US Household Debt Now Exceeds Pre-2008 Credit Bubble/Market Crash Levels. By Gregory Mannarino

in #money7 years ago

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Today, the Federal Reserve Bank of New York proudly reported that household debt here in the United States has now reached a new all-time record high, exceeding the last record high which was achieved right before the stock market/housing crash of 2008.

So what exactly is household debt? Very simply, this is the total amount of debt which is owed collectively by all the adults living in a particular household.
Well America, I suppose congratulations are in order?

Here is the spin.
The mainstream financial channel experts are saying that this time consumer debt, although it is now at a new all-time record high again surpassing the 2008 credit bubble, is different this time.
They are saying it's different this time because interest rates are lower today..
I ask you, are these mainstream financial Pundits learning impaired? Debt is debt, and the fact that we have now hit another all-time high with regard to household debt can in no way be spun into a positive thing.

So what we have here in America is a national debt at an all time record high, household debt at an all-time record high, a Federal Reserve who's balance sheet (the debt they are holding) at an all time record high, and a stock market which is near all-time record highs, (being inflated by all this debt).

What you will not hear from the mainstream financial pundits, is we have a labor force participation rate that is near historic lows, and a money velocity, (the rate at which cash is moving through our economy) also near record lows.

Here is a neat bit of info for you!
You cannot have an economic recovery without both the labor force participation rate, and the money velocity both moving higher!

So, the United States of America is now the largest debtor nation in the history of the world, being occupied by adults who are now carrying their largest debt burden in history!
Again, congratulations America...

Gregory Mannarino
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Greg, another great bit of info, thanks for passing it along to us. I have a 19 year old daughter that is in her 1st year of college. Everyday she get 2to 3 offer of credit in the mail weather it be a credit card offer or loan offer. She does not have any student loans, thanks to silver. We have raised her to understand that debt is a inslavement and not to get tied up in it, but if she is getting that many offers, everyone else in her position must be getting them as well. Iam sure that they are taking the offers of credit. Unfortunately our younger society does not have the knowledge of how bad debt is. Thanks for all that you do for us on keeping us uo to date.

Like drug dealers aren't they? Gotta get them hooked young.

Droug dealers is diffently a appropriate tag. We didnt really think it was that bad, boy where we wrong. I mean its every day. I mean she doesnt even work,and she gets that many offers a day.

She actually got a loan check in the mail monday, it was for $3000.00 and all she had to do was cash it. No income verification, no credit verification. Nothing at all just cash it. It was the craziest thing i had everyseen. I was proud though, i watched her shred it.

Thats really sick and indeed causing a lot of problems these days.
With all those examples on tv and social media.
And my opinion they should teach kids at a young age in the schools a bit about economy and what debts can do.
Same as teaching them basic first aid.

Yep outrageous that they'd be targeting young people like that. As we're all aware it is a form of slavery....

Now, I'm not completely condemning debt entirely, after all most of us wouldn't be living in a house without it or able to pay for unforeseen repairs. However, it's about being able to manage it and having a plan as to how it's going to be paid back. This is something which younger people may find more difficult.

The whole idea of having to pay interest on the debt is the biggest scam of all though. How can money created out of thin air have interested added to it?

Our kids have a dark future . It's sad . I am thinking of opening a family biz . It's the only way . Welding and plumbers never die

Hooray! We bought into debt just in time for the rates to rise, crushing wealth and affordability. Ive never been more sure in my life, that I will see soup lines in the near future.

Your right but we already got them... they are just stealth... just like the YouTube and Facebook stealth banning that brought me here to Steem... hard to notice..

Several left full grocery buggy

EBT budget and system issues cause many to leave grocery carts like this one event

http://www.dailymail.co.uk/news/article-2458815/Louisiana-Walmart-shelves-left-food-stamp-glitch-gives-shoppers-UNLIMITED-funds-hours.html

Longest soup lines in history

https://theconservativetreehouse.com/2016/09/06/right-now-we-have-longest-soup-lines-in-history-of-america-you-just-cant-see-them/comment-page-1/

I can only imagine how the soup kitchen lines would look presently if EBT cards were not in existence. Im sure in future ill get to see (unfortunately) just how that will look.

We are only doomed if we refused to take action to solve this for our own lives and the lives of others... like steem for example :)

We already have soup lines, but they're now known as EBT cards.

Yes the soup lines have been replaced by EBT Cards.

Discrete soup lines make for fraud .

Things are so messed up. Up is down and left is right! Interesting time to be alive.

Seriously, Greg, you go and spoil the celebration with facts!
Come on, give them some credit for their actions (and more credit and more credit and more credit and more credit and more credit).

The hole system has turned into a Ponzi scheme. The greed of the PTB will be their downfall. They forgot "Take care of the little guy and the little guy will take care of you"

I do not miss any of your videos, and I am learning a lot from you. Thanks.

I have followed him for years. He is a straight shooter.

They are learning impaired libtards. So do we celebrate the up . Dow up and student loan debt up . Rates going up , debt up . If it's up, it must mean something good . The only thing up .. the party is up . So get on your dancing shoes 👠 party like it's 2008 lol short !!

The Fed wants to keep you and your family buying like crazy and up to your eyeballs in debt to keep you chained to the system.

Thanks Greg. Also, look at the total consumer debt and outstanding mortgage debt also is high...

Total Consumer Debt

High consumer total debt

Mortgage Debt Outstanding

High Mortgage Debt Outstanding

Also check out the increase in bitcoin in Korea and India

https://steemit.com/bitcoin/@kingscrown/bitcoin-in-india-and-korea-at-2000-usd-will-world-follow

Yes I just wrote a post about US household debt since around 1952 and now compared to world.

When it is said U.S. owes 20 trillion dollars, who holds that debt?

Mostly china and backed by our labor and our unconstitutional 3rd party created entity.

Federal reserve, other central banks, private banks and private investors

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