The fundamental failing of today’s global economy can be summarized simply: Too Much Debt
We have taken too much of it on, too fast, in too many markets around the world, to have any hope of making good on it. Not only does the math not work out, but also on a moral level, we are placing a tremendous obligation on future generations that will unfairly limit the prosperity they can enjoy tomorrow in order to finance our consumption today.
In the US alone, total credit market debt stands at over $57 trillion and is doing its damnedest to continue expanding exponentially. Since simple math shows us that this debt level cannot be supported, the key questions to ask at this stage are:
Will the unsupportable debt disappear via default, or inflation?
And very important:
When these debts do disappear, who will take the losses?
The full suite of chapters in this new Crash Course series can be found at Peak Prosperity Crash Course.
And for those who have yet to view it, be sure to watch the ‘Accelerated’ Crash Course — the under-1-hour condensation of the new 4.5-hour series. It’s a great vehicle for introducing new eyes to this material.
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Contributed by Chris Martenson of Washington’s Blog.