Interactive Visual History Of Financial Crises Since 1810 - Note Where The Fed Arrives
As the name implies. What is funny is how only after the advent of the Federal Reserve in 1913 did Financial crises expose increasingly more of world GDP to a crisis state. But at least the Fed and ECB tell us all they do is enforce price stabeeletee. Could they be lying!? We thought it was all the gold standard's fault for causing unprecedented economic volatility... Guess not. From History Shots: "The giant wave in the top section of the graphic depicts the percentage of world GDP by region in crisis during the 200 year period. It includes the four major financial crisis types (sovereign default, banking, currency, and inflation) along with stock market crashes. The bottom section provides a detailed chart of all sovereign defaults by country, region and year. It shows the repeating nature of sovereign default, a central theme of Reinhart and Rogoff's book."
Full chronology after the jump.
Source: HistoryShots
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hillarious, i may order one... fuck the fed
hey, lesser central banks have lost 100% of their currencies' value...the Fed is only at like 96, 97...which is a total win for a banker
Actually it's the little strip below, number of countries in default that tells us something about timing.
Once the first big Greek Crisis is in full flow, we'll see that number accelerate.
The crisis will have to be locally global (many places, but dis-united). Then there is the possibility of a simple event (Oil way up or some such) that will unite them all.
It's I MF....
ori
/au-kicks-a-joke-more-deep-symbolic-insights/
Since the ORI is out pimping his blog, I decided to join the fun. I actually hope you guys find the info useful.
Check out this chart I created comparing gold, s&p, dow and MZM. http://2.bp.blogspot.com/-BTtPwLZDWkc/TxzEsPYAmxI/AAAAAAAABvM/RAMTp3w2xB...
http://thelastcanary.blogspot.com/
Better that ORI "pimps his blog" in a one-line reference at the bottom of his posts rather than some posters who cut and paste 200 lines from their blog in bold italics ... then also add the gratuitous link to the same (usually off-topic) nonsense at the end.
If you have something interesting to say about the topics at hand, then by all means post a link.
PS. Your chart is very interesting (moreso after google reminded me what MZM is!). Most interesting is the real acceleration of "irrational exuberance" in stocks from 1994/5 (with the arrival of Rubin as Treasury Secretary in Clinton's administration) rather than where one would have expected it (earlier, under Reagan or Papa Bush). The stock crash of 1987 is hardly a noticeable speed bump on that chart.
I wonder, from your chart, which entities are in a bubble?! LOL.
It was definitely Rubin
http://www.softpanorama.org/Skeptics/Financial_skeptic/Casino_capitalism...
That chart is really good. Thank you for posting it.
Rand Paul should use this chart on the Senate floor in an address.
I'm not sure that would be helpful because only backwater Kentucky goons dressed in camouflage listen to Rand Paul. No one outside Kentucky takes that freak seriously. He's one of the "hobbits who needs to crawl back to the center of the Earth" that McCain referenced last year.
However, if Rand did bring the chart to the Senate floor, he certainly needs to bring two charts, side by side. One is the aforementioned. The other chart should be the percentage of revenue Rand's ophthalmology practice derives from government money, like medicare and medicaid. By his own admission, it's over half... about 55%. This way, normal people outside Kentucky can see how much of a complete fucking hypocrite he is. If over 50% of his income comes from taxpayer funds, then he's essentially a government employee and obviously despises himself. Can you even imagine the cognitive dissonance of being a hard-core libertarian on the government's payroll?
<Kentucky hillbilly drawl> Wat 'n tarrrr-nation?
Max Fischer, Magnus Frater te spectat
Curious, ain't it, how almost everybody making big money either gets it from the taxpayer, or makes it by stepping into a slot in an organization built by someone else, or makes it through some form of subsidy or statutory preference. I was delighted to learn the other day that South Carolinians prefer a president who tries out his next wife for four or five years before deciding to get rid of his present one, repeatedly. That shows, I suppose, great deliberative tendencies on the part of the candidate. As for Rand Paul, though, is it any worse to make your living from taxpayer-paid medical services than taxpayer-paid military service or LEO service or DoD contracting? Boy does this goes deep in the country. I grew up thinking, for example, that Barry Goldwater was a small-government conservative, right up until I learned his family built their retailing prosperity by selling horses and donkeys to the US Cavalry, paid for by eastern taxes, mostly. Railroads, shipping lines, physicians, home-builders, the whole economy runs on taking taxes and handing them to someone else, directly or indirectly. Solution?
Solution?
Good old fashioned micro-entrepreneurship based strongly and boldly and with commitment on the principles of Permaculture.
The world as we know it is built that way.
ori
Watch this.... someone was kind enough to point to it yestarday.
http://www.youtube.com/watch?v=8nLKHYHmPbo&list=WL06FA88DF05C90A19&index=7&feature=plpp_video
Or this, my vision, only if called.
-ensign-principles-world-view
You're a lot more sophisticated troll than MDB or RoboTrader. You had me going until I googled your signature, then things clicked into place.
According to Mas Fischer, you're not allowed to be a libertarian unless you have a career that involves no dealing with the government whatsoever, from your education to doing your job to doing your taxes. In America, that encompasses approximately 100% of all jobs, so I guess that means every libertarian who doesn't move is a "fucking hypocrite."
On the other hand, I've noticed all the socialists in this country still buy things with money in stores. What a bunch of fucking hypocrites, participating in markets when they claim to love socialism!
Rand Paul is currently being detained by the TSA, not to be seen again.
http://www.infowars.com/breaking-rand-paul-held-by-tsa-at-nashville-airp...
"When plunder becomes a way of life for a group of men,
living together in society,
they create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it."
Frederic Bastiat, (1801-1850)
“The last official act of any government is to loot the treasury.” - George WashingtonErect the gallows, lads. Once a century or so, it becomes obvious its time to use them again.
The fed and other central banks are responsible in a very large part, but there are other
major structural catalysts post-1890 that increased the velocity and amplitude of shocks.
the central banks were in a way necessary to manage the social and industrial boom.
the gold standard peg of 1900. the panama canal (suez precede it by a few decades).
mechanized industrialisation. shift from coal to petrol (Model T came out in 1908).
the rise of nationalism and boost in arms production for defence and colonial influence.
the opening up of global exchanges, indices, ratings (hong kong, sao paolo, dow jones).
The major structural catalyst was the decision by the US to have an empire. That decision, to go to war against Spain in 1898, passed the congress by one vote.
All decisions since then sprang from the decision to become an empire. Empires need enormous funding and what better way to fund than to get off the gold standard and onto an infinitely expandable fiat currency?
Once the path of empire is chosen the outcome is always the same... collapse. But it's been one hell of a party! Especially for the 1%.
History, as taught in most institutions, is incomprehensible and boring... Why, you ask? Because trying to teach students history without the accompanying economic drivers of history makes little sense to the student... or to anyone, even the proff. History seems boring because it usually ignores the WHY of events, and events are driven by money, teachers simply say 'memorize these dates'... George Washington attacked Trenton in the snow with bare feet in blah, blah, blah... History, as taught, doesn't include the 'money trail'... If we begin connecting what happened with the money trail then history begins to make sense.
Smedley Butler, in his famous 'War is a Racket' Speech, didn't go far enough... but he made a damn good start.
Snid, well said and perhaps you are not going back far enough either?
America is not an Empire per-se anyways. it is an extension of an old power. Much older as I understand it. Even in the players of the American Freedom movement, the Civil war and war of independence are full of characters of questionable leanings, as in who/what were they really fighting for.
I read about Amenhoetep I think, who had the stone cravings all across Egypt altered to remove any memory of his predecessor.
True history perhaps lives on in a very small clique of people who passed on the truth as it was.
i hope it's true revelation is nigh.
ori
That's a bit too US-centric. At that time the US was one of many powers undergoing momentous change.
Don't get me wrong, like Jekyl Island fans I think the fed is terribe because it's private and unaccountable.
I just don't think we can do without central banks. Also note that public central-bank systems also crashed,
central banks = central planning
central planning = central control
central control = arbitrary power leading to absolute power for the controllers
absolute power for the controllers = slavery for those controlled
if you really believe we need central banks and all that it implies, you are my enemy
I thought I knew a bit about history, I have certainly spent more than a few years studying some topics of interest to me.
A few years ago I began to view events through the prism of economics (theft) and sadly my understanding of humanity and history has increased by at least an order of magnitude.
So, 50%+ of the world GDP in crisis is bullish?
Yes!
Buy More NetFlix NOW!!
Hurry!!!
Would be interesting to see world debt to world GDP plotted along the top.
Cock sucking thieves, all of them. May they hang from lamp posts.
I wanna hang them on the White Hose Lawn.. lots of room, big trees.. let the new President show the rest of the scumbag bottom feeders what the "New Normal" is all about!
Dont laugh!
I can Dream!!
There's a place in the world already where they hang people...Iran (people are hung from giant cranes to set an example to those contemplating a different form of governance).
Unfortunately, the people hanging in Iran are usually engaged in civil disobedience...or somehow trying to improve things...
Personally, I think an appropriate penalty to TPTB is to place an M-80 in the posterior of the treasonous bas***ds...
So they know what it is like to "blow up" - the same way they "blew up" our financial system an our economy.
haha
Of course we, the United States of America, provide the sovereigns in Iran, with said opportunites to hang dissidents.
"If you will it, it is no dream."
Sleeple dream with eyes wide shut...
ori-ism
I have to take issue with labeling them cocksuckers.
Cocksuckers are a valued labor resource and add value to any economy.
they have talent and you can measure the results more important the government doesn't bail them out they put them in so their professional managers can
The Fed was not designed to bring market stability....it was designed to make banksters rich.
The banksters, Morgan et al, were already super-rich beyond rich.
The FedRes provided them the power to control to [1] maintain their wealth and [2] protect their status against undesired outsider interlopers/superrich wannabes and threats against their status cum privileges [ideas of community and sharing were and are their Achilles Heel].
A not-so-fine point: Bill Gates is super-rich in money. He has no power...such as family lines that have established generations of common, priviliged interests and connections, in both defensive and expansive activities.
Consider: there cannot be a privileged rich group without an unprivileged poor group. The terms are entirely relative. Too many rich and the privileged status is diluted.
FedRes motto: To protect and serve. Not very original, is it?
"It's a COOKBOOK!"
No it wasn't. I'm not saying the project has been successful but the Federal Reserve was originally envisaged as a 're-discount house' where commercial banks could swap, at a discount, their self liquidating commercial paper (real bills) for more 'liquid' Federal Reserve notes, so 'greasing' the wheels of commerce. I believe originally Federal Reserve notes were redeemable in gold, though there may have been a caveat "gold or lawful money", I am unsure on this point.
The original Federal Reserve Act certainly prohibited the monetisation of government debt but this & gold redeemability soon went out the window. The fault lies more with the governments' propensity to spend thus requiring recourse on the central bank than nefarious bankers plotting to steal everybodies money & rule the world.
My 1928 Gold Certificate says its payable to the bearer on demand in gold.
Oddly no one in the government will make good on it.
It also does not say 'backed by the full faith and credit of the US government.'
It says redeemable in gold.
I guess I should have gone for the 'full faith and credit of the US government' version.
After FDR confiscated the gold in 1933 he also made gold notes or certificates illegal and no longer redeemable in gold. Like wise in 1968 President Johnson declared silver certificates to be fiat and no longer redeemable in silver.
So at this point if you want to redeem your note you must sell it for the Numismatic value in fiat and then use the fiat to purchase gold.
Perhaps this info at this link will be helpful.
http://www.the-privateer.com/paper.html
That is BS. The Fed is the government's enabler. Fed is happy to give the gov money to get them further in debt. Eventually so deep they can't get out. Somewhat like now.
But I thought the Fed was our friend? It protects us and our money, keeps us safe, so we may sleep soundly at night? Like the Patriot Act. And NDAA.
Giving up liberty in exchange for safety is the smartest choice. What use is liberty if we are killed by freedom haters?
Thats why I no longer leave the house. Statistically, if I leave the house often enough, I am certain to be hit by a meteorite, even if the terrorists don't get me. Don't bath or shower either, cause more people die in bathtubs every year than have ever been killed by terrorists, better to just smell bad than be dead. Also did you know you could get electrocuted indoors? I switched to oil lamps, its the safe and smart thing to do.
Also thinking about..........eh.............what the fuck..........my house is burning down, fucking oil lamps, I knew I should have gone and lived in a cave, but I was worried about falling rocks.
Goddamn it.....why didn't the government protect me? Is that not their job?
careful blogging, those keys have some powerful springs behind them.
Sent from my iPod. No springs.
Crap, you forgot the carpal tunnel syndrome
No Jobs either. http://www.youtube.com/watch?v=Frd53vbCHLg
We need to rid the world permanantly of these agregious, parasitic leeches.
My guess is that if that were to happen then a new set of parasites would take their place. It will take a major upheaval to comepletly rid ourselves of them.
Exactly... the strangest part is that the new parasites have an incredibly large chance of being the very same people who are presently calling the existing power structure parasites... the picture of a dog chasing his tail comes to mind. Absolute power...
It's like saying we should rid the world of self interest... good luck with that one.
It's the only way I would ever forgive Monsanto
They're getting there: http://articles.mercola.com/sites/articles/archive/2012/01/15/dr-don-huber-interview-part-2.aspx?e_cid=20120115_SNL_Art_1
Souless, money grubbing parasitic leeches are the McJob creators. Where would be without our part time, no benefits, no advancement McJobs?
Very instructive.
just a thought or 2;
1) If one were to believe the superficial reasons for creating the Fed, which is somewhat akin to why rivers are dammed, which is to prevent flooding and crop failures (bank runs and bakruptcy), and make the flows more predictable, one might conclude it ain't workin' so well.
2) Whether you believe the superficial Fed creation reasons or not, it would also seem what you might call the "barnacle effect" took place after the Fed creation. As in, if a reef suddenly appears, barnacles and other creatures will attach themselves to it. A backstop allows for an increase in risk taking.
I heard once that for every problem you solve, you create two more. Seems to apply to both above
Holy analogies Batman! Quick Robin get the bat quote dictionary.
So in your analogy, who controls the flow to the public faucets? You imply (i think) that the FED does so. It does not. The FED can buy up treasuries, the Treasury can deposit funds into the banks but that's as far as it goes. In case of a "liquidity trap", money stays in the banks or parked back at the FED earning measly interest while the public demand remains low. This is exactly what's going on today. To borrow your analogy, dam gates are open, no water in the sink.
Borrow away. I was referring to the financial crisis of 1907, which almost wiped out JP Morgan's bank in NY. The public excuse for creating the Fed was as a backstop to provide liquidity (to the banks) in such circumstances. So my point is that even if you take them at their word as to why the fed was created (for "good" and to stabilize the financial system, like damming a river), they have failed to do their primary job it would seem.
And of course there is all the awful side effects we are now living through!
The demand for a flexible money supply and safer banks was huge among farmers and small business people, too. That's why a Congress in control of the Democrats passed the Federal Reserve Act. It is a mistake to put the sins of the voters and their representatives purely on the bankers. It is our fault that we have not struggled to enact laws which require budgetary restraint and laws that strictly would punish corrupt trading of favors. Cancel the next four years of professional sports and reality tv, and lets get to it! Damned, nobody agrees with me. They just want to count their money, or their crack, or think about the Bachelor. Don't care much about THEIR DAMNED GOVERNMENT, or the debt burden they're laying on their kids through payback or inflation.
"The sack of these United States by the Fed is the greatest crime in history"
Louis T. McFadden
jp morgan was a rothschild man, and the real money was never at risk. the crisis of 1907 was manufactured. the farmers and small business were being squeezed by the railroads and the bankers - and with the nascent control of the media, the outcome was as intended. there was significant opposition to the 'money trust' at that time, and the FED Act was sold as a means of controlling them.
reading history with the benefit of more complete record of intent and actions at the time, its pretty clear that larger forces were planning (and have throughout the history of the US) these events to get their hands on the levers of money exclusively.
we've been either actively fighting central banking or getting played toward it virtually since the beginning.
you really think the political process is an avenue for change now? even though i mainly vehemently disagree with the author of this quote, in this she had it right.
"If Voting Changed Anything, They'd Make It Illegal"
OZZI... Is the Fed authorized to open multi trillion dollar swap lines with foreign banks and soverigns? Is the Fed authorized to bail out domestic banks with secret money creation? Is the Fed authorized to provide Americans with their own public motels... Red Roof Inns?
I didn't see that stuff their charter.
Their time is up !!!
The main pillars of central banking (not mandates) is to remain independent and non-partisan. i.e. no influence from politicians. Instead, we have the banks influencing the politicians. OK then.
empirically this is simply incontrovertible. I will say this: Ben Bernanke to date has only been "too optimistic." In the world of Fed Governance...i'll take that error anytime...especially given what has transpired over the last decade in the USA, for twenty years in Japan and what is currently impacting our Super Mario's (though they push against it to the best of their ability...and it is great ability i might add.) Given that the British Pound was backed by gold for centuries I still fail to see what the big deal with gold backed currency is. so the USA had one major blow up in 1906 which resulted in "Congress declaring JPMorgan too powerful"? Now all of us seem....well "powerless." Anywho great post...espcially in its simplicity.
Look here.. you are Fight Club Family.. so I say this with Love!
GO GET SOME GOLD AND SILVER!! NOW!!
hold a little cash so when the Markets slide do to contagion from Europe that you can order some at really low prices.. timing will be everythiing.. the on-line store fronts will close when Gold gets to, too low..
and always by silver! too!!
Other than that.. Ammo! but I dont feel like I need to encourage you there for some reason.
God Bless! and Thank You for Your Service!!!!!!!!!!!!
I'm no fan of the Fed, but I'm also not into scapegoating, or questionable attempts to turn correlation into causation.
Basically, what happened is that humans got clever and found out how to burn the massive amounts of fossil fuels that lay in the ground. As that happened, economic activity and population exploded ever higher, and the old standards of doing things (such as gold) failed to keep pace and eventually we found ourselves where we are today: dependent on central banks which issue fiat money out of thin air.
You can't blame everything on the Fed or FDR or Nixon or whoever you want to blame. Each of these are only players, only actors in a giant game.
If we were to stop this suddenly, it would be akin to stopping the flow of oil. Imagine if, tomorrow, there was literally no oil available, at any cost. It would practically be armageddon. It's the same with fiat money.
So who is at fault? If we are honest with ourselves, we would have to say that the entire human race is at fault. We have these enormous gifts, but ultimately we fall short because our appetites and imaginations are infinite, but we live on a finite planet. We don't know how to live within our means. And everybody thinks they will live forever. Look at the pitiful, old, tired fogies running things in the U.S., Europe, and Japan, for example.
When this gigantic bubble finally runs it's course, it may just result in an evolutionary change in human behavior that nobody right now can entirely predict. Without a doubt, the current financial system, the globe over, is going to fail. There's no question about that. The questions are timing, what comes next, things like that.
Start here.. http://www.youtube.com/watch?v=wYuLjGQQ-jg
if you get it.. I will feed you some more info.
Good Luck and God Bless!
Wow. Smells like he's now changed up to a "notwithstanding and despite all claims to the previous that oil supplies are nearly depleted and clearly not abiotic in origin, what petroleum is left (denominated in the following cartel private bank ponzi currencies) is too expensive" argument.
Does this guy fill in for Kreskin and Reveen when they are on vacation?
Basically, what happened is that humans got clever and found out how to burn the massive amounts of fossil fuels that lay in the ground. As that happened, economic activity and population exploded ever higher, and the old standards of doing things (such as gold) failed to keep pace
********
Money supply has nothing to do with advancement-
If the money supply is fixed-then wages/prices will adjust to the fixed price and we can advance just fine-
It's ridiculous to think that money supply must keep increasing with advancement-
This is just too honest and reasonable to get any traction, but the effort is appreciated.
One thought for you... perhaps the asset side of this mess starts inflating again and/or debt aligns to cashflows either by default restructuring or growth. Then there is no outright collapse. This "opposite of apocalypse" is most likely, as it is what has happened since 1810 and running.
Your claims are not right either. 'We' are not dependent on fiat money out of thin air, the government & its sycophants are dependent on fiat money out of thin air. Those of us who produce real things that other people desire, in my case, sheep & cattle, are the the ones being screwed as the value of our labour is siphoned off through currency inflation.
Gold did not fail to keep pace, it was deliberately ostracised by bankrupt governments, & their sycophants, desperate to keep their hands on the levers of control. You in the US can certainly blame FDR, though government bankruptcy is universal.
Conclusion: "The surface of a planet is NOT the correct place for an expanding, technological civilization." -- R.A. Wilson
Dolph... "Basically, what happened is that humans got clever and found out how to burn the massive amounts of fossil fuels that lay in the ground. As that happened, economic activity and population exploded ever higher, and the old standards of doing things (such as gold) failed to keep pace and eventually we found ourselves where we are today: dependent on central banks which issue fiat money out of thin air."
....................................
What a total crock of bull shit. Until the end of WW2 the US was the largest oil exporter in the world. So plenty of oil was available for economic expansion even when the US remained on the gold standard. Debt, and growth, was held in check by the amount of gold available to back the currency.
Some would argue, as you do, that the reins of gold needed to be removed so that the world economy, and population, could expand more quickly. How has that worked out? We now have 7 billion people scattered across the earth that are dependent on a shaky financial system and even shakier commodities mkts for their very existence. Any bump in the road can and will derail the entire system and billions will starve... Billions that arguably should never have been brought into this world because the system to support them is a house of cards.
The second debt explosion (after the roaring 20s led to the depression) came when the US, under Nixon, closed the gold window and issued only unbacked fiat, which is infinitely expandable.
Once off the gold standard there was nothing to hold back the spending in the public sector and then, bankers being ever more greedy, offered ever more cheap credit to the private sector... bankers made loans that they knew would never be repaid, because it increased their bonuses.
None of this could have happened had we remained on the gold standard... or, not to the extent that we see today.
Had we remained on the gold standard we would have had slower growth but far less debt. We are in this debt trap because we abandoned the gold standard.
this is the sovereign "birth-death default model"?
doesn't their book prove why it's gonna be different this time? L0L!!!
Who needs Keynesian clowns when we have the private bank cartel and the Federal Reserve?
No farmer in his right mind would look at a silo of grain and expect the silo to magically duplicate itself overnight, and yet the Federal Reserve clowns expected empty houses to double in value. Enjoy the clowns and their comedy.
how shall we celebrate the Fed Res 100th b-day?
13 flaming buildings?
mescaline for all fed governors prior to committee meetings
Those azz hats don't need mescaline, they need a dose of reality.
LSD it is then.
Locate them and publish their whereabouts at all times. People of the world have been financially affected by the fraud they created.
TPTB use soveriegns against each other as a way to take what they want.
Now that globally we've been united by their financial destruction the whole darn world is learning who the real enemy is.
I'd like to at least regain control over the taxes I've paid.
TPTB? Interesting perspective.
...Reignhart broke this chart pattern out, when she testified at the Simpson Bowles commission, only she pointed out the pattern spike that happen just before war breaks out. Lol
Everybody knows what the problem is but we can't convice the deniers in charge. Charts like that is now treason.
How many ammendments to the Federal Reserve Act has occurred where the noose is tightened on the freedoms of the american public, and the indenturedness and slavery to the Dimons, Pimcos, Paulsens and all the rest who sit at the money nozzle.
When the act was passed very little teeth, now we have a school of pirhannas and their pack of wolves (president, sentate , congress and judicial) all pounce on the sheeple.
Undo this abomanation and scurge to mankind.
I still have this nagging question - if our dollars become worthless, what difference does it make how many of them you have? Currency collapse would seem to me to be the great equalizer, from China to the Squid to the Morgue to El Gordo, unless El Gordo is smart enough to continue to stack PM's and bullets.
Good question.
Since the value of all fiat currencies is based on what we are TOLD they are worth, it won't make a difference if you have a jillion of them if - and more importantly - when people begin not accepting them.
This is also a good reason to have a nice stash of gold or silver coins...there is no counter party risk, and gold and silver have been money for over 6,000 years.
I wish the legal tender laws would be repealed...IMHO.
Hard commodities, arable land with irrigation, gold, silver, guns, ammo etc. should all be stores of wealth.
Yet somehow standards of living have increased how much? What is everyone on this blog doing with their free time? Where do most of you find food? Do you all spend hours laboring in the forest hunting, or do you go to the nearest grocery store? Everyone here has a computer! A car! Yes, the 20th century was horrible for us all!
...Dr. Krugman, lol, ...that would be a Chinese Communist Doctor, with a terminal case of addiction to debt and demand destruction.
Standards of living...ignorant economist/politcal propaganda for owning too much shit. It is not quality of life. According to economics a couple that divorces has an increased standard of living, now they have two houses instead of one, two cable bills more flat screens more netflix accounts. Owning more shit is not an increase in quality of life for most it is debt slavery or increased overtime.
The things you own end up owning you.---Tyler Durden