Violence, social unrest, and authoritarian movements
Modern Monetary Theory is a fallacy that has gulled mostly college educated people into the stupid-happy belief that money will never run out. What a shock it will be when they find out just what will happen when it does.
Econ 101 is long ago and tiny in my rearview mirror, but what the geniuses in D.C. have done with the economy, particularly starting with BHO and the "monetizing the debt fix" for the housing bubble, was just ludicrous. Flood the market with Monopoly money- a short term bandaid that left the underlying problems festering. That's when I started prepping, because I knew it was just a matter of time until this house of cards falls. Maybe it hangs together until I die of old age; that's about the best I can honestly hope for. I voted right along for people who pledged to start paying as we go, but something *always* comes up and we just can't do it this budget cycle. Now it's going to get even tougher to prep with the prices of everything already so high... Move out of the big cities; they'll never survive. Who knows, maybe a "hail mary" like an economical and safe fusion power system will happen along and push back the collapse? Thanks for posting this sobering warning, John.
Why do you think that there wasn’t a revolution or civil war in 1929-40? I’m interested in anyone’s take on it.