The risk of systemic economic collapse

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by HomoSemiHabilis

Hear me out on this because I think it’s the most empirical treatment of how things could very quickly go horribly wrong.

Fact 1 : banks handle the very infrastructure of payment through credit card, checks, wire transfers etc.

Fact 2 : banks also make a lot of money from finance and expose themselves to systemic risk

Therefore : if banks enter bankrupty, it means credit cards stop working. It also means checks are declined. Fiat currency might keep you going for a week at most but then, it’s basically down to riots and looting.

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So why didn’t this happen? The last time major banks collapsed at once was 2008, the subprime mortgage crisis. States bailed the banks out and basically gave them money to repair the damage done and avoid this catastrophy.

However due to austerity and neoliberalism, states are weaker, poorer and the next financial crisis will be a meltdown on a whole different scale than 2008.

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What does this mean? If you see banks collapsing, food is going to get scarce because people will no longer get paid nor will they be able to spend money. Panic movements, riots, warbands, you name it.

Timeline of signs to come :

  • Financial crisis
  • Banks cannot be bailed out by the states
  • Payment by credit card etc. no longer working
  • Probable marshall law enforcement
  • Chaos

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