The problem is we are in unprecented territory. Compared to the Great Depression we are many times more leveraged in every sector of our economy. Foreign entities own a large part of our debt. We have an electronic economy for transacting commerce.
If the dollar crashes, interest rates go thru the roof, and the banks fail, there will be little the govt can do. Commerce could very well grind to a halt. People today don’t know how to survive like they did back then. Lots of people will die.
If that happens the whole country will collapse, it’s that simple.
You said:
The problem is we are in unprecented territory. Compared to the Great Depression we are many times more leveraged in every sector of our economy. Foreign entities own a large part of our debt. We have an electronic economy for transacting commerce.
If the dollar crashes, interest rates go thru the roof, and the banks fail, there will be little the govt can do. Commerce could very well grind to a halt. People today don’t know how to survive like they did back then. Lots of people will die.
If that happens the whole country will collapse, it’s that simple.