Metatron – I enjoy your posts very much. They are thought-provoking. Below I present a few thoughts that disagree with yours.
First, let's say it plainly: this is a depression.
The United States and much of the developed world has had a economic slow down. However, the economies are not contracting, rather they are growing. Since the industrial revolution, incomes in the west have increased on average 1.5 percent per year, in the last 50 years 2.3 percent. These growth rates are unprecedented in human history.
The Great Depression of the 1930s reduced income levels to what they had been about 20 years previously. For a few years, people had to live as their parents lived, not worse.
If we are in a depression, we might have to live like individuals did a decade ago, but no worse than that. It is not a catastrophe, rather a blimp in the most prosperous time in human history.
Second, nearly no one is willing to discuss the demographic problem facing the world. It's very simple: how can you have economic growth if you are losing net workers, net population, AND the fastest growing part of your population is retired people?
It is true that population growth in the west if stagnate and that the population is growing older. However, the world’s population is increasing. This increase will produce more ideas through a larger pool of geniuses, more innovation, larger markets and trading partners. In today’s global market and economy the populations of a few countries has little effect.
How can nations borrow huge amounts of money that is supposed to be paid back by grandchildren who aren't being born?
The per-capita debt of the US is lower than any other western economy and it is a fraction of the GNP. See a representative table below illustrating the per-capita debt of top 10 countries.
Greeks: $27,746
Belgians: $27,023
Austrians: $26,502
Irish: $24,247
Norwegians: $21,402
Italians: $21,089
French: $18,946
Germans: $15,574
Finns: $13,617
Americans: $11,094
Your point about new technology destroying jobs does not seem accurate. Think back to the greatest innovations of the 20 th century, the computer, the railroad, the internet, the airplane. In all instances new, robust markets developed around these innovations. History suggest that this will be the case again.
We are living a great time, the economy is better, our health is better, we live longer and the list goes on and on. We will look back a decade from now and marvel at how far we have progressed.
All the best,
zarco