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As I have been stating here for a VERY long time, when there is too much debt to be paid, it won’t be paid. And, since banks have debt as assets, when debt goes unpaid, banks fail.

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Since 2008, worldwide debt has increased from about $100 trillion to about $300 trillion.

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Eventually, inflation will give way to an ugly deflationary environment. In the meantime, we will probably see stagflation – rising consumer prices and falling asset prices.

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History teaches us that when governments overspend and central banks over print, eventually reality sets in.

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Ever since 1971, when the US Dollar became a fiat currency, and new currency has been created by loaning it into existence.

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For many years I have written about how economic data is often ‘massaged” (or manipulated?) to make the reported numbers look more favorable.

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Ever since the time of the Great Financial Crisis, I have written about the topic of bubbles.

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Debt has consequences. As does currency creation to temporarily mask the economic effects of excessive debt.

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Over the past couple of years or so, every American has felt the effects of this dollar devaluation first-hand as consumer price inflation has driven the price of nearly every necessity higher.

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Depression parallels? Not a comfortable topic to discuss, to be sure. But as my now oft-quoted history professor used to say, “those who don’t study history are doomed to repeat it”.

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