I've actually experienced a widespread regional economic collapse. When oil prices plummeted in 1982, the lone pillar of Oklahoma's economy crumbled. Foreclosures were rampant, unemployment soared, and twenty-five financial institutions folded. There were literally runs on the banks, evocative of eras thought long past. Everything spiraled downward from there. It took a decade before there was any noticeable recovery.
It was not pretty. I don't recommend it.
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