CHANGE: America’s Slow Descent To Second-Class Status. “It is undeniable that we are on the path to fiscal collapse. This decline will occur in two stages. First there is the decay as the swelling national debt wears away the economy’s foundations and commits more and more future income to foreign creditors. We are already in stage one. In stage two a lethal combination of phenomena arises in quick succession: greater default risk, looming inflation, higher interest rates, declining growth, financial market instability, and an acceleration of government borrowing. They feed on each other. The economy heads on a downward spiral. Between stage one and stage two there is a tipping point. Experts know it will come, but nobody wants to predict when.”

UPDATE: Reader Larry Cipriani writes: “Another telling clue is property owners don’t trust government at any level to enforce their property rights. It’s like we’ve become a nation of commie zombies in two years. Tuesday is both election day and trash day for us. I’m throwing out the trash!”

ANOTHER UPDATE: Inflation in the real world.