Luckily in current days there is more regulations protecting people from impact of crash. As far as I know back in the days banks didnt have pretty much any reserves. Plus couldnt print money as easily as they can do it now.
So can 1929 repeat? Im not sure. I cannot imagine that there wont be enough money for people willing to withdraw. Banks will print like crazy and we may face hyperinflation like Venezuela just did. But that's a different scenario comparing to 1929.
Wouldnt you agree?
Every World Central Bank's product is debt ! That's all they offer
Indeed. Our economy is based on debt. And again - hyperinflation can be solution. It will make us all broke but debt will be "cleared".
ps. isn't hyperinflation also good for those who have loans and morgages?
yours
Piotr
Like always...markets will come to its real value. This is nothing new. It's always the same story, it's just packaged in different paper (banks have trillions of usd, packaged in derivates- derivates are investments, worth nothing,so to speak-, stocks are in boom and going bust, bonds are making turnaround from 30 year boom, real estates in western countries are totally overpriced....while silver and gold are traded by banks only in numbers (fake trading), not grams. As the prices of silver and gold should already be sky-rocketing.
If let's say US wants to sell something, the other country has to buy it. Right? But who will buy anything if USD is plunging? And why would any country exchange or give their currency, when some of the biggest are falling? In such cases US (or any other country) would become very cheap in matter of weeks....
I hope you will not be surprised. Hyperinflation is not good for anyone. Not even for bankers. And the only way out of this is new currency or even better...new money . Money is currency, backed up by silver or gold. And countries like China and Russia are buying gold and silver for few years straight now. And US is even about to dump dollar and inverting into other currency or even money in next years. Years ahead will be very interesting.
WF
hi @worldfinances
I really love how responsive you are. Indeed steemit needs more people like you and I :)
I like the way you described it.
Thank you for taking the time to reply. I really value your comments. You've asked some good questions. I may not sleep well because of you tonight ...
Again, what about those who have loans and morgages? When I was just a baby we had hyperinflation in Poland and I've learned that it's just meant that wealth has been moved.
Those who had 20-30 years morgages were able to pay it off within less than a year.
That's what I believe too. I was told by someone wise many years ago: I hope we will live in boring times. Not interesting ones.
Yours
Piotr