this post was submitted on 27 Jul 2024
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While this isn't a positive indicator, no, this isn't anything like what happened in 2008.
Let's follow up on this in 12 months.
I suspect it will be worse. Much worse.
Why?
The economy must transition from fossil fuels to other forms of energy. The longer we take the worse it will be, but nobody in power feels any urgency.
Add to that the GFC of 2008 that we "fixed" by printing money, and which was followed by a global pandemic and financial slowdown that... we fixed by printing money.
Now factor in the fact that we didn't use 2008 to tighten banking regulation, and we have just as many opaque financial instruments (derivatives, swaps) as we did back then.
And all of this as global warming kicks into absolute overdrive, likely due to a feed forward mechanism being tripped such as the methane release from Siberia and/or the clathrate gun going off.
We are well and truly fucked. This reality is noticable if you're paying attention, and will slowly become impossible to miss (let alone ignore).
Ok doomer. Nothing you just said is anything new to any of us, and nothing you just said makes any argument for expecting another global financial crisis within the next 12 months. It just seems like that's what you're hoping for lol