If you live in this country today, you have to ask yourself, “What is the likelihood of an economic crash?” There are signs that things as we have known them for most of our lives are changing quickly.

Unless you want to bury your head in the sand and pretend that everything is OK, it is pretty obvious that economically, we cannot continue on the path we are on and expect favorable results.

The debt situation in this country and much of the world is out of control. We owe more money than anyone would have dreamed of twenty years ago. Our current acknowledged debt is over 19.8 trillion and will very soon pass 20 trillion dollars. I remember when we were concerned about a national debt in the billions.

No one in Washington or running for office seems to have a care in the world that it is so high. They are just trying to figure out ways to run it higher.

This debt is not the whole story. In addition to this, we have unfunded liabilities like retirement benefits and Medicare that could run over 100 trillion dollars. This is more than the wealth of every citizen put together.

Does anyone really think all of these obligations will be met? There will either be a very problematic default or the debt will be nullified by deflating the value of money.

Private debt is also a huge problem. Our whole money system and business cycles are built on debt. Debt is what fuels our economy. Most of us are used to this because this is the way it has been for most or all of our lives.

Historically, saving and investing have been the path to prosperity. This debt fueled path to getting rich has only been used this extensively for the last 50 or 60 years. We have not seen the final results of this yet.

It appears to me that we will see an economic crash of epic proportions. I don’t know how soon we will see it, but I think the timing will probably surprise all of us.