North America on the verge of economic collapse 4390

this

Care to explain why everybody in NA is hopelessly trying to keep up with the Joneses by maxing out their credit cards to keep up the appearance of Middle clbutt life? Why are two incomes needed to sustain a household today whereas only one was needed from the 1940s until the 1970s?

Read it and weep:

"Renowned Funds Manager Predicts Global Economic Collapse"

"Robertson was actually a teary-eyed, an old man. When Ron Insana asked him about his predictions, he said that he«s worried about the speculative bubble in housing and the fact that more than 1-4 of all consumer spending is now sustained by that bubble, plus the fact that 20 million citizens could lose their homes in a collapse of the speculative bubble in housing...

Insana then asks, "Where does it end?" And he said, "Utter global collapse." Not simply economic collapse; complete disintegration of all infrastructure and of all public structures of governments. Utter, utter collapse. That the end is collapse of simply epic proportion.

In 10 years time, he said, whoever is still alive on the planet will be effectively starting again.

What he did is he did it all in literally one statement literally. But, 14% of all real estate transactions now being interest-only mortgages, and another 14% of people now, that, when they bought their homes, originated more than 100% of the purchase price in the mortgage and then borrowed further.