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> So you're saying "this time is different." Let's see how that plays out.

Main difference from the past recessions is that today the main way to store money is index funds. In recessions people pump money into savings, ie into index funds, ie into the stock market making stocks value increase rather than fall. As long as people believe that index funds are a more stable currency than the dollar this will continue to be true in future recessions.

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this is a very insightful look at how people have changed their belief in what safe money is. In a lot of ways, money is a story of trust -- it's what you believe that other people will believe is true, is true. And when that fundamental belief of 'safe asset' moves from cash under the mattress, to cash in a savings account, to cash in an index fund, to cash in a cryptocurrency -- well, the ramifications are massive.

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