The New CS Board

[jumanji0881]

What A Bunch Of Idiots!? : https://www.zerohedge.com/news/2018-10-25/what-bunch-idiots

My comment: It's all about the debt and that debt is what will make the next economic downturn severe. The global economy has been propped up by CB liquidity for far too long.

Excerpt:
It starts at the top: the US government is sitting on a record $21.7 trillion in debt.

That’s several trillion dollars more than the size of the entire US economy.

Each year the government burns around a trillion dollars, and the Treasury Department expects to sustain those grim deficits for the foreseeable future.

State and local governments are in a similar position– in debt up to their eyeballs and drowning in unfunded pension obligations.

And each year it gets worse. The government’s own projections show the debt only increasing– they have no chance of paying it off.

Even in the private sector, most corporations aren’t much better off.

Not including banks, companies in the US have around $7 trillion in total debt.

Go figure, that’s the highest amount on record. Ever.

More than 40% of all corporate debt is rated just one notch above ‘junk’ status.

And a full 14% of companies in the S&P 500 don’t even generate enough revenue to make interest payments.

Then there’s the consumer– supposedly the rock solid pillar that drives the US economy.

Consumer debt is on pace to reach a record $4 trillion this year.

Credit card debt is at an all-time high. Auto loans are at an all time high. Student debt is at an all time high.

And the average American has little chance of repaying that debt.

According to a recent study published by the Federal Reserve, 40% of adults don’t have enough money to cover a $400 emergency expense like a medical bill or flat tire.

And 21% of Americans have ZERO savings.

Neither governments, nor most businesses, nor the consumer, has any chance of paying down these debts.

And yet the money keeps flowing.