Sigmund

Welcome to 'Ermflation'

Looking for culprits? Begin with the mirror. In great or small ways we all are all responsible. By action and inaction the body politic has managed to spend more than we can reasonably repay. So now we must do a bankruptcy and extinguish the excess quantity of loanable funds; i.e., outstanding loans. The quickest way to do so is by not providing solvency to insolvent institutions and enterprises. That means a very deep recession, quite probably a depression. Call it what suits you sensibility, a deep contraction is only the beginning of what needs to occur.