Will The Impending US Economic Collapse Usher In Socialism?
By: Avi Gilburt
GoldSeek.com
Wednesday, 25 July 2018
instructs.” Yet, society, as a whole, has a very short memory. Thus, lessons learned through the pain of generations gone by often are quickly forgotten.
We have very few people left worldwide who actually lived through the Great Depression. While I have been told many stories by my grandparents of what it was like to live through the 1930’s and 1940’s, I clearly do not have first-hand experience. Yet, I would assume that I still have a better understanding of that time period than most of the people reading my words today.
To add to Franklin’s wisdom, George Santayana was quoted as saying that “those who do not learn from history are doomed to repeat it.”
So, if we were to synthesize Franklin’s and Santayana’s wisdom, it would suggest that when society, as a whole, no longer remembers the pain experienced during the times of the Great Depression, it certainly opens the door to repeating it. And, I think we are approaching such a period of time in the coming decade.
As an Elliottician, I understand that financial markets provide us with a representation of the overall mood or psychology of the masses. Moreover, we also understand that markets are fractal in nature. That means they are variably self-similar at different degrees of trend. For those that want a more detailed explanation of what this means, I suggest you read this article written by Robert Prechter, who is today’s foremost expert on this topic:
[Article] Science is Validating the Concept of the Wave Principle
But, I would imagine that the simplest way to explain this concept is by saying that while history may not repeat in the exact same fashion, it will certainly rhyme.
What I intend to focus upon in this article is R. N. Elliott’s concept of a 5-wave structure, which provides guidance as to the ebb and flow of our markets, thereby providing insight into the ebb and flow of society as a whole. This also provides insight into what the future may hold.
Most specifically, I want to focus upon waves 2 and 4 within the 5-wave structure, which are the corrective and regressive segments of the 5-wave structure.
Based upon my analysis (along with Elliott’s himself), the market seems to be on a path of completing a multi-generational 3rd wave sometime in the mid-2020’s. This wave began at the conclusion of wave (II) in 1932, and has progressed for almost 90 years. But, take note that wave (II) ushered in the Great Depression.
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