In this week’s Off The Cuff podcast, Chris and Wolf Richter discuss:
- How covid has accelerated decades-worth of change
- Why industries & social behavior are permanently affected
- It will take years for the new landscape to stabilize
- Why the economic pain and inequality will lead to greater social unrest
Recorded just before the recent riots erupted across the country, Chris and Wolf essentially predict the imminent inevitability of such social unrest.
Covid-19 has forced an immediate and permanent transformation of the global status quo, and we are in the early stages of understanding exactly how. But it is becoming clear that the pains involved will not be over quickly and that things will take years to stabilize.
Wolf explains how everything from jobs, to home prices, to social behavior, to financial assets will continue to be buffeted well into 2021, and how the actions of the Federal Reserve are exacerbating the complaints of injustice that underlie the multiplying protests around the nation.
When millions of people suffering from marginalization lose their income and are then forced to stay at home, they have little to do but simmer in their resentments — which get further inflamed as they witness additional injustice, be it via police aggression or undeserved bailouts for the rich. Unsurprisingly, the animus reaches a boiling over point.
As Neil Howe explained in our recent podcast with him, we are now deep into a Fourth Turning, in which an unraveling of social order is expected.
by boomer41