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Old 03-15-2019, 04:08 AM
Danny B Danny B is offline
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Join Date: Oct 2012
Location: L.A. Ca.
Posts: 4,438
A little doom here,,, a little gloom there.

So, we are rapidly approaching the end of a credit super-cycle. We are sinking into the Fourth Turning. Never in history has there been an economic playbook that coped with automation. Never has there been a credit bubble of such huge proportions. The FED is hinting at negative interest rates. Europe is sliding towards NIRP that is even more negative. Nobody has a plan. The upper loop is deathly afraid of free money for the lower loop. The upper loop fears an end to their advantage. The lower loop fears an end to their lives.

"ZH, Why the FED panicked in December.
The economy has completely fallen off a cliff."
We will eventually have a reset but, it will involve a lot of death and destruction.
Here is our progress report.
"The stage is set for the largest tsunami of consumer debt defaults that this country has ever seen, and that will absolutely devastate major financial institutions all across America."

#1 Total consumer debt in the United States just surpassed the 4 trillion dollar mark. That has never happened before in all of U.S. history.

#2 When you throw in mortgages and all other kinds of individual debt, U.S. consumers are now 13.5 trillion dollars in debt.

#3 A whopping 480 million credit cards are in circulation in this country. That number has shot up by nearly 13 percent since 2015.

#4 U.S. consumers are carrying 870 billion dollars worth of balances on their credit cards right now.

#5 56 percent of Americans that currently have credit card balances have been carrying them for more than a year.

#6 The number of “seriously delinquent”credit card accounts in the U.S. has shot up to 37 million.

#7 Americans now owe a total of 1.3 trillion dollars on their auto loans.

#8 At this moment, more than 7 million Americans are delinquent on their auto loan payments. The figure has already surpassed what we witnessed during the peak of the last recession by about a million.

#9 The total amount of student loan debt in the United States has reached the 1.5 trillion dollar mark. Over the last 10 years, that number has more than doubled.

#10 Right now, more than 166 billion dollars in student loan debt is considered to be “seriously delinquent”.

#11 Millennials are now more than a trillion dollars in debt. No generation of Americans has ever been deeper in debt at this stage in life.

#12 One recent survey found that 78 percent of Americans “are living paycheck to paycheck”. Suffocating debt levels are a big reason why that figure is so incredible
And that is particularly important at this juncture because the economy is really starting to slow down. Compared to last year, U.S. job cut announcements were up 117 percent in February.

The money renters temporarily severed the link to the wealth producers. Their time will come.
Armstrong, "I cannot stress enough that Mario Draghi has really destroyed the European economy on an unprecedented scale."
"His policy of perpetual low to negative interest rates is a barbaric ancient theory based on the assumption that if you make it insanely cheap to borrow, people will run out and buy everything"
They will buy speculative instruments, NOT tangibles.
"He has kept this failed theory up for 10 years without success. He owns the bulk of sovereign debt in Europe; he cannot sell or even stop rolling over without causing a major debt crisis among member states. "
"Add to that the fact that Draghi never considered the impact upon those who saved all their lives to retire and suddenly discovered their life savings earned nothing"
"With the economy turning down hard once again into 2020, he has no means to even try to pretend he can manage the economy. We are headed into a NEW ERA in which the belief in central banks and government being in control is about to collapse before our eyes."
, NO, not the FED !

"Number of Days Congress Works in Session a Year. The House of Representatives has averaged 138 "legislative days" a year since 2001, according to records kept by the Library of Congress. That's about one day of work every three days, or fewer than three days a week."
If they do that for 5 years, they get lifetime retirement of 80% of their $174,000 annual salary.
"Public local, state, and federal pension funds are in even worse shape: $7 TRILLION short on what they promised to pay retired government workers."
This true but, congress gets retirement money out of the general fund, NOT the pension fund.
The rest of us will eat cake. They just don't have much time to work because they are busy accepting bribes and campaign money.

Along with congress, there is another entity that doesn't have to worry about finance.
The spooks seem to get all the money they need.
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