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Deutsche Bank Proposes A 5% “Work From Home” Privilege Tax

This article was originally published by Tyler Durden at ZeroHedge.

At a time when the Fed is already monetizing the entire US budget deficit thanks to helicopter money, sparking conversations about the utility of taxation, and when a Biden administration is set to at least try and roll back most of the Trump tax cuts, the last thing the population wants to hear about is even more taxes.

Yet in a “modest proposal” from Deutsche Bank, the bank argues that in a time of pervasive covid shutdowns, “those who can work from home (WFH) receive direct and indirect financial benefits and they should be taxed in order to smooth the transition process for those who have been suddenly displaced.”

In other words, the argument goes that working from an office is somehow punitive, and since WFH during the pandemic leads to “many benefits” as a resulting “disconnecting themselves from face-to-face society” a 5% tax for each WFH day “would leave the average person no worse off than if they worked in the office.” The bank calculates that such a tax could raise $49bn per year in the US, €20bn in Germany, and £7bn in the UK. “That can fund subsidies for the lowest-paid workers who usually cannot work from home.”

In the report written by DB strategist Like Tumpleman, he argues that the popularity of WFH was growing even before the pandemic: “between 2005 and 2018, internet technology fuelled a 173 percent increase in the number of Americans who regularly worked from home. It is true that the overall proportion of people working from home before the pandemic was still small, at 5.4 percent based on census data, but the growth was still way ahead of the growth in the overall workforce.”

Naturally, the covid shutdowns have turbocharged that growth, and as a result the proportion of Americans who worked from home increased ten-fold to 56% during the pandemic. Many of these people will continue to work remotely for some time. Indeed, two-thirds of organizations say that at least three-quarters of their staff can work from home effectively, according to S&P Global Markets. Meanwhile, a DB survey shows that, after the pandemic has passed, more than half of people who tried out WFH want to continue it permanently for between two and three days a week.

This sudden shift to WFH means that, for the first time in history, “a big chunk of people have disconnected themselves from the face-to-face world yet are still leading a full economic life” as if that is somehow a bad thing.

It gets crazier: the bank claims that working in the comfort of one’s own home leads to a slew of financial benefits including:

  • financial savings on expenses such as travel, lunch, clothes, and cleaning.
  • indirect savings via forgone socializing and other expenses that would have been incurred had a worker been in the office.
  • intangible benefits of working from home, such as greater job security, convenience, and flexibility.
  • There is also the benefit of additional safety.

As if it is difficult to find someone who also sits in front of a computer all day long in Bangladesh and has the exact same skillset but would work for a fraction of the pay.

Yet those people who are working remotely are, according to DB, the equivalent of social parasites as they “contribute less to the infrastructure of the economy whilst still receiving its benefits” potentially extending the slump in national growth. In other words, the mere act of working from home makes you guilty of not propping up the economy!

That, according to Templeman “is a big problem for the economy as it has taken decades and centuries to build up the wider business and economic infrastructure that supports face-to-face working. If a great swathe of assets lie redundant, the economic malaise will be extended.”

In short, those who failed to develop the appropriate skill set and are “forced” to work in society – mostly employees of service companies – and who were unable to refuse to educate and train themselves to be able to “enjoy” the benefits of work from home jobs which incidentally include sitting in front of a computer for hours on end and in some notable cases masturbating in front of a zoom conference call, have to be rewarded monetarily by all those who are lucky enough to not have to work in public.

While it would be easy to laugh and merely brush this idea off as another ridiculous policy proposal from a bank whose very existence would be very much in question had it not been for several rounds of generous taxpayer-funded bailouts, since this is yet another grossly socialist proposal we are concerned it has a very high probability of passage not only in Europe but also in the US, especially if Democrats manage to pull of a “Blue wave” sweep in Georgia in January.

So far a WFH tax has merely been floated by a handful of Wall Street strategists; however once this idea gets more popular coverage, expect a groundswell of support for the idea which will promptly lead to yet another tax.

Below we republish the Deutsche Bank note in its entirety because it is clearly a blueprint for what’s to come:

A work-from-home tax, by Luke Templeman

For years we have needed a tax on remote workers – covid has just made it obvious. Quite simply, our economic system is not set up to cope with people who can disconnect themselves from face-to-face society. Those who can WFH receive direct and indirect financial benefits and they should be taxed in order to smooth the transition process for those who have been suddenly displaced.

The popularity of WFH was growing even before the pandemic. Between 2005 and 2018, internet technology fuelled a 173 percent increase in the number of Americans who regularly worked from home1. It is true that the overall proportion of people working from home before the pandemic was still small, at 5.4 percent based on census data, but the growth was still way ahead of the growth in the overall workforce.

Covid has turbocharged that growth. During the pandemic, the proportion of Americans who worked from home increased ten-fold to 56 percent. In the UK, there was a seven-fold increase to 47 percent. Many of these people will continue to work remotely for some time. Indeed, two-thirds of organizations say that at least three-quarters of their staff can work from home effectively, according to S&P Global Markets. Meanwhile, a DB survey shows that, after the pandemic has passed, more than half of people who tried out WFH want to continue it permanently for between two and three days a week

The sudden shift to WFH means that, for the first time in history, a big chunk of people have disconnected themselves from the face-to-face world yet are still leading a full economic life. That means remote workers are contributing less to the infrastructure of the economy whilst still receiving its benefits.

That is a big problem for the economy as it has taken decades and centuries to build up the wider business and economic infrastructure that supports face-to-face working. If a great swathe of assets lie redundant, the economic malaise will be extended.

WFH is financially rewarding

WFH offers direct financial savings on expenses such as travel, lunch, clothes, and cleaning. Add to these the indirect savings via forgone socializing and other expenses that would have been incurred had a worker been in the office. Then there are the intangible benefits of working from homes, such as greater job security, convenience, and flexibility. There is also the benefit of additional safety. The newly-discovered gains of home working, both tangible and intangible, all have value. And they generally outweigh the costs. The latter have mostly come in the form of additional mental stress of juggling work and children and dealing with an imperfect home-office setup. These costs should not be underestimated, however, they usually pale in comparison with the gains. Hence why the vast majority of homeworkers want to continue remote working, on at least a part-time basis, after the pandemic passes.

First, the tax will only apply outside the times when the government advises people to work from home (of course, the self-employed and those on low incomes can be excluded). The tax itself will be paid by the employer if it does not provide a worker with a permanent desk. If it does, and the staff member chooses to work from home, the employee will pay the tax out of their salary for each day they work from home. This can be audited by coordinating with company travel and technology systems.

The tax rate? Those who can work from home tend to have higher-than-average incomes. If we assume the average salary of a person who chooses to work from home in the US is $55,000, a tax of five percent works out to just over $10 per working day. That is roughly the amount an office worker might spend on commuting, lunch, and laundry, etc. A tax at this rate, then, will leave them no worse off than if they had chosen to go into the office. If we apply the same tax rate to workers in the UK with an assumed average WFH salary of £35,000, it works out to just under £7 per day. In Germany, a WFH salary of €40,000 leads to a tax of just over €7.50 per day.

A tax at this level means that neither companies nor individuals will be worse off. In fact, companies may be far better off as the savings from downsizing their office will more than makeup for the cost of the WFH tax they will incur.

How much will the tax raise?

First the US. Of the 104m Americans who work full time, half worked from home during the pandemic. That is up from the 5.4 percent who already worked from home before the pandemic. Of that additional 45 percent, our survey shows that three quarters want to work from home to some degree post-covid with 16 percent wanting one day a week, 33 percent two days, 19 percent three days, 4 percent four days, and 4 percent five days.

Adding this up, there could be 4.2bn new days every year being worked from home post covid. With an additional 394m days for those part-time and full-time staff who already work from home and are not self-employed, that gives 4.6bn WFH days per year. At an average salary of $55,000 and a tax rate of five percent, the WFH tax will raise $48bn per year. The same calculation in the UK and Germany (using country-specific WFH data and the salary levels assumed above) yields a tax take of £6.9bn and €15.9bn respectively.

What can the government do with this money?

In the US, the $48bn raised could pay for a $1,500 grant to the 29m workers who cannot work from home and earn under $30,000 a year (excluding those who earn tips). Many of these people are those who assumed the health risks of working during the pandemic and are far more ‘essential’ than their wage level suggests.

Similarly, in Germany, the €15.9bn raised could fund a €1,500 grant to the bottom 12 percent of people in the country who have a standard of living equivalent to €12,600 (after adjusting for the size of their household). Similarly in the UK, the £6.9bn raised could provide a grant of £2,000 to 12 percent of those aged over 25 who work for the minimum wage. Of course, the exact amount of the grant could be based on an asymmetric tapering system.

Some will argue against the tax. They will say that engagement with the economy is a personal choice and they should not be penalized for making that decision. Yet, these people should remember that governments have always backsolved taxes to suit the social environment. Consider that in centuries past, when it was socially unpalatable in the UK to introduce an income tax, the government implemented a window tax. As society changed, the window tax was abolished and, eventually, an income tax was introduced. In the same way, as our current society moves towards a state of ‘human disconnection’, our tax system must move with it.

Best of all, a WFH tax does not merely subsidize businesses that have no long-term future. If, for example, a city-center sandwich shop is no longer needed, it does not make sense for the government to support the business in the medium term. But it does make sense to support the mass of people who have been suddenly displaced by forces outside their control. Many will have to take low-paid jobs while they retrain or figure out their next step in life. From a personal and economic point of view, it makes sense that these people should be given a helping hand. It also makes sense to recognize that essential workers assume the covid risk for low wages. Those who are lucky enough to be in a position to ‘disconnect’ themselves from the face-to-face economy owe it to them.

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Goodbye Middle Class: Half Of All American Workers Made Less Than $34,248.45 Last Year

This article was originally published by Michael Snyder at The Economic Collapse Blog. 

If you are making less than $3,000 a month, you have plenty of company, because about half of the country is in the exact same boat.  The Social Security Administration just released new wage statistics for 2019, and they are pretty startling.

To me, the most alarming thing in the entire report is the fact that the median yearly wage was just $34,248.45 last year.  In other words, half of all American workers made less than $34,248.45 in 2019, and half of all American workers made more than $34,248.45.  That isn’t a whole lot of money.  In fact, when you divide $34,248.45 by 12 you get just $2,854.05.  Needless to say, it is not easy to survive in America today on just $2,854.05 a month, and this may help to explain why we have been seeing so many people fall out of the middle class in recent years.

And of course, all of the figures that I am sharing with you in this article are just for 2019.  This year, we have seen more than 63 million Americans file new claims for unemployment benefits as the U.S. economy has imploded during this pandemic, and so the final wage numbers for 2020 could be quite a bit worse than the numbers for 2019 were.  Please keep that in mind as you go through the rest of this article.

Once upon a time in America, a single income could easily support a middle-class household in most cases, but those days are long gone.

The cost of living has been rising far faster than our paychecks have, and as a result, many Americans have been working themselves to the bone just to survive financially from month to month.

To give you an idea of just how bad things have gotten, I would like to share with you some key numbers from the report that the Social Security Administration just released

-32.26 percent of American workers made less than $20,000 last year.

-44.79 percent of American workers made less than $30,000 last year.

-56.46 percent of American workers made less than $40,000 last year.

-65.91 percent of American workers made less than $50,000 last year.

Today, the poverty level for a household of five in the United States is $30,680.

That means that close to half of all workers in this country do not even make enough to get a family of five above the poverty level.

Wow.

There are tens of millions of Americans that are referred to as “the working poor” because they are living in poverty even though they are employed and are working extremely hard.  Many of you that are reading this article know exactly what I am talking about.  Some of you are working way more than 40 hours a week, and yet there never seems to be enough money at the end of the month.

Sadly, the truth is that our system has evolved in a manner that makes it almost impossible for most Americans to ever build up much wealth.

If you are making the median monthly wage of just $2,854.05, there simply is not going to be much leftover after all of the bills are paid.  First of all, you are going to need someplace to live.  In the middle of the country, you may be able to find something habitable for under $1,000 a month but in most of our major metropolitan areas that simply is not going to be realistic.

Secondly, you are going to need to pay your utility bills.   If you can keep the combined cost of your power, water, phone, television, and Internet bills to about $250 a month, you are doing quite well.

Thirdly, you will need a vehicle in order to get around, and these days it is hard to buy or lease a vehicle for less than $300 a month.  In addition, you will also need insurance, and that will set you back even more.

Fourthly, you will need health insurance.  If you are young and single, maybe you can find a plan for just a few hundred dollars a month, but most Americans pay far more.

Fifthly, you will probably want to eat, and that will cost you several hundred dollars a month as well.

At this point, almost all of your money is already gone, and there are so many expenses that I haven’t even mentioned yet.

And of course you never even started with $2,854.05 in the first place, because all sorts of taxes were taken out of your paycheck before you even got it.

Are you starting to understand why so many families in America are deeply, deeply struggling today?

We have an economy that works for those at the very top of the food chain, but pretty much everyone else is desperately trying to stay afloat.

And now we have entered an economic downturn during which tens of millions of Americans have lost their jobs.  According to John Williams of shadowstats.com, if honest numbers were being used the real unemployment rate in the U.S. would be 26.9 percent right now, and that would rival the worst levels that we witnessed during the Great Depression of the 1930s.

Others have come up with similar numbers.  For example, Axios is reporting that the “true unemployment rate” in the United States is currently 26.1 percent

A person who is looking for a full-time job that pays a living wage — but who can’t find one — is unemployed. If you accept that definition, the true unemployment rate in the U.S. is a stunning 26.1%, according to an important new dataset shared exclusively with “Axios on HBO.”

No matter how you want to crunch the numbers, everyone should be able to agree that millions upon millions of Americans are really hurting financially and are deeply concerned about the future.

And they have good reason to be concerned about the future because our economic system is in the process of imploding.

For decades, the greatest debt bubble in the history of the world allowed us to enjoy a level of debt-fueled prosperity that was far greater than we actually deserved.

Now the party is ending, and our society is going to experience an enormous amount of pain as everything changes.

***Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.***

About the Author: My name is Michael Snyder and my brand new book entitled “Lost Prophecies Of The Future Of America” is now available on Amazon.com.  In addition to my new book, I have written four others that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned)  By purchasing the books you help to support the work that my wife and I are doing, and by giving it to others you help to multiply the impact that we are having on people all over the globe.  I have published thousands of articles on The Economic Collapse BlogEnd Of The American Dream, and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial, or health decisions.  I encourage you to follow me on social media on Facebook and Twitter, and anyway that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with as many people as we possibly can.

The post Goodbye Middle Class: Half Of All American Workers Made Less Than ,248.45 Last Year first appeared on SHTF Plan – When It Hits The Fan, Don't Say We Didn't Warn You.

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New York Governor DEMANDS Compliance With His Totalitarian Rules

New York Governor Andrew Cuomo announces that the state will enact “aggressive enforcement” of COVID-19 protocols.  Cuomo has descended into a full-blown dictator and says he will close non-compliant businesses and schools.

Beginning this week, New Yorkers will be subjected to a police state and dictatorship never before thought possible in the “land of the free.” Queens, Brooklyn, Orange, and Rockland counties have all seen recent increases in positive coronavirus cases, which means politicians are taking new draconian measures against the people to maintain their grip on power.  These areas will be the target of direct enforcement,” ensuring businesses and citizens are abiding by mask mandates, social distancing orders, and other regulations in place in the state, according to a report by RT. 

“Local governments have not done an effective job of enforcement in these hotspot ZIP codes. [New York State] will be doing aggressive enforcement starting tomorrow,” Cuomo tweeted on Sunday after a conference call with members of the press. “As we saw with bars and restaurants when the state initiated enforcement actions compliance greatly increased.”

As far as looting and rioting go, those will likely be left to destroy whatever they want.  But police will be aggressively enforcing the draconian COVID-19 rules shoved down the throats of the public. This is a sad dystopian nightmare for the people of New York.

The boot is on the neck of New York business owners, and those who survive this horrific tyranny will be the few fortunate ones. New York City Mayor Bill De Blasio also announced on Sunday he is seeking the governor’s approval to shut down schools and non-essential businesses in nine zip codes in Brooklyn and Queens neighborhoods where there has been an increase in positive cases. 

“We’re having an extraordinary problem – something we haven’t seen since spring,’’ the mayor told reporters of the uptick in positive cases.

The post New York Governor DEMANDS Compliance With His Totalitarian Rules first appeared on SHTF Plan – When It Hits The Fan, Don't Say We Didn't Warn You.

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Cost of Living Continues to Rise RAPIDLY As Americans Struggle to Get By

The Bureau of Labor Statistics just released new data that says the cost of living is going up as the main street economy crashes and the dollar loses its purchasing power. This also comes as more and more Americans continue to struggle to get by in the aftermath of the government’s reaction to the scamdemic.

The new numbers released are comparing the consumer price index, which is essentially the price of common things we pay for all averaged together, of 2019 to that of 2020. The number has gone up.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in August on a seasonally adjusted basis after rising 0.6 percent in July, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 1.3 percent before seasonal adjustment. –BLS.gov

Since the Federal Reserve, the central banks, is continuing to bail out corporations and create money out of thin air, inflation and costs for basic necessities will continue to rise. Some areas of the economy are being hit harder than others too. The cost of food has jumped in the Bay Area of California, propelled by meat, poultry, and fish prices that have skyrocketed, joining soaring electricity costs, according to a report by Mercury News. Meat, fish, and poultry prices have soared a whopping 17.4 percent over the past 12 months ending in August in the Bay Area. This means that these prices are at a super-heated pace that’s 11 times greater than the region’s cost of living during the same one-year period.

Because the cost of living is going up as the economy is struggling for everyday folks, it’s important to make a plan. Preparedness should include financial emergencies. Even though the dollar is crashing, having a little extra money on hand to be able to pay 3-6 months’ worth of bills will help you get through tough times. All it would take to eliminate the middle class is one more lockdown.

Financially Prepped: The Importance of an Emergency Fund

 

The post Cost of Living Continues to Rise RAPIDLY As Americans Struggle to Get By first appeared on SHTF Plan – When It Hits The Fan, Don't Say We Didn't Warn You.

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A Mass Exodus Away From Big Cities On Both Coasts

This article was originally published by Michael Snyder at The Economic Collapse Blog

In all of U.S. history, we have never seen anything like “the mass exodus of 2020”.  Hundreds of thousands of people are leaving the major cities on both coasts in search of a better life.  Homelessness, crime, and drug use were already on the rise in many of our large cities prior to 2020, but many big-city residents were willing to put up with a certain amount of chaos in order to maintain their lifestyles.

However, the COVID-19 pandemic and months of civil unrest have finally pushed a lot of people over the edge.  Moving companies on both coasts are doing a booming business as wealthy and middle-class families flee at a blistering pace, and most of those families do not plan to ever return.

Los Angeles is a perfect example of what I am talking about.  Once upon a time, it attracted wealthy and famous people from all over the globe, but in 2020 it is “a city on the brink“…

Today, Los Angeles is a city on the brink. ‘For Sale’ signs are seemingly dotted on every suburban street as the middle classes, particularly those with families, flee for the safer suburbs, with many choosing to leave LA altogether.

British-born Danny O’Brien runs Watford Moving & Storage. ‘There is a mass exodus from Hollywood,’ he says.

Almost half of the entire homeless population of the entire country now lives in the state of California, and a large proportion of them are addicted to drugs.  Needless to say, this has created a nightmarish environment

Junkies and the homeless, many of whom are clearly mentally ill, walk the palm-lined streets like zombies – all just three blocks from multi-million-dollar homes overlooking the Pacific.

Stolen bicycles are piled high on pavements littered with broken syringes.

Could you imagine trying to raise a family in such a community?

I certainly couldn’t.

And the worse economic conditions become, the worse the problem gets.  Crime is skyrocketing in L.A., and some residents have been shocked to discover strangers actually “defecating in their front gardens”

TV bulletins are filled with horror stories from across the city; of women being attacked during their morning jog or residents returning home to find strangers defecating in their front gardens.

Of course Los Angeles is definitely not the only major city dealing with such issues.

On a per capita basis, drug use is even worse in San Francisco, and it is being reported that there is “a mass exodus of people looking to get out of San Francisco real estate”

According to online real estate company Zillow, there is a mass exodus of people looking to get out of San Francisco real estate – as the housing market is on fire in the Bay Area suburbs, all the way to Lake Tahoe.

According to the company’s “2020 Urban-Suburban Market Report,” home prices in the city have fallen 4.9% year-over-year, while inventory has jumped 96% during the same period, as a flood of new listings hit the market.

In the end, a lot of people may have to take losses on their homes, but it will be worth it simply to get out of California.

And the state legislature has apparently decided that the mass exodus is not happening fast enough, because a bill is being introduced that would impose a new “wealth tax” on the very wealthy

Fast forward to today when the ultra-liberal state of California is now ready to take this “socialist” idea from concept to the implementation phase, with the SF Chronicle reporting that a group of CA state lawmakers on Thursday proposed a first-in-the-nation state wealth tax that would hit about 30,400 California residents and raise an estimated $7.5 billion for the general fund.

The proposed tax rate would be 0.4% of net worth (most likely ended up far higher), excluding directly held real estate, that exceeds $30 million for single and joint filers and $15 million for married filing separately.

In the old days, a lot of Californians would just head north to Portland or Seattle, but those two cities are not exactly desirable options at this point.

The civil unrest in Seattle never seems to end, and Acting Department of Homeland Security Secretary Chad Wolf recently said that there had been “twelve official riots” in the first ten days after federal law enforcement officials left Portland.

Sadly, the east coast has experienced plenty of chaos as well, and the mass exodus out of New York City has been particularly dramatic.

In a previous article, I discussed the fact that the New York Times had reported that 420,000 New Yorkers had moved out of the city between March 1st and May 1st.

But the exodus certainly didn’t end there.

According to the local Fox affiliate, between May and July, there was “a 95 percent year over year increase in interest in moving out of Manhattan”…

According to the most recent data from United Van Lines, between May and July, there was a 95 percent year over year increase in interest in moving out of Manhattan. That compares with a 19 percent increase in moving interest in the U.S., overall.

The top destinations for people who moved out of New York City between March and August were Florida and California – which together comprised 28 percent of relocations. Texas and North Carolina made up 16 percent of moves.

And it isn’t just residents that are leaving.

Business after business is shutting down, and that includes some of the most iconic retailers in the city

J.C. Penney and Neiman Marcus, the anchor tenants at two of the largest malls in Manhattan, recently filed for bankruptcy and announced that they would shutter those locations.

The Subway restaurant chain has already closed dozens of locations in New York City in recent months,

Le Pain Quotidien has permanently closed several of its 27 stores in the city and plans to leave others closed until more people return to the streets, an executive at the chain’s parent, Aurify Brands, told the Times.

Earlier today, I watched a video that someone had taken of all the boarded up shops along 5th Avenue.

If you have not seen that video yet, you can watch it right here.

I couldn’t believe what I was seeing.  At one time 5th Avenue was a playground for the elite of the world, but now it essentially looks “like a demilitarized zone”

De Blasio’s New York has finally hit an all-time low: the once bustling city is now on the verge of looking like a demilitarized zone. Between the pandemic and the riots in the city, iconic 5th Avenue now looks more like a dystopian nightmare in a recently shot video posted to Twitter.

The video follows a car driving down a deserted 5th Avenue, with almost all of the area’s high end stores boarded up and shut down. There are few people seen on what is usually a busy street.

“Look at everything. Everything’s boarded up. Even the hotel. Boarded up,” the video’s narrator, who is obviously fed up with how the city looks, says.

In about six months, most of the progress that New York City has made since the dark days of the 1970s and 1980s has completely disappeared.

Homelessness and poverty are both exploding, and crime rates are shooting into the stratosphere.

If you can believe it, the number of shootings in July was 177 percent higher than for the same month last year.

If the deplorable conditions in our major cities were just going to be temporary, I don’t believe that we would be seeing such a mass exodus.

But at this point, it should be clear to all of us that things aren’t going to turn around any time soon, and many people are convinced that things are just going to continue to get even worse.

Our major cities are degenerating right in front of our eyes, and there doesn’t seem to be any hope of reversing this process now that it has started.

In life, the decisions that we make always have consequences, and the consequences for the decisions that we have made as a nation as a whole will be very bitter indeed.

***Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.com.***

About the Author: My name is Michael Snyder and my brand new book entitled “Lost Prophecies Of The Future Of America” is now available on Amazon.com.  By purchasing the book you help to support the work that my wife and I are doing, and by giving it to others you help to multiply the impact that we are having on people all over the globe.  I have published thousands of articles on The Economic Collapse BlogEnd Of The American Dream, and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  In addition to my new book, I have written four others that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned)  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial, or health decisions.  I encourage you to follow me on social media on Facebook and Twitter, and anyway that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with as many people as we possibly can.

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Greg Mannarino: The Fed Is “Trying To KILL What’s Left Of The Middle Class”

The Federal Reserve, with the help of their puppets in the government, is trying to kill what’s left of the middle class.  This should be obvious by now, and yet people are still walking around more afraid of a virus than opening their eyes to what’s happening.

Who would have thought a face mask over the mouth and nose would cause such epic blindness. Greg Mannarino has been pointing out the goals of the Federal Reserve for years now.  It’s all coming to fruition, and in order to own the world, they must eliminate the middle class.

They are going for small businesses and have 50% of those gone already. “Maybe they’re going for, I don’t know, 75, 100%, while coroporate American, right now is stronger than it’s ever been!” Wake up, people.  This is all by design. It’s a century-old plan to own and rule the entire world.

It’s in our face and it’s no shock, adds Mannarino of the corporations and government merging together via the Federal Reserve. They are no longer hiding the agenda. There will be no middle class in the New World Order. They need poverty-stricken slaves only, while they sit at the top and rule to the world.  It’s pretty sad that most people still haven’t figured it out yet and will go cast a ballot in November thinking the Federal Reserve hasn’t already selected the puppet they will use for the next four years.

The only reason there are two political parties is to give people the illusion of choice. This should go without saying, but so many are still stuck in a paradigm that will wholly enslave and impoverish them unless they wake up to it, and soon! It’s “critical” to use Mannarino’s word.

Basically, we don’t control the outcome of elections. The central banks do. If for one second, the Federal Reserve sees Biden as being more “on board” with their epic distribution of debt and credit, he WILL be the next president.  Trump could still  be reelected because he’s been incredibly effective at helping the central bank take over the planet. –SHTFPlan

Trump Is A Pied Piper For The New World Order Agenda

Pay attention to what’s happening. It’s all in front of our faces now.

This process of controlled demolition needs a considerable distraction so that the central banks and the globalists ultimately avoid blame for the painful consequences of the event. Enter Donald Trump and the false Trump vs. Globalist paradigm. As I mentioned last week, the Fed is only one side of the equation for the crash; Trump is the other side.

After two years of witnessing Trump in action, it is clear to me that he is an active participant in the new world order agenda, and not just an unwitting patsy for the economic crisis.-Brandon Smith

However this plays out, it was all set up this way. The set up has begun for a contested election and overwhelming societal dysfunction regardless of which puppet the Federal Reserveselects for the illusionary throne. Take off the left vs. right paradigm glasses that are being used to divide and distract and look around clearly while applying critical thinking.

The Pentagon & CDC Will Join Together To Mass Distribute The COVID Vaccine

MSM Frenzy: Trump Floats The Idea Of Delaying The Election

The election in November could be the start of massive uprisings, no matter which puppet the Federal Reserve has selected, and it’s set up that way already. The puppets are already beginning their dog and pony show and dancing for the public on command.

If you feel the desire to protect your wealth, you still can’t beat gold and silver. Other than that, have a lot of a third metal, lead, on hand.

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SUITED AND BOOTED: Inflate Or Die – GOLD $3,000!

This article was contributed by Lior Gantz with The Wealth Research Group. 

I’m currently reading Stephen Schwarzman’s book, What It Takes, which talks about his life journey from middle-class Philadelphia to being worth $18.7B – all self-made.

Schwarzman is co-founder of Blackstone, which is the world’s most profitable private equity firm, with an emphasis on real estate.

I find that he is one of the most open-minded investors of our time. He’s extremely tolerant to any and all ideas, a trait that has helped his firm be a pioneer in many ways and pave the way for others.

In the book, Schwarzman discusses his period at Yale, where the famous Skull & Bones society is shrouded in mystery. Many presidents were initiated into it, as well as prominent captains of industry.

Schwarzman became a member one year after George W. Bush was admitted in. Going through the list, you’ll find past presidents, many speechwriters, senators, Supreme Court justices, bankers, and even Treasury Secretary Steven Mnuchin, who has been a member since 1985.

The first rule of this elite club is that you can’t talk about it.

What’s funny is I don’t need to know what they’re discussing since it’s pretty obvious by their works: PRINTING ENDLESS NEW CURRENCY UNITS.

It’s like we’ve all been admitted since the big secret is out: print until the restructuring day is forced upon the
U.S. banking system by the Chinese bloc.

Courtesy: Zerohedge.com

What Washington is telling you is exactly what ALL POLITICIANS are saying to our generation: fiat currencies are TRANSACTIONAL TOOLS, not means of storing purchasing power.

If you lend Washington money for a decade, you’ll receive a 0.61% yield, compared with nearly a 2% dividend yield for the most expensive stock market in history, represented by the S&P 500.

The globalists are telling you
to SAVE IN GOLD.

Since 1985, the year our current Treasury Secretary was admitted into the Skull & Bones society, the dollar has lost 60% of its purchasing power.

What cost $100 back then now sells for $246.

In 1985, one ounce of gold cost $317. Today, that same ounce costs $1,820. This represents an even greater gain in purchasing power.

Ray Dalio, another self-made billionaire, didn’t attend Yale, but like Schwarzman, he graduated from Harvard Business School. Very few hedge fund managers have studied the topic of reserve currencies as much as he has.

Dalio has become a controversial figure in recent years, but one thing is certain: Dalio is NOT AFRAID of speaking his mind against financial and monetary lunacy.

Courtesy: Zerohedge.com

As you can see by the ELEVATED CASH LEVELS, held by Wall Street heavyweights, most hedge fund managers are fearful of entering stocks, but Dalio’s mantra is that CASH IS TRASH.

His way of looking at stocks is unique since he likens them to bond-replacers and HE’S RIGHT.
The world’s biggest companies are in STELLAR FINANCIAL SHAPE, full of cash and growing by the second.

Therefore, they’re clearly SAFER THAN government bonds.

Think of the whole matter in this way: if you’re on top of a hot air balloon that had a tear in its fabric, and your only option is to INFLATE, would you do that or pick CERTAIN DEATH?

Inflate or die
is the central banks’ only dilemma. Judging by history, they will not willingly go to the grave.

Own Gold!

 

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TOUCHED A RAW NERVE: Silver Roaring – $20 BECOMES REALITY!!

This article was contributed by James Davis at Future Money Trends. 

I’m probably going to shock you, but I am currently CAUTIOUS WITH precious metals.

Gold and silver have been GENERATING SPECTACULAR returns for us in 2020, especially if you caught the bottom with silver since we’re up more than 50% since.

Gold stocks and silver stocks have been CHEWING THROUGH WALLS and delivering massive gains as well.

Right now, though, gold is swimming in the HIGH SEAS. It’s playing with price targets that are FOREIGN TO IT. Goldman Sachs sees it hitting $2,000, Bank of America sees $3,000, and Rob McEwen predicts $5,000.

Silver is SO, SO CLOSE to hitting $20/ounce and it’s up nearly 60% since April!

We should begin to entertain the thought that precious metals are going to face TREMENDOUS RESISTANCE in the days and weeks ahead, perhaps the most excruciating seller momentum ever as short-term traders TAKE PROFITS on both the physical metals and the stocks.

Courtesy: Zerohedge.com

This is SUPERIORITY!

In 1980, Paul Volcker, then FED Chairman, gave fiat currencies air by raising rates to over 15%. Doing so stopped the INFLATIONARY MADNESS of the 1970s, but it also birthed the beginning of the end for America’s middle class and savers.

He basically CREATED THE TOP for government interest rates.

Look at the chart above and you’ll notice how he stopped gold from entering a point where it would have covered more than the ENTIRE CURRENCY SUPPLY.

At $850/ounce, gold had backed the dollar again by free-market forces in 1980.

Nixon essentially freed it up in 1971 to CALL BULLSHIT on the $35:1 conversion, and in nine years, it achieved that goal.

Had this happened once more in 2020, the price would be north of $20,000/ounce.

In other words, today’s gold price of $1,820 is EQUIVALENT TO gold’s price in the mid-1970s when it traded for $60.

We need to put things INTO CONTEXT, and today, gold covers only 5% of the dollars in existence, which means that $850 in 1980 is like $36,000 today!

Courtesy: Zerohedge.com

Goldman Sachs has put S&P 500 earnings for the full year at $115, which means that at 3,200 points, the P/E ratio is currently 27.8.

In this environment, VALUATIONS of the classical kind are less meaningful than in previous times since so much liquidity is pumped into the currency system that stocks serve as an INCOME HEDGE to governments and corporate bonds.

The S&P 500 dividend yield is 1.93%, which is 300% MORE THAN the yield of the benchmark 10-year Treasury bond.

A pension fund, university endowment fund, sovereign wealth fund, insurance company, and wealthy institution will CHOOSE STOCKS over bonds in this world.

Stocks are now bond replacements, which is the reason investors are willing to pay ADDITIONAL PREMIUMS for them, but there’s a limit to that.

Courtesy: Zerohedge.com

We’re entering a DEEP RECESSION. In it, many Americans will be suffering.

Don’t wait for Trump, Biden, or anyone else to dig you out of the situation you find yourself in.

Create your own destiny; this is a time for CALIBRATING CAREER CHOICES.

Struggling industries, such as travel, leisure, hospitality, restaurants, retail stores, banking, insurance, energy, and commercial real estate are SPEWING LAVA with opportunities to fill roles of leadership and innovation.

Capitalize on the leadership gap and assume your position in history!

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SHORT SQUEEZE OF EPIC SCALE: MARKET TWILIGHT ZONE!

This article was contributed by Tom Beck of Portfolio Wealth Global. 

It is NEXT TO IMPOSSIBLE to short stocks with the Federal Reserve adamant at making sure America’s largest corporations don’t go under if they can be salvaged or floated, USING NEW CURRENCY (which younger demographics will be enslaved to pay) until consumers start spending with confidence again.

America has been incredibly advantaged of having a SEEMINGLY ENDLESS capability to print currency, but it has made such misuse of it in dealing with COVID-19 that it has now become apparent to nations the world over that the Federal Reserve doesn’t know ANY LIMITS when it comes to utilizing its lawful mandate.

I tell you this because while the system has favored the wealthy at the expense of the middle class, the process is on a trajectory to ACCELERATE, so if you’re not part of the upper class, expect MORE PAIN ahead.

Courtesy: Zerohedge.com


Notice how liquidity has DRIED UP in the stock market. There’s a reason for it: markets ARE DEAD when it comes to organic trading.

The actions of the Federal Reserve have scared away the SMART MONEY and have invited speculators in.

That’s not the outcome that anyone anticipated, so what I see is that once these government programs expire in August, we will be back to SQUARE ONE and more stimulus will be unleashed.

When it comes to income inequality, the solution starts with education. The problem with America is that the majority has been sold on this dream that it’s the EASY LIFE, when it’s really not. Poverty is the norm for the majority, not wealth.

Forget comfort and luxury; there’s a reason why racehorses run with blinders on… it is so that they can focus solely on their footing and the track ahead, DISREGARDING all else.

The second they look to the left or to the right, they lose composure and accidents occur.

If there was an 11th commandment, it would be to MIND YOUR OWN BUSINESS.

I see a society full of people concerned with leisure and with knowing what others are up to (via social media) when they’re not GETTING AHEAD THEMSELVES.

When I was building my wealth, I couldn’t be bothered with anything. I must have read the same wealth books hundreds of times until I could recite the principles in them and implement them. Any progress was celebrated; any and all sacrifices were made. It’s definitely NOT FOR EVERYONE!

In 1953, an Italian-American from New York was born into a big Catholic family. When he was very young, on Easter Sunday, while his entire family was getting ready for their meal, he got a call from his boss at the recording studio to SHOW UP immediately for work. 99% of people would have said “NO,” but this person agreed. When he got there, John Lennon was in the booth and ready to work on his solo album.

The other employee had declined to come in that day and this was Jimmy’s moment to shine. He took on a task he’d never done before and he did it well. This was the beginning of his music career, which started because he said “YES” when most would not go the extra mile.

The Jimmy I’m referring to is Jimmy Iovine, the billionaire co-founder of Interscope Records and Beats headphones, later sold to Apple.

America is STILL the place to do business and it’s STILL a land of opportunity but you must FEEL THE BURN in order to drive forward and not ASSUME things will take care of themselves. Becoming wealthy from scratch requires ENORMOUS SACRIFICE; you have to be willing to limit time for friends, family, hobbies, entertainment and be willing to LEARN ON THE GO.

The billionaires and multimillionaires of this country have MOSTLY COME FROM NOTHING.

Poverty is a DRIVING FORCE, not a curse.

EXCLUSIVE REPORTS, Featured In This Article and in Others, Which Are Considered ESSENTIAL READING:
1. Gold Investing – DOWNLOAD HERE!
2. Trump’s War with Mainstream Media – DOWNLOAD HERE!
3. Covid-19 Round2 Sell-Off Playbook – DOWNLOAD HERE!
4. Why The Dollar Is Dead – DOWNLOAD HERE!
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RUN THE GAMUT: Reversing Reopening – I’M SICK OF IT!

This article was contributed by James Davis of Future Money Trends. 

Not all businesses are built alike. Some industries are CAPITAL-INTENSIVE and operate on thin margins, deterring new entrants since it’s NEARLY IMPOSSIBLE to compete with the efficient dominators in the field. Other businesses have thick margins but are seasonal, while a small few have both wide margins and consistent clientele since they’ve built a MOAT (a world-class brand).

In capitalism, the chance at making profits pushes new entrepreneurs to innovate, differentiate, and figure out how to manufacture a product or deliver a service in a way that is currently underserved.

The reason why we CHERISH THIS WAY OF LIFE is that it has been the source and engine of innovation for the human race for the past century and it’s PROVEN ITSELF time and again as the best-suited system to the way nature has designed us.

We are happiest when we grow and we do that when we ARE PRODUCTIVE. The American free enterprise system GREATLY REWARDS those that are market-oriented, whose skills are more closely related to building and running corporations, and it ALMOST PUNISHES everyone else.

Of course, ALL AMERICANS and many others that are outside the country enjoy the fruits of this innovation, excellence, and the relentless pursuit of catering to THE WANTS of the marketplace, but in doing so, in the age of globalization, AMERICA SPITS OUT much of the wealth generation to regions outside of the country. The headquarters is located domestically, while much of the labor occurs internationally.

As a nation and society with its NONSTOP chase for producing cheaper, faster, and better, America has traversed the world and ventured into some 60 low-cost regions for labor from Southeast Asia to Eastern Europe, Central America, and parts of Africa, and this WILL NOT CEASE.

As a country, the United States has prioritized the health of its corporations over the inclusiveness of its population in business expansion. This is another way of saying that the RICH get richer, come what may.

It NEGLECTED TO educate its middle class of the rapid changes going on, just as the workers themselves FELL ASLEEP at the wheel, not noticing these huge changes taking place all around them. Whether you blame the individual, the corporation, or the government, the result is the same: out of all of the RICH COUNTRIES, the U.S. has the worst case of wealth disparity and it is now starting to show its consequences in backlash from the neglected segments of society.  For a long time, perhaps throughout the 1980s and 1990s, most Americans couldn’t see the tidal wave that’s about to hit them, but everyone’s well aware of it now.

Courtesy: Zerohedge.com

 

20 years after the Dotcom valuation bubble popped, today’s TECHNOLOGY-DRIVEN economy is real, based on genuine fundamentals, but it’s also exposing the human race to new challenges and unique obstacles.

The big tech companies are CASH MONSTERS whose products and services are used by people the world over. These companies exert IMMENSE INFLUENCE over the flow of information, goods, and the political outcomes of democratic elections.

They are the MOST POWERFUL entities on the planet. They’re probably more systemic than the banks were in 2008, more crucial than the government itself, and this trend ISN’T STOPPING anytime soon.

Their ethics are being put to the test by governments that are crooked and corrupt.

Courtesy: Zerohedge.com

This is all MESSED UP!

The government is just STRANGULATING SOUND MONEY by being responsible for a disproportionate and COUNTERFEIT currency-printing operation.

As you can see, the government issued very few payments under the gold standard, but they are handing it out for free today. The government is responsible for (WAIT FOR IT…) a full third of PERSONAL INCOME in the U.S. this year!

Is it any surprise that gold is about to BREAK OUT to over $2,000/ounce?

 

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FATAL KRYPTONITE: Dollar Finished, Savers Crushed – GOLD DELIVERS!

This article was contributed by James Davis with Future Money Trends.


Goldman Sachs actually told its high-net-worth clients that it is a perfect time to EXPLOIT MADNESS exhibited by part-time retail investors and to CRUSH THEM. I’ve seen some REMARKABLE TESTIMONIES on how the average person decides on which stocks to buy and why.

One thing that really SUNK HOME the point of just how wild things have gotten is shown by a survey conducted with people who normally bet on sporting events. They say they have been buying stocks AS A REPLACEMENT, out of boredom.

The second SHOCKING STUDY has proved there’s a correlation between day trading and social media chat rooms about gambling.

Courtesy: Zerohedge.com

You can clearly see the correlation between the Great Depression ending, real wealth creation and prosperity spreading when America produced real products in the 1940s–1970s, and the REVERSAL IN THESE TRENDS when globalists HIJACKED the opportunity from the middle class and incentivized Special Opportunity Zones in China to GAIN MOMENTUM at the expense of many UNSUSPECTING PEOPLE!

Between 1937 and 1982, America’s middle class boomed and capitalism included many more people. That totally changed in 1982 and has intensified until present day.

Big trends either EAT YOU WHOLE or change your life FOR GOOD. In the case of globalization and outsourcing, the trend ate up workers and gave shareholders and executives an INCOME BOOM.

The most destructive UNINTENDED CONSEQUENCE of the income and wealth gap is ACCESS TO HIGHER EDUCATION.

Because tuition is so expensive, the chance that low-income demographics have to become doctors or medical professionals (which are America’s HIGHEST EARNERS as employees) or to assume major roles in Silicon Valley and tech, ARE SUPER LOW.

This perpetuates the gap, ushers NEW WINDS of populism into politics, and INSTIGATES SOCIAL UNREST. When you believe you have no chance of ever becoming FINANCIALLY SOLVENT and that debt will follow you around for the rest of your life, it sometimes leads to INVESTMENT INDIFFERENCE. One loses respect for money and gambles with it, whether on sporting events, Las Vegas, card games, or through Wall Street. You become angry over the topic of money and its fairness and distribution.

It’s unfortunate, but I can empathize with them since it is DEPRESSING to feel stuck!

Courtesy: Zerohedge.com

You can really see how the income for the top 1% WENT EXPONENTIAL in the mid-1980s.

The great equity BULL MARKET started in 1982, and that has led to this surge in income growth for the elite.

The majority of Americans is not BENEFITING FROM the growth of their corporations since the ownership is concentrated in high-net-worth individuals.

The fatal kryptonite of the masses is their LACK OF CONNECTION with the growing industries in America that require SPECIALIZED SKILLS, the type that the poor can’t even begin to imagine how to acquire!

The cheap labor pool offered by other countries around the world makes it so that America is too expensive to go back to being a leading manufacturing hub, but also too untrained to include more households in the tech boom.

This great drama will drive politics, society, and industry to find solutions, but YOU CAN’T wait for it to do so since life is too precious to leave to someone else.

You must work days and nights on DEVELOPING yourself, on educating yourself, and on improving your skills. Open the doors for yourself; there is NO OTHER WAY!

EXCLUSIVE REPORTS, Featured In This Article and in Others, Which Are Considered ESSENTIAL READING:
1. Gold Investing – DOWNLOAD HERE!
2. Trump’s War with Mainstream Media – DOWNLOAD HERE!
3. Covid-19 Round2 Sell-Off Playbook – DOWNLOAD HERE!
4. Why The Dollar Is Dead – DOWNLOAD HERE!
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FATAL KRYPTONITE: Dollar Finished, Savers Crushed – GOLD DELIVERS!

This article was contributed by James Davis with Future Money Trends.


Goldman Sachs actually told its high-net-worth clients that it is a perfect time to EXPLOIT MADNESS exhibited by part-time retail investors and to CRUSH THEM. I’ve seen some REMARKABLE TESTIMONIES on how the average person decides on which stocks to buy and why.

One thing that really SUNK HOME the point of just how wild things have gotten is shown by a survey conducted with people who normally bet on sporting events. They say they have been buying stocks AS A REPLACEMENT, out of boredom.

The second SHOCKING STUDY has proved there’s a correlation between day trading and social media chat rooms about gambling.

Courtesy: Zerohedge.com

You can clearly see the correlation between the Great Depression ending, real wealth creation and prosperity spreading when America produced real products in the 1940s–1970s, and the REVERSAL IN THESE TRENDS when globalists HIJACKED the opportunity from the middle class and incentivized Special Opportunity Zones in China to GAIN MOMENTUM at the expense of many UNSUSPECTING PEOPLE!

Between 1937 and 1982, America’s middle class boomed and capitalism included many more people. That totally changed in 1982 and has intensified until present day.

Big trends either EAT YOU WHOLE or change your life FOR GOOD. In the case of globalization and outsourcing, the trend ate up workers and gave shareholders and executives an INCOME BOOM.

The most destructive UNINTENDED CONSEQUENCE of the income and wealth gap is ACCESS TO HIGHER EDUCATION.

Because tuition is so expensive, the chance that low-income demographics have to become doctors or medical professionals (which are America’s HIGHEST EARNERS as employees) or to assume major roles in Silicon Valley and tech, ARE SUPER LOW.

This perpetuates the gap, ushers NEW WINDS of populism into politics, and INSTIGATES SOCIAL UNREST. When you believe you have no chance of ever becoming FINANCIALLY SOLVENT and that debt will follow you around for the rest of your life, it sometimes leads to INVESTMENT INDIFFERENCE. One loses respect for money and gambles with it, whether on sporting events, Las Vegas, card games, or through Wall Street. You become angry over the topic of money and its fairness and distribution.

It’s unfortunate, but I can empathize with them since it is DEPRESSING to feel stuck!

Courtesy: Zerohedge.com

You can really see how the income for the top 1% WENT EXPONENTIAL in the mid-1980s.

The great equity BULL MARKET started in 1982, and that has led to this surge in income growth for the elite.

The majority of Americans is not BENEFITING FROM the growth of their corporations since the ownership is concentrated in high-net-worth individuals.

The fatal kryptonite of the masses is their LACK OF CONNECTION with the growing industries in America that require SPECIALIZED SKILLS, the type that the poor can’t even begin to imagine how to acquire!

The cheap labor pool offered by other countries around the world makes it so that America is too expensive to go back to being a leading manufacturing hub, but also too untrained to include more households in the tech boom.

This great drama will drive politics, society, and industry to find solutions, but YOU CAN’T wait for it to do so since life is too precious to leave to someone else.

You must work days and nights on DEVELOPING yourself, on educating yourself, and on improving your skills. Open the doors for yourself; there is NO OTHER WAY!

EXCLUSIVE REPORTS, Featured In This Article and in Others, Which Are Considered ESSENTIAL READING:
1. Gold Investing – DOWNLOAD HERE!
2. Trump’s War with Mainstream Media – DOWNLOAD HERE!
3. Covid-19 Round2 Sell-Off Playbook – DOWNLOAD HERE!
4. Why The Dollar Is Dead – DOWNLOAD HERE!
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Tipping Point: The National Debt Will Exceed GDP This Year

Economists have often said the total collapse of the economic system will occur when total debt exceeds that of a nation’s gross domestic product.  That milestone will be reached later this year.

Thanks to the government’s overreaction to the coronavirus outbreak, the economy is destroyed, people are banned from making a living, and the national debt has skyrocketed putting the United States on an accelerated path to ruin.  The Committee for a Responsible Federal Budget now projects that, as a result of the government’s demands that the economy be closed while people go on an indefinite house arrest, debt held by the public will now exceed GDP by the end of this fiscal year. By 2023, the debt will top the record 106% of GDP set after World War II, according to report by the Fiscal Times. 

This is the worst news anyone in the middle class could get.  A $1200 stimulus check isn’t going to be nearly enough to bail out Americans, 78% of whom are already living paycheck to paycheck. Some may be able to buy food, but only temporarily.  The government has made sure that those who are already struggling financially will suffer the most in the upcoming months.

CRFB says the budget deficit will rise from about $1 trillion last year to $3.8 trillion (nearly 19% of GDP) this year and $2.1 trillion (about 10% of GDP) in 2021 — and the group adds that those projections “almost certainly underestimate” the deficit totals since they assume Congress doesn’t enact additional coronavirus aid or change current tax and spending laws. If the economy doesn’t recover strongly next year or bounce back fully within a few years, the budget watchdogs project that debt would climb to 117% of GDP by 2025.The Fiscal Times

People in what was once called “the land of the free” were asked to give up their hopes, dreams, livelihoods, and liberty in exchange for a false sense of security.  And most fell right in line like the good little brainwashed puppets the government wants. If you are not concerned about the path humanity is on at this point, you’re delusional.

The coronavirus was an excuse to panic the public into giving up their rights so the elitists could conduct the biggest wealth transfer in history from the now impoverished masses to themselves.

CRFB wants people to avoid questing the government’s response too.  Try to not think for yourself and look at what is really going on, say the elitists of the world.  “Like the record levels of borrowing undertaken during World War II, a large share of today’s massive deficits are both inevitable and necessary in light of the current pandemic crisis,” the group says. But it warns that eventually, “such high and rising deficits and debt levels will prove unsustainable, and corrective action will be needed.”

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Trump Can’t Save The Crashing Economy & His Reelection Chances Get Slimmer

President Donald Trump’s one shining moment during his time in office was the economy.  With that crashing and burning, his reelection chances are also going up in flames.

Trump has a last-ditch effort, however.  He and the Federal Reserve chairman may even agree on something: tax cuts.  But to make any effect on his reelection, he’d have to do this swiftly and noticeably: not like last time.  And the tax cuts would be paid for with “helicopter money.”

Veteran Wall Street strategist Ed Yardeni of Yardeni Research has also proposed this a very controversial option.  “Former Fed chair Ben Bernanke many years ago suggested that if things really get bad, there’s always helicopter money,” Yardeni said on Thursday on Yahoo Finance’s The Final Round on Thursday. “Helicopter money would be actually something that both [president] Trump and [Fed chairman] Powell… could agree on. Because the president wants tax cuts. And if the tax cuts are paid for with ultra-easy monetary policy, guess what? That’s helicopter money.”

Trump needs major tax cuts, however.  These should be so deep that almost everyone immediately feels relief from their tax burden.  Anything less will be as well-received as his last round of tax cuts that were said to only help the rich by his opponents.  Deep middle-class tax cuts could have a bigger effect on the economy than any amount of promises and money-printing schemes could ever hope.  People will notice there’s more money in their wallets.

If Impeachment Fails, Will The Elite Crash The Economy In Order To Prevent Four More Years Of Trump?

“Helicopter money” was first coined by economist Milton Friedman in 1969 as a thought experiment where a helicopter drops cash over a community. In theory, people may assume it’s just a one-off event, and they may find themselves just spending it. Economic activity would spike suddenly.Yahoo

Former Fed chair Bernanke later referenced this concept in a 2002 speech. Then a Fed governor, Bernanke (a Keynesian economist) discussed using an ultra-loose monetary policy (via money printing) to finance stimulative fiscal policy, which could come in the forms of tax cuts or government spending. From his speech:

A broad-based tax cut, for example, accommodated by a program of open-market purchases to alleviate any tendency for interest rates to increase, would almost certainly be an effective stimulant to consumption and hence to prices. Even if households decided not to increase consumption but instead re-balanced their portfolios by using their extra cash to acquire real and financial assets, the resulting increase in asset values would lower the cost of capital and improve the balance sheet positions of potential borrowers. A money-financed tax cut is essentially equivalent to Milton Friedman’s famous “helicopter drop” of money.Ben Bernanke, 2002

But too little of a tax cut could be a huge problem. If Trump doesn’t make this tax cut one for history, people won’t notice and all they will focus on is the falling stock market.  Yardeni says this is such a crisis because the central banks cannot do anything about a global health crisis, such as an outbreak or pandemic.

“I’ve been keeping a diary of the selloffs in this bull market, and there’ve been seven corrections, including this one,” Yardeni said to Yahoo Finance. “Altogether, I’ve counted what I called 66 panic attacks. This one really is the worst of them, because in the past, we can always count on monetary policy to save the day.”

“This one, it’s very obvious that there’s nothing central bankers can do about the global health care crisis,” he added.

Trump has often taken credit for the economy, tying it to himself. Because of this, he’ll also take the blame when/if it crashes (which it’s been doing.) A suggestion for Trump: stop pushing for lower interest rates. They are low enough. Cut taxes. Cut them deeply and cut them swiftly. Make sure as many people as possible feel that financial relief and then there’s a chance a reelection still and the economy may recover.

Milton Freidman’s book Capitalism and Freedom: Fortieth Anniversary Edition, explains how economic freedom (lower taxation, fewer regulations, etc.) translates into general freedom. How can we benefit from the promise of government while avoiding the threat it poses to individual freedom? In this classic book, Milton Friedman provides the definitive statement of his immensely influential economic philosophy—one in which competitive capitalism serves as both a device for achieving economic freedom and a necessary condition for political freedom. The result is an accessible text that has sold well over half a million copies in English, has been translated into eighteen languages, and shows every sign of becoming more and more influential as time goes on.

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Economic Woes: 1 In 4 Renters Are Now Spending Over HALF Their Income On Housing

Rents are becoming unaffordable for many Americans, even those in the middle class. Because the cost of buying property, maintaining it, and covering property taxes has jumped, so have the costs of renting.

new report from the Joint Center for Housing Studies of Harvard University calculates that 10.9 million renters spent more than 50% of their income on housing in 2018. That equates to one in four renters. Moreover, there were 6 million more cost-burdened renters in 2018 than in 2001. Households with incomes of at least $75,000 accounted for more than three-quarters of the growth in renters from 2010 to 2018.

Affordable housing will continue to be more and more out of reach as long the government keeps getting in the way.  Regulations and property taxes are a huge burden when it comes to affordable housing.

According to Market Watch, a renter is cost-burdened when she or he must spend more than 30% of her income on housing costs and severely burdened when they spend more than half of their income on those expenses. The problem is much more predominant among lower-income Americans — 72% of renters earning less than $15,000 a year were severely burdened as of 2018, as were 43% of renters earning between $15,000 and $30,000.

“Even as the overall share of cost-burdened renters has receded somewhat, the share of middle-income renters paying more than 30 percent of income for housing has steadily risen,” researchers wrote.

Nearly 56% of renters earning between $30,000 and $45,000 a year were cost-burdened as of 2018, up 5.4 percentage points from 2011. That was the largest increase in the share of cost-burdened renters across any income band in the country.

Among those who earn between $45,000 and $75,000 annually, this share increased 4.3 percentage points to 27%. The Pew Research Center defines the middle-income American household as a three-person family that earns between $45,200 and $135,600 annually. –Market Watch

“The spread of cost burdens up the income scale coincides with the ongoing decline in lower-cost rentals,” researchers wrote. “While the improving economy has increased the share of middle-income renters, earnings growth has not caught up with the rise in rents.”

Completely eliminating the unconstitutional property tax is only one step in making renting and housing, in general, more affordable. California could benefit from an elimination of burdensome regulations that have made building more apartments or houses impossible.  When supply is low, as housing is in California, demand is high increasing the price.  The simple and finite rule of supply and demand can be applied here, and when politicians start legislating, it will always prevent prosperity.

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