Sounds like a title to a horror movie, except it is not one of the celluloid fantasy genre, but one of the sad reality that is affecting all "Main Streets" around the world.
For the last 30 years credit has been easy to get. Remember all the credit card offers? Everyone had more than a few. We used our 'easy credit' cards to fuel all the purchases the advertisers told us that we must have (and a few years later sold at a garage sale). Those were the days!
Those days are well and truly over. Easy credit has dried up, and this dry spell will prove to be a long cutrated daught. The days of the deferred payment we so readily embroidered are now providing to be an obstacle of the diseased, and a communicable pandemic of one at that!
Sooner or later the deferred payment chicken has to come home to roost. Like a plug nickel, or a three dollar bill, the deption of the deferred payment has finally arrived.
Those on Main Street who bought into it and believed the Wall Street wizardry and the Delaware doublespeak (Delaware is the home of the credit card companies) are now finding that they are in their own horror movie, and one that is as grand in scale as The Titanic or Gone With the Wind.
Local, state, national, and international governments bought into the delusion of the deferred payment, and now many of them are starting to fall like dominoes. The house of cards built upon the delusion is crumbling around us. Currencies are volatile and defaults are continuing to grow. Sovereign debt has escalated to the point where one nation must bail out another, which is threatening national and international stability, just to preserve, in hope, their own sovereign stability.
Sovereign debt is serviced through the taxation of their citizens. When the horror of the Main Street nightmare reaches a point that can no longer be borne, the debt is defaulted. Then all that is left, is a fire sale.
A tax deed sale is exactly that – a fire sale!