Man

Did you know that there is more than $28,000 of debt for every man, woman and child on the entire planet? And since close to 3 billion of those people survive on less than 2 dollars a day, your share of that debt is going to be much larger than that. If we took everything that the global economy produced this year and everything that the global economy produced next year and used it to pay all of this debt, it still would not be enough. According to a recent report put out by the McKinsey Global Institute entitled “Debt and (not much) deleveraging“, the total amount of debt on our planet has grown from 142 trillion dollars at the end of 2007 to 199 trillion dollars today. This is the largest mountain of debt in the history of the world, and those numbers mean that we are in substantially worse condition than we were just prior to the last financial crisis.

When it comes to debt, a lot of fingers get pointed at the United States, and rightly so. Just prior to the last recession, the U.S. national debt was sitting at about 9 trillion dollars. Today, it has crossed the 18 trillion dollar mark. But of course the U.S. is not the only one that is guilty. In fact, the McKinsey Global Institute says that debt levels have grown in all major economies since 2007. The following is an excerpt from the report…

Seven years after the bursting of a global credit bubble resulted in the worst financial crisis since the Great Depression, debt continues to grow. In fact, rather than reducing indebtedness, or deleveraging, all major economies today have higher levels of borrowing relative to GDP than they did in 2007. Global debt in these years has grown by $57 trillion, raising the ratio of debt to GDP by 17 percentage points (Exhibit 1). That poses new risks to financial stability and may undermine global economic growth.

What is surprising is that debt has actually grown the most in China. If you can believe it, total Chinese debt has grown from 7 trillion dollars in 2007 to 28 trillion dollars today. Needless to say, that is absolutely insane…

China’s debt has quadrupled since 2007. Fueled by real estate and shadow banking, China’s total debt has nearly quadrupled, rising to $28 trillion by mid-2014, from $7 trillion in 2007. At 282 percent of GDP, China’s debt as a share of GDP, while manageable, is larger than that of the United States or Germany. Three developments are potentially worrisome: half of all loans are linked, directly or indirectly, to China’s overheated real-estate market; unregulated shadow banking accounts for nearly half of new lending; and the debt of many local governments is probably unsustainable. However, MGI calculates that China’s government has the capacity to bail out the financial sector should a property-related debt crisis develop. The challenge will be to contain future debt increases and reduce the risks of such a crisis, without putting the brakes on economic growth.

What all of this means is that our long-term global economic problems have gotten much, much worse. This short-lived period of relative stability that we have been enjoying has been fueled by unprecedented amounts of debt and voracious money printing. Anyone with half a brain should be able to see that this is a giant financial bubble, and in the end it is going to unwind very, very painfully. The following comes from a Canadian news source…

At the beginning of 2008, government accounted for a smaller portion of the debt pie than corporate, household or financial debt. It now exceeds each of those other categories.

“The current situation is much worse than in 2000 or 2007, and with interest rates near or at zero, the central banks have already used up their ammunition. Plus, the total indebtedness, especially the indebtedness of governments, is much higher than ever before,” said Claus Vogt, a Berlin-based analyst and co-author of a 2011 book titled The Global Debt Trap.

“Every speculative bubble rests on some kind of a fairy tale, a story the bubble participants believe in and use as rationalization to buy extremely overvalued stocks or bonds or real estate,” Mr. Vogt argued. “And now it is the faith in the central-planning capabilities of global central bankers. When the loss of confidence in the Fed, the ECB etc. begins, the stampede out of stocks and bonds will start. I think we are very close to this pivotal moment in financial history.”

But for the moment, the ridiculous stock market bubble continues.

Internet companies that didn’t even exist a decade ago are now supposedly worth billions upon billions of dollars even though some of them don’t make any money at all. There is even a name for this phenomenon. Internet companies that have gigantic valuations without gigantic revenue streams are being called “unicorns”…

A dizzying mix of bold ideas and lavish investments has catapulted dozens of privately held start-ups to unicorn status, defined as having market valuations of at least $1 billion often without soaring revenues to match. Social-sharing site Pinterest has soared to $11 billion. Ride-hailing company Uber is now worth a staggering $50 billion.

How long can the party last?

And these days, Wall Street even rewards companies that lose huge amounts of money quarter after quarter. For example, just check out what happened when JC Penney announced that it only lost 167 million dollars during the first quarter of 2015…

Yippee!!! JC Penney ONLY lost $167 million in the first quarter. The Wall Street shysters are ecstatic because they BEAT expectations. Buy Buy Buy.

This loss now brings JC Penney’s cumulative loss since 2011 to, drum roll please, $3.5 BILLION. They haven’t had a profitable quarter in over four years. But, they are always on the verge of that turnaround just over the horizon.

Wall Street has told you to buy this stock from $42 in 2012 to it’s current pitiful level of $9. They tout the wonderful 3.4% increase in comparable sales. They fail to mention that first quarter 2016 sales are only 30% below first quarter sales in 2011.

They fail to mention that JC Penney burned through another $274 million of cash in the first quarter. Their equity has dropped by $1 billion in the last year, while their long term debt has gone up by $500 million.

This is how irrational Wall Street has become. JC Penney is ultimately going to zero, and yet there are still people out there that are pouring huge amounts of money into that financial black hole.

Sadly, the truth is that Wall Street is headed for a very painful awakening.

What we are experiencing right now is the greatest financial bubble of all time.

What comes after that is going to be the greatest financial crash of all time.

199,000,000,000,000 dollars of debt is about to come crashing down, and the pain of this disaster will be felt by every man, woman and child on the entire planet.

If you are a man living in America today, to a large degree your value to society is determined by how much money you make. It should not be that way, but that is how our society works. And if you do not have a job at all and you cannot take care of your own family, then almost everyone looks down on you even if it is not your fault. Once you are unemployed, it becomes the number one defining factor in your life. Yes, there are a few people that may look at you in the same way, but in the eyes of most you will now be less of a man. Sadly, this is particularly true when it comes to romantic relationships. Unemployed men tend to have unhappier marriages, they tend to divorce more frequently, and as you will see below approximately 75 percent of all American women do not have any interest in dating unemployed men. Unfortunately for American men, the decline of the U.S. economy in recent years has had a disproportionate impact on them. The past five years have been the worst years for employment for American men in the post-World War II era, and things are only going to get worse from here.

Yes, unemployed women go through similar things. I do not mean to downplay the economic suffering of unemployed women at all. In fact, I write about it quite frequently.

Today, however, I want to focus on how the steadily declining U.S. economy is affecting men. If you are a single man and you are unemployed, that automatically means that most single women will not be interested in you at all. At least that is what one very shocking survey discovered…

Of the 925 single women surveyed, 75 percent said they’d have a problem with dating someone without a job. Only 4 percent of respondents asked whether they would go out with an unemployed man answered “of course.”

“Not having a job will definitely make it harder for men to date someone they don’t already know,” Irene LaCota, a spokesperson for It’s Just Lunch, said in a press release. “This is the rare area, compared to other topics we’ve done surveys on, where women’s old-fashioned beliefs about sex roles seem to apply.”

So what would happen if things were reversed and that same question was asked to men?

Well, it turns out that there is a big difference.

When men were asked that exact same question, the results were absolutely startling…

On the other hand, the prospect of dating an unemployed woman was not a problem for nearly two-thirds of men. In fact, 19 percent of men said they had no reservations and 46 percent of men said they were positive they would date an unemployed woman.

Perhaps traditional gender roles are not quite as dead as many people believe that they are.

And as I mentioned earlier, the declining economy is hitting men even harder than it is hitting women. Yes, millions upon millions of women are deeply suffering in this economy. There is no doubt about that. But men are actually having an even more difficult time than women are.

The following are 12 signs that the decline of the U.S. economy is having a disproportionate impact on men…

#1 The labor force participation rate for men is now at an all-time low…

#2 During the last recession, men lost twice as many jobs as women did. All of the jobs that women in the United States lost during the last recession have been regained, but only about 70 percent of the jobs that men lost during the last recession have been regained. Meanwhile, the size of the overall population continues to grow rapidly.

#3 The inactivity rate for men has risen even higher since the end of the last recession and is now hovering near an all-time record high…

#4 Since 2010, about a million construction workers have either been forced to switch industries or have disappeared from the labor force entirely. This has had a disproportionate impact on men.

#5 Back in the 1950s, more than 80 percent of all men in the United States had jobs. Just before the last recession, about 70 percent of all men in the United States had jobs. Today, only 64 percent of all men in the United States have jobs…

#6 Back in the 1980s, more than 20 percent of the jobs in the United States were manufacturing jobs. Today, only about 9 percent of the jobs in the United States are manufacturing jobs. This has had a disproportionate impact on men.

#7 According to the Economic Policy Institute, the U.S. economy loses 9,000 jobs for every 1 billion dollars of goods that are imported. A disproportionate percentage of those job losses tend to come from male-dominated industries such as manufacturing. Since 1975, the United States has run a total trade deficit with the rest of the world of more than 8 trillion dollars, and right now there are more than 102 million working age Americans that do not have a job.

#8 Between 1969 and 2009, the median wages earned by American men between the ages of 30 and 50 dropped by 27 percent after you account for inflation.

#9 According to the Economic Policy Institute, the “real entry-level hourly wage for men who recently graduated from high school” has declined from $15.64 in 1979 to $11.68 today.

#10 Thanks to Obama administration policies which are systematically killing off small businesses in the United States, the percentage of self-employed Americans is at an all-time low today. This has had a disproportionate impact on men.

#11 According to CNN, American men in the 25 to 34-year-old age bracket are nearly twice as likely to live with their parents as women the same age are.

#12 According to Time Magazine, unemployed men are significantly more likely to get divorced than employed men are.

When a man cannot take care of his own family, it can be absolutely soul crushing. Though many would like to deny this, the truth is that men are still considered to be the primary breadwinners in society today. When a man finds that he cannot provide what his family needs no matter how hard he tries, it can be really easy to descend into a spiral of despair, depression and self-pity.

Unfortunately, the U.S. economy is not producing nearly enough jobs for everyone anymore and it never will again. Meanwhile, the quality of our jobs continues to decline at a staggering pace.

What all of this means is that the number of Americans living in poverty is going to continue to grow, and there will be lots more men that feel worthless because they can’t provide for their families.

The following is one example of a single dad that is forced to turn to the government for assistance because he cannot provide for his children on his own…

It means Lyman Curtis, single dad of five kids, will only be able to reliably heat his home in Dexter, Maine, for the first half of this winter, maybe through February.

After that, Curtis will drive to the local gas station to buy kerosene oil in 5-gallon increments — all he can afford to buy at one time.

“I know a lot of people who do it that way, because there’s just not enough money to heat your home and pay for groceries in your everyday life,” said Curtis, 38, who is the primary caregiver for his kids and relies on disability benefits and food stamps to survive.

Nobody should ever look down on someone like Lyman Curtis. He is doing the best that he can.

At this point our economy is kind of like a very twisted game of musical chairs. If your family is doing well at the moment, you should not be too complacent because the next time the music stops you might be the one that loses a job.

In recent years, millions upon millions of Americans have lost good jobs, and in most cases it was due to forces beyond their control.

And as the economy continues to deteriorate, Americans are going to become even more angry and even more frustrated. In fact, one recent survey found that 60 percent of all Americans “report feeling angry or irritable“.

But we have not even reached the next major wave of the economic collapse yet.

How “angry” and “irritable” will people feel once millions more Americans lose their jobs?

That is something to think about.

So what do you think about all of this?

What do you think about the fact that most women would not even consider dating an unemployed man?

Please feel free to share your thoughts by posting a comment below…