In a harbinger of what is likely to come to the U.S., Greece is poised to formally open debt relief talks with its creditors. Greece would propose measures to alleviate its monumental debt burden, which at 175% of GDP is by far the highest in the EU. Even if the Greece’s debt burden is made more manageable, their economic woes are far from over because of the 30% plus unemployment and over 40% earning below poverty wage levels.
Day Of Reckoning
According to Keith Barron, all the countries in the West try to minimize the value of gold, but is held by the worlds’ central banks, including the IMF, as a reserve. While the U.S. encourages Americans to foolishly spend their savings on consumption, China is encouraging their citizens to save in gold and put it in a safe place, and to be fiscally prudent. The contrast between East and West indicates the West is in real trouble.
The latest data from the consumer credit report shows that total household wages was close to 7.2 trillion dollars, yet total household debt is at 13.1 trillion dollars. In short, U.S. household debt is nearly twice as high as annual wages and salaries. Yikes!
The U.S. Postal Service currently owes 99.8 billion dollars in benefit payments to its current and retired workers but does not have the money. One pretty much sees where this is going… Yes, if Congress does not cough up the taxpayer dollars, you will not get your junk err… past due notices.
In a precursor to what we will hear in the U.S. in the near future, the Italians found out that March industrial production fell by 0.5% because summer came early this year. So, the only thing worse for centrally-planned economies than a cold winter is summer?
Here are the top 5 U.S. cities with the greatest income inequality…
5. Gainesville, Florida.
4. Jackson, Mississippi.
3. Miami, Florida.
2. New Orleans, Louisiana.
1. Atlanta, Georgia.
Washington D.C. is 15th followed by the first Texas city of Beaumont at 16.
The Chicago Teacher’s Union became the latest organization to blast the fascist ‘Common Core’ takeover of edumacation. It appears that people are waking up to the dangers of central planning initiatives and it all started with the realities of Obamawreck.
Finally, please prepare now for the escalating economic and social unrest. Good Day!
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