“Le bon temps rouler” means “let the good times roll.” For years, this was the motto of those adoring the last eleven years of US economic “growth”, which was as real and genuine as were is for most women who go “overnight” from a size B to FFF cup bustier. However, just as plastic surgery can kill a person or cause one to “shrink” with medical complications if said implants should fail, the bust of the US economy has ruptured, and the patient has been rushed to the hospital on life support. Right now, one of the signs showing further terminal decline is how for the first time ever and as reported by CNBC, jobless claims have soared to a record-breaking 3.25 million.
Americans displaced by the coronavirus crisis filed unemployment claims in record numbers, with the Labor Department reporting Friday a surge to 3.28 million.
The number shatters the Great Recession peak of 665,000 in March 2009 and the all-time mark of 695,000 in October 1982.
Consensus estimates from economists surveyed by Dow Jones showed an expectation for 1.5 million new claims, though individual forecasts on Wall Street had been anticipating a much higher number. The surge comes amid a crippling slowdown brought on by the coronavirus crisis.
Businesses across the country have shut down amid a policy of social distancing aimed at keeping the virus’s growth in check. Individual states have reported websites crashing amid a rush to file. (source)
The US dollar and economy was not meant to last because of the debt basis on which it was made. The explanation takes some time to articulate property (even a short one), but what is happening now- the decline of the dollar due to debt overload -was built into the economic system. The question was at which point it would happen.
Ten years ago, there was a strong chance this could have happened, and if left to natural circumstances it would have. It was delayed by continual rounds of money printing, which is being referred to right now as the “bull market” of the last eleven years. In reality, it was just delaying the inevitable crash, so to avoid pain now and have more later.
Instead people said “le bon temps roulez”, and continued on their way of ridiculous debt spending and hoping for a “recovery” that was doomed from its inception.
So what happened? Ten to twelve years later, we are in the same situation, but this time without the option of printing money to delay. Instead, printing money- which is what the “Trump stack” I speak about is -will just result in hyperinflating the currency because as the amount of money (quantity) in circulation goes up, the value (worth) of the dollar goes down. It is a basic law of economics.
It is sad to see so many jobless claims, and many will suffer. However, this was going to happen, and not because of people being “bad”, but decades of irresponsible fiscal policies that forced a hard choice.
This is one reason why I have written about the “Trump stack”. It is not good, but it will result in crashing the economy in the near future, and this is a good thing not because of people suffering, but because the system needs to be brought to its end for the good will of the country. The same would happen if a year of jubilee- a liberation from all debt -was to happen, there would be a crash and then a real recovery.
The political issue is another matter, and I am not speaking about that. What I speak here of is an attempt to look at real options to fix the economic situation for the sake of preserving political order, and one of the ways to do this is going to be to bring down the currency so it can be reset so those people who were put out of work can get back to work by way of an economic reset.
Indeed, “le bon temps rouler”, and while that happens, let us strive to put and end to the current economic mess so that the debt issue can be cleared and people can honestly return to work and rebuild their lives.