A growing number of people in America know what it feels like to be in zugzwang. For some of them their whole life has been one long zugzwang, they can’t remember ever having any good options. Without catching a lucky break, a lifetime of hard work for most people results in just that—a lifetime of hard work. For others they maybe once thought they had it all—a good job with a pension, a nice house with a payment they could afford, set for life. Then in an instant it all disappeared. House is underwater, ARM is popping on the loan, pension fund bought a bunch of mortgage-backed securities. All that’s left is utter, hopeless zugzwang.
