According to Wikipedia, it is: “a devastating breakdown of a national, regional, or territorial economy. It is essentially a severe economic depression characterised by a sharp increase in bankruptcy and unemployment. A full or near-full economic collapse is often quickly followed by months, years, or even decades of economic depression, social chaos, and civil unrest.”
I was fortunate to have majored in Economics in college, primarily because I simply thought it was interesting. I still do, as a matter of fact. I learned back then that an economy is built upon people buying and selling, or transactions they make in order to survive and live a good life (as they see it).
As I read through the headlines, blogs, and books hitting the stores, the term “Economic Collapse” is being thrown around like everyone really knows what it is. Can an economy really collapse? In my understanding that would mean people would no longer be making transactions. Maybe that could happen, especially if there is chaos and civil unrest like the definition above states.
I’m not so sure though. Even in the most war-torn places people still transact, either as barter or simple currency transactions. Now, in my reading of the future, I do think the world is in for some really nasty economic tribulations. Unemployment, defaults, bankruptcies, high taxes, currency devaluations, riots, crime, and maybe even touch of over-reaching governments are just some of the things I see coming up to the plate.
Ever since that first caveman decided to trade with another caveman, though, transactions, buying and selling, and economic activity has been in the best interest of those wishing to survive and continue their species.
So why would anyone continue to use a term like “Economic Collapse” when it’s more accurate to speak about what will really happen, chaos included? (hint-it might have something to do with agendas) The real question and issue is what would these future uncertainties mean to me and my family. That’s why we started Ready 5!