Look at a variety of cases,
1) Argentina 1999-2001. I believe in this case the middle class got wiped out pretty hard. The rich stayed rich, the government expanded its power, and the poor work their back sides off to eat and have shelter. One could argue their quality of life was much lower than our own so they weathered it better than we might.
2) England 1970ish I don't know the year the "Pound" was displaced at the world's reserve currency. I'm sure our friends in England thought the world might end, but it didn't.
3) Germany 1935-40 I will never forget the introduction to a book on economic collapse that described the "butcher" who worked near Berlin. He owned his own shop, and worked it hard for 20 years. When he was married and had a baby during the 2nd year they agreed to save a few pennies (our term) each day for their son's college so he could go further. They saved dilligently every day for 18 years for the boy. On his 18th birthday they withdrew the savings and took him out to diner with it the night before his enlistment in the military. That's all 18 years of savings was worth. Only relevance is - Germany today - 75-80 years later. Do you think China or Russia are going to help rebuild America like America rebuilt Germany and Japan? Doubtful.
1) Argentina 1999-2001. I believe in this case the middle class got wiped out pretty hard. The rich stayed rich, the government expanded its power, and the poor work their back sides off to eat and have shelter. One could argue their quality of life was much lower than our own so they weathered it better than we might.
2) England 1970ish I don't know the year the "Pound" was displaced at the world's reserve currency. I'm sure our friends in England thought the world might end, but it didn't.
3) Germany 1935-40 I will never forget the introduction to a book on economic collapse that described the "butcher" who worked near Berlin. He owned his own shop, and worked it hard for 20 years. When he was married and had a baby during the 2nd year they agreed to save a few pennies (our term) each day for their son's college so he could go further. They saved dilligently every day for 18 years for the boy. On his 18th birthday they withdrew the savings and took him out to diner with it the night before his enlistment in the military. That's all 18 years of savings was worth. Only relevance is - Germany today - 75-80 years later. Do you think China or Russia are going to help rebuild America like America rebuilt Germany and Japan? Doubtful.
