GET READY: The Great Transfer of Wealth in Gold & Silver is Coming
Steve St. Angelo, SRSrocco Report
Friday, August 16th
The U.S. Economy stands at the edge of the abyss while the financial MSM debates whether or not the FED will taper in the fall. Silly analysts. Serious cracks are beginning to appear in the economy while the precious metals have now seemingly decoupled from the broader stock market in a big way.
The heartbeat of the U.S. retail economy is in serious trouble when we see this in the headlines, “WalMart Earnings Disaster Exposes a Collapsing Economy: Davidowitz.” I have been watching Howard Davidowtiz for years, and you got to like the guy because he doesn’t sugar coat anything — just calls it like it is. He says that the real unemployment is closer to 14% because 75% of the jobs created so far this year are low-wage part-time jobs. Basically, Davidowitz says the U.S. Economy is collapsing.
Furthermore, the housing market is about to hit a brick wall, “Mortgage Activity Plunges 50% to April 2011 Levels.” We can see from the Zerohedge chart below, that existing home sales (shown in brown) are about to fall in a big way as mortgage applications have dropped to three-year lows: