It's good if you're cashed up and looking for bargains.
That's how the Kennedy family made their money in the crash of 1929. Old Joe Kennedy, JFK's father, cashed out just before the crash, waited until the market bottomed, then bought shares and sat on them until the crisis was over.
This is standard market behavior. It just means that lots of people will suffer needlessly.
If you read your history you will notice that these things happen from time to time. It's nobody's fault because it's the "system" rather that some evil person. Ordinary people in the money system that all nations use and have used for thousands of years will create the circumstances that result in such economic smashups. There's no point in blaming anyone in particular because if it hadn't been them it would have been someone else.
The only solution is to change the system. Isn't that obvious? So long as we use a money with the nature of our money we will have this boom and bust cycle. Some even call it the "business cycle." It's normal.
If you don't want such things to be normal, read Invisible Hand to see what we can do about it. For more still on the subject please visit www.nopom.info where you can read up on select topics. It has no ads.
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Comments: 16
That's how the Kennedy family made their money in the crash of 1929. Old Joe Kennedy, JFK's father, cashed out just before the crash, waited until the market bottomed, then bought shares and sat on them until the crisis was over.
It's an ill wind that blows nobody any good.
If you read your history you will notice that these things happen from time to time. It's nobody's fault because it's the "system" rather that some evil person. Ordinary people in the money system that all nations use and have used for thousands of years will create the circumstances that result in such economic smashups. There's no point in blaming anyone in particular because if it hadn't been them it would have been someone else.
The only solution is to change the system. Isn't that obvious? So long as we use a money with the nature of our money we will have this boom and bust cycle. Some even call it the "business cycle." It's normal.
If you don't want such things to be normal, read Invisible Hand to see what we can do about it. For more still on the subject please visit www.nopom.info where you can read up on select topics. It has no ads.
This is no joke, meaning this is critical.