We are at the pinnacle of affluence right now, but every penny of every debt must still be paid, so the systems will fail…
Some people see a “Mad Max” scenario might be coming because of the enormous unpayable global debt. Financial writer and professional trader Rick Ackerman contends, “I am a little more bearish than that. I see a Mad Max scenario as inevitable. . . . I try not to think about it because we’ve all got lives to live and kids to raise. . . . When you go back to the calculous of deflation and that every penny of every debt must be paid, if not by the borrower then by the lender, we have already put ourselves into a condition where Social Security is going to fail. Medicare is going to fail. All the ‘just-in-time’ deliveries are going to be in jeopardy. Food from the grocery stores, one day shipping from Amazon, I don’t see how all these thing s can continue to operate in a condition other than in the false prosperity that we have now. We are at the pinnacle of affluence.”
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with financial writer and analyst Rick Ackerman of RickAckerman.com.