Letter Re: Harry Figgie Was Right — Just Very Early

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Mr. Rawles,  
I pulled out my copy of Bankruptcy 1995: The Coming Collapse of America and How to Stop It by Harry E. Figgie, Jr. and discovered on pp. 85-87 three warning signs that the US is headed for what Mr. Figgie calls a “deep, deep depression.” They are:   

  • Tax revenue is no longer sufficient to service the debt;   
  • Substantial government debt is purchased by the Federal Reserve; and   
  • Congress and the administration not only fail to address mounting deficits but make the situation worse.  

The book is copyrighted 1992. It would appear Mr. Figgie was off by about 16 years.  

It is time to take another look at preps, snug down the seat belts, and make sure seat backs and trays are in an upright and locked position.   Wishing you and yours all the best. – Home’s Cool Mom

JWR Replies: I concur! By the way, the second item “Substantial government debt is purchased by the Federal Reserve” is a practice commonly called monetization, or in the current parlance “Quantitative Easing.” Get ready, folks!