The “real” value of my cash is destroyed as new money is created out of thin air and the system is bailed out. Bets that should have gone to zero back in 2008 were made whole, and a staggering amount of new debt was created to pretend the economic system still worked. Today, surprise! A virus has come along to insist we stop the working people from working.
Boom, the economy is crashing again. Debt is super high. Right now, $100 can buy $90 worth of bread. Tomorrow, $100 will buy $10 worth of bread. Best to buy now. Bread is consumed. If you can find it.
Hold on to your cash? Not hardly. Buy something needful; a car, gas, lawn mower, light bulbs, toilet paper. Go as deep into debt as you can. Then file for bankruptcy. You get to legally do it once every seven years. The economic system is built around that. Sure, everyone can’t do it or the system wouldn’t work. Just massively rich people do it.
On 28 October 2008, these rich people were given:
Bank of America Corp. $15,000,000,000
JPMorgan Chase & Co. $25,000,000,000
Citigroup Inc. $25,000,000,000
Morgan Stanley $10,000,000,000
The 2008 U.S. federal budget submitted by the president was $2.9 trillion, meaning a $700 billion bailout would constitute a 24% increase to $3.6 trillion, which would end up exceeding the $3.1 trillion 2009 budget.
The government just printed more imaginary money. The U.S. taxpayers are now beginning to pay off some of the debt incurred 20 years prior that fiat money creation.
Today, the U.S. debt is 23 trillion. It’s so huge that, well, nobody is paying it. Everyone is just pretending that it doesn’t exist.
U.S. bankrupted? Close. Almost.
The Rich just quits the debt (bankruptcy) when necessary. The work force of the U.S. refuses to, thinking it immoral.
And me? I’m immoral.