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During The Coming Economic Crisis Two-Thirds Of The Country Will Be Out Of Cash Almost Immediately

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money-one-dollar-bills-public-domainDid you know that almost 70 percent of the U.S. population is essentially living paycheck to paycheck?  As you will see below, a brand new survey has found that 69 percent of all Americans have less than $1,000 in savings.  Of course one of the primary reasons for this is that most of us are absolutely drowning in debt.  In fact, the total amount of household debt in the United States now exceeds 12 trillion dollars.  So many Americans are so busy just trying to pay off their existing debts that they can’t even think about saving anything for the future.  If economic conditions remain relatively stable, the fact that so many of us are living on the edge probably won’t kill us.  But the moment the economy plunges into another 2008-style crisis (or worse), we could be facing a situation where two-thirds of the country is in imminent danger of running out of cash.

If you are living paycheck to paycheck, you live under the constant threat of your life being totally turned upside down if that paycheck ever goes away.  During the last crisis, millions of Americans lost their jobs very rapidly, and because so many of them were living paycheck to paycheck all of a sudden large numbers of people couldn’t pay their mortgages.  As a result, multitudes of American families went through the extremely painful process of foreclosure.

Unfortunately, it appears that we have not learned anything from the last go around.  According to the brand new survey that I mentioned above, 69 percent of all Americans have less than $1,000 in savings…

Last year, GoBankingRates surveyed more than 5,000 Americans only to uncover that 62% of them had less than $1,000 in savings. Last month GoBankingRates again posed the question to Americans of how much they had in their savings account, only this time it asked 7,052 people. The result? Nearly seven in 10 Americans (69%) had less than $1,000 in their savings account.

Breaking the survey data down a bit further, we find that 34% of Americans don’t have a dime in their savings account, while another 35% have less than $1,000. Of the remaining survey-takers, 11% have between $1,000 and $4,999, 4% have between $5,000 and $9,999, and 15% have more than $10,000.

Perhaps the most alarming fact from this survey is that 62 percent of all Americans had less than $1,000 in savings last year.  So that means that this number has gotten 7 percent worse over the last 12 months.

How did that happen?  I thought the mainstream media was telling us that the economy was getting better…

Look, if you don’t have an emergency fund you are in danger of losing everything.  This is a point that I have been making over and over again for years, and in an article about this new survey USA Today made this point very strongly as well…

This data is particularly worrisome since the recommendation is for Americans to have six months in expenses saved in case of an emergency, such as a large medical expense, car repair bill, or losing your job. Without this emergency fund to fall back on, millions of Americans could be risking financial disaster.

As the publisher of The Economic Collapse Blog, people are constantly asking me what they should do to get prepared for what is coming.

The number one thing that I always suggest is to build up an emergency fund.

In a chaotic situation it is always hard to anticipate accurately what is going to happen, but without a doubt we are all going to need to continue to pay our bills and to buy things for our families during the next crisis.

Yes, someday the U.S. dollar will become rather worthless, but until that happens you are going to need to continue to put a roof over the heads of your family and to put food on the table.

And you are going to need money to do those things.

Some time ago, the Federal Reserve also found that a large percentage of Americans are living on the edge of financial disaster.  They discovered that 47 percent of all Americans could not even come up with $400 to pay for an unexpected emergency room visit without borrowing the money or selling something that they own.

If you can’t even come up with $400 you are really hurting, but that is the status of about half the country these days.

We are continually being told that the economy is strong, but that is simply not the truth.

In fact, it turns out that the period from 2005 to 2015 was the worst period for per capita real GDP growth in modern American history.  The following comes from Zero Hedge

  1. Growth was unusually strong in the 1960s and early 1970s. In every year from 1966 through 1973, per-capita income was up between 30 percent and 40 percent from a decade earlier. Thus, it’s not surprising that many Americans recall this as a great period for the nation’s economy.
  2. In every year from 1984 to 2007 — a period that economists call the Great Moderation, because of the way both growth and interest rates stabilized — per-person income was up between 20 percent and 30 percent from a decade earlier. That’s ample reason for Americans to view this as a good period for the economy.
  3. Cumulative per-person growth from 2005 to 2015 was lower than in any prior decade in the sample. That certainly helps explain why many Americans are unhappy with the nation’s recent economic performance.

And as I repeat over and over, Barack Obama is on track to be the one and only president in all of American history to never have a single year when the economy grew by at least 3 percent, and he has had eight years to try to accomplish that feat.

Why doesn’t Donald Trump ever bring up that amazing fact?  I would think that he could get a lot of mileage out of that number.

At this point, nobody can deny that the middle class is shrinking.  61 percent of all Americans lived in middle class households in 1971, but now the middle class makes up a minority of the population for the very first time in our history.

Back in 1970, the middle class brought home approximately 62 percent of all income, but today that figure has plummeted to just 43 percent.

Those that are still doing well often dismiss those that are struggling by barking out such phrases as “get a job”, but the truth is that getting a good job is not so easy these days.

The most recent statistics show that there are 7.9 million Americans that are considered to be officially unemployed.  When you add that number to the 94.1 million working age Americans that are considered to be “not in the labor force”, you get a grand total of 102 million working age Americans that do not have a job right now.

And just because you do have a job does not mean that everything is okay.  As I have discussed previously, 51 percent of all U.S. workers make less than $30,000 a year according to the Social Security Administration.

Everywhere you look things seem to be getting worse and not better.  Not too long ago I documented the explosion of tent cities all over the country as poverty continues to rise, and I discussed how one study found that some young women in our impoverished inner cities are so desperate that they are actually trading sex for food.

Sadly, it isn’t just a few hard cases that we are talking about.  Even in areas of the country that are supposed to be “doing well” we are seeing record-setting poverty numbers.  For example, it was recently reported that the number of New Yorkers sleeping in homeless shelters just set a brand new all-time high, and the number of New York families permanently living in homeless shelters is up 60 percent over the past five years.

If things are this bad during an “economic recovery”, what are they going to look like once the economy really starts imploding?

And considering the fact that almost 70 percent of the population has virtually no savings, could our nation handle an extended economic downturn that may be even worse than what we experienced in 2008 and 2009?

As a nation we truly are living on the edge, and it isn’t going to take very much at all to push us into oblivion.

  • Jim Clark

    There will be no economic crises because the dead will get out of their coffins and install Hillary as Prez. Too bad, because Ivanka is a million times hotter than Chelsea. But a year from now we will be thanking hHillary for raising the chocolate ration to 20 grams from 25 grams (anyone still read “1984”? We are at war with Eastasia, we have always been at war with Eastasia).

    • alan

      “There will be no economic crises because the dead will get out of their coffins and install Hillary as Prez”

      Thats one of the best lines I have read in a long time.

  • Mondobeyondo

    What a sad, tragic state of affairs.
    And we are citizens of the wealthiest country in the world.
    Where’s the wealth then? Never mind, that was a rhetorical question.

    • Truegrit

      Good point Mondo.
      I wonder how wealthy we really are with 20T in debt 200T in un-funded liabilities and 12T in consumer debt.

      • olde reb

        internal memos of Wall Street financiers contemplate collection on the $20T debt.

    • Jim

      “wealthiest country in the world” Where have you been? It has been ages since the U.S. per capita was the wealthiest country in the world. Try 9th to 13th (PPP) according to Wikipedia.

    • William Lutz

      We are wealthy. It’s just that our wealth is make believe. The Fed keeps printing gobs of worthless paper cash and our manufacturing base has been downsized by a great fraction.

    • autofixer

      We are affluent not wealthy. The U.S. is the largest debtor nation in the history of the world. Affluence comes from the Greek for fluid; as in money flows through you fingers. This is the opposite of wealth. These words are incorrectly used interchangeably in Amerika these days.

  • Tim

    We’ve been waiting for the other shoe to drop since 2009 or so. It’s like this is playing out in slow motion. I don’t want another economic crisis, but I don’t see how another crisis can be avoided. We are in much worse shape now than we were prior to 2008. The Federal Reserve, in its response to the last crisis, has only created bubbles in multiple “asset” classes, and all bubbles eventually burst. And all of the predictions by those in the mainstream media as to the timing of the next crisis have been wrong. Nobody knows when it will come. We’ll just have to continue waiting and preparing.

    • William Lutz

      Hopefully and eventually, the grand economic crisis will come within a few years. When you have a nation that is so unstable in every aspect, there has to be a total collapse. Our economy is beyond unsustainable I don’t understand how anyone can think that we can turn back from it. We are toast, my friend. I might as well say farewell to the next year.

      • SnodtBlossom

        Have you bought a good tent yet?

        • William Lutz

          Nah I don’t need a tent. I can sleep out in the woods without one.

  • ALWAYSTOMORROW

    Everyone reading this is an adult.

    With adulthood comes responsibility.

    Everyone here is in the shape they are in financially because of the decisions they made.

    Everyone who isn’t doing well has only one person to blame. Not the economy. Not your divorce. Not bankruptcy. Not bad luck. Not the baby boomers. Not even Barack Obama. The blame is on you. Cold, hard truth.
    ——————–

    COUNTDOWN. Today, October 10, 2016. In 28 days I predict Mrs. Clinton will be our next president.

    • Mike Smithy

      You are correct in your assessment that personal responsibility is paramount. However, is it fair that pensioners are forced to invest in a risky stocks in search of yield? Is it fair that hard working blue collar American citizens have not gotten a pay raise due to an influx of illegal aliens, whom are suppressing wages? Is it fair that 47% of Americans pay no federal income taxes yet receive the benefits of national defense and infrastructure? Is it fair to the future generations of Americans to inherit $20 Trillion of debt? I could go on, but I think you get my point.

      • ALWAYSTOMORROW

        No it is not fair but it is reality and must be delt with.

        • Mike Smithy

          That is precisely why millions of American’s support Trump. He is the only one willing to punch the establishment in the nose and turn Washington up-side down. On behalf of the little people and the forgotten man, Trump is the only person left standing that has a chance of exposing the scum for who they are and “dealing with it”. As a result, why don’t you jump on the Trump train and do your part.

          • autofixer

            Because he is worse than the establishment.

          • olde reb

            Trump’s only objective in life is to make money or screw somebody. But I repeat myself.

      • Lakshmima

        Is it fail that social security checks are half of what they should be just so illegals can get the other half of your pie??? Tent cities alright. Tent cities for seniors who worked all their lives and paid into the system.

    • Liberty First

      Well, enjoy that reality, lol. You and Hillary would get along great. That sociopath thing tends to bring people together.

      I am fortunate to have hundred of thousands in savings. This was after years of learning to take personal responsibility for my own actions and success. But that said, I would never blame a person who is struggling who must pay higher out of pocket premiums for medical care insurance, higher deductibles, higher taxes, face affirmative action set aside laws, deal with 1000s more pages of regulations before opening a business.

      • Lakshmima

        The regulations and paperwork took up so much time (working 12 hour days) daily that I said F it and closed up shop after many years. And a big fungu to them too.

    • robert

      Nonsense. Arrogant nonsense.

      • ALWAYSTOMORROW

        I like the word opinionated better.

    • Jerry C

      Very elitist of you.

    • TheLulzWarrior

      But I am not responsible! I can´t save nor handle money, hence those who can owes me and if they don´t, they are oppressing me through White Privilege!

      Thanks God for Hillary Clinton and for voter fraud, that way the state can take money from the people that works and are responsible, to people like me.
      Such a system will last as long as we keep spending, trillions in debt and the inability to pay them back will never harm the economy.

  • Thomas D Guastavino

    One of the great lies that is destroying the middle class is that the life of the employee can be made better by making the life of the employer more difficult. Since we are about to elect another president who is telling this same lie there is no hope.

    • South Texas

      There is some truth to to that. Anyone who thinks they are punishing McDonalds or WalMart with minimum wages because they ‘can’ afford it are ignorant fool; they are only crushing the small businesses that self employ many people.

      On the other hand, corporate Amerika also deserves some blame. Nothing like doing a great job for years and have them happy size you because Ranjeev or Jose will do the same almost job for a few bucks less. But hey, at least the company saved money while you took a lower paying job or lost your house or income in the process.

      • Thomas D Guastavino

        Easily solved by simply indexing the minimum wage to inflation and making sure Ranjeev or Jose are here legally.

        • Barry

          Not so easy. H1B visas have been handed out like candy the past few years, so even those who come here legally are taking jobs from Americans at lower salaries. Corporations (some of them anyway) jump on this opportunity to “save” money while experienced, hard-working American citizens go without and can’t find a good replacement job, either. I was unemployed for a year and a half from 2008-2010 until I could find another comparable job in my field, and then I had to relocate on top of that!

          • South Texas

            Legal immigration needs to be frozen to.

        • Aeffesstoo

          “making sure Ranjeev or Jose are here legally.”

          That would be labeled as being “racist”

          • Thomas D Guastavino

            Fair enough, lets change it to, “making sure Brian and Tiffany are here legally”
            More acceptable?

          • Aeffesstoo

            I would have to know more about Brian and Tiffany before I could come up with the appropriate faux grievance.

          • Thomas D Guastavino

            Thats why we have to make sure they are here legally.

          • olde reb

            whatever parameters are used for standards, you are imposing more burdens on businesses and asking for more buearcrats.

          • Cobbett

            By who?

          • Aeffesstoo

            hillary, the media, all other democRats, paul ryan, cuckoo bird mccain, beck …

          • Cobbett

            Oh..no one important then

          • SnodtBlossom

            She is your next President!

          • Cobbett

            I’m not a Yank.

          • SnodtBlossom

            You are putting false words in her mouth.
            Hillary 2016! 😀

        • South Texas

          No, that’s stupid. Inflation is a BS number made up by government anyway. Does anyone really think inflation is 2 or 3%?

          What would help is to abolish minimum wage; where does the government have the right to tell employers what a job is worth? Also, free market in money and abolish the Federal Reserve.

          • TheLulzWarrior

            Free market, the most important part of it, is being able to save money.

            The Federal Reserve inflation policies is to prevent people from doing that, there is no free market when a banking oligarchy not only effectively controls the governement but can simply print trillions of dollars, especially when it mean that others money is worth less.

        • TheLulzWarrior

          Pajeet and Jose needs to go back and never come back, even legally. Their anchor babies needs to go as well.
          There should be zero third-world immigration, the Immigration and Nationality Act of 1965 should be repealed.

    • SnodtBlossom

      Who is saying that? Where?

      • Thomas D Guastavino

        Please explain.

    • TheLulzWarrior

      Yep, they should have no accountability for their actions whatsoever, that will convince them to make the life of the employees easier.

  • GSOB

    And the beat goes on

  • robert

    $400 for an ER visit. Hahahahahahahahahahaha….

    My wife had to go to ER due to an accident. She was there for just over 5 hours. She had Xrays and a CT scan. Tab was just over $24,000. $400 is not even a co-payment. It will hardly purchase 4 car tires. It is a grocery bill for a family.

    And yet, Disney World is packed. Cruise lines are booked. Airplanes are packed out. Our mall is busy, mostly with young people buying “stuff”.

    Either the numbers are bogus or perhaps the public has no clue what debt really is as long as they can use their credit card again and again. Maybe some of both.

    • William Lutz

      That’s crazy!

    • Thomas D Guastavino

      As my grandfather used to say: “When you are at the bottom of a 100 foot hole another 10 feet down doesn’t look that much worse”

    • PutGodFirst

      I went in for chest tightness, they ran a CT with contrast (never again am I doing that), EKG, and blood work….over 10K…

      • mark8076@msn.com

        I took our cat to the doctor…Initial exam, xrays, IV anesthesia, scoped the cat’s throat, steroid injection, 7 hours in recovery —— total bill $145.

  • billtheguy

    If Hillary gains the presidency, it will be steps closer to the new world order (NWO). No more Constitution or Bill of Rights. I over heard someone say it’s only words printed on paper. THAT, made me almost vomit. I’m not sure we will be called America, land of the free. What this will mean is no more cash. You want to buy your neighbor’s bicycle? Go to your bank and get a check made out in his name, not cash. All transactions will be monitored, no more “this note is legal tender for all debts, public and private”. We already know all our communication is monitored. No more weapons. I’m not sure how far that will go; maybe bow and arrow, knives, pellet/bb guns? This is just three of the freedoms we will be deprived of. Your life will be controlled no matter what. But, hey, at least we will have football and beer.

    • sister soldier

      We may be one step deeper into the NWO as we crossed that proverbial line sometime ago, but no matter who wins this (s)election the globalists are simply not going to bend over and take it up the rear. That is just wishful pondering. Trump may indeed be very wealthy but I’m willing to bet there is someone with a lot more money and a lot more global pull. Everyone has a price – including him.

      • someonewhogrewupinsnow

        And if you don’t have a price you get killed…..

        • sister soldier

          Huh….. food for thought.

  • Barry

    As a Christian, I believe in Bible prophecy concerning the end times. I have always (for a long time anyway) thought that the only way an anti-christ could take over the entire global monetary system would be if a total collapse occurred, then he could replace our current system with the one the Bible refers (aka. mark of the beast, the chip, etc.) The people of the world would readily embrace this new system as the “savior” to their troubles. People want to eat and have heat and light. When they get desperate, they will do desperate things no matter what it takes. So if his plan appears to work, so be it. They will sign on to it with no reservations.No doubt a major economic collapse is in the works the likes of which the world has never seen before!

    • Guest

      No doubt a major economic collapse is in the works the likes of which the world has never seen before!

      Agreed!

      • alan

        The westernized world has ever seen. Africa probably wouldn’t notice anything happened.

    • sister soldier

      Indeed it is in line with prophetic fulfillment. Scripture clearly teaches the coming of the lawless one will be accompanied by the working of Satan himself, with every kind of power, sign, and lying wonder, and with every wicked deception directed against those who are perishing, because they refused the love of the truth that would have saved them.

      So by the time the beast system is complete, as it is already rising even now, those who are outside of the covenant of faith will gladly accept the one world currency system. The Lord goes on to instruct those who are living at that time that, “For this reason, God will send them a powerful delusion so that they will believe the lie, in order that judgment will come upon all who have disbelieved the truth and delighted in wickedness.” But it’s a done deal for whomever accepts the mark of the beast/system – their judgment will be sealed.

    • Jerry C

      Take the Mark and all your debts are forgiven! You own everything in your possession!! Peace & safety!!

      • sister soldier

        HA!… Uh huh, when they say peace & safety then sudden destruction.

    • A.S.

      I am not a Christian, nor do I believe in the fallacious NT, but I will never accept any implant into my body without permission. Even if the whole world will collapse, I still will not accept it for the reason that it will be used to fully control me. Every person should have the right to be off grid and live on the land, as people did hundreds of years ago, if he wishes. The Amish have something good going. I would love to live in the forest in a cabin, grow my own fruits/veggies, slaughter my own animals, chop my own wood for heat, use Ham Radio for news (well if the NWO has established rule, maybe not). All each person is needs is only a 200 square foot cabin and about a half acre of land for mere survival.

  • Jack Frost

    The next implosion is on the cusp today. Robots will begin assuming more and more of the minimum wage jobs. Minimum wage pay hikes make automation financially feasible. People once wiped your windshield, checked your oil and tire pressure while pumping your gas. Now they save money by the customer doing all the work. This is coming to fast food soon, Cashiers will be gone and self checkout will be the rule once costs reach the break even point. Customers can be trained to use the machines after it is mandatory. Once they perfect a reliable driver less vehicle look for massive disruptions across the entire economy. Fleets of automated Uber vehicles will make car ownership obsolete, regardless of where you live. Taxi services will disappear for human operators. Freight lines will automate their vehicles to run 24/7 and millions of driver jobs will disappear. Talk about disruptive. Advances in robotic AI will cut into ALL of the remaining service positions. Robots will exist physically created to perform specific tasks. They will become ubiquitous. A marvel for the hordes of unemployed folks living on the streets, under bridges and in tents.

    • Elpidios

      Perhaps the amish had it right all along.

  • sister soldier

    My how we have fallen from our previous estate as a once great nation. We have all but recklessly abandoned every political doctorate and or mandate that was outlined by the founders of these United States. We have become so politically correct, so self-righteous so self preservative that even the leaders are now masquerading as demigods to the illusion of the masses. What happened in this country that caused us to forget about equal and exact justice to all men? Peace, commerce, and honest friendship with all nations, entangling alliances with none? The support of State governments in all their rights, as the most competent administrations for our domestic concerns, and the surest bulwarks against anti-republican tendencies? The preservation of general government in its whole constitutional vigor, as the sheet-anchor of peace at home and safety abroad? The jealous care of the rite of election by the people? Absolute acquiescence in the decisions of the majority. A well-disciplined militia and the supremacy of the civil over the military authority? An economy in the public expense, that labor may be lightly burdened? Or, maybe the late President Thomas Jefferson was just another American dreamer when he spoke those brave words.

    • anongh

      U obviously have no clue about the real history of america. Only parroting nonsense from your compulsory education.

  • Dave

    Again, great article – good reinforcing information substantiating concern for this country’s economic future. (Bare with me on this.)

    After reading some of the replies this thought occurred to me – Americans are very generous in providing the rest of the world support in both blood and treasure, but, on the individual (to include families) level does not get a return on investment. Americans only receive hatred, attacks or communiques on greater expectations of more support – formal nationalistic begging.

    The only ones who benefit from this investment of blood and treasure are the establishment politicians and corporations. (No, I am not a communist.)

    Bottom line – Americans, at the individual level, are self medicating by spending on luxuries; being overly taxed and those taxes being “deployed” to just about the entire rest of the world is frustrating and invokes a sense of powerlessness.

    (I would like to see everyone try to be a little more frugal though.)

    Anyway, maybe a fiscal collapse (enema) is the only way to re-direct what is important in life – American life.

    Dave.

  • Robert Boone

    I don’t disagree with the fact that people are saving less than they did years ago but you need to look at who owns and is affiliated with GoBankingRates before you believe their study.

  • Jerry C

    Only 5% of all financial transactions are done in cash. The world is heading towards an electronic economic system whereby every human being will be micro-chipped; for those who accept it. Those who choose not to participate will not be able to buy nor sell. But first, TPTB have to make us hate this current system & actually beg them for a replacement.

    • dc.sunsets

      18% of Americans are unbanked, blackballed because they couldn’t simply avoid chronic overdrafting and other silly things. The notion that cash can be eliminated is a fantasy of those who have never met the left side of the bell curve.

  • Jack Fough

    You have to be very careful here not to totally mislead people. Many individuals today don’t even maintain savings accounts. They pay near zero interest and in many cases charge fees just to maintain. Their money goes directly into investment accounts or money market accounts. They do not view these financial vehicles as typical savings accounts. In addition, many of those individuals who claim no “savings” do not include their IRA’s or 401’s, etc., as savings even though they may have fifty thousand to several hundred thousand or more in theses accounts.

    I know our savings habits are terrible here in the United States, however, I do not believe that two-thirds are near destitution.

    • sister soldier

      Don’t forget too mention the dismal CD rates.

      • Jack Fough

        They still offer those?!?! Last I remember I could get better interest from online savings accounts than I could get from any CD!!!! Dismal is an understatement…insane would be more like it!!! It is not that we can not save, it is we have no “safe” place to put our money to grow!! So, I guess, most just spend it before inflation steals it!! The government/Fed. could change all this if they wanted to but it is evident this is all part of their agenda. Sad.

        • sister soldier

          Yes, you are correct on both counts. In fact my local cartel, my bad, I mean bank, is really pushing them (CD’s) as of late.

        • dc.sunsets

          1% is better than 0%. Sooner or later t-bill rates will rise out of fear. It is an illusion that the Fed controls rates. They follow the 13 week T-bill rate like slaves. It is quite predictable.

    • Dave

      To Jack,

      I do, and, I believe many of those involved in 401ks and Roth IRAs and standard IRAs are withdrawing money out of them as needed. Several of my family members – in-laws and out-laws – are among them.

      On contributing factor here is that when individuals lose their jobs they have no alternative but to draw from them; or, take loans against them.

      One interesting number will be to see/know is how many people below age 59 1/2 draw from there “retirement plans” after the start of the year.

      Dave

  • Jack Fough

    You have to be very careful here not to totally mislead people. Many individuals today don’t even maintain savings accounts. Banks and C. U. pay near zero interest and in many cases charge fees just to maintain costing depositors more than earnings. Their money goes directly into investment accounts or money market accounts. They do not view these financial vehicles as typical savings accounts. In addition, many of those individuals who claim no “savings” do not include their IRA’s or 401’s, etc., as savings even though they may have fifty thousand to several hundred thousand or more in theses accounts.

    I know our savings habits are terrible here in the United States, however, I do not believe that two-thirds are near destitution.

    • dc.sunsets

      18% of Americans are “unbanked.” This figure is growing, too. Makes you want to laugh at those who propose a cashless society. Most of the unbanked are blackballed from the banking system due to past history of chronic overdrafts, etc. They can’t handle simple banking.

  • Joltin Joe

    There is no future if there is no today, how can people save if they need the cash to survive?

  • horse777res

    Iam not worried!! “Nothing from Nothing leaves Nothing”

  • Priszilla

    Was able to cut down on costs this year.

  • DB200

    Good article, Michael.

  • dc.sunsets

    It’s way worse than this. For 35 straight years, since the last secular low in bond prices (peak in interest rates) owning bonds was like a wealth-creating machine. Every time rates declined, the capital value of debt rose. With no one pushing back, borrowing EXPLODED. There is simply no historical precedent for this level of debt (the Bond Ocean) and it created a “wealth effect” causing people to bid up the prices of all assets like stocks, land, commodities, etc. The denouement for this is a credit collapse deflationary depression of unprecedented depth. Sooner or later this is absolutely inevitable, and every year that passes without it, the depth just gets lower. I have no doubt that it will eventually lead to civil war over political control, racial/ethnic cleansing and the break-up of the USA.

  • Lao Tzu

    Keynesian economists have always said that households saving money is evil. Everybody should spend every dime of his income to stimulate the economy.

  • TheLulzWarrior

    “The FBI has certified me as too incompetent to handle classified information and not because I was selling all of this info to the highest bidder, I want to be President!”

  • Bruce

    It amuses me that their are people even on this site that think the economy will not collapse. Please tell me how is it that we can be 20 Trillion in debt with NO way to repay and it will just somehow magically go away. The day WILL come but exactly when no one knows for sure however, we are fast approaching that date and soon. Some are demanding a date as if the site administrator has a date hidden. How ridiculous. For those who are impatient for this collapse to hurry up and come then you are ignorant to the way it will really be. The carnage and crime that will come about is unfathomable. We as a nation and as a people are so leveraged and in debt that we will never overcome this problem. Individuals may have time to get their selves out of debt but the nation doesn’t have a chance. Every election including this present presidential election has skirted around the issue of our debt.
    It is the very politicians that have put us where we are today. NO entitlement could be paid if it is not first voted on and becomes law. Therefore, it is the ignorance, selfishness and greed of the politicians that have put us in this inescapable situation. It is my opinion that when it all falls down and it will that politicians of all ranks and title will become the targets.

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