- Hard Evidence: “We Are In A Full Blown Global Depression”
by Mac Slavo, August 11th, 2015, SHTFplan.com
For the last several months there have been warnings of a coming economic storm, with many forecasting serious financial calamity by the Fall of this year.
With stock markets in China having self destructed, Greece and Europe in another crisis, and corporate earnings for some of the world’s biggest corporations showing lackluster performance, it should be clear that the situation is rapidly deteriorating.
But for the last several years America has appeared to remain fairly insulated from overt crisis. We were told that a recovery had taken hold, jobs were returning and consumer confidence had reached new highs, propaganda which drove millions of investors back into stock markets and real estate. No one in the mainstream world, it seems, believes there’s anything to be concerned about.
Except there is.
A report from Zero Hedge highlights just how hard Americans have been hit with increased energy prices, inflation and low-wage labor offerings. This is the hard evidence that proves once and for all what most Americans will become privy to after the fact: we are in a recession.
One of the biggest drivers of the so-called recovery (in addition to the Fed’s $4.5 trillion balance sheet levitating te S&P500 and the offshore bank accounts of 1% of the US population) has been the US consumer: that tireless spending horse who through thick, thin, recession and depression is expected to take his entire paycheck, and then some tacking on a few extra dollars of debt, and spend it on worthless trinkets.
Sure enough, for the past 8 years, said consumer has done just that and with the help of the endless hopium and Kool-Aid dispensed by the administration (who can forget Tim Geithner’s August 2010 op-ed “Welcome to the Recovery“), and by the political and financial propaganda media, spent, spent and then spent some more hoping that “this time it will be different.”
The biggest culprit in the collapse in spending intentions was the middle class (those making between $50 and $100K) but mostly the wealthy, those with incomes over $100K. It was the latter whose spending expectations dropped to, you guessed it, the lowest in series history.