Anyone who can no longer pay rent on either their dwelling or their business is a part of the debt collapse. As are people who cannot make their credit card payment, dwelling mortgage payment, commercial mortgage payment, banks who cannot make their payments to other banks, or payment on any debt whatsoever.
Do you happen to know anyone like that? Let me rephrase that, do you know anyone who is not in, or fast approaching, that situation?
Josh Frydenberg (Australian finance minister) – how exactly do you plan on ‘hibernating’ an international debt collapse? Is it your understanding that we can all relax because at the end of a few months we will wake up like a bear in a cave and find that everything is the same as it was before we went to sleep, except that there will be green shoots to eat? That all this business and capital destruction will have magically vanished? You are way, way out of your depth and talking nonsense.
Even allowing businesses to open up immediately is probably still too late to avoid the biggest calamity that the world has seen since 476AD.
We are being
led marched to ruin.