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Yesterday, I quipped: “Like a deadly virus, but to infect everything and everyone. The sorcerors couldn’t stand being away:” I’m not the only one drawing the correlation; Zerohedge noticed too.

The coronavirus is now exposing a far more deadly disease: Namely, the poisonous brew of easy money, cheap debt, sweeping financialization and unbridled speculation that has been injected into the American economy by the Fed and Washington politicians.

So both a renewed financial and economic crisis and an abrupt change of course lie dead ahead. The 30-year era of False Prosperity is over.

Accordingly, the Turbulent Twenties have begun. This will be a decade when the chickens come home to roost. It will be a time when the cans of delay and denial may no longer be kicked down the road to tomorrow.

To the contrary, the 2020s will mark an era when today’s economic and political fantasies are crushed by America’s accumulated due bills.

Bubbles will be burst. Speculators will get carried out on their shields. Easy money wealth will evaporate. Fiscal trauma will ensue. The national joy ride will end.

The decade of reckoning that lies ahead is rooted first and foremost in the fecklessly incurred mega-debts of the private and public sectors alike. Together they have soared to the staggering sum of $75 trillion.

That’s 5X more than the $14 trillion outstanding three decades ago.

Even Yahoo! Finance has open eyes: “Liquidity Concerns Build as Key Market Stress Indicator Surges

Given the massive electronic paper printing of late, is this a crisis of liquidity drying up? Or is it a drought? We may soon find out.