AMERICA’S WEALTH HINGES ON ITS ABILITY TO BORROW BIG – OR ELSE
The US government’s addiction to debt is truly something to behold. Even in what we are told are boom times, the Federal government still has to borrow a trillion dollars each year to makes ends meet.
But what happens if and when the credit markets shut down?
That’s the question Bloomberg asked. Here’s part of the answer:
“U.S. per capita income of $66,900 would be slashed to a negative $4,857 using this measure. That’s a total loss of almost $72,000 for every man, woman, and child.”
THE END OF THE DOLLAR AS WE KNOW IT
The dollar’s share of central bank reserves is falling. In 2000 the greenback represented 70 percent of foreign central bank holdings. Today that has fallen to 60 percent. And it continues to fall as central bank’s gold holdings rise.
Now even our “best friends” are admitting that the dollar game is up. At Jackson Hole, Wyoming, where many of the world’s central bankers gather each August, Mark Carney, the governor of the Bank of England, called for the dollar’s international role to be supplanted by “synthetic hegemonic currency . . . provided . . . perhaps through a network of central bank digital currencies.”
By that, of course, he means another monetary flim-flam.
Would you like one more? Okay, here goes:
PREPARING FOR A FINANCIAL APOCALYPSE: INSIDERS ARE SELLING $600 MILLION OF STOCK PER DAY IN AUGUST
Your stockbroker may be trying desperately to keep you from withdrawing money from the market, but a lot of corporate insiders are getting out while the getting is good.
“August is on track to be the fifth month of the year in which insider selling tops $10 billion. The only other times that has happened was 2006 and 2007, the period before the last bear market in stocks.”