I’m clearly no economist so maybe I’m missing something obvious, but I cannot wrap my head around why so many believe that the market is just some sort of fundamental, unchangeable property of the universe that is and always will be. Why do we assume that the dollar will always be valuable?
I could be incorrect, but it seems like there is no guarantee that there will be a rebound after a crash (see: 2008). It more so just seems like parts of capital crumble and become inaccessible to people who once had access, thus causing complete inaccessibility for all who come after.
So, boom and bust seems like the greatest misnomer of all time.
What would have to happen to cause global stagnation for a whole decade?
People think the dollar ( or any currency ) is valuable because the country that issued it is still using it. The dollar would get less valuable if the US economy shrank while everyone else grew. But you can trade your dollars for other currencies so that's not an issue in the short term