We have already HAD The Great Depression.
Forget about double-dip, v, w, or any recovery whatsoever...what we are about to enjoy is what will be called THE GREAT UNWINDING.
The US CPI was stable for about 200 years. Then, from 1971 to 2010 the CPI increased by almost 500%.
- Virtually ALL growth has come from massive increases in credit [read: debt], rather than real growth in GDP.
- This is why the US debt-to-GDP is now 380% and rising.
Keynesian "Obamanomics" means we will spend the next 100 years 'unwinding' this debt.
- This is NOT the 1930's, but will be more like pre-industrial revolution 1700's soon.
--Real unemployment is about 22%.
--The financial system is bankrupt.
--Federal and State deficits are rising.
So what do YOU think it will be like when things get really bad?
The important difference between the peak of debt now and that during the 1930s Great Depression or WW-II is that this debt has not been used to purchase any worthwhile goods or services. It is simply consumed wealth as a deliberate government policy.
ReplyDeleteThe Democrats have deliberately impoverished America to make it less threatening to thugs tyrants kleptocrats and Islamists.