In Debt We Trust As The Economy Goes Bust: A Return To Serfdom? (Carolyn Baker)

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Carolyn Baker -- World News Trust

March 8, 2007 -- This week the Senate Banking Committee has begun an investigation of credit card companies and that industry’s lending practices of which Chairman, Carl Levin of Michigan said, “Millions of families … are kept in debt and are in over their heads not just because of their own purchases … but because of the abusive practices and excesses of the credit card companies.”

Simultaneously, MSN’s Money Markets Editor, Jim Jubak, published an enlightening piece “Debt Pyramid Threatens To Topple Markets” in which he analyzes the gargantuan Feb. 27 sell-off in world markets and its continuing reverberations throughout the global economy.

Whether personal or planetary, a tornado of foreclosures, bankruptcies, missing money -- now arriving on the world stage as a housing bubble, soon devolving into a credit bubble -- is ripping through the United States economy and world markets and will ultimately shatter, splinter, and shred, not only the fiscal fabric of America but is likely to catapult the global economy itself into massive meltdown.

Consequently, I’m not holding my breath that Levin or his committee will have any influence on the debt cyclone and the industry that has set it in motion.

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