🐈
» Forums » Coffee Break » Re: Is American Economy Collapsing?
Page options
7bd0d548
Community Member

Is American Economy Collapsing?

If American Economy Collapsing, will upwork goes down also ?

I hear some banks in America are closing, that triggers many other banks world wide would also.

 

What will happen to upwork users if that happens ?

 

17 REPLIES 17
25005175
Community Member

The US Economy is not collapsing. AFAIK, only one bank actually went bankrupt. There will be local effects. But the insurance system in place is protecting companies that otherwise would have lost their money. There was a mild panic as some companies/individuals engaged in temporary runs on some other banks - which I suspect was to pull uninsured money out of accounts to place in new ones.

 

The collapse of the bank in Silicon Valley was due to a "perfect storm" - a trifecta of problems. At least, that's the current understanding of it.

 

I don't know enough about the Upwork financial structure to say whether Upwork would survive a collapse of the American economy. My hunch is that it would survive, since there would be a huge influx of remote workers who just lost their day jobs - similar to what has recently happened in the tech sector.

 

ETA: More than one bank, but the banks are now shoring each other up

Jonathan,

 

You are absolutely right. In such a situation, there will be a more intense flow not only on upwork but also on many freelance platforms.

Only 2 famous freelancing based U.S platform in the world.

 

The rest are like in Europe / Aus / etc

williamtcooper
Community Member

Ely,

 

No, the American economy isn't collapsing.

 

Central governments worldwide have increased interest rates too quickly causing a stress on the worldwide banking system.

 

It's an issue for the whole planet.

allpurposewriter
Community Member

Ely,

 

Banks close all the time and they never really close; they are always purchased by other banks. 

 

Is the economy collapsing?  No. In 2008-2012 or so some huge banks closed. The ecnonomy didn't do well those years, but it fell far short of "collapsing." 

calado-marco
Community Member

C'mom man...

 

From your Upwork profile picture i can deduce that you're old enough to know that you've been trough at least 4 economic crisis. From that you've surely learned that up's and down's on the economy are cyclical.

The current SVB bankruptcy has absolutely nothing to do with the 2008 housing/mortgage security crisis. At the time there was far more exposure and "contamination" to the markets then what exists now, a lesson learned, although some regulations have been overturned. Besides that it's a completely different issue. The 2008 crisis was a time bomb, the SVB is the result of lemming panic behavior.

Doomsday scenarios, apocalyptic wishes don't help, they will only feed unbased conspiracy theories and hysteria.

That said, the correct awnser is yes:
- American Economy will collapse... someday...
Nothing lasts foverever, that's a fact!
If there's something we can learn from our own empirical deductions or from the rational study of History, yes it will collapse. Someday...
Funny enough, what we've also learned is that it's a slow process, specially in major economies. And by slow i mean, centuries (unless there's an asteroid coming)!
The upside is that it also bounces back. Trust me on this. I'm Portuguese. And if Portugal could survive for almost 9 centuries in Europe, most surely the US will survive to!

Marco,

 

"Nothing lasts foverever, that's a fact!"

 

 

I think time lasts forever, actually.

Hmmmm. Measurable time actually had a beginning. At least one end-of-universe theory stipulates that the universe will end in such a state such that time will measurably end (e.g. Big Crunch).

Time can't end. The awareness of time can end, but time can't. Time does not need a universe to exist.

 

You say measurable time. That's awareness. Time spits in the face of such plebeian concerns! Fah!!! 

LOL. I would love to pursue this semi-philosophical, physics discussion. Something to ponder: since time and space are inextricably linked (time-space continuum, special law of relativity, general law of relativity), would not the termination of space simultaneously result in the termination of time? Or is time a higher-order existence/dimension derived from a higher-level, immeasurable background universe? Does the quantum wave-function argue for branching time, such that the collapse of a wave-function is the destruction of a temporal branch?

 

By the way, for anyone wondering, the chicken definitely came first. Mitosis and meiosis and whatnot.

Sorry for the double post, i've tried to delet the other but it didn't let me

Actually, it does end (Time), just for the fun of the conversation, like Jonathan L said below.
It was first proposed by Minkowski in 1908 and then summarized by Einstein in 1915 (special relativity).
How do we know this? It works.. simple as that!

And we know it works 'cause we use it every day.

Look at this:

https://www.faa.gov/about/office_org/headquarters_offices/ato/service_units/techops/navservices/gnss...
After you read this (and i give it's an awesome sleeping cap) you'll realize that the time on our satellites needs to be adjusted to the time here on the "ground".

There are three things to be considered in this equation: mass, distance and speed.
Simply put, it al comes down to this:
The orbit depends on the mass of two objects ( the earth and the satellite). The speed of the orbit is directly connected to the distance to the main point of mass (gravity). The "lighter" and closer one object is to another object with a "higher" mass the fastest the speed of the "lighter" object.
That's why our satellites need a delay. If that delay wasn't set, then all the ships and planes running on GPS could be miles away from their true location.
Now the speed, and this is the fun part: the faster you go, the slower time passes. WHAT!!!! CRAZY!!!
Seems stupid, right?
But it has already been proven and (again) you can check it from all data given by NASA, ESA, CNSA, JAXA, whatever... since we sent the first objects to orbit!!
You take two synchronized watches (nuclear, atomic or the least reliable quartz) in the same place at the same time: one stays on earth and the other goes to orbit.
The one in orbit when it comes down always presents on arrival a behind-time record - ALWAYS.
So time slows according to the speed...
And since the orbit of object A is dependent on the mass of object B and the speed of both is dependent on the mass plus distance of both, time can slowdown or speed up (relativity!!).
The perception of time as we define it, the "Awareness" like you said, is only given by our limited life time (simple humans with a short life span grounded by our planet's gravity):
If a redwood could speak, then he would attest that a single human life would just be just a blimp in his eyes.

 

So to sumarize; time is dependent on the existence of matter, matter defines space and gravity, the interaction between both (the observable changes) define time.
Without matter you can't define time. And when all matter is gone (hawkings radiation, when the last of the black holes is gone) you don't have time simply 'cause you don't have nothing to measure it...
Space-time

 

So yeah, you can simply say that time can keep on passing (after the last black hole is gone) but what time ?? How long, we have no way to measure it !

Here comes the philosophical approach, probably what you meant to say in your post...

Nevertheless is time still time if i can't measure it?

 

In the end time is just a abstract construct to our human eyes..: the way that we found to perceive (to measure) the continuous inevitable changes all around us.

We can set a meeting . Picture this : I call you setting a meeting at 5th floor of 140th Av NY. Your next question is when??

The place is there right? When is the issue. I can't define nothing without a time and a place. To meet we need four dimensions, (three are difined by coordinates - the space) the other is time (when).

 


Marco C wrote:

 

The current SVB bankruptcy has absolutely nothing to do with the 2008 housing/mortgage security crisis.


Bruh missed the point, upwork HQ is in SF, by that mean, most likely they put their money in SVB.

That's where their HQ is.

 

So, I am struggling and thinking if upwork are in trouble, where most of the users would likely going to be or going to do ?

 

You know why the SVB are falling right ? Because their customers pull off their funds, so the SVB don't have funds for many of the other customers. It's why they said many people are loosing money in SVB, that's why I am worried.

 

Note :

Two banks in the US have collapsed since 10 March - Silicon Valley Bank (SVB) and Signature Bank - the biggest bank failures since 2008.

6bfcdaf8
Community Member

I think yes and no. It's not a balanced view to say its "collapsing" but money will be more expensive going forward. So as a freelancer what can you do? If you want stability, find customers that have stable source of income. If all your customers rely on huge availability of cheap money then you may be impacted real fast.

When it comes to upwork, it will suffer as much as any other publicly traded company i believe. Because most of these companies were not even profitable. People were investing due to a) future expectations b) low interest rates. Now current "feelings" about both are not positive so.

But look, these are about general, big things. "American economy" "Upwork as a big company". Even in the worst of times there will be people / businesses thriving. So as a solopreneur you have a chance to thrive. We better focus on that part. 

colettelewis
Community Member

If the American economy collapses (unlikely at the moment even though times are difficult) then yes, force majeure, Upwork would likely take a dive too. But really, Ely, rather than relying on hearsay, why not follow, listen, read and understand what is actually happening politically and economically globally.  Things are bad (really dreadful for some countries), but at the moment, the lifeboats seem to be functioning, so hang on to your hat ...  

a1ebd38c
Community Member

I think that both EU and US economies' collapse is obvious, inevitable and only year-to-year postponed ever since 2008. This indeed could be the collapse, but it is not coming out of left field for sure. 

suvine
Community Member

I am a conservative freelancer who writes about the news ( and a political cartoonist) I have written many articles on this subject. I cannot share because well they are sold. But yes. I wrote an article for someone who wanted to know if A.I. would be blamed for the coming collapse that it would get out of control on purpose ( but they control it) and then it would be blamed for collapse.  This has been foretold long ago. The great reset is a book by the globalists. It is for a one world government. They need a climate tax thats why they pushing the " we are all gonna be dead in 12 years " stuff

Latest Articles
Learning Paths