Obama borrowed seven trillion dollars, printed another three trillion and proclaimed himself an economic genius.
None of which is relevant unless we default.
Which is not unlikely.
Debt deflation is all about default. Persons, Companies, Banks, Cities, States, Nations.
It's about future capacity not being able to pay off the largesse of the past as well as current needs.
Capital retracts and waits for the dust to settle as the real economy contracts, seemingly endlessly.
If you have CASH assets (not debt assets like T-Bonds), but actual cash, you are KING.
If you have all your cash tied up in Commodities and Real Assets, while you get to keep those, they are not worth nearly as much cash...but probably kept their relative wealth.
If you have debt, you are dead meat and will be driven to certain default...losing any real and cash assets you may have.