The current hostile corporate takeover in the USA and the clear loss of political power of the common people, I started wondering what happened if people used consumption as their leverage. Since the system is designed for continuous growth, what would happen if a mass movement of people stopping buying new non-essential consumer goods?
It would send a much stronger message than angry public protests. Thoughts?
Edit 1: Received some fantastic responses one of these highlighted February 28th as the “National No Spend Day” that we can consider the rehearsal.
*Do not make any purchases Do not shop online, or in-store, No Amazon, No Walmart, No Best Buy, Nowhere!
Do not spend money on: Fast Food,Gas,Major Retailers Do not use Credit or Debit Cards for non essential spending
WHAT YOU CAN DO: Only buy essentials of absolutely necessary (Food, Medicine, Emergency Supplies) If you must spend, ONLY support small, local businesses.*
This movement is the definition of equitable, not spending means everybody can contribute within their means, and if you can’t afford to buy shit anyway, you’re already doing your part!
Peter Zeihan expects the opposite as Boomers sell their stock to fund lifestyle.
Could be both. First up, then down.
Edit to fix name.
I haven’t read this take yet, and I’m not an economist.
My point is that right now, boomers are doing everything they can to invest, so its a self fulfilling prophecy of ETFs and investment funds. Where everyone is buying in because the stocks are preforming well and the stocks are performing well because everyone that plans to retire is buying in.
However once boomers start to either sell their assets or die off, there will be a sudden surplus of stock and other assets in a pretty small window. And i doubt it will be a boon for the economy or the stock market.