America is entering the most volatile and dangerous period in its 240 year history. Unfortunately for the 7 billion others who share the earth with us, we have a nasty habit of making our problems their reality.
There are several facts which are certain. The first is that the US and indeed the entire world has more Unpayable Debts now than at anytime in history. And as Dr Michael Hudson often reminds us, Unpayable Debts are never repaid.
Debts can be cancelled in one of three ways. A billion dollar debt can be made to appear smaller if we raise prices 100,000%. That was done in the Weimar Republic in 1923. It did not work out very well. Another way to cancel debt is to discharge it in bankruptcy court. America did that in 1933 when farms and home mortgages were foreclosed and millions of businesses and individuals filed for…
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