Posted by Lorimer Wilson
The kind of impact our economy is going to have will not be like flying into the side of a mountain. It will be the kind of crash that skids over land, clipping trees and buildings until the plane ends up wingless in a smoldering heap. I just hope the fuel tanks don’t ignite when the long rough ride is over. Let me explain.
Watching mainstream media you would think a one notch downgrade to America’s debt doesn’t really matter – that the first U.S. debt downgrade in history was no big deal. That, I say, is positively absurd and I am not alone.
According to economist John Williams of Shadowstats.com, $12 trillion liquid dollar assets are held outside the U.S. (dollars and Treasuries) and if the holders of these assets throw in the towel and cash out, there could be a severe dollar sell-off that could spike inflation, cause interest rates to surge and eventually plunge the country into a hyperinflationary depression.
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