To be honest, I don’t know if any of us really understands the horror that is coming to this nation in the years ahead. None of us have ever experienced anything similar to it, so we don’t really have a frame of reference to imagine what it will be like.
This spike in corporate debt defaults is a major league red flag. Since the last financial crisis, our big corporations went on a massive debt binge, and now they are starting to pay the price.
We never seem to learn from the errors of the past. Instead of learning our lessons the last time around, we just went out and made even bigger mistakes.
I am afraid that history is going to judge us rather harshly.
Those that are waiting for the next great financial crisis to begin can quit waiting, because it is already happening right in front of our eyes.
If you believe that the temporary rebound of U.S. stocks is somehow going to change the trajectory of where things are heading, you are going to end up deeply, deeply disappointed.
This article is brought to you courtesy of Michael Snyder.