Global Depression 2022 - Time to do the Breadline Boogaloo!

[Socrates]

View attachment 3695140

Or will they?

Surviving in space requires a lot of hard manual labor and technical knowledge; something Bezos, Musk, Schwab, et al consider for the commoners. They won't know what to do when a wire frays or a pipe ruptures.

FedEx is the canary in the coal mine right now. You ever wonder why all these publicly traded companies seem so keen to ignore reality? Because the first one to admit things are not actually fine gets fucked, like FedEx just did. 1/5 of the value of the company gone in a matter of hours simply for acknowledging that we're in a recession. They've broken the seal though. Expect to hear more about "suspended" and "updated" guidance in the coming weeks.

Also, saw something funny the other day.

The delusion is still as strong as ever it seems.

 

[potato in mah painus]

.1%, as @deepcuckingvalue stated above. THEY will build the spaceships and colonize the galaxy while the rest of us will die on this rock.

No specalists due to slaughtering the bulk of the population = No advanced industry required to run space programs. No AI is going to make up for that loss in brain power.

 

[Meat Target]

Also, saw something funny the other day.
View attachment 3695232
The delusion is still as strong as ever it seems.

It will "rebound" in the same way that a watermelon dropped off a tall building "rebounds"; that is, some chunks will go flying once it hits the sidewalk.

 

[The Ghost of Kviv]

Agreed, the "elite" are dumb as fuck and only survive by jacking each other off at coke parties.
Also this came out today-ish:

FACT SHEET: White House Releases First-Ever Comprehensive Framework for Responsible Development of Digital Assets | The White House

Following the President’s Executive Order, New Reports Outline Recommendations to Protect Consumers, Investors, Businesses, Financial Stability, National Security, and the Environment The digital assets market has grown significantly in recent years. Millions of people globally, including 16% of...

www.whitehouse.gov

(archvie.ph queued up to the thousands, will update later)

Edit bug strikes again; archive: https://archive.ph/azqce

 

[FatalTater]

WTF is going on with American home prices? Property values jumped up so dramatically that people are needing help paying their taxes.
Nobody has any money or so I've been told. Who is setting these numbers?

 

[F13 Key]

WTF is going on with American home prices? Property values jumped up so dramatically that people are needing help paying their taxes.
Nobody has any money or so I've been told. Who is setting these numbers?

Property taxes for residential real estate usually get calculated by municipalities based upon an assessment formula, which takes into account the average sale price for similar homes in an area, then raises (or lowers) the assessed fair market value of the property an incremental percentage of the difference per year. Some municipalities reset the assessed value when a property is sold, some don't.

If you bought a house in such a place for $800K with a 0.5% annual tax rate, it's $4K a year on top of the mortgage and all, but it can vary widely by state. So Delaware or Alabama might be 0.5%, but Vermont or Illinois it's close to 2%. 2% on 800K is 16K a year which is crushing if the house was purchased for 400K a few years earlier, or you paid the 800K but the municipality was assessing it at 400K for tax purposes, and then jacked it up on you unexpectedly based on surrounding sale prices.

A lot of people took (or were convinced to take) variable rate mortgages with 5 year terms under the belief that interest rates would remain low forever, and are now fucked because their bank's rate went from 2.5% to 6.5% over the course of this year. That can turn a $3200/mo payment into $4800 a month, on top of a sudden property tax increase and increased energy costs those families are out $2000+ a month more now than they were in January, and they probably can't afford it. Or they bought a couple years ago planning to flip for a big profit, but now can't sell because the market went to shit and nobody's buying.

 

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Property taxes for residential real estate usually get calculated by municipalities based upon an assessment formula, which takes into account the average sale price for similar homes in an area, then raises (or lowers) the assessed fair market value of the property an incremental percentage of the difference per year. Some municipalities reset the assessed value when a property is sold, some don't.

If you bought a house in such a place for $800K with a 0.5% annual tax rate, it's $4K a year on top of the mortgage and all, but it can vary widely by state. So Delaware or Alabama might be 0.5%, but Vermont or Illinois it's close to 2%. 2% on 800K is 16K a year which is crushing if the house was purchased for 400K a few years earlier, or you paid the 800K but the municipality was assessing it at 400K for tax purposes, and then jacked it up on you unexpectedly based on surrounding sale prices.

A lot of people took (or were convinced to take) variable rate mortgages with 5 year terms under the belief that interest rates would remain low forever, and are now fucked because their bank's rate went from 2.5% to 6.5% over the course of this year. That can turn a $3200/mo payment into $4800 a month, on top of a sudden property tax increase and increased energy costs those families are out $2000+ a month more now than they were in January, and they probably can't afford it. Or they bought a couple years ago planning to flip for a big profit, but now can't sell because the market went to shit and nobody's buying.

Without breaking opsec or powerleveling, I just checked Zillow.

I've mentioned my experiences here before on the site. Before the pandemic there were single digit houses available. A few months into the lockdown that jumped up to 50-100. After it dropped back down again, but earlier this year it shot back up. When they started raising the interest rate it shot up again, to around 250.

Today, it's 300. A 20% increase in houses on the market in ~1-2 months.

Housing prices remain, in a word, insane.

$125k.

$215k.

175k.

What is different is Zillow is now zooming that chart WAY the fuck out. Until about 2 weeks ago, you couldn't go back past 2020 in their price histories. You can tell why because all 3 of those houses -- which are posted for ~300% what they were posted for back before the Californians started watching "Flip this house" and thinking they could fuck over red state rubes for funsies -- had massive value drops since June 2022.

$170k.

EVERYONE wants out. They want out and they want out NOW. They want out even if they're in the middle of renovations, if they're trying to sell a house with massive water damage they're still repairing, if they're having to eat a massive loss. Dear god, just let us out!

It also means that Blackrock and similar companies aren't buying up these houses / bailing out these mortgages anymore. Which I confirmed last week when talking with family -- before, they were getting fairly steady unsolicited offers on their property. That dried up back in July, first time in a few years.

It genuinely feels like the saner people have left / are bailing on the market and leaving people holding the bag.

 

[FatalTater]

I can't remember what I was saying from a week ago, but the high prices at a time when no one has any money seems backwards. Artificial inflation?

 

[Kujo Jotaro]

The bombing of nord stream 2 is just another tick on my list of reasons half the threads in happenings need to be merged.

 

[Zbk3VmLfujjzjxBd43tL]

Someone else pointed this out on another thread, but the population has become large enough anybody can make their living specializing in one field. Hell its gotten to the point we have people that are paid well enough to own a house by simply talking on youtube. Slaughter the bulk of the population, even with AI and robots, and you will loose the very environment that allows such concentrated specialization in the first place.

The WEF and elite that support them are too ignorant to realize their actions are going to set everybody back hundreds of years without a easy way to recover that lost advancement. They will doom us to all die on this rock instead of reaching for the stars.

Population size is only weakly correlated to specialization. It's more related to economic development, technology, and connectedness (traditionally this meant urban civilization, but today the internet suffices for this). Almost every large civilization met these qualifications to have really specialized occupations. Urban civilization arose rose to the heights it has today because agriculture and other primary industries (i.e. mining) became orders of magnitude more efficient because of the industrial era. For that matter, so are secondary industries because of modern machinery, assembly lines, etc.

There are also downsides to a large population size since at some point you exhaust your resources, temporarily or permanently, or the climate comes in and does it for you (i.e. the current drought in the Western US which is the worst in 2,000 years). A smaller population can still have a very high number of specialized occupations, like for instance your example of Youtubers is pretty much the same as "radio star" 100 years ago which isn't functionally different than actors who arose as an occupation very early on in agricultural civilization. If we can keep increasing the efficiency of the primary sector, we can keep a comparable number of specialists.

In actuality I don't expect that to be the case because our primary and secondary industries are either exported to every corner of the world (or in the case of agriculture, likely to be fucked by drought, soil exhaustion, and depletion of aquifers). Once the logistics chain collapses--as they are--shit starts getting pretty ugly in terms of what specializations like Youtuber or Twitter activist the economy permits.

Surviving in space requires a lot of hard manual labor and technical knowledge; something Bezos, Musk, Schwab, et al consider for the commoners. They won't know what to do when a wire frays or a pipe ruptures.

In all likelihood there would be almost no manual labor in space since being able to build a space colony or Mars city requires so much automation your only manual laborers are the dudes fixing the robots that fix the other robots. Well, I guess theoretically if we could handwave a bunch of space factories and ore processing and moon wheat farms then we could colonize space without automation. We probably could already be there if we spent like 10% of the global GDP on space these past 65 years (for comparison, even the Apollo program topped out at 4% of the GDP for only a single year).

It also means that Blackrock and similar companies aren't buying up these houses / bailing out these mortgages anymore. Which I confirmed last week when talking with family -- before, they were getting fairly steady unsolicited offers on their property. That dried up back in July, first time in a few years.

Yes, some analysts lately have been calling the housing bubble popped.

 

[Vyse Inglebard]

‘If you’re making less than $25 an hour right now, you should be terrified’: Business creator shows how wages under $25 an hour don’t meet average expenses

A creator on TikTok went viral after revealing that, after factoring in average expenses, anyone making under $25 an hour is living paycheck-to-paycheck.

www.dailydot.com

____________________________________________________________

‘If you’re making less than $25 an hour right now, you should be terrified’: Business creator shows how wages under $25 an hour don’t meet average expenses​

In the United States, 1.1 million workers earn wages at or below the federal minimum of $7.25 an hour, per the U.S. Bureau of Labor Statistics, and “nearly 52 million U.S. workers—or 32% of the country’s workforce—earn less than $15 an hour,” per Bloomberg. Alongside this prevalence of low-wage work comes rising inflation, which remained “near a 40-year high in August.” Now, a user on TikTok has gone viral after claiming that, factoring in taxes and the nationwide average costs for various aspects of life like rent and gasoline, anyone making under $25 is currently or should expect to live paycheck-to-paycheck. “If you’re making less than $25 an hour right now, you should be terrified,” user Ryan (@digitalsolutionss) says at the beginning of his TikTok.

The video currently has over 1.3 million views. In the video, Ryan breaks down average costs, ranging from $1,659 for monthly rent (slightly below the median nationwide rent price of $2000), $500 for groceries, $127.37 for a cell phone plan, and smaller added costs for streaming services, among others. After adding up all of these costs, Ryan comes to a total of $3,287.37 for the average American’s monthly living costs. Using this number, he compares the amount earned from a 40-hour work week at various wages to the weekly amount needed to meet this amount after taxes. The first hourly wage to cross the ‘breaking-even’ threshold is $25 an hour. “Keep in mind, these expenses are factoring in doing nothing. No free time, no going out to eat, no extra miles on the car, nothing,” he says. “You didn’t have a breakdown that month, you incurred no additional hardships. This is just your cost of living and what you have to make in order to cover it.”

Furthermore, Ryan stresses that cutting out things like streaming services only saves a small amount in terms of yearly expenditure. In comments, many pointed out that people could simply live with roommates or a parent if they needed to save money on rent. However, needing to pair or triple up in order to survive is a relatively new phenomenon. “In 1975, only 11% of adults 18 to 34 lived with roommates,” explains Hannah Metzger for Colorado Newsline. In 2015, that number reached 25.2%. Commenters on TikTok agreed that the number of hours and wages needed to survive in America today was simply too much. “I make more money than I ever have in my life and I still can’t do more than barely scrape by,” wrote one user. “I usually work close to 70 hours a week and I’m having a hard time. Health fell apart after 6 months of that,” claimed another. “My husband works 50-70 hours a week just to support us. I quit my job in May bc childcare costs are RIDICULOUS,” added a third.

Creator Shows Wages Under $25 Don't Meet Expenses

archived 26 Sep 2022 02:00:38 UTC

archive.ph

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Welcome to Weimar America.

 

[Kujo Jotaro]

“In 1975, only 11% of adults 18 to 34 lived with roommates,”

Yes, and in 1875 most people lived with their parents until they got married, or struck out on their own and lived with others in cramped or tight quarters. People really don't get how abnormal the age we live in really is. There are a lot of aspects to modern life that people take for granted as givens when in reality they're only sustainable because of our money printing, and continued cheap supply of energy. Boomers are going to be horrendous to be around when all of this finally comes crashing down because they've been conditioned into the modern world so thoroughly that there's no chance their senile minds will be able to cope or adapt to the destruction of it.

 

[Male Idiot]

‘If you’re making less than $25 an hour right now, you should be terrified’: Business creator shows how wages under $25 an hour don’t meet average expenses

A creator on TikTok went viral after revealing that, after factoring in average expenses, anyone making under $25 an hour is living paycheck-to-paycheck.

www.dailydot.com

____________________________________________________________

‘If you’re making less than $25 an hour right now, you should be terrified’: Business creator shows how wages under $25 an hour don’t meet average expenses​

In the United States, 1.1 million workers earn wages at or below the federal minimum of $7.25 an hour, per the U.S. Bureau of Labor Statistics, and “nearly 52 million U.S. workers—or 32% of the country’s workforce—earn less than $15 an hour,” per Bloomberg. Alongside this prevalence of low-wage work comes rising inflation, which remained “near a 40-year high in August.” Now, a user on TikTok has gone viral after claiming that, factoring in taxes and the nationwide average costs for various aspects of life like rent and gasoline, anyone making under $25 is currently or should expect to live paycheck-to-paycheck. “If you’re making less than $25 an hour right now, you should be terrified,” user Ryan (@digitalsolutionss) says at the beginning of his TikTok.

The video currently has over 1.3 million views. In the video, Ryan breaks down average costs, ranging from $1,659 for monthly rent (slightly below the median nationwide rent price of $2000), $500 for groceries, $127.37 for a cell phone plan, and smaller added costs for streaming services, among others. After adding up all of these costs, Ryan comes to a total of $3,287.37 for the average American’s monthly living costs. Using this number, he compares the amount earned from a 40-hour work week at various wages to the weekly amount needed to meet this amount after taxes. The first hourly wage to cross the ‘breaking-even’ threshold is $25 an hour. “Keep in mind, these expenses are factoring in doing nothing. No free time, no going out to eat, no extra miles on the car, nothing,” he says. “You didn’t have a breakdown that month, you incurred no additional hardships. This is just your cost of living and what you have to make in order to cover it.”

Furthermore, Ryan stresses that cutting out things like streaming services only saves a small amount in terms of yearly expenditure. In comments, many pointed out that people could simply live with roommates or a parent if they needed to save money on rent. However, needing to pair or triple up in order to survive is a relatively new phenomenon. “In 1975, only 11% of adults 18 to 34 lived with roommates,” explains Hannah Metzger for Colorado Newsline. In 2015, that number reached 25.2%. Commenters on TikTok agreed that the number of hours and wages needed to survive in America today was simply too much. “I make more money than I ever have in my life and I still can’t do more than barely scrape by,” wrote one user. “I usually work close to 70 hours a week and I’m having a hard time. Health fell apart after 6 months of that,” claimed another. “My husband works 50-70 hours a week just to support us. I quit my job in May bc childcare costs are RIDICULOUS,” added a third.

Creator Shows Wages Under $25 Don't Meet Expenses

archived 26 Sep 2022 02:00:38 UTC

archive.ph

_______________________________________________________________
Welcome to Weimar America.

Good thing I make 3 dollars an hour.

Europe is about to go down the shitter hard.

I think I'll buy my propably last computer before taiwan gets repossessed, get dental and medical work done, than just hoard tp and food.

 

[Lupin The Turd]

Any money you'll ever get will be adjusted very low, and since most people don't want to be poorfags living in a shoebox they gonna work simply to have more money. same reason most people choose to be wageslaves instead of welfare queens.

This is personally what I see as the most attractive element. Your bases would be covered, don't have to wageslave endlessly just to pay another month's rent, but if you want a nicer life, you're gonna want to work. This in turn would probably make for a healthier labor market, as people would be more positively motivated to work. It would also allow people the time to work on developing skills with their heavier abundance of free time. I have no doubts there would be those who simply take the Chucky Cheese Tokens and coast by on just that smoking weed and watching Netflix, but I have a naïve faith that for a majority of people they would feel more energized than ever to get ahead.
Of course this is all under the assumption that rent and food wouldn't immediately skyrocket to maintain the status quo that the poor must struggle.

 

[Irrational Exuberance]

Good thing I make 3 dollars an hour.

Europe is about to go down the shitter hard.

I think I'll buy my propably last computer before taiwan gets repossessed, get dental and medical work done, than just hoard tp and food.

Don't forget to stock up on toothbrushes and toothpaste so you can still eat the food down the line.

Heh...

 

[Nique la mere de Macron]

They have already started to decrease the temperature of the public swimming pools in my area of France. These pools are used by local schools (especially elementary schools) for kids' swimming classes, and the teachers are revolting because they don't want to deal with dozens of freezing little popsicle kids. I can't say I blame them.

It’s starting. The European energy crisis is going to kick things into high gear. There’s been important industrial corporations shutting down production because of costs of electricity. This is going to spiral and money is going to be printed off at high rate to keep the lights on until hyperinflation kicks in.

 

[Rome's rightful successor]

 

[FatalTater]

October will be scary, and not because of Halloween.

 

[HTTP Error 404]

Yes, and in 1875 most people lived with their parents until they got married, or struck out on their own and lived with others in cramped or tight quarters. People really don't get how abnormal the age we live in really is. There are a lot of aspects to modern life that people take for granted as givens when in reality they're only sustainable because of our money printing, and continued cheap supply of energy. Boomers are going to be horrendous to be around when all of this finally comes crashing down because they've been conditioned into the modern world so thoroughly that there's no chance their senile minds will be able to cope or adapt to the destruction of it.

They already are, with certain things. Housing, for example. Every boomer I know literally cannot grasp the concept that a family with a single, or even two, full time jobs simply cannot afford to buy a house in 2022. "Just buy one, it's not hard!" Yeah they uh, want $300,000 for a 1 bedroom shack. "That's bullshit and stupid that house isn't worth more than $45,000, tell them that's what you'll pay and once they can't sell it in a month they'll come talk to you." They already got an offer for $335,000 cash. Next week they're gonna have contractors replace the carpet and add a Gazebo, then they'll be asking for $400k. "Well that's just... stupid."

Watching this shit collapse around them is going to be a treat. For other, non financial, examples of this, watch any normie boomer trying to deal with politics or culture shit that has changed since oh, 1980 or 1990. They literally can't grasp that things are different now, that the things they were into aren't the things modern young adults or children are into. Worse, they have a death grip on all this stuff and when they finally lose it it's going to be weird as shit in media and entertainment and the like for a few decades.

 

[Vyse Inglebard]

And now, The Complete and Utter Ass-Fucking of a Country, in Two Parts:

Remind me what happened again the last time Germany suffered from runaway inflation?

Well, gee, if only someone warned them about the dangers of being dependent on Russian oil.