The Great Economic Rotation Begins, It's All Happening At An Accelerated Pace - Episode 1498a
JcPenny cutting 670 jobs, closing distribution center. Retail sales implode as data is being revised. Mortgage rates increase which pushes many individuals out of the housing market, mortgage applications decline. Whistleblower reports that the VIX might be manipulated. More states decide to pass laws allowing people to use cryptocurrencies.
According to the mainstream media and corporate politicians the fundamental of the economy are great despite the recent 10% correction on the Dow Jones. Such propaganda is easily refuted by pointing out that labour force participation rates are at historic lows meanwhile low paid workers are suffering lower living standards as their meagre wages are not keeping up with price rises. The fact that over 40 million Americans need food stamps to stay alive shows how the gigantic money printing experiment of the Fed has no succeeded except for transferring huge amounts of wealth from mainstreet to the 1% who own over 80% of all wealth in U.S. society.
The media and politicians conveniently ignore the fact the United States is a society drowning in unpayable debts. The government debt of 21 trillion is followed by household debt of 13 trillion, student loan debt of over 1 trillion, sub prime car loan debt is over 1.2 trillion while the Fed has over 4 trillion on its balance balance sheet.
Never mind the rigged GDP and unemployment figures. See the work of economist John Williams on his shadow stats website for the real figures.
Does this all sound like an economy built on solid foundations or an economy on the brink of a major crisis?
Good post friends
Thank You Dave, great post.
The VIX being manipulated, I mean why not everything else is...
No surprises here, as the economy gets more global. Competition is fierce and the good old sit on your but and get rich with a good product days are over.
Thanks for the latest news, Dave.
Its a very fortuitous thing the crypto economy is going as rapidly as it is; at least when this system blows up, we won't be cast back to the Stone Age.
Keep HODLing