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Disasters Can Happen

Leading the Next Economic Downturn

Economic Collapse, Credit Crunch, Markets, Stock Marketsby MN Gordon

Economic Prism

Markets went haywire again this week. The DOW flipped and flopped like a fish out of water. Something spectacular is heading this way…you can just feel it.

U.S. government debt has now eclipsed $18.1 trillion. Tack on the debts of households, businesses, and state and local governments, and the total U.S. debt jumps to $59.2 trillion. Personal debt alone, which includes mortgage, student loan, and credit card debt, now stands at over $16.7 trillion.

These numbers are significant. They’re astounding to. Not only for how ginormous they are. But, more so, for what they imagine to life.

In particular, these massive debts produce a mirage of prosperity. They also produce an abundance of false demand. This, in turn, conjures an abundance of productivity that otherwise wouldn’t exist.

Millions of people wake up each morning to do jobs that are made possible only by cheap money or inflated prices. Sometimes they require just one or the other. (Read More....)

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Before The Lights Go Out

“None are more hopelessly enslaved than those who falsely believe they are free.” —Goethe

The seriousness of our national plight, the fact that we are witnessing the destruction of our nation’s and our individual financial well-being, is not always apparent to us as we look around our once privileged world. Most people are working but getting less pay and fewer benefits. By our government’s reckoning, unemployment is now around 9 percent, but we all know in reality it is much closer to 18 percent. For many small businesses it is touch and go. Meanwhile, banking and associated financial markets are doing brisk business, the only US business sector alive and kicking. True, there is stuff in the shops but most of us are buying less. We still appear rich, but wherein lies our wealth? Is the value of our national assets that we see in abundance greater than our national liabilities? Just go to the “Economic and Financial Indicators” back page of the Economist (Read More....)

. . . → Read More: Before The Lights Go Out

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