Starting on Monday, the unemployed in the U.S. will no longer be able to apply for federal unemployment benefits or the COBRA health insurance subsidy. This means that millions of Americans that have been unemployed for a long period of time may suddenly find themselves without an unemployment check and without any health coverage.
So what could this mean?
It could mean that large numbers of Americans may soon be forced into bankruptcy.
It could mean that large numbers of Americans may soon lose their homes.
It could mean that large numbers of Americans may soon be devastated by medical bills they simply cannot pay.
It could mean that large numbers of Americans may soon be forced to live in the streets.
That is not good news for the housing market. It does not take an economic genius to figure out what that is going to do to housing prices.
There is no getting around the fact that the U.S. is headed for an economic collapse. By borrowing gigantic piles of cash the U.S. government can put the pain off for a little while, but by doing so they make the eventual collapse much worse.
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Even if they somehow stave this off, the piper will come a callin'. Bernanke says; No more money will be printed to cover exploding national debt. Now what? Can you say civil unrest? Can you say revolution?