matter how many dollars, euros, wan, pesos are printed...if people have faith in the currency, that's all that matters.  Hence the reason a series of numbers created from blockchain fetches more than $30k.  You might need to purchase the updated textbook...

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39 minutes ago, Agent0range said:

  Currency is based on faith.  It doesn't matter how many dollars, euros, wan, pesos are printed...if people have faith in the currency, that's all that matters.

I understand this concept but I don't understand why global citizens would continue to have faith in the USD when we have a Fed that literally knows NO bounds with creating new currency.  Injecting such amounts of "liquidity" into the global economy should create enormous levels of inflation.  I'm certainly no economist but for my whole life I've seen the same kind of arguments from the Fed.  Inflation has always been a destructive force for the value of currency and when the Fed gets even a sniff of oncoming inflation the interest rates rise to beat it back.  

If the rules have changed, how did that occur?  Also, is there ANY LEVEL of liquidity in Fiat currency that would be considered "too much"?

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9 hours ago, ted hughes said:

I'm genuinely baffled by the thinking- I'm a bit baffled by your post. Is this a conspiracy theory?

Most rational folks are baffled by his thoughts.

You have to consider poster and supporters of it, of course its a biased opinion piece posted to trigger and yes it belongs in CT.

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2 minutes ago, the13bats said:

Most rational folks are baffled by his thoughts.

You have to consider poster and supporters of it, of course its a biased opinion piece posted to trigger and yes it belongs in CT.

I'm just amazed at Hugh Mungus, claiming that  anyone can have a financially comfortable life, regardless of possible adverse life circumstances or physical disabilities. Are the stories of people having difficulty affording both housing and medicine (eg insulin) just made up? There are an awful lot of stories like that, and none saying how everyone is living high off the hog.

Still, he says he has qualifications in economics so presumably knows what he is talking about.

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