You're right about the devastating depression, but that's going to happen, regardless. All we've done for the past 30 years is paper over growing holes in the economy (as a result of offshoring), with debt. Jim Rickards is right. FED and FDIC should have guaranteed all bank deposits in 2008 and let all banks/IB/insurers fail. Instead, bail-ins are the new rule going forward in G7. Banks run the system.
Good post, TT. The numbers are a bit more alarming. Fed balance sheet @ 4.5 Trillion and >6 Trillion addition to the national debt since ~2009.