by Clive Maund
The gargantuan global debt bubble is now imploding at an astounding and terrifying rate, with the virus acting as a catalyst to speed up the process thanks to the lockdowns and the massive economic disruption that they are causing. The global economy is coming to a dead stop, with the airline, catering and tourism industries the first victims and already largely destroyed in the space of just a couple of months. Several days ago on TV there was the extraordinary sight of hundreds of cars in various US locations snaking sometimes for miles in lines to collect food handouts – and these weren’t beat up old clunkers held together with wire and duct tape like in the days of the Beverly Hillbillies – many of them were flashy SUVs and Mercedes etc. What became clear from the reporters talking to some of the people stuck in these lines is that a few months ago, or even weeks ago, many of them were living comfortable middle class lifestyles, and then they suddenly found themselves with no work, no income and quickly broke. Sadly, what also became clear is that many in the line thought that this was just a temporary phenomenon, not realizing that in the future they will be lucky if they are able to afford to run their vehicles. What we are seeing here of course is the modern equivalent of the 30’s soup kitchen lines, which means that we are already in an economic depression.