The Depression Is Just Beginning

by Mike Whitney

Bernanke’s had a good go-of-it, juicing the market through the backdoor and concealing–as much as possible–who is still buying US Treasuries. (who knows; maybe it’s the Fed buying its own paper offshore?!?) But what good will it do? The US consumer is broke; the tank is on empty. Household equity has declined by 94%, jobs are scarce, personal savings are rising, and families are cutting back and hunkering down. It will take a decade or more before household debt is whittled-away to a point where people can consume at pre-crisis levels. Another stock market bubble won’t change a damn thing. This Depression is just beginning.

http://informationclearinghouse.info/article23182.htm

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