Economists and market analysts have been sounding the alarm on this for decades, but politicians more concerned with getting elected than actually averting a socio-economic crisis have benefitted from ignoring it.
In the United States — and throughout the world — debts within and between governments are soaring. And don’t let anyone fool you — this affects the so-called welfare paradise states in Scandinavia and the rest of Europe. Eventually, these debts are going to have to be paid, and the crippling austerity measures that are sure to come when they do are not going to be pretty.
The United States has been able to postpone this economic judgement day by devaluing the dollar as a way to, in turn, devalue its debts. This practice, known as quantitative easing, has pushed back the inevitable for a while, but even this seemingly magical approach his an expiration date.
Let’s be very clear about this — economic recessions and depressions don’t just hit your bank account. They have the potential to steer human civilization as we know it on a completely different course. We’ve actually seen what the effects of economic depression can do to nations — in the late 1920s and 1930s, struggling economies put their hopes in brutally authoritarian governments, who would in turn commit some of the worst atrocities in human history.
Black Pigeon Speaks has more on why this crisis needs to be solved sooner rather than later.
~ Liberty Planet