The immense debt, stock and real estate bubbles, created by feckless central bankers, corrupt politicians, and spineless government apparatchiks, have set the stage for the greatest financial calamity in world history.
Rather than taking the bitter medicine of purging the system of bad debt and allowing zombie banks and corporations to die, the ruling class has chosen to ramp up the debt orgy and reward themselves and their cronies with ill-gotten riches, while impoverishing the masses. Their arrogance and hubris have grown to vast proportions and will eventually result in a bloody backlash from those they have screwed over.
The election of Donald Trump over the hand-picked candidate of the oligarchy, was a reaction to the raping and pillaging of Main Street by the greedy soulless psychopaths in suits on Wall Street and in the halls of the Eccles building in Washington D.C. The average hard-working American has seen eight years of âgovernment of the bankers, by the bankers, for the bankersâ.
Wall Street was bailed out and rewarded with the ability to borrow at 0% from their captured Federal Reserve. Zombie corporations were kept alive with low interest debt, with no adjustment for risk. The cowardly politicians drove the national debt from $11.5 trillion to over $20 trillion, while accomplishing minimal GDP growth (negative growth using a real inflation rate), and enriching mega-corporations and the top .1%. Meanwhile, risk averse senior citizens, depending upon some interest income to survive, were thrown under the bus by Bernanke, Yellen and Powell.
It was the deplorables in flyover country, the blue-collar workers in Pennsylvania, Michigan, Wisconsin and Ohio, and senior citizens in Florida who voted their wallets, which had been picked by establishment politicians for the previous eight years. Good paying manufacturing jobs with health benefits have been replaced with low paying retail and service jobs with minimal benefits.
Retail store closings continue to accelerate, while credit card debt hits all-time highs, surpassing the 2008 levels. A critical thinking individual might conclude millions of Americans are running up their credit card balances by paying their utility bills, property tax bills, medical bills, and other necessities on credit. Thousands of retail stores wouldnât be closing if people were still buying shit they didnât need on credit.
After campaigning as if he would be a fiscally responsible president, Trump has been a disappointment regarding the budget. His âbest economy everâ is nothing but a government spending driven, low interest rate, stock market boosting bubble. After promising to eliminate the debt during the campaign and railing against the low interest rate driven stock market bubble, Trump and the Republicans have added $2 trillion to the national debt, thus far.
The original projection for FY19 was around an $800 billion deficit, but the economy is âboomingâ so much, it will now reach at least $1.1 trillion. The rate of growth in the debt is outpacing the rate of growth of GDP, therefore we are regressing fiscally. Pointing this out is considered traitorous among Trump can do no wrong acolytes.
