With the Dow closing out the week above 21,000, not everyone is bullish. In fact, former U.S. Treasury official Dr. Paul Craig Roberts told King World News this is what you see right before a major collapse.
Eric King: “You see so many retail bankruptcies and store closures. What is really going on in the economy?”
Paul Craig Roberts: “There hasn’t been any growth in real median family incomes for several decades. So there’s no discretionary income among the population. Therefore there is no growth in retail sales. You’ve essentially got the impoverishment of the population…
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Paul Craig Roberts continues:This (impoverishment) is happening, Eric, at both ends of the age spectrum. They young kids get out of college and they’ve got substantial student loan debt, but there are no good jobs waiting for the bulk of them.
Millenials And The Death Of Retail
You’ve got half of the young people who are still living at home with their parents because they can’t get employment sufficient to support an independent existence. So households can’t form. There are no purchases of furniture or home appliances. So this is killing the retail stores.
At the other end, the retirement end of the age distribution, there has not been any interest income on people’s savings since all this quantitative easing began in 2008-2009. We have zero interest rates, so retirees don’t have any interest income. In addition to that, the under-measurement of inflation means they don’t get any cost of living adjustments to social security. Inflation continues but it’s just not measured.
This Is What You See Right Before A Major Collapse
Now we are beginning to see the failure of pension funds. One of the union pensions just failed, and they expect failures among state and municipal pensions. So we are faced here with a sort of collapse in real incomes that affects probably 90 percent of the population…To continue listening to this remarkable audio interview with former U.S. Treasury official Dr. Paul Craig Roberts CLICK HERE OR ON THE IMAGE BELOW.
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