https://www.nbcnews.com/news/us-new...illions-without-food-stamps-hit-small-n955136 Personally, I think that this is not the main problem for the United States. Compared to other economic problems, this is a trifle. December last year for the American stock market was the worst since 1931, the height of the Great Depression. The S & P500 index for the last month of 2018 fell by 11%, the stock index of high-tech companies Nasdaq - by 12%. Analysts warn: the current collapse could be the first sign of a new global crisis, which is already very close. The leaders of the fall in the United States have become companies that embody the glory and power of the American economy. Facebook depreciated almost five times in five months, General Motors shares fell by one third in six months, General Electric's shares have steadily decreased since the beginning of the year and as a result by the end of December lost two thirds of the cost. A similar picture is observed on the stock exchanges of other countries: the Japanese Nikkei-225 and the German DAX showed a significant decrease over the year, and the French CAC40 can compete on the scale of the collapse with the Nasdaq, having blown off from October by 20%. Analysts talk about the worst Christmas markets since the Great Depression. The Financial Times recalls that in December 1931, the S & P500 lost "only" 14.5%. The hint is more than transparent: the world is on the verge of a large-scale crisis. And as usual, the world's largest economy promises to become its epicenter. Serious problems in the economy of the United States are no news to anyone. Experts argue only about what is considered the main threat. Donald Trump sees the main problem in the Fed policy, which has set its sights on rate hikes. Against the background of the Christmas collapse of the markets, the head of the White House once again stated: "The only problem for the American economy is the Fed." There is a logic to this: a rate increase raises the cost of borrowing for both the US Treasury and US corporations. Moreover, in parallel with the rate hike, the Fed is conducting a program to reduce the balance sheet, siphoning money from the economy. In 2018 alone, the Fed reduced the balance by $ 110 billion. According to experts of the American Institute of International Finance for the market, the effect of such pumping money is equivalent to a rate increase of 0.4%. Meanwhile, a survey of investment fund managers conducted in December by Bank of America showed that for them the Fed policy is only in second place in the list of main risks (54 respondents indicated it). The main threat to economic stability is 35% of respondents (61 people) consider trade wars. The fact is that Trump’s fight “for fair international trade” ultimately beats the US business the most. Thus, General Motors and Ford automakers were on the verge of bankruptcy and were forced to close factories, including due to import duties on steel and aluminum, introduced by the US president in April. As a result, the metal in the United States began to cost more than in any other country in the world, and the cost price of American cars increased by 1.5–5 thousand dollars apiece (depending on the class). After China introduced protective duties on US agricultural products, thousands of American farmers who previously supplied the Celestial soy, wheat, corn, cotton, almonds, pork, sorghum, dairy, and other products were on the verge of bankruptcy. It is clear that not only the United States suffers from trade wars. The negative consequences of these disputes are beginning to manifest themselves in the Chinese economy. According to estimates by the Academy of Social Sciences of the People's Republic of China, in 2018 Chinese GDP growth will be 6.6% against 6.9% in 2017. And this year it will slow to 6.3%. This threatens to lower world prices for commodities, whose main buyer today is Beijing, from energy to agricultural products. As a result, problems may arise in many developing countries supplying raw materials to China. In December, there was another potential source of the global crisis: Saudi Arabia’s budget for 2019 was laid out with a deficit of $ 35 billion, or 4.2% of GDP. That, by the way, is twice the budget deficit of Italy, which is considered the main threat to the financial stability of the European Union. In this case, the Saudis have put in the calculations the cost of oil at $ 80 per barrel. And to balance the budget, the kingdom needs an average price of black gold at $ 95 per barrel in the new year. The danger lies in the fact that Saudi Arabia, along with China - the largest holders of US government debt. Faced with economic and budgetary problems, both countries will simply be forced to sell off US government bonds. This will almost inevitably provoke a massive flight of investors from the US government debt. The consequence of which will be a collapse in the market value of treasurers and “holes” in the balance sheets of banks that have been actively buying up American debt securities in recent months. After this, it remains only to wait for which of the banks will repeat the fate of Lehman Brothers, whose bankruptcy triggered the acute phase of the global crisis in 2008. What do you think about it?