Finance & Economics | 2023 Recession

The Rich Need A Recession

Expect the upcoming 2023 economic downturn to serve them well.

Joshua Edward
6 min readOct 31, 2022
Photo by Zachary Kadolph on Unsplash

My favourite line from Game of Thrones is when Lord Baelish says “sometimes when I try to understand a person’s motives, I play a little game. I assume the worst. What’s the worst reason they could possibly have for saying what they say and doing what they do? Then I ask myself, how well does that reason explain what they say and what they do?”

For those of you trying to understand the recent sentiment shift on Wall Street from outright recession denial to actually becoming cheerleaders of the impending economic downturn, this mode of analysis is perhaps the best way to comprehend what is happening.

The short explanation is that The Federal Reserve, along with the world of high-flying high finance professionals, are actively trying to cause an economic recession. The reason for this is that without one, the value of assets (their assets) will suddenly plummet to unpredictable depths.

At that point, they will require another infusion of taxpayer dollars to rescue their value — this is getting risky because people are growing weary of bailing out the elite.

In order to avoid this, the gods of high finance are instead trying to squeeze consumer spending so that the prices of goods and commodities will drop, but only by an amount that won’t decimate the portfolios of the wealthy elite. This is since the wealthy elite are considered the most important component of the modern economy.

This is the reason why the Federal Reserve in the USA is raising rates aggressively, but not so aggressively that it would outright jeopardize the value of assets on rich people’s balance sheets. Instead, rising rates will cause higher unemployment in the working and middle classes, which will in turn help regulate the cost of labour for corporations and private businesses owned by rich people.

Rising rates will also slow the demand for goods and services that businesses currently can’t provide enough supply for — if they could, they would.

Perhaps most importantly, rising rates reduce the creditworthiness of many borrowers, since the risks…



Joshua Edward