The American Farm Bureau (AFB) warned Wednesday that farm bankruptcies are entering a parabolic move.
The farm crisis, as we’ve pointed out, is only accelerating and will likely be on par with the farm disaster that was seen in the early 1980s.
President Trump’s farm bailouts, given to farmers earlier this year, appears to be failing at this moment in time, as a tsunami in farm bankruptcies is sweeping across the country.
Of course the unpayable loans which are forcing the bankruptcies were printed out of thin air by the banks which will take possession of the farms. The banks can either auction them off immediately or wait until the economy turns around, if it ever does. Either way, the bank wins. This is the incremental process which turned zillions of small homestead farms into collectivized toxic industrial monsters and forced a massive migration of economic refugees into the cities during the Great Ripoff of the 30’s.