Living on borrowed time..
by Bruce O’Hara
April 24, 2923
It is important to remember that the economic crises of 2001 and 2008 each took the better part of two years to fully unfold. Time and time again during each of those crises, government flacks and media hacks would tell us: “Relax, the crisis has been resolved.” Then, a few weeks or a few months later, something else would break, and the next chapter of the crisis would unfold.
I believe we will see a similar pattern unfold over the next two years: periods of relative calm punctuated by economic emergencies of increasing magnitude.
Because no banks have collapsed this week, it can appear that the current crisis is over. Those in government and the media, would love you to believe that. It isn’t so.
It is normal in capitalism for unsustainable levels of debt to build up from time to time until such debts exert an untenable drag on the economy. Historically when this happened, during the resulting recession/depression, large numbers of bankruptcies and defaults of all kinds would occur, wiping out most of those debts, and allowing the economic system to start over, free from the drag and drain of massive indebtedness.
Read More HERE