Trump's tax reform could tip America into recession and possibly serfdom
By Paul Gambles, managing partner at MBMG Group
A breeding ground for the next Great Depression now exists.
In simple terms a depression is a recession that begins at a time when there are extreme levels of private-sector debt (and in consequence generally also an over-leveraged, acutely fragile banking system and stratospheric asset prices).
According to the Bank of International Settlements, the relative level of private debt today – whether in global aggregate, in the highly-financialized U.K., and U.S. or in the seven countries highlighted by my colleague Steve Keen, the chief economist at IDEA Economics, as most vulnerable to a debt crisis – is comparable to and, in many cases, worse than in the late-1920s.
Therefore, we should all be desperately seeking to “avoid” triggering a re-run of the 1930s (“avoid” in the standard sense and not the political vernacular where it means “delay for a four to five-year term of office”).Gracchus, glinda, liberal at heart and 4 othersmmonk, 7wo7rees, disillusioned73, ZimInSeattle like this"But nothing ever changes unless there's some pain" - Tears For Fears "Goodnight Song"
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