Farm Bankruptcies Soar 24%

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.

With record-high debt, collapsing farm income, and depressed commodity prices, US farmers are dropping like flies as there’s no end in sight in the 15-month long trade war. …

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.

Milton Friedman on the Origins of the Great Ripoff

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