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It Could Happen Here

We are not fear-mongers, but with Biden’s $4 trillion of spending (most of which is still in the pipeline) and the national debt now well over 100% of our GDP with end in sight on the federal deficit spending binge, we found this analysis from the New York Times a bit chilling:

Officials at the Fed, Treasury and White House are among those trying to figure out whether the United States could experience its own market-shuddering meltdown, one that could prove costly for households while complicating America’s battle against rapid inflation.

President Biden has repeatedly convened his top economic aides in recent weeks to discuss market flare-ups, like the one that roiled Britain…

A financial disaster could force the Fed to deviate from its plan to control the fastest inflation in four decades, which includes raising rates rapidly and allowing its bond portfolio to shrink. Officials have in the past bought large sums of Treasury bonds in order to restore stability to flailing markets — essentially the opposite of their policy today….

Mr. Biden has pressed his team to estimate the likelihood that the United States could experience another 2008-style shock on Wall Street. Treasury Secretary Janet L. Yellen and her deputies have been closely monitoring developments in the market for U.S. government debt and searching for any signs of British-style stress.

God help us all if we do have a financial collapse and the Biden dunce cap economics team is in charge of fixing it.

Saint Jerome?

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