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Paul Craig Roberts sees America's economy collapsing. He wrote about it and told Progressive Radio News Hour listeners.
He wonders if it'll happen before Washington clashes with Russia and China militarily. He suggests an ominous doomsday choice - going down either financially or in a mushroom shaped cloud.
Americans achieved nothing from wars but unrepayable debt. Michael Hudson says debts that can't be paid, won't be. He calls it a "common denominator throughout recorded history."
Adam Smith said governments never repay debts. When they become too burdensome, defaults follow. The possibility that US cities and municipalities may fall like tenpins looms very real.
Since 2008, budgets have been severely slashed. Doing so becomes counterproductive. Austerity assures disaster. With fewer people employed at lower pay, revenues can't match expenses.
Higher taxes make things worse. People can't buy goods and services without jobs and decent incomes. Prospects ahead don't look bright.
Instead of going for broke by stimulating growth, America, like European countries, are going broke. Bad policies beget bad results. Sacrificing economies and households to enrich bankers assures failure.
In America it's happening one foreclosure, lost job, bankrupt city and municipality at a time. Things are dismal. Instead of fixing problems, they're festering.
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