The Next Financial Crisis is Fast Approaching
Channel: The Nomad Economist
Date: 19/01/2021

The Next Financial Crisis is Fast Approaching
The Biden administration has yet to take office, but it already has a MAJOR problem on its hands.

That problem is the U.S. dollar.

The greenback has declined over 13% since its March 2020. That’s a significant decline to begin with. panic, Panic shopping, economic collapse, 2020 america, shoplifting, food stockpiling, food shortage, panic in america, panic buying, supply shortage, hoarding, economic recession, economic downturn, economic meltdown, food insecurity, hunger crisis, retail theft, poverty, unemployment, housing insecurity, social turbulence, public disorder, registered felonies, business bankruptcy, strict lockdowns, lay-offs, eviction, financial struggle, economic sufferingHowever, what’s particularly concerning is the fact that the U.S. dollar continues to plunge without ever staging a significant rally.  

Put another way, this decline is occurring with little if any breaks.
Janet Yellen's nomination hearings, which begin today at 10am, are sure to be the usual parade of partisan back-slapping and gotchas. It is clear from prepared remarks which direction she is heading - "go big."

The former Fed head will tell the committee that the U.S. economy has been suffering from entrenched inequality - and that the administration’s longer-term goal will be to create “more prosperity for more people.”

“Well before the virus infected a single American, we were living in a K-shaped economy, one where wealth built on wealth while working families fell further and further behind,” Yellen will say, according to a text of her prepared remarks obtained by Bloomberg News.

“This is especially true for people of color.”

Which, irony of ironies, has been dramatically worsened by the very organization that she herself ran.
The FED is the number one source for wealth inequality. Ultra low rates encourages debt and those who are not their own bank swallow the bait and take on huge debt whereas the wealthy pay as they go or use debt wisely. Wealthy people have seen their wealth surge due to ultra low interest rates since bubbles were created in the two largest assets of wealth, equities and real estate.

Hope those receiving fiat stimulus check realize they will never be able to afford a house at these inflated prices.


If your economy is “spiraling downward”, is that a good sign or a bad sign?  To me, that doesn’t sound good at all, but if I am mistaken please tell me.  I just want to make sure that I am not “misinterpreting” anything.  Brian Deese, the man who will shortly be serving as the head of the National Economic Council, has publicly stated that our economy is “spiraling downward” at this moment.  When I hear that, I picture a passenger airplane that completely loses control just before it crashes.  But according to Deese, there is a solution.  All we need to do is to pass the 1.9 trillion dollar stimulus package that Joe Biden is proposing…


For the full transcript go to https://financearmageddon.blogspot.com
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