Simon Black: Middle Class Not Struggling – ITS BEING DECIMATED

Tuesday, August 29, 2017
By Paul Martin
August 29, 2017

Currencies are devalued after the people have no savings. Insiders and the wealthy ditch their currency before that point, and the poor feel nothing except for different bank notes in their hands. In 1994, the Mexican government turned 1000 pesos into 1 peso overnight. Here’s a timely status check of Americans’ savings accounts.

By Simon Black via Sovereign Man

Quite literally as a I write these words to you, the heads of the world’s largest central banks are packing their bags and heading home after a three-day symposium in Jackson Hole, Wyoming.

Central bankers aren’t exactly mega-celebrities, so their conferences don’t make international news outside of financial circles.

But if people understood what was at stake, they’d probably pay more attention.

Central bankers wield totalitarian authority over their nations’ interest rates.

Setting interest rates means they have direct influence over the price of money. In other words, they influence the price of EVERYTHING–

How much you pay for your mortgage. The price of your home. How cheap (or expensive) it is for a business to borrow money for expansion… which directly affects how many people they hire.

Their influence over rates helps determine how much interest the government pays each year on its debts, which ultimately impacts tax rates and other spending programs.

It’s extraordinary power.

And whereas nearly every branch of government has some system of checks and balances to ensure no single body has too much authority, central banks aren’t technically part of the government…

… so their power is nearly entirely unchecked.

To be fair, I’m sure they’re all very nice people with good intentions.

Central bankers are not moustache-twirling villains plotting a takeover of the world.

But the decisions they make have serious implications over the lives of hundreds of millions of people.

Just like politics, every action they take has winners and losers.

And it’s easy to see who’s been winning over the last several years as a result of their policies.

Stock markets around the world are at all-time highs. Bond markets are at all-time highs. Real estate is at all-time highs.

If you own assets you’ve done extremely well.

But if you’re in the rapidly deteriorating middle class, especially the lower middle class, you haven’t.

Looking at the United States, for example, it seems quite strange that the stock market is near its ALL-TIME HIGH while the overall economy has been sluggish for years.

Annual GDP growth for the United States in 2016 was a measly 1.6%, a rate that barely keeps up with population.

And global GDP growth has been low for years.

This has had a significant impact on employment and wages.

Central bankers and politicians tout that the unemployment rate in the US is at a 10-year low.

And that sounds great.

But it’s easy to see a different picture when you look deeper at the numbers.

According to data from the US Labor Department, for example, the percentage of Americans in their prime work years (between the ages of 25 and 54) who actually have jobs is still WAY below the level prior to the 2008 Great Recession.

The Rest…HERE

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