NOT TO THE HAPPY TALK OF THE MAIN STREAM MEDIA
According to the Atlanta Fed, US GDP in the first quarter of 2017 has declined to 0.7% , going back to lows touched on in 2014 after the Fed reduced QE.
The US has lost 5 million manufacturing jobs since the year 2000, and this trend has accelerated in recent years. Manufacturing in the US only accounts for 8.48% of all jobs according to May statistics.
102 million working age Americans do not currently have a job. This includes the 95 million Americans not counted by the Bureau of Labor because they assume these people have been unemployed so long they “do not want to work”.
Thousands of retail outlet stores, the primary engine of the American economy, are set to close in 2017. Sweeping bankruptcies and downsizing are ravaging the retail sector, and internet retailers are not taking up the slack despite highly publicized growth. In 2016, online retail sales only accounted for 8.1% of all retail sales.
Oil inventories continue to amass as US energy demand declines. Declining energy demand is a sure sign of overall economic decline. OPEC and other entities continue to argue that “too much supply” is the issue; an attempt to distract away from the reality of lower consumption and the falling wealth of consumers.–Brandon Smith, Alt-Market, June 14, 2017
We’re near collapse, but I can’t say exactly when the SHTF. Only that it is goin’ to occur. The movement of smart money out of paper and into tangible assets, however, is a good indicator that a change is in the offing. I take it as a rule of thumb the Rothschilds have better information than myself, and they’re getting out. Just remember some of the worst social consequences came to Germany after 1929 when some 5 million Germans found themselves without work virtually overnight. Many times that number of Americans will be jobless when the bubbles implode from excessive debt or credit creation. Finally, profit margins are squeezed as real estate prices hit stratospheric heights and rents increase. A common ending to American economic experience throughout the history of the country. One of my favorite economists was the practical thinking Henry George, who makes the same case in his book, Progress and Poverty.