For many years, while people claim the U.S. is the world's largest economy, I keep saying, no, they are broke (but don't yet know it) due to being the world's largest exporter of debt. But savers in the rest of the world "investing" in U.S. debt obligations (U.S. Treasuries), those other people have funded the extravagant U.S. consumption. Where we are at is like a wobbly platform high in the sky and you look over the edge to see what is holding it up. No, it's not turtles all the way to the bottom. It's tranches of debt stacked on top of each other, forming rickety legs and far below, you can almost make out the real world and people making real things. And in not one of those layers of debt can you find more than a smidgen of liquidity. It can do nothing except collapse.
Click here in case you can't go back
Return to Limits to Progress Main Page
If you would like to send a donation, please send an Interac eTransfer to email address below. Thank you!
©2025 Kathleen McCroskey
Send your e-mail comments and questions to: