Truly terrifying data about the real state of the U.S. economy. By Eliot Spitzer

[Jan Klimkowski]

One almost gets the impression that having drained the wealth out of the system for decades to come, the next step is to completely bankrupt America and the Western economies beyond all possible recovery.

The financial elites have pulled future debt into the present, and then looted it, leaving the taxpayer with an unredeemable bill.

Throwing our grandchildren into debtor's chains.

I sold my flat in London in the summer of 2007 because the average house price had reached nine times average annual salary. Three to four times annual salary, with a substantial deposit, is the only sustainable ratio. Nine times was, and is, clearly preposterous.

The notion that house prices will return and even exceed their 2007 levels in real terms is insane because that was the peak of a bubble. As much of a bubble as the dotcom burn rate pump and dump of the Wall Street crooks, and the tulip mania, where tulip contracts sold for more than 10 times the annual income of a skilled craftsman.

Meanwhile, the ruling elites plunder the pension funds of ordinary working elites as part of Their staged bankruptcies.

Chapter 11 = a false flag bankruptcy, with geopolitical motivations.

Just as "globalization" and "flexible labour markets" is nothing more than propaganda designed to hide the reality of wage arbitrage for the benefit of multinationals.

And "quantitative easing" = printing, and historically produces facism.

However, right now, debt deflation may produce massive societal collapse rather than hyperinflation.