Debt Rattle February 24 2018

[Raúl Ilargi Meijer]

Arthur Rothstein Rear of interstate truck. Elko, Nevada 1940   • Debt On Track To Destroy The American Middle Class (GoldT) • The Only Thing That
[See the full post at: Debt Rattle February 24 2018]

[V. Arnold]

Most (90%?) of Usians have absolutely no idea about financials/economics; thus the persistant lies, week after week; month after month; and finally, years upon years. Likely, if they read the financials, they believe what they read, even if they do not fully understand what is being written; they glean the false positives messaged within the lies..
The positivity is frankly dumbfounding and wholly uncalled for; but, it goes on add infinitum…
Reader/listener beware; you’re being lied to…
Economically, everything is going south and there is no stopping it; if you’ve a brain in your head, you know this already.

[Dr. D]

Powell has his 10% correction, and has hammered one-way volatility, as he said. There may be more, but after the uber-dove signals impossible, world-ending rate hikes, lo! he’s already signaling “fewer” (none?) and Q-eternity. Inflation, stuff the world with the US$ loss, Dow goes up on inflation after sucking the muppets in.

And rigged VIX? I would not take a bet it wasn’t rigged before, “moderated” by Yellen with all their back-end rigging power as part of some former plan they abandon. Rigged markets??? Yes, what do you think setting interest rates is? Or rigging LIBOR? Or paying fines for gold rigging? Or mis-marking MBS’s with no consequences? Or aluminum by shuttling inventory on trucks until Sachs makes 5c a can? Or same with oil inventories appearing or disappearing. Or the PPT which officially is real or fake depending on the media day. And with that, you would take any bet the VIX is real? If it were, it would be the only real market out there.

Get out there boys, that money isn’t going to steal itself.

[zerosum]

The big lie … A person cannot be happy, in our society, without borrowing

The quoted number is 60% who are living pay-check to pay-check.
A sub category of that 60% are those that have no debt and are not homeless.

Consumers have become accustomed using easy credit to maintain a lifestyle unaffordable for them otherwise. If this trend continues, and facts indicate that it will, we will be facing a monumental credit crisis in the near future. A huge portion of credit card debt is the interest. Credit cards are a convenience and consumers readily pay for the privilege.

The wealthy can absorb the losses but the poor and middle class will face financial ruin.

Do you remember?
Credit cards did not exist for consumption.
Line of credit were for businesses to meet theirs expenses until their sale income were deposited.
Mortgages were available for 3X your income.
Higher education was affordable.
Health care did not require unafordable health insurance.
Middle class moms could afford to stay home to raise the kids.
Bullies existed and always had victims

Yesterday is gone!
In the future, Bullies will still be victimizing 90% of the population.

[Nassim]

To get an idea of how desperate governments are to raise money, read about what the UK’s government has made into law.

“Britain’s New Law UNEXPLAINED WEALTH ORDERS Targeting the Rich”

Britain’s New Law UNEXPLAINED WEALTH ORDERS Targeting the Rich

I can think of no better way of encouraging Russian / Chinese / Arab oligarchs to repatriate their wealth than this piece of draconian nonsense. I have searched FT.com for any reference to “Unexplained Wealth Orders” with no success. Bravo MSM. It bodes ill for London property prices.

When I was a student in London – 1968-73 – many students could afford to live near Imperial College in South Kensington – and on their grants. One of my friends lived in Queensgate in a bedsit on the top floor with a great view. Clementine Churchill – the widow of Winston – lived across the street. Those were the days.

A bit earlier, I was at a boarding school where some boys had parents who owned vast estates that were worth very little. Some had difficulty paying the annual fees of £600. Today, the same school charges around £35,000 ($49,000) per year in fees – more for non UK-resident parents. I somehow don’t think that the UK is generating 50 times more real wealth than 50 years ago.

https://www.stowe.co.uk/school/admissions/fees

[V. Arnold]

zerosum
Do you remember?
Credit cards did not exist for consumption.
Line of credit were for businesses to meet theirs expenses until their sale income were deposited.
Mortgages were available for 3X your income.
Higher education was affordable.
Health care did not require unafordable health insurance.
Middle class moms could afford to stay home to raise the kids.
Bullies existed and always had victims

I do, indeed, remember all of that. That was before Milton Friedman and the Chicago School took over with their predatory, neo-liberal, economic models.
We’ve come a long way…down…and still falling/failing.
I got off that magical thinking way of life about 25 years ago.
Things change…always…

[Author]

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