The Federal Reserve's latest Household Debt and Credit Report should strike terror into the heart of anyone still tethered to the illusion that this system is stable. Household debt has surged to $18.59 trillion—a record—and the bureaucrats are trotting out phrases like “resilient housing market” and “stable delinquency rates” to keep the sheep calm. But if you scrape away the PR gloss, the picture is unmistakable: America is defaulting, slowly, quietly, and irreversibly. Let’s be clear: $5.1 trillion in non-housing debt—that’s student loans, credit cards, and auto loans—is where the real carnage is brewing. Credit card delinquencies just hit 12.41%, the highest since 2011, and serious student loan delinquencies are now 9.4%, with a disturbing 20% of student loans held…
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