One of the steps in a societal collapse is a loss of faith in financial tools. The stock market has seemed like a casino for a long time to me, yet it is still cranking out money for the upper crust. It is the primary driver for business decisions that produce short term gain, but reduce long-term viability for the companies and for the environment.
Currently, there are no other real vehicles for the average US citizen to invest in for their retirements. In my parents’ generation, there were more. Heck, they had a lot of money in CDs and even those earned a decent rate of interest. Yet everything now is such a low return, or boom/bust like housing, so little guys like me are pushed into getting retirement accounts that are stocks. I’m not keen on that.
What’s even worse is that many jobs will employer match if you put into one of the stock market based retirement funds. But if you want to just put your money into a savings account, you miss out on the employer matching. So there’s strong incentive to keep putting your money into the stock market.
So I keep trying to read the tea leaves to figure out when the casino is going to collapse. …or even if it will. I think there are some folks that just assume that it will keep making money for the wealthy and the rest of humanity will just get left behind.
The one thing that I take heart in is that I will probably drop over dead before I have to worry about retirement. I’m doing the best I can to set things up for my family, even though I know that there is little chance that there will be enough for them to get by.