Interesting stuff...but WAY out of proportion. There’s not proof that “a trillion dollars in mortgage loans will not be repaid.” If the average mortgage is $200,000, then that is 5 million houses that will be foreclosed or around 3-5% of the entire US housing stock.
“The Bretton Woods system ended on August 15, 1971, when President Richard Nixon ended trading of gold at the fixed price of $35/ounce. At that point for the first time in history, formal links between the major world currencies and real commodities were severed”. The gold standard has not been used in any major economy since that time.”
Wasn’t it working fairly well until we entered that huge inflation?
I think the average will be higher; many of these are in Cali and FL.