What a coincidence it will be a pain absorbed mostly by those working pay check to pay check and not the politicians and bankers with a legal moat of grifting off our agency.
How are politicians going to absorb an economic shrinkage? What percentage of total personal net worth is owned by federal politicians in the US? Maybe it's higher than I would have guessed, but there are only 537 federally elected offices and no federally elected billionaires.
I see some numbers thrown around that the total net worth of congress is $2-3 billion. That's only $9.00 per American at the upper end. Even a complete personal bankruptcy of all of them wouldn't have measurable economic effect on its own.
Depressions/recessions have mental health impacts; people kill themselves in despair, lose homes, savings.
But go ahead and live in your hypernormalized fiat economics bubble where there are no externalities. The price of an ounce of gold and the speed of light are both immutable properties of reality I guess.
I don't even have a problem with much of what Wall Street does. I just think that (via democracy) people have the right to allocate labor and resources towards non-profitable but humanitarian ends.
I'm not so sure about the capitalists. I think its actually pretty bad for a person's character to pursue money at the expense of other things and to have a lot more money than you need.
No idea why people are downvoting me. Socialist democratic governments have always been allied with the large private banks - the capitalists - openly. It is not something they try to hide, they are proud of that model. Socialist and capitalist leaders are many times the same person changing roles depending on if he/she is in office or not.
