public debt<\/strong>, and business debt are sometimes headlines, generally with no comprehension, and usually for political reasons.<\/p>\n\u2026Or far more likely to keep useless media placeholders in jobs. Nothing at all is actually being done about any of it. \u00a0They\u2019re background noise.<\/p>\n
Meanwhile, it\u2019s nearly 100 years since 1929. There hasn\u2019t been a major financial crash for nearly 20 years. The same geniuses that caused the last crash are still smugly alive. Never mind the doomsaying, we have the means and the people to screw up on a bigger scale than ever before.<\/p>\n
You\u2019d think it\u2019d be an interesting tale of heroic warnings and savvy risk evasion. Ah\u2026Maybe not. The cliff is still patiently waiting for everyone to go over it. To do that, you need leadership and guidance. You know, someone smart and clever and corrupt and remarkably schmuck-like.<\/p>\n
Wonder where you\u2019d find one of those? No, you don\u2019t wonder. You know.<\/p>\n
You may glimpse from your jewel-soaked palace a few interesting things about this situation. All you need is a level of incomprehension that makes a house brick look like Einstein.<\/p>\n
Like, for instance: \u00a0\u00a0<\/p>\n
America\u2019s credit rating was downgraded last year, no sign of any interest from anyone, pun intended. That makes money more expensive on top of interest rates. Add to this the cost of \u201cliving\u201d. Now see if you can figure out how to have a life so you can pay for it.<\/p>\n
There\u2019s an interesting issue here \u2013 The further up the financial beanstalk you are, the less you are prepared to admit you know about fundamental economics, or anything else.<\/p>\n
Maybe I should explain with more relatable analogies \u2013 There\u2019s no Off switch. You\u2019re not looking at a cartoon. You and this idiocy are on the same planet. Dumb things happen.<\/p>\n
Analogies can only do so much before they give up in disgust. I do get that.<\/p>\n
Here\u2019s the basic equation: Higher debts = higher demand for money = higher interest rates = higher prices.<\/p>\n
A lot of this is done to consolidate old debts and pretend you\u2019ve done something right.<\/p>\n
The secondary equation is even more glamorous: Unaffordability of everything due to higher prices = massive inflation = crashing real asset values.<\/p>\n
Every time this happens, your money is worth that much less. Eventually, you go \u201cSquish!\u201d and admirers dispose of you thoughtfully.<\/p>\n
If a million bucks won\u2019t buy you the time of day, what use is a million bucks?<\/p>\n
The big secret here, and don\u2019t tell anyone, particularly yourself, is that most people aren\u2019t millionaires. How thoughtless of you. Now add the secret ingredient, which is the theory that lots and lots more people out of work are good for the economy.<\/p>\n
They\u2019re good for the economy because more people out of work might reduce rates and save some billionaires a few bucks on loans. The national increase in chronic poverty is just a bonus. Get it right, and nobody will ever be able to afford the time of day.<\/p>\n
Fortunately, these aren\u2019t topics for serious discussion. They\u2019re grudgingly allowed to be mentioned in occasional articles to make it look like someone in media is economically literate. Nobody is expected to read them, let alone understand them.<\/p>\n
Private American credit is a constant rustle<\/strong>. This is the debt that keeps brutalizing \u201cthe public\u201d, that well-known theoretical human demographic which couldn\u2019t possibly really exist. If you can afford to be even a theoretical human, you may be doing much better than you think. Otherwise, stick to being a raccoon. It\u2019s safer. \u00a0<\/p>\nBusiness debt is a sleek, self-satisfied open wound. Silicon Valley Bank proved how easy it is to keep a few billion dollars of debt happy. On the financial markets, you can buy other people\u2019s triple ZZZ-rated debts. The debt market is a picture of rustic contentment for no apparent reason. This is value? Says who, and why?<\/p>\n
The markets don\u2019t seem to know where the cliff is. At what point does the Great X Box of the US economy blow a severely overloaded fuse? You might see something about wars and routine disasters. You might see something about abortion and the human rights issues related to reproduction<\/strong>. (Well, so what? Nobody can afford to have kids anyway. You need gold sneakers, not children.)<\/p>\nOn a completely unrelated matter, the US economy makes the US nuclear arsenal look positively irrelevant. America\u2019s greatest power is its economy. You know, the one you\u2019re running into the ground? Yeah, that one, with the waggly tail and management mange.<\/p>\n
If America falls over, nobody can afford to pick it up. The risks are much higher than 1929. <\/p>\n
If you wanted to destroy America, destroying the economy with so many bad calls would be the easy way. What you really need are more idiots to make sure that happens. Can\u2019t afford an idiot? Take out a loan. \u00a0<\/p>\n
__________________________________________________________<\/p>\n
Disclaimer<\/strong>
The opinions expressed in this Op-Ed are those of the author. They do not purport to reflect the opinions or views of the Digital Journal or its members.<\/p>\n<\/p><\/div>\n Op-Ed: America the sort-of solvent \u2014 1929 may do a fatal encore
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#OpEd #America #sortof #solvent #fatal #encore<\/p>\n","protected":false},"excerpt":{"rendered":"
Wall Street: \u2014 \u00a9 Digital Journal. Let\u2019s admit it. Massive debt is such fun. Interest…<\/p>\n","protected":false},"author":1,"featured_media":2161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[1176,1180,1179,1175,1178,1177],"yoast_head":"\n
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