Ernest Hemingway on how you go bankrupt from "The Sun Also Rises"
The common delusion held by most people with whom I chat about this country's economic and fiscal problems is that "it can't happen here." I've been trying to decide if this view is borne from childish naivete, motivated denial or intentional ignorance. Quite frankly, it actually depends on the particular circumstances of each individual but the common denominator is "the Fed/Govt will take care of us."
Those are famous last words. For those of you who like to see at least a possible explanation for what's really happening behind the curtain that's been collusively pulled over our system by DC and Wall Street, you would be served well to watch the less than 7 minute video below which compares the U.S. now with the German Wiemar period of the early 1920's.
While you watch this, keep in mind that China - in a ground-breaking trading agreement - has agreed to conduct all-out trade with Australia using full yuan/Aussie Dollar convertibility, outright bypassing use of the $US completely: LINK China has been methodically signing limited-scale agreements with several of its larger trade partners to conduct trade without using the $US. This one with Australia would be the first 100% direct currency agreement. The reserve status of the $US is being eliminated, slowly then suddenly. That's the event that will lead to severe hyperinflation here: