Bankruptcy 2015 ? (Part I.)

Is the US going bankrupt? With an intractable trade deficit and a national debt in excess of $9 trillion dollars, and an ongoing collapse in both the financial sector and of the national ($$$) currency, it may seem so. With that in mind, it is timely to consider documentary evidence of just what such a national bankruptcy would look like.

(NOTE: This is a republication of a diary originally published about a year ago at the Big Orange Political Blog, with minor updates to incorporate events that have occurred since)

The Bond Market fears Deflation

This may seem like a strange title for an article in a world where gold is over $1000 an ounce and oil is at $110 a barrel, causing people like my buddy bonddad to write articles entltled, "What Inflation?", and this is somewhat a response to his latest post,
Why Isn't the Bond Market Selling Off From Inflation Fears?.

The very best analysis of the issues in our new economic world was recently set forth, imho, by Prof. Bred DeLong, who described 3 types of crises: