“A MetLife study released last week found that 50% of Americans said they have only a one-month cushion — roughly two paychecks — or less before they would be unable to fully meet their financial obligations if they were to lose their jobs. More disturbing is that 28% said they could not make ends meet for longer than two weeks without their jobs.”
Mike quotes Britt Beemer, chief executive of America’s Research Group:
“American consumers are hunkered down, bracing for a depression…The dramatic drops in shopping levels have no match in our database in the last 30 years.”
To the rhetorical question: is this setting up hyperinflation?, Mike responds:
“No, this madness is nowhere close to causing hyperinflation. You do not get hyperinflation with this much consumer and corporate debt when unemployment is soaring globally, overcapacity is rampant, and wages are falling. Please see Fiat World Mathematical Model for more details.”
