41. Casualty of the Crisis: Things You Don't Need

On April 26, 2020, as most communities remain in lockdown for COVID-19, Glenn Campbell looks back on a video he released a year earlier called, "The Vanity Economy: The First Casualty in the Next Recession". This video was prescient and is rebroadcast here in full. Although Glenn knew nothing of any pandemic back then, he knew that a crash was coming and that it would start with a collapse in the market for nonessential products and services. Everyone needs food and medical care, but they can live without spa treatments, sports equipment, home renovation, new cars and countless other ego-motivated items. In a crash, those are the first things people eliminate from their budgets. Purging things you don't need may seem good for the soul, but it is devastating for a modern economy, which has come to depend on this discretionary market. This episode replays the original 10-minute video (visible on the YouTube version) followed by a commentary bringing it up to date. — Website: DemographicDoom.com — Instagram & Twitter: @DemographicDoom — See the video version of this episode for notes, comments & corrections: j.mp/dd_dontneed [ep 41, 26 April 2020]