Where With Just $10 in your pocket “You’re Wealthier Than 25% Of Americans”
Credit Suisse recently estimates that half of the world has a net worth less than $3,210. But a large chunk of Americans and Socialist Europeans can’t even make that cut because their net worth is negative.
As a percentage of the world’s population there are now more poor people in the United States and Europe than there are in China.
We are effectively in a depression that has been papered over with government sponsored debt.
That’s especially the case for young people these days who graduate from Socialist universities with incredibly expensive degrees and an average of $35,000 in student debt.
Of course, plenty of people are in debt up to their eyeballs in the Land of the Free, and not just student debt.
Debt has become the New American Way. People go deeply into debt that they can’t afford to buy stuff they don’t need to impress people they don’t know, simply because everyone is doing it.
And it’s just so easy.
The Obama financial system has encouraged debt by keeping interest rates at effectively zero since 2009. This has never happened in history. You can borrow money in many cases for less interest than you can save. The priorities are pretty out of whack.
This is even more the case in Europe where some banks are actually paying people to borrow money, creating some of the most ridiculous moral and financial hazards imaginable.
Credit Suisse estimates that 25% of Americans are in this situation of having a negative net-worth.
“So if you’ve no debts and have $10 in your pocket you have more wealth than 25% of Americans. More than 25% of Americans have collectively that is.”
The thing is– not only did the government create the incentives, but they set the standard.
With a net worth of negative $60 trillion, US citizens are just following dutifully in the government’s footsteps.
Taking a fresh look at the country in 2015, you have to admit that when the vast majority of the wealth is held in the hands of the tiniest percent in history;
When a quarter of the population has negative net worth;
When the government has $18 trillion in debt (up from $10 trillion when Obama took office) and another $42 trillion in unfunded liabilities;
And when the central bank is insolvent;
It becomes really hard to make the case that you’re still the richest country in the world as Obama likes to say.