As if everyone who isn't smarter than I hasn't already written on this, but we are facing a deep, deep financial crisis. I only understand about a third of what I'm reading on this, but I've read enough to have me fear that we're going to have a global meltdown of currencies, and the mountain of debt. The sub-prime mortgages are just the tip of the iceberg. The Mortgage Backed Securities are all questionable, which has led to the banks and financial institutions which invested in these to go down too. The next bubble will be the Credit Default Swaps, but the bigger bubble will our money. If you care to become as frightened as I am, then click here. I don't pretend for a minute to understand this stuff, and I am willing to acknowledge that maybe this is a crank with an internet site, but what he presents is very scary stuff. The Fed is bankrupt.
This chart is the root of my nightmares...
Folks, bubbles can't be inflated forever. This money supply is going to pop. When that happens, the things you need in life--food, water, electricity, gas--are going to become outrageously expensive. The things you don't need in life--an iPod, a ticket to the movies, a RV--are going to drop like rocks.
And because many, many people around the world are going to become very uncomfortable, very fast, I am concerned that all-out war is not out of the question. It is how governments placate their citizens.
But the topic of this post isn't just our rapidly deterioriating economy and what will happen next, but rather this poll. We have serious, serious problems if Americans cannot understand that the money that we just "bailed out Wall Street" with is just a figment of the Fed's imagination. Using that "money" to buy three months of gas is about the dumbest thing I've ever heard--short of using it to bail out Wall Street.