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At least they’ve noticed there is a problem . . .
Over and over, the news shows on every station at every hour including cable news sources show “experts” projecting economic forecasts. Every time I hear them, I wonder why they are getting paid for being wrong much of the time.
Are they not using real numbers based in real-time or are they using only the variables that they favor or what? It is hard to understand.
I found this article on Reuters –
It is called Factbox – consumer credit delinquencies – and I didn’t check the validity of its numbers nor its sources, however, it certainly indicates that there is an iceberg we are hitting as an economy.
If all the layoffs, firings, bankrupt business closings, and underemployment numbers were added together, it would show a truer picture of the reality we are facing.
Perhaps the “elite” of our country believed a credit based economy without a cash basis would have been better but in fact, all it does is allow usage fees to be inflicted on us for our own money that we earn and seek to spend. At every turn, there would have been a fee added to use our own money and it has been that to some extent already.
It is an economic system sustained by immediacy and set upon sand which has now shifted out from under it. When we rebuild our economy, there will be many efforts to continue our path along the same lines of credit rather than cash or any other value as its foundation. Do we really want to be at the mercy of Goldman Sachs and Equifax among others of a similar variety?