Vox Day in this article on the dire sign of Dubai implies the default of Dubai World is just the start of the unraveling of tens of trillions of dollars in world debt everywhere. The article contains a pretty compelling graph as it compares excessive debt in the world to the 1930’s and world gross national product.
The problem with excessive world debt is not limited to the United States. That is why those who just think only the dollar is going to crash are short sighted. The whole world banking system is going to fail. Many nations have been spending way beyond their means.… continue reading