Swelling DEBT crisis creating financial "death spiral" in America, economist warns
By ethanh // 2024-02-01
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"Black Swan" author Nassim Taleb has a serious warning for America: the country's debt pile is reaching "death spiral" proportions – and only a "miracle" can save the United States from what comes next. Referring to the mounting U.S. debt load as a "white swan" means a risk event that is highly predictable and probable. It is the opposite of a "black swan" event, a metaphorical concept that represents a risk event that comes seemingly out of the blue and takes everyone by surprise. Each time the so-called debt "ceiling" is reached – this now occurs regularly, by the way, in some cases several times per year – Congress simply ups it to a higher amount while "doing deals because they're afraid of the consequences of doing the right thing," Taleb says. "That's the political structure of the political system," he further warns. "Eventually you're going to have a debt spiral. And a debt spiral is like a death spiral." (Related: Many American businesses are already pivoting away from cash as society's headlong dive into cashless finance accelerates.)

Globalization, debt-based fiat will take down the economy

This past December, for the first time in history, the U.S. national debt reached an astonishing $34 trillion. This means that an average American family of three now "owes" the private Federal Reserve banking cartel $102,000 for the "privilege" of using its debt-based Federal Reserve Notes, which are the opposite of real money. In 2023 alone, the national debt grew more than $4 trillion, by the way. And it will only continue to pick up speed as the national debt continues to grow exponentially at an accelerated rate, meaning eventually hyperinflation will occur, obliterating whatever remains of the U.S. economy. U.S. Treasury Secretary and Super Mario Bros. mushroom impersonator Janet Yellen recently admitted that U.S. public debt is now "a scary number." A former trader who is most well-known for publishing numerous best-selling books on economics, Taleb notes that white swans include not just exponentially growing U.S. debt and deficit but also the economy itself, which is growing increasingly more vulnerable to major shocks. In Taleb's view, this increasingly economic vulnerability is a consequence of globalization, eventually producing a ripple effect or ricochet all around the world because most of the world's economies have been globalized and deliberately destabilized through their interconnected nature. In other words, if one globalized country falls, eventually all the rest fall, too. The only way the debt spiral can be averted is with a "miracle," Taleb warns. "We need something to come in from the outside, or maybe some kind of miracle," he is quoted as saying, adding that he is "kind of gloomy about the entire political system in the Western world." One potential miracle situation is if the corrupt U.S. financial system defaults. Cutting off the head of the snake would free the world from the usurious finance prison the globalists have created to benefit themselves at everyone else's expense. "Only U.S. corporate bankruptcy can solve the problem, and it is coming," one commenter wrote on a news story about Taleb's warnings. "There ain't such miracles to save the U.S. from such debt spiral abyss," said another. "May it plunge ad infinitum, forevermore into such quagmire such as will only save the world from its atrocious policies of subjugation, arm-twisting through blackmail and corruption." Another speculated that World War III is the "miracle" the establishment is ushering in to bail itself out of yet another boom-and-bust cycle resulting from its financial gambling addiction. "Karma is coming to roost in America," said another. "This will spend the end of 500 years of genocide, the stealing of land and resources and bullying the world. The rest of the 'civilized world' waits patiently in gleeful anticipation." American "prosperity" is a debt-based illusion. Find out more at Collapse.news. Sources for this article include: RT.com NaturalNews.com
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