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Old 03-15-2014, 10:55 PM
Danny B Danny B is offline
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Join Date: Oct 2012
Location: L.A. Ca.
Posts: 4,140
the crash of the middle class

The Royal Bank of Scotland is the 12th largest bank in the world. They were recently downgraded to junk.
Royal Bank of Scotland nears junk bond status after Moody's downgrade | Business | The Guardian
European banks have over $ 3 trillion in exposure to Chinese bonds. China is crashing ever-faster. European banks are soon to be required to hold even more capital by the Basel accords. RBS will soon be followed by Deutches Bank. King dollar is attacking all competitors.
Libor: FDIC sues Barclays, RBS, HSBC, Lloyds and BBA - Telegraph

The rich have set aside $ 21---23 trillion in tax havens. That's cool. Just don't expect the economy to continue all the same. Their stash is growing at 12%. This $ 23 trillion is in the form of debt instruments. With no middle class, there won't be any payment of these instruments.

The middle class is rapidly becoming the poor class;
#9 Incredibly, 56 percent of all Americans now have “subprime credit” at this point.
#12 Overall, U.S. consumers are $11,360,000,000,000 in debt.
#14 U.S. workers are taking home the smallest share of the income pie that has ever been recorded.
U.S. corporations are sitting on $ 2 trillion in cash. They are very happy about this but, they are starting to get nervous. The consumer has run out of money.
#18 In 2008, 25 percent of all Americans in the 18 to 29-year-old age bracket considered themselves to be “lower class”. In 2014, an astounding 49 percent of them do.
Dow Jones Industrial Average, J.C. Penney Company, Inc.: 19 Signs That The U.S. Consumer Is Tapped Out | ETF DAILY NEWS
We are $ 11 trillion in debt. America is spending what she/he doesn't have;
US budget deficit hits $193.5 billion in February – ABC News

People are pretty bummed out about being poor;
#17 According to a study conducted by the Mayo Clinic, nearly 70 percent of all Americans are on at least one prescription drug. An astounding 20 percent of all Americans are on at least five prescription drugs.

#18 Americans spend more than 280 billion dollars on prescription drugs each year.

#19 According to the Centers for Disease Control and Prevention, doctors in the United States write more than 250 million prescriptions for antidepressants each year.
55 Things About America You May Not Know | Zero Hedge
Something not so depressing;
Whites Only Laundry - YouTube
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