Meet the group preparing for a Soviet Union-type collapse of the US economy
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A group of users on the subreddit r/economiccollapse are preparing for a Soviet Union-type fall of the US economy. The subreddit's membership has grown 80% from the end of 2021 to the end of 2023. Searches for 'stock market crash' and 'economic crash' have also increased. The middle class and ALICEs (asset limited, income constrained, employed) are struggling financially. The housing market is facing problems with sky-high mortgage rates and an increasing number of houses worth less than their mortgages. The stock market's strength is partially attributed to AI, which could lead to a crash. Job growth has slowed, and interest-rate cuts are being delayed. Inflation concerns are debated, with some arguing a soft landing is still possible. Billionaire hedge fund manager Jim Simons died at the age of 86. The US-China rivalry may impact Big Tech. Mark Zuckerberg has turned against the news industry. Startups are focusing on helping people make friends through in-person events. OpenAI is teasing a new announcement. Banks are improving credit-card fraud protection. Rick Doblin and MAPS are pushing to legalize medical MDMA. Some millennials who bought real estate before the pandemic have benefited financially.
#EconomicCollapse #Recession #StockMarketCrash #HousingMarket #Ai #JobGrowth #InterestrateCuts #Inflation #HedgeFund #UschinaRivalry #BigTech #MarkZuckerberg #Startups #Openai #CreditCards #MdmaLegalization #Millennials
https://www.businessinsider.com/economic-doomsday-preppers-economy-recession-crash-reddit-2024-5
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