by Michael
Snyder via The Economic Collapse blog, Submitted by Tyler Durden on 02/24/2015. http://www.zerohedge.com/news/2015-02-24/14-signs-most-americans-are-flat-broke-and-totally-unprepared-coming-economic-crisis
With more than 60 percent of all Americans are living
paycheck to paycheck, and a whopping 24 percent of the country has more credit
card debt than emergency savings, when the coming economic crisis strikes, more
than half the country is going to be financially wiped out within weeks. If
you are trusting in the government to save you when things fall apart, you
will be severely disappointed.
The following are
14 signs that most Americans are flat broke and totally unprepared for the
coming economic crisis…
#1 According to a survey that was just
released, 24 percent of all Americans have more credit card debt
than emergency savings.
#2 That same survey discovered that an
additional 13 percent of all Americans do not have any credit card
debt, but they do not have a single penny of emergency savings either.
#3 At this point, approximately 62 percent of all Americans are living paycheck to
paycheck.
#4 Adults under the age of 35 in the United
States currently have a savings rate of negative 2 percent.
#5 More than half of all students in
U.S. public schools come from families that are poor enough to qualify for
school lunch subsidies.
#6 A study that was conducted last year found
that more than one out of every three adults in the United States has an unpaid
debt that is “in collections“.
#7 One survey discovered that 52 percent of all Americans really
cannot even financially afford the homes that they are living in right now.
#8 According to research conducted by Atif
Mian of Princeton University and Amir Sufi of the University of Chicago Booth
School of Business, 40 percent of
Americans could not come up with $2000 right now without borrowing it.
#9 That same study found that 60 percent of Americans could not say
yes to the following question…
“Do you have 3
months emergency funds to cover expenses in case of sickness, job loss,
economic downturn?”
#10 A different study discovered that less than
one out of every four Americans has enough money stored away to cover six months of
expenses.
#11 Today, the average American household is
carrying a grand total of 203,163 dollars of debt.
#12 It is estimated that less than 10 percent of the
entire U.S. population owns any gold or silver for investment purposes.
#13 48 percent of all Americans do not have any emergency
supplies in their homes whatsoever.
#14 53 percent of all Americans do not even have a minimum
three day supply of nonperishable food and water in their homes.
Perhaps none
of this concerns you.
Perhaps you
think that this bubble economy can persist indefinitely.
Well, if you won’t
listen to the more than 1200 articles that set out the case for the coming
economic collapse on my website, perhaps you will listen to former
Federal Reserve Chairman Alan Greenspan. The following is what he recently told one
interviewer…
We asked him where
he thought the gold price will be in five years and he said “measurably
higher.”
In private
conversation I asked him about the outstanding debts… and that the debt load in
the U.S. had gotten so great that there has to be some monetary depreciation. Specially
he said that the era of quantitative easing and zero-interest rate policies by
the Fed… we really cannot exit this without some significant market event… By
that I interpret it being either a stock market crash or a prolonged recession,
which would then engender another round of monetary reflation by the Fed.
He thinks
something big is going to happen that we can’t get out of this era of money
printing without some repercussions – and pretty severe ones – that gold will
benefit from.
And as I have
stressed so frequently, the signs that the next crisis is
almost here are all around us.
For example, the Baltic
Dry Index has just plunged to a fresh record low, and things have already
gotten so bad that some global shippers are now filing for bankruptcy…
The unintended
consequences of a money-printed,
credit-fueled, mal-investment-boom in commodities (prices – as opposed to
physical demand per se) and the downstream signals that sent to any and all
industries are starting to bite. The Baltic Dry Index has plunged once again
to new record lows and the collapse of the non-financialized ‘clean’
indicator of the imbalances between global trade demand and freight transport
supply has the real-world effects are starting to be felt, as Reuters reports the third
dry-bulk shipper this month has filed for bankruptcy… in what shippers call
“the worst market conditions since the ’80s.”
Perhaps you do see
things coming.Perhaps you do want to get prepared.
If you are new to
all of this, and you don’t quite know how to get started preparing, please see
my previous article entitled “89
Tips That Will Help You Prepare For The Coming Economic Depression“.
It will give you some basic tips that you can start implementing right away.
And of course one
of the most important things is something that I talked about at the top of
this article. If at all possible, you have got to have an emergency fund.
When the coming economic storm strikes, your family is going to need something
to fall back on.
If you are
trusting in the government to save you when things fall apart, you will be
severely disappointed.
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