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Common commentary down under:

“I was at (insert cafe/shopping centre/restaurant) and it was packed. People aren’t suffering yet…” blah, blah, yadda, yadda

My hunch is that there is actually two sides to this coin:

- Low debt Gen X and Boomers are in the sweetest spot in history. All assets, including cash (yes, that dirty fiat y’all despite), is producing a return. They’ve had a massive run up in asset prices, if they aren’t levered to the tits, then disposable income is fine

- low asset Millennials and younger who don’t see hope in ever owning a home live for the moment. Yeah the probably DCA low amounts into something, maybe YOLO into bitcoin or have a crack at some sort of 💩coin….but there week to week pay checks are for having fun now. Fuck it, you know?

So we still have some busy consumer spending. Even though we are in the midst of long per capita recession, severe decline in “living standards” and an inflationary shit fight.

Not sure what else to say here - just thinking out loud.

Thoughts #austriches ?

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Discussion

EchDel 1y ago

That is why true adoption is happening in countries where banking services are lacking.

Telecom services are insentivised to spread network coverage while banks centralise as de facto lobbies around capital markets and government institutions.

There is no monetary insentive for banks to bank the unbanked because they are poverty stricken. Who cares about the poorest of the poor right. All the big flashy cars and buildings centralise around power which centralises around control of natural resources.

Bitcoin is ready to serve all who want to be served. The third world leapfrogs while the priviledged are blind. It is a bit of a distribution mechanism in the game theory of bitcoin.

Pain in the economy is relative. Even slight changes can trigger discomfort. You find that the Aussie lady cannot afford to get get her hair permed this month, next thing she is studying Bitcoin and buying shitcoins starting her journey to getting rugged like most noobs.

Learning economics through reality. She becomes the african glass bead trader she always laughed at.

It's a beautiful cycle.

Sandor Clegane 1y ago

Not all Gen X.

The young ones need to stop thinking in boxes or listening to those Boomers who are still lost in the past... Moving from box to box will not serve them, fuck the city, get out while you can or go mobile.

Sandor Clegane 1y ago

You don't want to be in a city when collapse hits the cliff & accelerates...