What recovery? There is NO recovery!
NO RECOVERY
Credit: globaltimes
Despite what people are being told through Mainstream Media and "so called official figures" there is no recovery.
The Economy is in a Recession and has been since 2008 if you discount the trillions of dollars in additional debt and derivatives that have done nothing more than pump the Economy full of steroids..!!
Subprime Auto Loan Defaults are rising at an unprecedented pace and when you combine these with the levels of Unsecured Debt and Student Loans that have piled up over the last 8 years this toxic combination makes the 2008 Crisis look like a walk in the park.
I have just picked up this article and wanted to share it with you.
It is a great article and credit to globaltimes for the content.
http://www.globaltimes.cn/content/1027914.shtml
Credit: globaltimes
Credit: globaltimes
Trillions of dollars of debt has been taken on since 2008 and this debt has to be paid back.
The fake recovery that is being reported is masking a more darker and sinister reality.
It is not the Student Debts, the Government Borrowings, the Subprime Loans or the Unsecured Debts that are the real problems but The Unfunded Futures Liabilities in the US which currently stands in excess of $350 Trillion.
This Unfunded Debt is debt that has NO current means of repayment but has still been committed to.
To say that these are challenging financial times is an understatement.
Thanks for reading.
Stephen
Yes the US car sub prime loans fiasco, its been reported on for quite some time, but not where most people would see it. Almost as soon as the banks were prevented from lending to homeowners that couldnt repay, they switched to car loans instead. If banks arent lending and getting people into debt, they are losing money. Governments the world over are, sadly, complicit. When the shit hits the fan on this one it will be another meltdown and poor old Greece will get shafted again.
Of course one of the big issues with the last sub-prime global financial shock, was that many of the loans had to be assumed to be bad, because no-one could tell a bad loan from a good one. So we all got rinsed because banks were infecting good with bad, and the only way to know if it would unravel was when someone could no longer repay.
Its comforting to know that absolutely nothing has changed. Well except we now have crypto-currency that means we can see if the wallet owner can or cannot pay a certain sum, and that makes banks less powerful. And thats why it was invented in the first place, to debunk all the dodgy banking practice, and return trust to the financial system.
Nailed it..!! Great reply. Stephen
Well done for calling it out where more people will see it.
Thank you. You are very welcome. Stephen
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I have to agree and thanks upped back.
You are one of the few admitting we had no recovery. Thank you for speaking the truth. Always enjoy your articles.
Thank you. I appreciate the support. I tell people "Give me $10trillion and I will give you a good time" but they still wish to believe the utter garbage that they are being told. Things are bad and people should be afraid, they should be REALLY afraid. Stephen
Some people will change, and some won't. All we can do is keep telling the truth. Thank you for doing so my friend. God bless.