Took my chevy to the levy, but the levy was dry
Personal spending as dropped in four of the last six quarters. That has not happened since records began in 1947!
In the States the consumers’ net worth is down – from $62Trillion to $50 Trillion. In both the UK and the US the currency is being debased by the minute – gold has already passed the $1000 an ounce and silver is poised to clear the £10 mark!
Remember the days when a silver dollar was worth – well, a dollar!
So for those who where surprised when the banking crisis hit and were under the impression it was lack of money that caused it – think again. The Fed and the bank of England are busy keeping the printing presses going, to fill up the reservoir – but the hole in the levy is called debt….
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