The conditions have now aligned for a repeat of the major stock market crashes that have occurred since the founding of the US Federal Reserve Bank (Fed) in 1913. Considering their vast experience and resources, the Fed has to know that their plan to control inflation by raising interest rates rapidly and significantly since 2022, and also tightening credit this year, will likely result in another major crash.

The political and financial class breathed a sigh of relief when Congress passed the Fiscal Responsibility Act of 2023. The bill suspends the debt ceiling for two years, thus avoiding the establishment’s nightmare of a government default on its debt. Rather, it allows the government to continue adding trillions of dollars of debt that will be monetized by the Federal Reserve.

In 2016 India’s Hindu fundamentalist Modi government abruptly banned the use of 500 and 1000 rupees notes to curb corruption, black money, counterfeit currency, and to combat terrorism. Within a month’s time the government realized their demonetization policy had failed so they very conveniently changed the objective to a cashless digital economy.