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Economic Death Spiral

• Free Press Publications
If I said an economist said that the American economy was heading into a “death spiral,” most people would likely think I was referring to Peter Schiff, Bob Murphy or someone from the Mises Institute. They would be wrong. Reuters reports Richard Duncan, formerly of the World Bank said, “After a four-decade-long, $50 trillion expansion of credit, if credit now begins to contract, the debt-deflation death spiral of the kind described by Irving Fisher would destroy our civilization. Austerity is death.” Whether Duncan is right or wrong about how to proceed, the economy will eventually collapse. The question is not “How do we stop it?” The question is “Are you prepared?”

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