this post was submitted on 07 Jun 2023
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Collapse

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This is the place for discussing the potential collapse of modern civilization and the environment.

Collapse, in this context, refers to the significant loss of an established level or complexity towards a much simpler state. It can occur differently within many areas, orderly or chaotically, and be willing or unwilling. It does not necessarily imply human extinction or a singular, global event. Although, the longer the duration, the more it resembles a ‘decline’ instead of collapse.

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How long do you think until the financial markets collapse? (self.collapse)
submitted 1 year ago by cecirdr to c/collapse@lemmy.ml
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One of the steps in a societal collapse is a loss of faith in financial tools. The stock market has seemed like a casino for a long time to me, yet it is still cranking out money for the upper crust. It is the primary driver for business decisions that produce short term gain, but reduce long-term viability for the companies and for the environment.

Currently, there are no other real vehicles for the average US citizen to invest in for their retirements. In my parents' generation, there were more. Heck, they had a lot of money in CDs and even those earned a decent rate of interest. Yet everything now is such a low return, or boom/bust like housing, so little guys like me are pushed into getting retirement accounts that are stocks. I'm not keen on that.

What's even worse is that many jobs will employer match if you put into one of the stock market based retirement funds. But if you want to just put your money into a savings account, you miss out on the employer matching. So there's strong incentive to keep putting your money into the stock market.

So I keep trying to read the tea leaves to figure out when the casino is going to collapse. ...or even if it will. I think there are some folks that just assume that it will keep making money for the wealthy and the rest of humanity will just get left behind.

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[–] TremblingTelepath@lemmy.ml 6 points 1 year ago (1 children)

Read J for Junk Economics & Killing the Host by Michael Hudson.

Read Economics: A User's Guide by Ha-Joon Chang.

https://libgen.is/

[–] cecirdr 2 points 1 year ago

Thanks for the recommendations. I've read Bad Samaritans by Chang and really liked it. So I'll happily tuck into more of his books. I've never read Michael Hudson, so it's great to have a new voice to listen to. thx again!