“Next Comes The ‘Turbulent Twenties’”
by David Stockman
“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. It has turned Wall Street into a dangerous gambling casino while leaving Main Street buried under mountainous debts, faltering investment in growth and productivity and the hand-to-mouth economics of spending more than you earn.
It has also left the American economy exceedingly vulnerable to external shocks. That’s because 80% of households have no appreciable rainy day funds and businesses have hollowed out their balance sheets and artificially extended their supply chains to the four corners of the earth in order to goose short-run profits and share prices.
However, this unprecedented fragility is becoming evident as public health authorities around the world aggressively move to contain the Covid-19 contagion. This will mean separating workers from their workplaces, consumers from the malls, diners from the restaurants, travelers from the airlines, hotels and resorts and much more like and similar disruptions to the supply-side of the economy.
In short, the world’s supply chains are buckling and freezing-up, thereby causing production and incomes to fall abruptly. In turn, shrunken incomes and cash flows will pull the legs out from under the edifice of debt and speculation that has been piled atop the American economy. 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.”
Please view this complete and highly recommended article here:
Source:
http://coyoteprime-runningcauseicantfly.blogspot.com/2020/03/next-comes-turbulent-twenties.html
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