Sunday, October 23, 2011

Depression's reality sinks into American life

The American standard of living has fallen farther, faster than at any other time in history since the Great Depression.

Real median income is down 9.8% since the fall of 2008; Americans have lost about $5.5 trillion in asset value – about 8.6% of their wealth.

How would one know when the Federal Reserve continues to print money and paper over the reality of a total, across the board loss in equity?

Take a look at the S&P average in terms of the price per share expressed in the worth of gold.

Prices are below the lows of 2009.

The reality is that America's central bankers have authorized the U.S. Treasury to print $3 trillion in worthless paper currency. Add to that figure $700 billion in Troubled Asset Recovery Program funds and $2 trillion in quantitative easing through buying Treasury Bonds.

According to a top security analyst, “The worst part is all that new money will end up in the hands of people who caused this crisis in the first place.”

The likely result? Social unrest is rampant and getting more so every day. “What's scariest to me is to see how this anger is manifesting itself in the occupy Wall Street movement. These folks are blaming capitalism for these kinds of problems. But this has nothing to do with capitalism. Paper money was Marx's idea...

“This isn't how America should work. The rich and the powerful in New York and Washington, D.C. shouldn't have the right to impoverish the rest of us simply to bail out their backers and their cronies.”

No comments:

Post a Comment