The bond issue due to USA debt going through the roof is happening and has been developing for some time. This is partly why China has gone to gold - to put more pressure on the USA.
Bond rates go up ( now in the 5% area ) and bankruptcies you already see happening will go through the roof as well. Lots of zombie companies limping along won't exist anymore.
I repeat this is already happening and continues to happen. Banks extending bad loans on commercial properties is just kicking the can down to road and adding to the size of the coming property crash/bank crash. Job losses and credit contraction follow as night follows day. And on the vicious cycle goes with jobs and rent being paid both impacted more and more.
