A good amount of people today express hopelessness about our present challenges. Many insist that our political and financial systems cannot be reinvigorated and that most people cannot learn new habits and retrain for a better future. I do not believe this. As I have said many times, today we are dealing with the aftermath of the bad choices we have made over the last 30 years. Our leaders have made some classic errors and the populace has too willingly allowed ourselves to blindly follow to our detriment. But this is not a global pandemic. This is the plight of too many zeros in debt. We can and will knock off the zeros over time and reset. Yes it is a lot of work. No it is not quick or painless. Nothing truly valuable ever is.
The central bankers keep trying to force consumer consumption through lower and lower rates. Consumers are not buying for good reason: they have learned the hard way that debt is death and they do not want more credit. This revelation is an important building block for a stronger future. People are focusing less on things and more on self-preservation, re-training, reinventing themselves to turn their life for the better. As the world awaits the next round of bad leadership and even cheaper credit from the Federal Reserve over the next two days, I think this quote and video clip (thanks Matt) are worth consideration.
“There is no chance, no destiny, no fate, that can hinder or control the firm resolve of a determined soul.” –Ella Wheeler Wilcox, 1850-1919, Author and Poet