According to Saturday's story from 'Tyler Durden' over at Zero Hedge, nearly 1 out of every 4 American adults are unable to pay their monthly bills in full with 25% of adults skipping medical treatments due to their expense while 28% of US adults have no retirement savings or pensions at all. Reporting also that 44% of American adults would be unable to pay an unexpected expense of $400 such as a car repair and would either have to borrow more money and go further into debt or sell something in order to meet such an expense, we take a look within this story at the very real human cost of the financial cataclysm that awaits humanity.
With former Ronald Reagan Director of the Office on Management and Budget David Stockman recently warning Greg Hunter at USAWatchdog that a 'fiscal bloodbath and market crash' is about to occur, we see that such a 'crash' brings along with it homelessness, hopelessness, drug abuse, suicide and crime waves as people do whatever they need to do to survive. With every economic travesty comes great human sufferering and tragedy. And with expert after expert warning of danger ahead in the high stakes world of finance, the average American should prepare themselves for what it will be like to live without a house or a car or job should those worst case scenarios we're now being warned about unfold.
While Stockman believes this 'bloodbath' will likely occur between August and November of 2017, we'll remind you that ANP doesn't like to put exact dates on future events that are out of our own control. Though all things seem to be aligning politically, socially and economically for 'an event' as detailed within this story, it's impossible to estimate the coming cost of human suffering as a result of the impending financial cataclysm. First, from Mac Slavo over at SHTFPlan:
As time goes on, it’s becoming abundantly clear that Trump isn’t going to be able to prevent a major financial crisis in this country. Depending on your beliefs, that’s either because he’s inept in some way, or because he’s being hamstrung by a political system that’s determined to keep our nation on the same unsustainable path. Whatever the case may be, it seems that there is no way that we can change course at this point. We’re headed for a financial crisis, and it’s going to happen sooner rather than later.
That’s also the opinion of David Stockman, a former Congressman and director of the Office of Management and Budget under Ronald Reagan. In this interview with USA Watchdog, he reveals why the market rally that broke out after the last election, “was the greatest sucker’s rally we have ever seen.” He also explains why the economy could go off the rails this year, after our government endures a major budgetary crisis.
Earlier this month our government avoided a shutdown, because Trump decided to sign Congress’s $1.2 trillion spending bill. In effect, he postponed a serious fight with Congress for later this year.
On May 2nd he tweeted “Our country needs a good ‘shutdown’ in September to fix mess!” So clearly, next time he’s going to be a lot less compromising in his efforts to change the budget. That’s going to spawn a fight over the budget between Trump and both political parities, and according to Stockman, that’s when the next wave of our financial collapse is going to arrive.
“There will be no bid for the stock once the panic sets in. We’re going to hit an air pocket. The S&P 500 is going to drop by hundreds and hundreds of points sometime over the next few months as we drift into this unexpected crisis. . . .
I would target sometime between August and November because that’s when the rubber is going to meet the road on a debt ceiling increase when they are out of cash. Washington is going to end up in vicious political conflict over what to do about the debt ceiling. . . . It is going to be one giant fiscal bloodbath the likes of which we have never seen.”
In this new story from JD Heyes over at Natural News it's reported that most Americans don't believe what is now happening in Venezuela could ever happen here. With the failed socialist nation witnessing a 99.5% collapse in the value of their currency within a relatively short period of time, the wise understand that Venezuela is a dire warning to America should the worst case scenarios Stockman warns us of unfold here.
As we see detailed below, Americans are already in record levels of debt - how many are prepared to 'ride out' here what is happening already there? As we've reported, the human cost of what is now happening in Venezuela is staggering with Venezuelans starving in the streets as the nation moves towards civil war. From the Natural News story.:
Miguel Torres, the one-time spy chief for Maduro’s predecessor, Hugo Chavez, has broken with the current government. He sees major trouble ahead — even civil war — if nothing changes and the already massive protests spread even further to the poorer, generally pro-Chavez countryside.
“What is happening may be the starting point for a huge armed confrontation between Venezuelans,” he told Reuters. “Nobody wants that.”
Unfortunately, far too many Americans living in deep blue states and who were enamored with the presidential candidacy of socialist U.S. Sen. Bernie Sanders, I-Vt., would favor exactly the kind of government that is destroying Venezuela and has left other countries like Cuba, Bolivia, Ecuador and others in desperate poverty.
If that form of government ever takes hold, it would not only be an economic disaster for the world, since the U.S. dollar is the globe’s reserve currency, it would doom generations of Americans to the same hopelessness and endless cycles of poverty and desperation being seen now in Venezuela and other socialist governments.
Anyone who seriously believes that America’s currency would not undergo a catastrophic, deadly collapse under socialist government is no serious student of history. The evidence proving otherwise abounds.
According to this new story over at My Budget 360, household debt for Americans has now surpassed even the record levels that were reached during the 2008 'great recession' with debt spending keeping the economy afloat while Americans leverage future income on buying material items today while believing the financial situation in America won't be changing for the worse.
This is critical to understand here. Housing debt is actually down from the previous peak by $910 billion. However non-housing debt is up $950 billion. This is even more problematic for wealth building for Americans since most derive their net worth from home equity if they do own. We have broken down why most Americans are too broke to buy a home.
The massive growth in non-housing debt is based on items that don’t build equity. Auto loans definitely do not help and credit cards essentially spend out future income. Going to college is good but at what cost?
This shift from housing to non-housing debt just means the solvency crisis of this upcoming correction is going to look different. This debt spending is simply a continuation from the last crisis where the middle class is trying to cling onto their lifestyle by spending money they do not have.
A new record in debt brought on by items that don’t inherently build equity. This is going to go well.
In the first video below, videographer 'Realist News' discusses the recent Zero Hedge story sharing with us that nearly 25% of Americans are unable to pay their monthly bills as they continue to go into more and more debt. And as our same videographer shares with us in the 2nd video, tens of millions of Americans have ALREADY slipped through the cracks of the globalists economy that has wreaked havoc upon America, shipping good paying jobs overseas while here in the US, some American workers last tasks on their jobs are training the illegal immigrants who'll be replacing them.
With tens of millions of Americans already suffering from the downturn that the globalist economy has brought to America, what's going to happen to the average American, those who are living day to day and paycheck to paycheck, when a grave financial cataclysm take place here in the US and/or globally such as the experts are warning us about?
As ANP friend Steve Quayle recently mentioned to us, it's time that we have a reality based discussion about these worst case scenarios that should they come to fruition, could catastrophically change the lives of nearly every person living here.