You've got a bigger problem. In 2008 the US subprime debts collapsed financial instiutions left right and centre. As I understand it there are still places in the US that haven't recovered.
The rest of the world set up international accounting standards to try and deal with the issue. The US decided to create it's own accounting standards, (Sarbanes-Oxley IIRC) so as not to disturb the American 'Sell anything to anyone regardless of ability to repay so the salesman gets commission' culture. This amounted to sweeping the problem under the rug and continued to sell on bad debt as 'conglomerated assets' until bought by the bank that issued the debt.
The issue was known to be over an order of magnitude worse than 2008 before the pandemic and Quantitative Easing was largely to avoid exposing the debt.
That won't remain hidden when they tank the economy, when it goes it will go fast.
The rest of the world set up international accounting standards to try and deal with the issue. The US decided to create it's own accounting standards, (Sarbanes-Oxley IIRC) so as not to disturb the American 'Sell anything to anyone regardless of ability to repay so the salesman gets commission' culture. This amounted to sweeping the problem under the rug and continued to sell on bad debt as 'conglomerated assets' until bought by the bank that issued the debt.
The issue was known to be over an order of magnitude worse than 2008 before the pandemic and Quantitative Easing was largely to avoid exposing the debt.
That won't remain hidden when they tank the economy, when it goes it will go fast.
Quote:I don't understand why you'd come to a discussion forum, and then proceed to reap from visibility any voice that disagrees with you. If you're going to do that, why not just sit in front of a mirror and pat yourself on the back continuously?-Esquilax
Evolution - Adapt or be eaten.
