We are facing a potential recession caused by excessive money printing during lockdowns, leading to a fiscal death spiral. Charles Hugh Smith warns that this could result in financial collapse and social disorder. The deficit, driven by growing spending and a mounting national debt, is set to reach trillions. A recession would further worsen the deficit, compounding the problem. The debt would have to be absorbed by businesses or municipal bonds, worsening the recession, or by spiking interest rates or the Fed printing more money, leading to inflation.