Spengler (David P Goldman) writes in the Asian Times,
We aren’t going to have another financial crash. In fact, nothing at all is going to happen. Forecasting the United States economy is about as exciting as predicting next quarter’s gross domestic product in 1957 Poland. You want to know what’s going to happen, comrade? Read the Five Year Plan. With 40% of US personal income coming from transfer payments, it’s almost nostalgic to call it capitalism.
Banks reduce total loans and leases to private borrowers