The idea of $100-a-barrel oil, which was scoffed at as recently as two weeks ago, is now not so far-fetched. And its effect would be substantial.
Other financial wreckage
Will the banks let the mortgages slide for those whose homes are gone?
Will insurance companies actively fight paying claims?
Will the onerous new bankruptcy laws which go into effect next month condemn these new refugees to years of debt with no way out?
You know the answer.
Of course, if thousands of home owners default because they have no home and no income, then banks will fail (or be bailed out by the Feds who can’t afford this, what with all the insane wars already bankrupting the county.)
In a few weeks, we’ll be seeing some seriously cranky refugees, probably millions of them too.