The 80Th Anniversary Of The Great Crash Of 1929: Law, Markets, And The Role Of The State
THE GREAT RESET (THE GREAT DEPRESSION SEQUEL)
The debt blanket is smothering the federal government, small businesses and many households. How do we know when we reach the upper limits on borrowing? When we can't make the monthly payments on the debt.
Personal bankruptcies will hit 1.4 million families in 2009, small businesses are declining in numbers at annual rates exceeding 10%, and personal bankruptcies will impact over 1.4 million in 2009. China-Russia-OPEC have served notice they are decreasing their purchases of U.S. government debt and/or have created regional non-dollar trading blocs in 2009. As a consequence, as the federal government debt-buyer of last resort, the Federal Reserve is monetizing the debt by creating record amounts of new dollars as the U.S. Treasury tries to finance multi-Trillion dollar deficits in 2009 and thereafter.
The U.S. is rapidly approaching The Great Reset. Lifestyles are being reset downward, taxes will be reset upwards, and the dollar is being reset at lower and lower levels. The implication? A long period of Stagflation (little or no growth plus high inflation).
Roger L. Torneden, Ph.D.
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