Will there be a world economic collapse?

Question

Will there be a world economic collapse?

Answer 1

In some places another Great Depression is possible. In countries like the UK and US where easy credit has been used instead of cash payments and saving, yes, it's very possible. People have got used to having it all and having it now, and living right up to the max on a string of credit cards, loans, mortgages etc. The banks hold all the cards, and when the banks start to go down, that's when the real crunch-point comes.

In other parts of the world, poverty or just getting by has been the norm for a long time. People who haven't had all the "advantages" of easy credit can't lose what they've never had. Things will get tighter for all of us.

However, on one side governments blame it all on an oil shortage while on the other they are touting the immense oil reserves in Russia and Alaska which suppsedly are going to be available within a few years. Having lived through the "energy crisis" of the 70's, I know from experience that governments are quite capable of manipulating the media so that big business makes even more money while poor folks go to the wall.

If there's a collapse, it will effect employees, not the execs who have spent the pension funds on their own lavish lifestyles.

Answer 2

Please believe what you have read in books and texts. Believe in Law of Conservation. Matter/energy/wealth/soul can neither be created nor be destroyed but can be changed from one form to another. Nothing will happen to world economy. Please study wealth the way chemists study matter. You will have no such doubts.