As we go through this re balancing in our economy, there is a lot of fear and panic out there. Understandable given the rhetoric and fear mongering, some even comparing these events to the great depression. We are not even close to that, for example unemployment was 24% then, now it's 6.1%, though it may higher to 9%. There is still way more people with jobs than before.
The household net worth for the USA has recently decreased by $2 trillion dollars or so since this re balancing began and stands at $56 trillion dollars. Since the last re balancing from the stock market bubble in 2002, our net worth has increased $14 trillion dollars.
I don't have the household net worth from the great depression, however going back to 1980 the household net worth was $10 trillion dollars and would have been much less during the boom of the 1920's.
So we are a long, long way from comparing this time period to the great depression. This economy will expand again as it has always done, and you can part of the the next phase if you are hopeful, if you are pessimistic you will miss the signs and opportunities that will be appearing soon.
Below is a photo from Telluride, it's the remains from the silver mining that was the dominant industry years ago. There was another re balancing resulting in it's demise, eventually the ski industry grew and brought more prosperity to the area.
The stores and factories closing now, will be replaced by something else, something new, something that will grow our economy as it has throughout time. Do you really think we will go back to trading beads and furs? Our creativity, our experiences and contrasts make that impossible, things always improve, look at the internet, new ideas, services abound.
Exciting times are ahead, get creative, look for opportunities, plant seeds of hope, get clear about what you want and importantly let go of the blame and pessimistic thinking.