HISTORY IS NOT REPEATING:
There are those who would argue that the current world situation is simply part of some enormous, multi-decade social cycle that must occasionally play itself out. Such individuals may suggest, for example, that the US is currently going through the same cycle it previously experienced during the days between Presidents Carter and Reagan, and that the next business-friendly administration will reverse all our current problems.
This belief is simply a fallacy. Unlike any other time in modern history, the United States has “maxed out its credit card”, and is having to resort to money printing (aka “quantitative easing”) in order to stave off a major crash of the US economy. Needless to say, if money-printing was a sustainable solution the nation would have been engaged in that practice since its founding.
The $60,000 question is this … “Do the same rules apply to a nation that maxes out its credit cards as to an individual who does the same?” If the answer is “yes”, then difficult times lay ahead.