But don’t worry, a revolution would not be far behind. My guess is that it would kick off as generational rather than regional or factional, but it would eventually incorporate all three. A generation already swindled by the college loan racket must be chafing at the bureaucratic nightmare that ObamaCare instantly turned into at its roll-out, with a website that wouldn’t let anyone log in. Isn’t technology wonderful? I wonder when the “magic moment” will come when all those unemployed millennials join a Twitter injunction to just stop paying back their loans. If that particular message went out during this month’s government food fight, it would do more than just get the attention of a few politicians. It would crash the banks and snap the links in every chain of obligation holding the fiasco of globalism together.
So far, the millennials have shown about as much political inclination as so many sowbugs under a rotten log, but it is in the nature of criticality that things change real fast. In any case, the older generations have completely disgraced themselves and it is only a question of how cruelly history will treat them in their unseating. ...What Durden is talking about is that we have entered a completely new world of imaginary foundations to our economy. Marc Faber comments:
"The question is not 'tapering'," Marc Faber exclaims to his hosts on CNBC's Squawk Box this morning, "the question is at what point will they increase the asset purchases to say $150 [billion] , $200 [billion], or a trillion dollars a month." QE-4-EVA is here to stay, as Faber explained "every government program that is introduced under urgency and as a temporary measure is always permanent." Simply put, "The Fed has boxed itself into a position where there is no exit strategy," and while inflation may not be present in the 'chosen' indicators, Faber blasts, there's been incredible asset inflation - "we are the bubble. We have a colossal asset bubble in the world [and] a leverage or a debt bubble." There will be massive wealth destruction, he concludes, "one day this asset inflation will lead to a deflationary collapse one way or the other. We don't know yet what will cause it."Michael Snyder writes:
The collapse of American society is accelerating. For the moment, much of our social decay is being masked by the tremendous level of affluence that we are experiencing in aggregate. It has been reported that 4 out of every 5 adults in the United States "struggle with joblessness, near-poverty or reliance on welfare for at least parts of their lives", but in general Americans still enjoy a debt-fueled standard of living that is far beyond what most of the rest of the world enjoys. When that debt-fueled standard of living permanently disappears, it is going to unleash chaos unlike anything that America has ever seen before.
... So how can I be so sure that this is going to happen? After all, the United States didn't descend into complete and utter chaos during the Great Depression of the 1930s. Wouldn't an economic depression unfold in a similar manner today?
Unfortunately, a lot has changed since then. A lot more Americans were self-sufficient back in those days, and the truth is that the character of our nation has been rotting and decaying for decades. ...
... Just last weekend, there were "mini-riots" in several U.S. states when "technical issues" caused the food stamp system to go haywire for a few hours.
What would have happened if there had been an extended outage or if the political crisis in D.C. had caused food stamps to be completely cut off at some point in November?
Let's be thankful that we did not have to find out.
But even though major food stamps riots may have been averted (at least for now), there are a whole host of other signs that America is going to become a very unstable place during the next major economic downturn.Meanwhile, as the West relies on fiat currencies, China (and other countries) are buying up physical gold.