good ole mom and dad has to pay for the kid to go to post secondary.

(Some people think the unemployment rate is going to get worse)

"In 2007, it was reported that, “The Bank for International Settlements, the world's most prestigious financial body, has warned that years of loose monetary policy has fuelled a dangerous credit bubble, leaving the global economy more vulnerable to another 1930s-style slump than generally understood.” Further:

The BIS, the ultimate bank of central bankers, pointed to a confluence a worrying signs, citing mass issuance of new-fangled credit instruments, soaring levels of household debt, extreme appetite for risk shown by investors, and entrenched imbalances in the world currency system.

[...] In a thinly-veiled rebuke to the US Federal Reserve, the BIS said central banks were starting to doubt the wisdom of letting asset bubbles build up on the assumption that they could safely be "cleaned up" afterwards - which was more or less the strategy pursued by former Fed chief Alan Greenspan after the dotcom bust.[39]

In 2008, the BIS again warned of the potential of another Great Depression, as “complex credit instruments, a strong appetite for risk, rising levels of household debt and long-term imbalances in the world currency system, all form part of the loose monetarist policy that could result in another Great Depression.”[40]

In 2008, the BIS also said that, “The current market turmoil is without precedent in the postwar period. With a significant risk of recession in the US, compounded by sharply rising inflation in many countries, fears are building that the global economy might be at some kind of tipping point,” and that all central banks have done “has been to put off the day of reckoning.”[41]

In late June of 2009, the BIS reported that as a result of stimulus packages, it has only seen “limited progress” and that, “the prospects for growth are at risk,” and further “stimulus measures won't be able to gain traction, and may only lead to a temporary pickup in growth.” Ultimately, “A fleeting recovery could well make matters worse.”[42]

The BIS has said, in softened language, that the stimulus packages are ultimately going to cause more damage than they prevented, simply delaying the inevitable and making the inevitable that much worse. Given the previous BIS warnings of a Great Depression, the stimulus packages around the world have simply delayed the coming depression, and by adding significant numbers to the massive debt bubbles of the world’s nations, will ultimately make the depression worse than had governments not injected massive amounts of money into the economy.

After the last Great Depression, Keynesian economists emerged victorious in proposing that a nation must spend its way out of crisis. This time around, they will be proven wrong. The world is a very different place now. Loose credit, easy spending and massive debt is what has led the world to the current economic crisis, spending is not the way out. The world has been functioning on a debt based global economy. This debt based monetary system, controlled and operated by the global central banking system, of which the apex is the Bank for International Settlements, is unsustainable. This is the real bubble, the debt bubble. When it bursts, and it will burst, the world will enter into the Greatest Depression in world history."

http://www.globalresearch.ca/index.php?context=va&aid=14680

This fall IMO. October it all begins. I wouldn't want to be leveraged with investments at that time. The empire will have no cloths by the new year.

The root of the problem:- If current overall "incomes" are continually falling, (through "labour displacement" ~ the lengthening and broadening of the whole structure of production through automation, outsourcing, etc.), in ratio to the overall "costs of production" being impressed into the prices of goods and services at the point of final retail, there is no way those current "incomes" can totally liquidate those "costs" through prices.

There is a gap, and a widening gap, that is bridged, as long as it CAN be bridged, by increasingly unrepayable "debt", (or by having a surplus of 'exports' over 'imports', and receiving international credit for the difference ~ something no country can ALWAYS do).

When the 'floating' debts of the private sector grow to the point when they cannot be amortized at a rate that ensures continued Bank credit will be forthcoming, the public sector assumes them. (By "borrowing" from the Banks to fund stimulus packages, as the government is doing now.)

This spending on stimulus raises the rate at which private sector loans can be more fully amortized, and Bank lending to that sector resumes (or so it is hoped!). (And we get 'infation' in the process, but that's another story.)

The otherwise unrepayable "floating" private sector debts are repaid, but the sums involved now become "fixed" additions to the National Debt.

On which we will pay tribute in the form of 'interest' to the Banks, for ever and ever. Some people mistakenly believe that the abolition of the 'interest' would solve the problem. It wouldn't.

The solution:- "Debt-free" augmentations from the Bank of Canada to earned Consumer "incomes" based on having a proper set of National accounts that record the rates of increase to overall productive capacity over any chosen fiscal period, and HOW MUCH of that capacity is actually being drawn on by the consuming public. The difference currently CAN NOT be drawn on, because there is "no money" in the hands of the public to alow it to do so.

We 'produce' to 'consume' ~ there is no other sane reason for 'production'. If we already have an overall productive capacity that can more than supply our every want and desire, yet are continually being told that the only way we can access what already could be produced is to produce 'more'capacity again first, something is very wrong.

What is wrong is that the public cannot totally liquidate the costs of production, in WHOLE, from current incomes which are only a PART of those costs. To make the system work properly, we need to be GIVEN, not LENT, the other part.