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In a months time, after the congressional bailout it will be $12T, next year once the recession bites further, houses are off another 15%, and defaults soar, son of bailout will take the debt to $15T. After that, God only knows. I'll guess the depression will be kicked down the road a little bit further by the printing presses and devaluation of the dollar. They may then be rising over $15T in debt, but so what? With the dollar index at 50 it will only be $10T in today's money.
$10tn public debts, $15tn mortgages, it soon adds up to serious money. I say cancel mortgages, wipe out bank shares, make mortgages illegal, use the income freed-up to start paying down the national debts. Easy...
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