Many people did not see the 2008 debt collapse coming yet many others did. We don’t like to think that a nation with this much prosperity can have such problems. Much of the prosperity however has been financed. The greatest credit collapse in American history occurred because we had to much debt, and now we even have much more debt, both private and public. It is estimated to be $37 trillion total with over $22 trillion being Federal Government debt.
In 1973, the rest of the oil producing nations forced the U.S. off the fixed gold price of $35.00 per ounce and over the next decade with saw consumer prices more than double. A barrel of Oil was $3.00 and now it is >$60.00 per barrel. Gasoline has gone from about 40¢ a gallon in the early 1970s to nearly $3.00 today.
What most people do not really understand is the severity of the credit collapse in 2008 because of how quick and successful they were in solving the problems. Of course, we still have tons of home foreclosures in process and numerous indicators are suggesting another recession is imminent. The economy is not doing as well as is being reported by the mainstream media, perhaps not wanting to scare the public even more. The facts are prices continue to rise and any real wage improvement is minimal. And those in positions of power have not done anything significant to solve the debt crisis and it is a crisis because it has more than doubled since then.