Thanks. Good to hear I'm not crazy—sometimes I just feel like a total pessimist! What's interesting to me is that the quantitative data is supported by qualitative evidence, as probably 25% of commercial real estate in my neighbourhood has a "for lease" sign up. Yet I don't think people are properly weighting the risk of a looming recession, despite seeing signs everywhere (literally) that something is happening.
RE: How the next recession may unfold
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How the next recession may unfold
I would also like to add that the implementation of universal basic income presupposes that the government retain the ability to collect taxes. Cryptocurrency-enabled tax evasion is not conducive to that. While we all cheer when the adoption rate of cryptocurrencies goes up, growing income inequality can be made worse than it already is by them. The distribution of Bitcoin ownership is hugely unequal with 1000 addresses holding half of all bitcoins.
At the current rate of job destruction, the libertarian ideal of low or no taxation is completely dead in the water. The only thing it will lead to is serious social unrest and ultimately fascism. In the Trump phenomenon, the USA has already experienced a smattering of it, although the Trump presidency has also demonstrated the how effectively checks and balances in the US government have worked to contain his excesses. But much worse can be expected if the national unemployment rate becomes too high.
I've already stated that I'm a proponent of universal basic income. But I think the government should mostly stay of out the way. Regulation is necessary in minimizing negative externalities. But this precisely where distributed ledger technologies have great potential to reduce both fraud and the necessity to combat fraud and other negative externalities through government regulation.
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I haven't explored the intersection of basic income and cryptocurrencies much, but now I'm curious. I love the idea of decentralizing wealth without an intermediary, but I don't think many existing cryptocurrencies—and especially Bitcoin—have really lived up to the hype here, given how much they rely on exchanges, large mining operations and, as you pointed out, a small group of large owners. If I had to choose between a government and a cryptocurrency for basic income, at least right now, I'd still vote for government. But I might change my mind as I learn more about this.
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PS: I didn't mean to upvote myself, but got a scary warning when I tried to remove it.
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Your're in Toronto? Isn't Toronto, along with Vancouver, one of the two Canadian cities worst affected by the real estate boom? I have relatives in Vancouver and they told me that quite ordinary houses in the Vancouver Metropolitan Area cost seven figures at present. We also have Love it or List it Vancouver on television here. The situation is making it impossible for the young generation to stay in Vancouver once they graduate from college. I have seven second cousins there, in high school, in college or recently graduated. All the independent ones have moved out. One lives in Montreal, another is in the petroleum industry in Alberta and one is a geology major, and probably will relocate to another province, too.
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Yes, housing prices are very high. Fortunately, we bought into the market a few years ago, and own our home. I'm often tempted to sell it, semi-retire, and move my family to a small town. But we're quite settled here, with our families nearby, so it's a no go... for now.
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If I were you, I wouldn't move unless I had to. Uprooting yourself and your family and moving elsewhere (outside the commuting area) is no small matter. But if you, say, became seriously ill and unable to work, the possibility of cashing in on the house would be an option.
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Sounds like you speak from experience. Noted.
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That's true. My wife and I had to move two hours away from the city that I grew up in because she couldn't find work any closer. This is not a bad place to live. But I didn't enjoy the transition at all. If a few million euros fell on my lap, I'd seriously consider moving back despite my wife having little to no job prospects in her profession up there.
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