Even before the novel coronavirus appeared, many American families were falling behind on student loans, auto loans, credit cards and other payments. America’s debt overhead was pricing its labor and industry out of world markets.
From where does the financial bubble come? Permanent resale of $ 100 bills in the economy turns into thousands, millions, even billions. And the more people earn money and put in the bank, the more the bank can create new loans. Money in the economy is inceasing more and more. Total debt is increasing. The financial bubble is inflating.
Famous Russian economist about contemporary system of neoliberal capitalism
Chinese credit agency Dagong has lowered the United States’ sovereign credit rating. Slapping it down from A- to BBB+, placing the US on a negative outlook. This rating is now on par with those of Peru, Colombia and Turkmenistan.
The most optimistic development on the world stage that I have seen in decades is what's coming out of Eurasia, especially out of China and the Eurasian Economic Union, led by Russia and other countries, that is to build a grid.
Today is planned a meeting between German Chancellor Angela Merkel and European Central Bank President Mario Draghi to discuss eurozone issue.
Lately, we have all heard a lot of baseless speculations about the possibility of the State of California's exit and cessation from the union.
© 2022
