New Supply Floods U.S. Housing Market: "With permanently depressed wages, massive unemployment, the most over-supplied market in history, no personal savings, and an economy in the early stages of a Greater Depression, there is no “light at the end of the tunnel” here – not in five years; not in ten years.
If this nightmare already sounds as bad as it could possibly get, you’re wrong. I (and other commentators) have said for years that reckless U.S. money-printing by the Federal Reserve, and even more reckless fiscal policy from the U.S. government has made U.S. hyperinflation inevitable.
With the entire U.S. economy drowning in $60 trillion in total public/private debt (plus an additional $70 trillion in “unfunded liabilities”), there is no way to even service this mountain of debt with the U.S.’s (relatively) tiny $13-trillion economy. The U.S. government must drive the U.S. dollar down to near-zero – so that all these U.S. dollar-denominated debts “evaporate” with inflation. However, what also evaporates is the wealth of all Americans (or at least all wealth which has not previously been converted into gold and silver)."
"The light of the body is the eye: if therefore thine eye be single, thy whole body shall be full of light." --Jesus
"Sometimes the first duty of intelligent men is the restatement of the obvious" --George Orwell
"The test of a first-rate intelligence is the ability to hold two opposed ideas in the mind at the same time, and still retain the ability to function." --F. Scott Fitzgerald