Economic Armageddon?…

Ok, I thought Paul Krugman was harshing my mellow. But this report from the Boston Herald is just flat out terrifying.

Here’s just a couple of lowlights:

To finance its current account deficit with the rest of the world, he said, America has to import $2.6 billion in cash. Every working day

…and:

Twenty years ago the total debt of U.S. households was equal to half the size of the economy. Today the figure is 85 percent.

I’m not quite crapping my pants… yet. Folks, this is bad. This isn’t like grenade tossed into your barracks bad, this is thermonuclear device strapped to your fiddly bits bad.

If, somehow in the midst of all this any number of OPEC nations decide to go through with their oft-repeated threat to shift the trading of crude oil from the US Dollar to the Euro, well, then we really would be living in Argentina, only without the nice beaches.

At any rate, watch what you do with your money very carefully. This would be a good holiday shopping season to make your purchases with cash on hand and stick your credit cards in a block of ice in the freezer.

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