13-03-2009, 07:43 PM
(This post was last modified: 13-03-2009, 07:47 PM by Peter Lemkin.)
A new government report says American families lost a record-high amount of wealth last year. According to the Federal Reserve, American families in 2008 cumulatively lost 18 percent of their wealth. The losses amount to $11 trillion, equal to the combined annual output of Germany, Japan and the UK. As losses add up, debt is also skyrocketing. Mortgages and credit card debt now amount to $13 trillion, or 123% of after-tax income. In 1995, debt amounted to 83 percent of income.
...how many years can this go on?....answer: VERY few....and as most of this loss was in the last few months and is continuing and accelerating......bye, bye!
...how many years can this go on?....answer: VERY few....and as most of this loss was in the last few months and is continuing and accelerating......bye, bye!