Austerity and Money Printing Are Hitting America | Greg Hunter Last week, at the G20 meeting in Toronto, there was much discussion about money printing for bailouts and cutbacks for austerity. These were the two main options talked about to deal with the economic malaise facing the globe. The U.S. is firmly in the money printing camp. Europe, on the other hand, is officially taking the cutback and austerity path. Who knows how either will turn out? Phil Davis of Phil’s Stock World sums up the official G20 statement on the meeting this way, “There’s 26 pages of this nonsense but the gist of it is: We promise to keep bailing out the economies but as soon as that’s done then we are right on top of this deficit thing.” (Click here for Phil’s complete article.)... ...As the ranks of the unemployed swell, so will foreclosures and defaults on all sorts of debt. Here is a story from a Southern California newspaper that came out just a few days ago. The headline read: “Unemployed dumping car leases.” The story said, “The unemployed are walking away from their car leases in droves as more laid-off workers see their jobless benefits cut off, reports Lease Trader.com.” The company said it, “noted the surge in listings coincides with the failure by Congress to approve HB 4213, a bill that would allow extended unemployment benefits through November.” (Click here for the complete story.) This is what stealth austerity looks like. Pretty soon, it will be uncloaked and brought out into the light of day. When that happens, it will be like the economy taking a nose dive into the deep end of a swimming pool with no water to cushion the plunge.