SocGen’s Albert Edwards: The U.S. Public Is About To Revolt
Oct 21, 2010
Albert Edwards of Societe Generale thinks U.S. citizens are on the brink of a political revolt, based on a declining standard of living brought on by an inefficient economic relationship with China.
Here’s why, according to Edwards:
This would happen in any nation where a vision of prosperity has been shown to be a Ponzi sham, engineered by the authorities to help disguise the fact that the rich have been getting a whole lot richer.
What Edwards sees is the depressed state of the U.S. citizen getting worse. He sees unemployment rising and another recession near.
From Albert Edwards:
The latest US poverty data is staggering. Some 42 million Americans were in receipt of food stamps in July, up some 18% yoy (see chart below). Make no mistake, the government isn’t throwing money at people willy-nilly those in receipt of stamps are on the poverty line, currently defined as a 2 adult and 2 children household having a net income of $22,056 p.a. (£14,000, 16,000)
The staggering food stamp chart Edwards mentions.