In my contribution to the Green New Deal in July, 2008 I warned that corporate debt defaults were the next “big shoe to fall”.  We are all aware of the devastating consequences of defaults by sub-prime borrowers. However their debts are miniscule compared to outstanding corporate debts. Now, I firmly predict,corporate debt defaults are about to cascade down on the global economy, leading to devastating impacts, not the least of which will be widespread unemployment. How can I be so sure?

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