by John Rubino
World War One was the most destructive conflict in human history. But before it ended, the Spanish flu came along and claimed an even greater number of victims.
A decade later the Great Depression bankrupted millions. But before our grandparents could dig their way out, World War II dragged them into something even worse.
Why bring up these past examples of multi-part crises? Because the universe seems to like them. And we seem to be entering another one.
Though it’s been largely forgotten in all the recent turmoil, the US financial system was already in crisis last year, as the repo market – where banks lend money to each other – locked up, forcing the Fed to reinstitute quantitative easing. The following chart screams “emergency!”.