No. of Recommendations: 7
Throw in a whole lot of bankruptcies of municipalities and quasi/bankruptcies of states as well as the already baked in bankruptcies of weaker corporations, and I expect some laws being passed with much shrieking and protected free speech setting out a means of doing such mixed with some “year of jubilee” sentiments and methods.

I would be inspecting municipal and state bonds with great great great care, thinking through various “what ifs”, and then choosing some to keep and some to dump as soon as soon as possible.

My expectation is that the rough arithmetic of all this will be the Congress makes certain that as many middle class small scale owners of bonds are protected as possible, up to some total limit per taxpayer (these are the prime human voters!!)

and

Lots of “constitutionally protected free speech” of the $$$ sort determines most of the rest of those who escape the debt disaster with their clothes still on.

I expect months of deflation, with cash money generally becoming ever more valuable, and then a somewhat violent turn towards inflation of a barely politically acceptable grade — which is hard to control.

I expect it will make even this last round of “musical chairs” seem like a quaint quadrille, and we will all hope that the Cheshire Cat helps us through the attacks of both Jabberwockies and tea crazed Mad Hatters as we try to find a fleeing ostrich to sit upon.

David fb
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