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Government is now talking about another tax payment extension and bailout. Capitalism (like evolution) stops working when government creates a safety net such that reckless and wasteful companies cannot die. More bailouts are more incentive to be reckless and wasteful.
The more we reward reckless and wasteful behavior, the less efficiency we will get in our system, which is basically what capitalism is all about. At the same time, I feel like I'm playing a video game where all the things I have worked so hard for have been taken away from me.
It's like you played World of Warcraft for 1000 hours only to get some really sweet virtual items that make you powerful and respected in the community and then Blizzard comes in and says "everyone gets those items now, for free." Well, fuck, now I don't want to play anymore.
I guess I'm sort of asshole or something, but you can't call this pandemic some sort of unforeseeable event. These things have happened over and over throughout our history. I don't know what I'm meant to do. Sit happy and watch my competitors get access to infinite free money?
It seems prudent to have some cash savings right now and generally, but... It just feels with every new bailout, I'm watching it get inflated away. Right or wrong, it just feels like a game I don't want to play anymore. /end
Deflation is the more likely outcome over the next couple years. The cash might become worthless one day. But not today.
Short-term deflation, long-term inflation makes sense but god only knows.
I dont think a pandemic in 2020 was forseeable. But it should be common sense that there's *always* a risk of a significant, low probability, adverse event around the corner. If you manage your business, live and/or investments with that in mind, you should have been ready.
That it would happen in 2020 was not foreseeable. That it would happen was.
Collectively, governments have made the decision to print money and rack up debt to bail out the system. And even with all that support, we have 15% unemployment, so governments made the right call. But what happens when unemployment is 10% or 8%? No subsidies. Nasty recession
There's no logical connection between the 1st and 2nd sentences. There are other and better ways to fix unemployment than to make it rain with cash.
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