Letter to the Editor: The Great Credit Collapse is coming
It’s coming! The Great Collapse. It will be greater than all that came before it. Greater than the stock market crash, greater than the housing market collapse, greater than the auto industry bailout, greater than AIG.
What is it? The Great Credit Collapse. The problem is debt. Not just the national debt, which is astronomical, but industrial debt, business to business debt, and yes, personal debt.
The real problem is there’s no cash ! There’s only a nominal amount of U.S. dollars in the world at any one time and it’s hardly worth the ink and paper used to print it. When everyone owes something to everyone and there’s no money to pay, there’s a problem.
The Fed is trying hard to prop everything up, but the collapse of the stock market and by default the U.S. economy is inevitable!
When will it happen? It’s already begun and will continue for years to come. And some want to be president during this time? Good luck! Hillary may be the last democratic president we see for the next 30 years ! The Great Credit Collapse of 2016-2017, coming to a wallet near you. Watch for it!
Harold Wetzel, New Market
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