The following video is brought to you courtesy of the Epic Economist YouTube Channel. Click the video below to watch it now.
A new study has discovered that we are far more dependent on America’s great debt creation machine than most of us would have ever dared to imagine. Today, debt is involved in most of our major transactions. In order to purchase a home, most of us go into debt. The same thing is true when most of us buy a vehicle. Total credit card debt is well over a trillion dollars, and total student loan debt is now over a trillion and a half dollars. Corporate debt has more than doubled since the last financial collapse, state and local governments are absolutely drowning in debt and unfunded pension liabilities, and the federal government is more than 22 trillion dollars in debt. The Federal Reserve and the “too big to fail” banks are at the core of this insidious debt-based system, and it has been systematically destroying the bright future that our children and our grandchildren were supposed to have. But if we suddenly turned off America’s great debt creation machine at this point, our entire economic system will destroyed by economic collapse because we have become so dependent on it. Our massively inflated debt-fueled standard of living is completely and utterly dependent on the continual creation of more debt.
U.S. per capita income of $66,900 would be slashed to a negative $4,857 using this measure. That’s a total loss of almost $72,000 for every man, woman and child. So the only thing keeping us from complete and total economic collapse is the fact that debt is flowing like wine. But what would happen if some sort of major national crisis erupted someday and all of a sudden everyone was afraid to lend money? That is something to think about, because such a scenario may be a whole lot closer than many people might think. As it stands, we appear to be on the precipice of the worst economic downturn since the last financial crisis, and our trade war with China just went to an entirely new level as the month of September began. The Chinese knew that these tariffs were about to go into effect, and so they were ready and waiting to retaliate just one minute later.
Of course many U.S. companies will be hit extremely hard by these tariffs that the Trump administration just implemented.
And now we are moving into the month that is traditionally the month of stock market crash for Wall Street. The following comes from Fox Business… Investors may breathe a sigh of relief that August, typically a volatile month for stocks, is over, but history shows that September could be even worse for Wall Street.
We shall see what this September brings. Certainly things are really shaky on Wall Street right now, and any piece of really bad news is likely to set off another wave of stock market crash panic.
Without a doubt, the market is more primed for a major stock market crash than it has been at any point since 2008, and it definitely will not take much to make this a “September to remember”…
CO.AG Music https://www.youtube.com/channel/UCcavSftXHgxLBWwLDm_bNvA
For more economic collapse news visit our website: www.epiceconomist.com or www.theeconomiccollapseblog.com
Fair Use Notice: This video contains some copyrighted material whose use has not been authorized by the copyright owners. We believe that this not-for-profit, educational, and/or criticism or commentary use on the Web constitutes a fair use of the copyrighted material (as provided for in section 107 of the US Copyright Law. If you wish to use this copyrighted material for purposes that go beyond fair use, you must obtain permission from the copyright owner. Fair Use notwithstanding we will immediately comply with any copyright owner who wants their material removed or modified, wants us to link to their web site, or wants us to add their photo.
Most of artwork that are included with these videos have been created by Epic Economist and they are used as a representation of the subject matter. The representative artwork included with these videos shall not be construed as the actual events that are taking place.