The great Ponzi scheme that was America is coming to an end. Read between the lines of the Cleveland Dispatch to see where the next shoe will drop.
The home real estate crises is not over and the commercial real estate crises has just begun.
When bad times hit, trouble runs uphill. Economic tsunamis take the path of least resistance. People with few resources are bowled over first. You can't live paycheck to paycheck without a paycheck.
If the wave is of sufficient magnitude, and this one is a quadrillion dollars high, it will rush right up the hill and drown even those standing on huge piles of gold.
People lose jobs and stores close. Stores close so malls close. Malls close so real estate investment trusts (REITs) fail. REITs fail and the stock market plunges. Stocks plunge so people lose jobs.
People who lose their jobs can't pay taxes. No taxes, no government.
While the federal government can print money to pay bills, the local governments can't. Expect them to drown as their resources allow – city followed by county followed by state. All this year, I think.
If there is one thing that's clear, capitalism's backbone is the worker – and the poorer the better so he'll stay motivated to work. Capitalism doesn't work in a nation of millionaires (the false hope of 401Ks.)
Usury is designed to make debt slaves of working people and eventually bankrupts them. If the rich folks running this scam want it to continue in this generation, they are going to have to forgive the indebtedness and start over. The alternative is a complete collapse and that is what we are experiencing.