Notes… Jim “Biggest financial collapse since the fourteenth century… the dat

Notes…

Jim “Biggest financial collapse since the fourteenth century… the data lags… we won’t know until july … but it’s a depression” (I dunno)”We’ve been in a depression since ’07.” (Agreed) “Because keynes’ definition is a sustained period of below trend growth with no tendency to collapse or return to growth.” (agreed) “20-30% declines”…. no models are useful… we’ve never seen anything like it. It’s outside living memory … we’ve never recovered from the crash of 08. And now we’re in a huge crisis.”

Pippa “the economy … a bit like humans getting covid … the disease isn’t what kills you it’s the immune system attacking itself. …. so biz will kill their biz before it kills the owner … there won’t be an average for anyone. everyone will be touched by it differently and personally. those that are in the massively more efficient economy may be in better shape, but those that are no longer needed will be (screwed). now that I work outside the office, I se it works, so why do we have all this overhead. but with less fat (overhead) to maintain the physical plant. It’s not enough to have a skill set. Policy makers were on the back foot and slow to respond and they’re doing the same with the economy. … they think you can put the economy in snooze mode. That’s not how it works ’cause of cash flow. If you don’t, then people and biz won’t make it – like 60% of people in industrialized countries depends on next month’s paycheck, and 30% depend on next week’s paycheck. …. second is throwing money at it … but the mechanism … was thru the tax office or bank loans. So there is no government mechanism. … how bad is it going to be increases rapidly with every two weeks that pass.

UK: no mortgage, no rent, no tax, for three months. USA hasn’t done this, which is what they should have done.

… The human psychology question is open…. what did people do with all that damage to the world economy? They said, I just wanna live, and we had the roaring twenties. And it’s possible that this next would be like it. But at that point 60% of people were in poverty, which gave rise to the 30’s….

Actually, the politicians prolong the slowdown if the market can clear out the broken assets…. how quickly can we clear it..

( CD: that’s the right answer. The answer is to spend on re-domestication of industry and automation of it – and infrastructure and public works administration style commons production. )

… etc…