Trump's tax reform could tip America into recession and possibly serfdom
Paul Gambles, managing partner at MBMG Group
A breeding ground for the next Great Depression now exists.
In simple terms a depression is a recession that begins at a time when there are extreme levels of private-sector debt (and in consequence generally also an over-leveraged, acutely fragile banking system and stratospheric asset prices).
According to the Bank of International Settlements, the relative level of private debt today – whether in global aggregate, in the highly-financialized U.K., and U.S. or in the seven countries highlighted by my colleague Steve Keen, the chief economist at IDEA Economics, as most vulnerable to a debt crisis - is comparable to and, in many cases, worse than in the late-1920s.
Therefore, we should all be desperately seeking to "avoid" triggering a re-run of the 1930s ("avoid" in the standard sense and not the political vernacular where it means "delay for a four to five-year term of office"
.
more
http://www.cnbc.com/2017/03/06/trump-tax-reform-could-tip-america-into-recession-and-possibly-serfdom.html
= new reply since forum marked as read
They didn't get their Great Depression 2.0 and had to settle for the Great Recession. Obama had no help, but still managed a mediocre recovery to get us where we are now.
The next crash may go all the way to the bottom. 
