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Noah and the Ark
The immediate result was record lows in polls for Congress (14%) and President (9%), if not Courts which overturned economics and elections, ruling to pay illegal aliens free education, healthcare, prison and welfare at taxpayer expense.
Now states may be going broke, with the United States to follow.
Yes, the Feds can print money out of thin air and the Treasury can borrow even more to buy infrastructure and social services. If the Chinese and Japanese stop buying Treasuries, the Treasury can borrow them with Federal Reserve dollars from the phantom zone.
Like polluted atmospheres and overfished oceans, healthy returns from make-believe usury monopoly money are diminishing.
Dollar devaluation through inflation may make people think they and their assets are worth more, but it also pushes them into higher tax brackets.
The immediate real mind, money, market problem is neither credit or supply, but falling consumer demand due to lower real wages, insolvency and no savings.
Of course consumers were two thirds of the economy, if not the wealth. How do a consuming middle class or working poor pay bills and debts bigger than their incomes?
How would the top 1% who get 60% of the income and own 90% of the wealth, get special interest corporate, foundation and trust tax breaks and make 365 times the employees they lay off for their own bonuses, relate?
They wear one pair of new trousers at a time. In truth, much of their 90% wealth is unproductive, in foundations, municipal bonds, private properties or trusts.
Many pay little or no taxes because of corporate loopholes like government tax credits, subsidies and offshore exclusions not available to individuals.
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