May 20, 2023 – Eight Characteristics of the Great Depression

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  1. Massive Unemployment
  2. Overproduction, Insufficient Consumption: The poor cannot afford to consume, and the middle class are reluctant to spend.
  3. Stock Market, Real Estate Market, and Bond Market Collapse: Factories close or lay off workers, reducing workers' wages.
  4. Numerous Debtors Default
  5. Renting: The poor are forced to leave large cities, landlords evict tenants who cannot pay rent in large numbers, and young people end up homeless or turn to their parents for support.
  6. Decreased Social Life, and the Costs of Entertainment Activities decreasing (Watching short videos etc.)
  7. Emergence of Counter-urbanization: Rural population returns.
  8. Lacking Meaningful Activities and always being Absent Minded: People suffering from mental illnesses, and a rise in the popularity of religions or unconventional beliefs

In general, China is not so bad. Maybe 1, 2, 6, 8 are problems now. Compared to South America and Southeast Asia, China is already doing well.