Are We Brewing a New Feudalism?

Are We Brewing a New Feudalism? By Paul Craig Roberts.

The bail-out scheme concocted by the New York banks and Trump’s Treasury Secretary … leaves creditors whole and debtors deeper in debt.

The more debt is concentrated in fewer hands and the more indebted everyone else becomes, the less consumer purchasing power there is to drive the economy. …

The economic problem is that private sector debt, both personal and corporate, is too great to be paid. This problem existed prior to the closedown. The closedown means that there is even less income with which to service the unsustainable level of debt. This is not a problem that can be fixed with more debt.