When people feel like they don't have anything else to lose, they are likely to do just about anything. Many in the mainstream media seem absolutely mystified
By Michael Snyder, on August 18th, 2014
When people feel like they don't have anything else to lose, they are likely to do just about anything. Many in the mainstream media seem absolutely mystified as to why there is so much anger in Ferguson, but as I pointed out yesterday, all of this anger did not erupt out of a vacuum.
by Michael Snyder, FarOutRadio Featured Columnist.
As the Obama administration continues to alienate almost everyone else around the entire planet, an increasing number of prominent international voices are starting to question why the U.S. dollar should be so overwhelmingly dominant in global trade. In previous articles, I have discussed Russia's "de-dollarization strategy" and the fact that Gazprom is now asking their large customers to start paying in currencies other than the dollar. But this is not just a story about Russia any longer. As you will read about below, China and South Korea have just signed a major agreement to facilitate trade with one another using their own national currencies, and even prominent French officials are now talking about the need to use the dollar less and the euro more. John Williams of shadowstats.com recently said that things have never "been more negative" for the U.S. dollar, and he was right on the mark.
Geopolitical and Economic Analyst
and Author of The Beginning of the End:
The Escalating Economic Collapse and More
Our returning guest this program on FarOutRadio is Michael Snyder, author of the popular novel about economic collapse, titled, “The Beginning of the End,” published by Michael Snyder via Amazon Digital Services. It’s a BIG book – 442 pages and it’s available in print and Kindle format at Amazon.com. Michael Snyder also has a popular blog, TheEconomocCollapseBlog.com where he writes about economics, social issues, geopolitics, and current events. This program we cover: The shabby treatment our Vets are receiving from the VA; The invasion on our southern borders by illegal Mexican and Central American children that are VERY sick with communicable diseases; The fraudulent economic numbers published by the government; Welfare for America’s political elite, and other stories.
by Michael Snyder, Featured FarOutRadio Columnist and editor of The Economic Collapse Blog
The numbers that you are about to see are likely to shock you. They prove that the global financial Ponzi scheme is far more extensive than most people would ever dare to imagine. As you will see below, the total amount of debt in the world is now more than three times greater than global GDP. In other words, you could take every single good and service produced on the entire planet this year, next year and the year after that and it still would not be enough to pay off all the debt. But even that number pales in comparison to the exposure that big global banks have to derivatives contracts. It is hard to put into words how reckless they have been. At the low end of the estimates, the total exposure that global banks have to derivatives contracts is 710 trillion dollars.
by Michael Snyder featured FarOutRadio Columnist and editor of The Economic Collapse Blog
If you make more than $27,520 a year at your job, you are doing better than half the country is. But you don't have to take my word for it, you can check out the latest wage statistics from the Social Security administration right here. But of course $27,520 a year will not allow you to live "the American Dream" in this day and age. After taxes, that breaks down to a good bit less than $2,000 a month.
You can't realistically pay a mortgage, make a car payment, afford health insurance and provide food, clothing and everything else your family needs for that much money. That is one of the reasons why both parents are working in most families today. In fact, sometimes both parents are working multiple jobs in a desperate attempt to make ends meet. Over the years, the cost of living has risen steadily but our paychecks have not.
This has resulted in a steady erosion of the middle class. Once upon a time, most American families could afford a nice home, a couple of cars and a nice vacation every year. When I was growing up, it seemed like almost everyone was middle class. But now "the American Dream" is out of reach for more Americans than ever, and the middle class is dying right in front of our eyes.