cross-posted from: https://lemmy.ca/post/54239937
During the Great Depression, when banks foreclosed on farms, neighbors often showed up at the auctions together.
They’d bid only a few cents, and return the land to the family that lost it. Sometimes a noose hung nearby as a warning to outsiders not to profit from someone else’s ruin.
It was rough, but it worked, communities protected each other when the system wouldn’t.
If a collapse like that happened today, do you think people would still stand together or has that kind of solidarity disappeared? Could it happen again?
A real depression wouldn’t spare anyone, everyone gets hit not just the poor.
That’s what’s going to make this one interesting. The cascade event for the great depression was a stock market crash which resulted in many of those wealthy people autodefenestrating, an event that the stock market was modified to prevent from happening in the same way in the future. It’s going to work the same as the last time for the poors, but it’s still to be determined if it’s going to hit the non-poors the same way.
Why would that make banks less likely to take foreign money instead of more likely to take foreign money?