One of those occasions when one picture really does speak a thousand words:
Bottom line is that we have lived beyond our means by use of debt for some time now. Now that we are using one credit card to, not only spend with but to pay off our other credit cards, that avenue is about to vanish. What is left is the cold hard reality of our financial position, which is not that great. Expect about a 40 to 50% reduction in living standards all around as the debt pyramid collapses and we are forced to once again produce what we consume. The good news is that we are relatively blessed with abundant natural resources. So not the end of the world, but definitely an unpleasant adjustment.
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