A Tale of Two Crisises

The current financial crisis directly arises not from any viral pandemic but from the Federal Reserve’s private sandbox known as the U.S. debt-based monetary system, which--being debt-based--has at last reached the point of no return: total unsustainability, meaning the debt is growing faster than the economy. The metastatic size and growth of U.S. debt is a matter of public record, admitted to by the Federal Reserve and the Treasury alike. So while the powers that be can try with all their might to market the current crisis as the latest edition of the global financial crisis, the reality is that the two crises are radically different, as the net wealth curves of all brackets make clear.