America’s Poor, Deeper in Debt Than Ever
U.S. consumers have made a lot of progress in paring down the extreme debt loads that helped make the 2008 financial crisis such an epochal disaster.
Money
Marc Faber: McDonald’s tells us why the market will collapse
Marc Faber has long predicted that a collapse in U.S. stocks is coming.
Long-term unemployed still at record levels
It has come down to this for Brian Perry: an apple or banana for lunch, Red Sox ballgames on an old Zenith TV and long walks to shake off the blues. At 57, Perry has been unemployed and looking for work for nearly seven years, ever since that winter when the Great Recession hit and he was laid off from his job as a law firm clerk.
40 million Americans now have student loan debt
Carrying tens of thousands of dollars in student loan debt has become the new normal. Thanks to climbing tuition and inadequate college savings, 40 million Americans now have at least one outstanding student loan, according to new analysis from credit bureau Experian. That’s up from 29 million consumers in 2008.
World Bank warns of global jobs crisis
The world is facing a global jobs crisis that is hurting the chances of reigniting economic growth and there is no magic bullet to solve the problem, the World Bank warned on Tuesday. In a study released at a G20 Labour and Employment Ministerial Meeting in Australia, the Bank said an extra 600 million jobs needed to be created worldwide by 2030 just to cope with the expanding population. “There’s little doubt there is a global jobs crisis,” said the World Bank’s senior director for jobs, Nigel Twose.
How the Federal Reserve Is Killing America
The Federal Reserve, America’s central bank, exists to serve big banks and Wall Street. There is no other reason for the existence of the Fed. None.
Get your money out of Britain: Global banks warn investors ‘Yes’ vote would be ‘cataclysmic’ for UK economy
International investors have been warned to pull their cash out of Britain to protect themselves against the ‘cataclysmic’ impact of Scottish independence. Japan’s biggest bank, Nomura, warned sterling could plunge by 15 per cent in the event of a ‘Yes’ vote – amid warnings over a ‘run on UK assets’ threatening savings and pensions of ordinary families. It came as it emerged David Cameron has pleaded with business chiefs to publicly warn against Scottish independence.
Price Of Milk Soars To Brand New Record High
Milk futures rose to a record as exports by the U.S. climbed amid shrinking inventories of cheese and butter, signaling higher costs for pizza and pastries.
Will Mexico become the top exporter of automobiles to the United States?
Mexico is on track to become the top exporter of automobiles to the United States, and it’s the Japanese automakers like Mazda, which has all but pulled the plug on U.S. production, making that happen.
McDonald’s Monthly Sales Slump Worst Since 2003
McDonald’s Corp. (MCD), the world’s largest restaurant chain, posted the worst same-store sales decline in more than a decade, hurt by sluggish demand in the U.S.
Small Business Ownership In The U.S. Has Dropped To The Lowest Level Ever Recorded
According to the Federal Reserve, the percentage of American families that own a small business is at the lowest level that has ever been recorded. In a report that was just released entitled “Changes in U.S.
De-Dollarization Continues: China-Argentina Agree Currency Swap, Will Trade In Yuan
It appears there is another nation on planet Earth that is becoming isolated. One by one, Russia and China appear to be finding allies willing to ‘de-dollarize’; and the latest to join this trend is serial-defaulter Argentina. As Reuters reports, China and Argentina’s central banks have agreed a multi-billion dollar currency swap operation “to bolster Argentina’s foreign reserves” or “pay for Chinese imports with Yuan,” as Argentina’s USD reserves dwindle.
Job Growth Dives 33%~One Third of All Jobs Temporary
The United States economy added only 142,000 jobs in August, compared with an average monthly gain of 212,000 over the prior 12 months, dropping 33%. It was the smallest gain since January. The small amount of jobs added occurred in professional and business services and in health care.
Why Is The Labor Force Participation Rate In The U.S. At A 36 Year Low?
Should we be concerned that the percentage of Americans that are either working or looking for work is the lowest that it has been in 36 years? In August, an all-time record high 92,269,000 Americans 16 years of age and older did not “participate in the labor force”. And when you throw in the people that are considered to be “in the labor force” but are not currently employed, that pushes the total of working age Americans that do not have jobs to well over 100 million.
53 Million Temps: All You Need To Know About The ‘Jobs Recovery’
After years of ignoring the obvious, the Federal Reserve has been finally forced to admit that the labor force participation rate matters, and in fact has started to point it out as a clear negative when it comes to Yellen’s “dashboard” of thresholds which will allow the Fed to raise rates (for the obvious reason that the Fed is desperate to delay ZIRP as long as possible and is now highlighting all that is wrong with the economy, contrary to Obama who is still focusing on all the rigged greatness of the US recovery) and to do so is going through Zero Hedge archives to note all those things which everyone had ignored for years and which we have pointed out as structural failures of the so-called recovery. So while we are happy to oblige the Fed with our tens of thousands of articles summarizing what is broken with the US economy thanks to, well, the Fed, here is another one: one which the Fed can use next year when the time to hike rates has come and gone, and when the Fed is once again scratching its head what to blame it on.
Record 92,269,000 Not in Labor Force; Participation Rate Matches 36-Year Low
A record 92,269,000 Americans 16 and older did not participate in the labor force in August, as the labor force participation rate matched a 36-year low of 62.8 percent, according to the Bureau of Labor Statistics. The labor force participation rate has been as low as 62.
Most People Don’t Believe It, But We Are Right On Schedule For The Next Financial Crash
People have such short memories. Even though we are repeating so many of the same patterns that we witnessed in 2000-2001 and 2007-2008, most people do not think that another financial crash is coming. In fact, with the stock market setting record high after record high lately, I have been taking quite a bit of criticism for my relentless warnings about the coming financial storm.
Nearly 1 Out of 3 Americans Not Working
The Total Number of Americans Not in the Labor Force is over 92 million~ about 1/3 of the population. The latest official government statistics put the unemployment rate in the U.S.
A Shocking Percentage Of Americans 50-64 Haven’t Saved A Dollar For Retirement
A deeply disturbing survey reveals how severe the retirement crisis in the U.S. truly is.
The Seven Year Cycle Of Economic Crashes That Everyone Is Talking About
Large numbers of people believe that an economic crash is coming next year based on a seven year cycle of economic crashes that goes all the way back to the Great Depression. What I am about to share with you is very controversial. Some of you will love it, and some of you will think that it is utter rubbish.