Fasten your seatbelts – the global economy is heading for turbulence

Financial Times via MSN ^ | 8-20-2023 | Gerard Lyons

[CFW]

“I would not be surprised if there was a worldwide depression in 5 years or less.”

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I agree. People keep talking about a recession (and how we have avoided one), but I’m looking at the coming depression and wondering just how bad it will be.

There was an letter to the editor piece in our weekly rural paper last week in which the writer complained about the number of campers and storage buildings being used for living spaces in the back yard’s of residents’ homes. Apparently, this busy-body (I didn’t recognize his name, so apparently he is a new-comer to the county) has driven around our county and counted over a 100 of such instances of “rural camping”.

I suspect the writer is one of the new arrivals who paid a large sum of money to purchase a large tract next door to a farm and built a mega-mansion or bought a large home in one of the latest subdivisions. (Locals have been priced out of the real estate market).

People are living in campers, hay barns, or small buildings on a family member’s property because they have no where else to go. Rent has doubled in all surrounding areas, and housing prices have also almost doubled. No one can now afford the small three bedroom “starter” home on two or three acres that was formerly available for a reasonable price. It’s either the camper or in a cardboard box under a bridge somewhere.

Given the letter in the paper, I suspect our normal easy-going zoning enforcement officer is about to be forced to get busy issuing citations and forcing people to move out of those spots. Most are hard-working people trying to save up enough funds to get back into regular housing, but inflation is kicking everyone’s a$$, so saving funds is almost impossible.

The upper middle-class people who formerly mocked and denigrated people who couldn’t afford a house in a subdivision are soon to get a lesson. Life can come at you hard and fast. You can soon very easily be in the same position of those you are mocking now or denigrated just a few short years ago.

[SisterK]

here: gas went up thirty cents in a couple of days

and everything comes in by truck

[SisterK]

I work for a construction company
one of the products we build is portable wooden sheds

30% of that line sold since 2020 are being used for homes
a portion of them are outfitted so that the folks are living in them legally (with plumbing and electrical) and with building permits

you are correct
there are no more starter homes

[Paladin2]

Thanks for the tip to view Margin Call.

[Noumenon]

Margin Call is an underrated and a tightly wound masterpiece. Jeremy Irons' speech near the end neatly encapsulates 400 years of commerce and trade. It's a revelation of human nature that many of us would not care to contemplate. But he's right.

[Bloody Sam Roberts]

To whom and for what?