By David Wiedemer
America’s Bubble economic climate is the 1st ebook to target a number of simultaneous monetary bubbles which are interacting to quickly boost—and finally threaten—the usa and global economies. choked with specialist research and immediately speak, this publication will make it easier to flip the arrival financial transformation right into a once-in-a-lifetime wealth-building chance.
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Extra resources for America's Bubble Economy: Profit When It Pops
If we weren’t already buying so much on credit, it wouldn’t be as big a deal. But buying on credit has become a way of life, almost an addiction, in America. Generations ago, it was common to squirrel away money for a special future purchase. qxp 8/8/06 1:38 PM Page 21 Executive Summary of items at low or no interest, and unsolicited credit card offers coming daily in the mail, instant gratification has become the norm. So is it reasonable to say America faces a bubble in consumer debt? Look at it this way: If we all quit our credit card habits cold turkey today and continued to make our minimum payments, it would take us many decades to pay it all off.
Economy—interest rates and inflation stayed low, businesses grew, the stock market soared, real estate went through the roof, and the value of the dollar steadily rose. But like an overextended family with a life style that continually exceeds its income, living large on borrowed capital cannot go on indefinitely. Sooner or later, our $8 trillion IOU is going to turn out to be one heck of a huge liability when foreign investors no longer wish to keep financing our debt-based prosperity. What could possibly make foreign investors stop lending us money?
Oops. Actual income growth has not been so hot. In fact, in the last five years, incomes are only up about 2 percent—that’s some of the weakest income growth we’ve seen in 25 years. What about jobs? Surely, we must have created a whole lot more jobs to have such a rise in residential real estate values. However, job growth was flat from 2001 to 2003, and since that time it has only been half of what it was in the late 1990s. Does anybody really buy the “good fundamentals” argument? Or are we just believing in the Tooth Fairy because there might be a little gift under our pillows in the morning?