alt Hacker NewsEven for people living of wealth, it is not clear what the outcomes are.
If renters of your apartments can not afford to rent them, housing crashes because your city was a looser (Detroit style withdrawals).
Even for stocks we don't know who the winners are. The market as a whole usually does not respond that well on serious turmoil.
So yeah. We are likely seeing some very rough years.
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Sadly, we have gone above and beyond the level of innovation where stock market disruption is a primary concern.
Luckily, we're all in this together. As long as enough people realize the weight of what's happening soon enough, I'm confident the indominable human spirit and the relative momentum of post-enlightenment social & institutional progress will carry us the rest of the way on a wave of clearly-justified solidarity.
To think otherwise --to truly face the spectre before us without hope-- is pathology, I think. Not necessarily incorrect of course, but definitely an unhealthy source of cognitive distress.
It's even the 'smaller' stuff that will be horrible.
Even if you're lucky to be wealthy you'd be living in a city with fewer restaurants, bakeries, shops, anything. Because once a lot of people don't have income they won't be able to go out and buy things and shops will go out of business.
It will also lead to a lot lot LOT LOT LOT more crime. I don't see the semi-wealthy to have an enjoyable life.
Yep, most wealth is ultimately dependent on some kind of ability to scrape off tiny bits of practical accomplishments of value achieved by large numbers of people. In some cases, such as your housing example, this is a very direct dependency. In other cases the dependency is indirect and less visible.
The smarter ones among the rich have realized this and are open for something like a universal basic income precisely for that reason: to protect their wealth and the position in the food chain this wealth affords them.