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Are we heading for a 1930 Depression?
If we are it will be for the same reasons and the same culprits.
The banks, buying and selling pieces of paper for a lot more than they were worth. Countries were allowed to run up levels of debt they obviously couldn't justify. The citizens of those countries were living on borrowed money they didn't deserve.
The flaws are obvious it's wrong lending a million dollars to someone with a $50,000 income. Someone, some time is going to take a huge hit. This goes for every country with a huge deficit. Including the US.
People lived off the imaginary profit the banks made, in our standard of living, pensions and shares dealing. Countries have lived off the imaginary money, in Government spending. Don't bother to offer a solution, the experts can't think of one, so the GFY economists certainly aren't going to come up with one.
And no Macho cowboys telling us how they're going to buy guns. They'll need to trade them for food, if we have a 30s type depression.
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