Bye bye credit card market-”Fake Living”
Like Peter Schiff has been warning for at least 1 year, the next huge problem looming is credit card debt, that has been securitized and sold off to foreigners. Much of this debt will never be paid back, especially with the US economy entering a prolonged economic recession or depression.
When the foreigners who lent their money to American credit card holders realize they aren’t going to get paid back, they will stop lending the money, making it much harder for consumers to get credit.
Another knife in the back of a phony economy.
