Fake Money and Fake Debt Make Real Problems
“Neither a borrower nor a lender be; For loan oft loses both itself and friend.”
– Polonius to Laertes, Hamlet, Act I, Scene III.
America has a debt problem. In a time of a booming economy mentioning that is out of vogue. Democrats aren’t talking about it. Republicans aren’t talking about it. President Trump isn’t talking about it. They know, they’re just staying quiet while they can.
The Federal Reserve knows. So do the talking heads at CNBC. If one listens very hard one will occasionally hear the faintest murmur from those quarters that something might be amiss.
During the good times, no-one wants to talk about bubbles no matter how big or bad they are. Peter Schiff is an exception. In a recent article for the New York Post by John Aidan Byrne, Schiff predicted the next depression (with a “D”).
“We won’t be able to call it a recession, it’s going to be worse than the Great Depression,” said economic commentator Peter Schiff, forecasting a major economic downturn as early as the tail end of the Trump presidency’s first term. “The US economy is in so much worse shape than it was a decade ago.”
We are, statistically, historically, overdue for a downturn. It’s not a matter of if as much a matter of when. So, “when?” While not as unpredictable as the Second Coming, this question is best answered with a hearty “sooner or later.” Some of us have been saying that for a while.