The 2020 Recession: America is Broke/ Bankrupt — We Are at The Keynesian Endgame — Yet Another Bank Goes Down in America — This time it is Fifth Third Bank

America is bankrupt. Fiscally, America is kaput. America is broke. The U.S. Public Debt situation is presently the worst since World War II. America’s big problem is that there are too many welfare queens; Both corporate and personal.

The productive cannot support the non-productive anymore. Simple math. The ones who should really be afraid are the ones who can’t live without a government nipple in their mouth. Unfortunately, there are a lot of those types, because government policy has been to create as many dependents on government as possible. California’s blackouts, where the stupid TV doesn’t work, could actually become an epiphany for some people to find better things to do.


$40 Trillion of pension funds invested by wall street in China alone. $21 Trillion of debt run-up. Thirty million US jobs offshored to China, including 6 million Manufacturing jobs. One hundred million immigrated into the US in the past 50 years. – 50 million illegals. 63% of all immigrants now on welfare, and the rate increases every year. Two million green cards and H1B visas per year to drive wages down. $40 trillion paid in welfare reparations with zero effect. America is broke, China is worse, The E.U. is toast, and Russia, even if not in as much debt, is not far behind. If we catch a cold, the world gets pneumonia! Know that much.

The debt storm approaches, slowly, then all at once devour everyone. No one shall escape! America is the Titanic and it is sinking in an ocean of debt. Welcome to The Atlantis Report. Here are some figures about the insane level of debt and taxes in America. Total mortgage debt rose to $9.4-trillion; $1.48 in Student Loans;2.5 Trillion in other consumers credit-related debt. Total auto debt in Q2 of 2019 is 1.3-trillion. Credit-card loans crossed the $1 trillion marks. Corporate debt is at record highs standing at $10 trillion. And they continue to increase. The U.S. is running up its debt over a trillion a year with 21 trillion already on the books and promises to its retirees and social security recipients of another 200 trillion.

We passed the signpost some years ago, and into the Twilight Zone is where we are headed. Wall Street has reported record profits this year. Average bonuses for bankers have risen by as high as 40 percent from last year. And that’s hard to hear for everyone on Main Street suffering the effects of the global crisis. The banks want us to pay their bad debts.

They are not too big to fail; they are a bunch of money junkies that want every penny we worked for. And here is more sickening food for thought. Americans owe over 11 Trillion dollars in home mortgage debt (and that’s just for 1 – 4 family, it does not include multi-family and commercial mortgage debt!). That number was only 2.6 Trillion in 1990, now less than 20 years later it is over 11 Trillion. AND we owe over 2.5 Trillion in another consumer credit-related debt (cars, boats, R.V.’s, credit cards). Credit cards make up a little less than 1 Trillion of that 2.5 Trillion total. That number was up from 800 Billion in 1990.

So, just in home mortgage and consumer-related debt, we owe almost 14 Trillion dollars (on assets that are very likely worth less than we paid for them)! What’s worse, we do not pay the low, low-interest rates on our debt that the government spends on its debt.

Total mortgage debt rose to $9.4-trillion, an increase of $407-billion from the same juncture in 2017. Household debt has been growing for five years, but mortgage balance growth has been on a slower incline since it stopped declining in 2013. Total auto debt in Q2 of 2019 is 1.3-trillion, a jump of $59-billion from the same time in 2018. When the Federal Reserve lowered interest rates in 2008 to fight the recession — giving consumers more incentive to pursue the typical three-to-five-year loan for autos — it kick-started a trend that has held true today. Auto loans continue to increase because of low-interest rates.

Student Loans; They continue to escalate, growing to a record $1.48-trillion in Q2 of 2019, up to $73-billion from the same juncture in 2018. When the federal government assumed control of the student-loan program , replacing the previous administrator , costs were cut, and the availability of education assistance was increased.

The loans are guaranteed, and it’s seemingly a win-win — lower interest rates to encourage higher education — although the rise of student-loan debt has been staggering. Credit-card loans crossed the $1 trillion mark, reaching $1.08-trillion in Q3 of 2019. Credit-card debt, considered revolving debt because it’s meant to be paid off each month, is only 26.2% of the total liability (after accounting for 38% of the total debt in 2008).

When the Bankruptcy Protection Act of 2005 was passed, making it more difficult for people to file for bankruptcy, there was a turn toward credit cards in a desperate attempt to pay bills. So credit-card debt soared, reaching its all-time peak of $1.028-trillion in July 2008 (an average of $8,640 per household). Most of that debt was due to unexpected medical bills. Credit-card use took a hit during the recession, falling more than 10% in each of the first three months of 2009. Banks followed suit, cutting back on consumer lending when the Dodd-Frank Wall Street Reform Act increased regulations over credit cards. By April 2011, credit-card debt fell to $839.6-billion, a figure that has remained somewhat flat, although the average American household still owes $8,398.

People are freaking out about the national debt, but at least the government can tax and print money. And how about state debt. While Americans as a whole carry significant amounts of debt, each state has its own unique problems. The makeup of state-specific debt reflects not just the national economy but also factors like unemployment rates, the worth of homes, and the cost of college. Here’s a quick look at some of the states whose residents have the highest debt levels in the country: Credit policies long pursued by central bankers based on the Keynesian Model of rising inflation have brought the United States to the brink of economic collapse. In the final analysis, even wealthy nations cannot afford to live beyond their means to support Progressives’ “social justice” welfare programs.

Nearly all the developed world is at the “Keynesian End Game” and the end of the dollar UNLESS we find a wholly new source of national wealth. Globalization and “free trade” agreements have led to the outsourcing of well-paying jobs from the advanced nations and a boost to the growth of developing countries.

Unless reversed, this trend will continue to the detriment and ultimate collapse of western economies. We must become net exporters and keep balanced budgets. Due to the current misguided policies, unemployment is going to climb and will probably stay high for years to come. We need job-friendly, business-friendly, PROFIT-friendly policies that lure jobs back to the U.S. and keep people from going out of business and encourage people to start businesses! What they are proposing is just the opposite. Scary, scary stuff indeed.

The power of finance was the power of debt. Bank credit takes future prosperity and moves it into today. This can be useful. To allow business and industry to expand now, rather than later. To allow you to buy a house early in life, and make use of it, rather than later, when you don’t have long to go. Unfortunately, it has been used the wrong way during globalization. Using future prosperity to inflate asset prices today. Real estate does make the economy boom, but there is no actual wealth creation in inflating asset prices.

This is what is really happening . When you use bank credit to inflate asset prices, the debt rises much faster than GDP. The bank credit of mortgages is bringing future spending power today. Bank loans create money, and the repayment of debt to banks destroys wealth. In the real estate boom, new money pours into the economy from mortgage lending, fuelling a boom in the real economy, which feeds back into the real estate boom.

The Japanese real estate boom of the 1980s was so excessive the people even commented on the “excess money,” and everyone enjoyed spending that excess money in the economy. In the real estate bust, debt repayments to banks destroy money and push the economy towards debt deflation (a shrinking money supply). Japan has been like this for thirty years as they pay back the debts from their 1980s excesses, it’s called a balance sheet recession. Using future spending power to inflate asset prices today is a mistake that comes from thinking inflating asset prices creates real wealth. GDP measures real wealth creation. Policymakers didn’t realize bank credit impoverished the future as they thought banks were financial intermediaries, but this is not true.

The central banks started revealing the truth in 2014 , about 35 years too late. Before 2008, the bankers brought future prosperity today, and everything boomed. The claims on future prosperity built up, out of sight and out of mind. Once it became apparent, these claims on future prosperity could never be met. A financial black hole opened up that was ready to swallow the Western financial system whole. Banking should be so easy. Bankers get to create money out of nothing, through bank loans and get to charge interest on it.

What could possibly go wrong? Bankers do need to ensure the vast majority of that money gets paid back, and this is where they keep falling flat on their faces. Banking requires prudent lending. If someone can’t repay a loan, they need to repossess that asset and sell it to recoup that money. If they use bank loans to inflate asset prices, they get into a world of trouble when those asset prices collapse. “It’s nearly $14 trillion pyramids of super leveraged toxic assets was built on the back of $1.4 trillion of US sub-prime loans, and dispersed throughout the world” All the Presidents Bankers.

When this little lot lost almost all its value overnight, the Western banking system became insolvent. Wall Street can turn a typical asset price bubble into something that will take out the global economy using leverage.

Bank outages ;Bank Failures ;and Bank services down ; the saga continues in America . This time it is Fifth Third Bank (a large bank in the midwest, based in Cincinnati Ohio) has been totally down last Friday. Seemingly every account shows a negative balance, meaning no card payments, no ATM withdrawals, or even branch withdrawals work. If you try to pay with your card, the card is declined for “insufficient funds.”

This goes to show how quickly a major system can go down, with no real recourse for the average person. It stresses the importance of not carrying all of your eggs in one basket, and having at least one alternative that does not rely on any outside company or individual (i.e. cash). This is happening through lunch time on a weekday, meaning many workers who do not carry cash or alternative cards are likely going without a meal. It’s not cause for “alarm,” it’s a genuine issue that we can prepare for. Being in a grocery store with a full cart of groceries and not being able to pay because your bank is down is an avoidable situation with some planning.

Prepping isn’t just about catastrophe. Always, always have a backup plan. That is why i have my savings divvied up in two accounts in two separate banks and have a thousand cash stowed away in case of emergency. Might not be gathering interest but at least it’s there in case of emergency. Cash is also important to carry for the little disasters, like a weekend power outage, or the debit/credit connection at your regular grocery store being down just while you’re there.

Inside this document you will discover how the pioneers from the Wild West hunted deer and how they tanned hides without chemicals and without spending a dime. You’ll also find out how to butcher a deer and what parts are best for certain preservation methods.

The bank tweeted about the network issue and wrote: “We are experiencing an issue with our network. We are working as quickly as possible to restore service for our affected customers, and we apologize for the inconvenience.” Bank customers replied to the Tweet and shared complaints and problems they’ve been experiencing Friday. By 2 pm customers had taken to social media, saying their cards had been declined and they were unable to log into accounts. Loads of comments on social media speaking about how even local branches didn’t know what was going on and their phones wouldn’t even work. Again, no recourse for the average consumer during this time. Customer service representatives, if you could even get a hold of one, just gave the same generic confused responses.

Other comments on reddit are claiming that this is not limited to Cincinnati. Branches in Florida; Indiana; Kentucky; North Carolina; Ohio; have all confirmed they are not able to access the internet internally nor access customer accounts.

This is not a local issue, it’s a corporate-level, national issue. Hope everyone closes their accounts as soon as their funds become available again, says one comment . VOIP phones and a web server that can’t pull account info from the database. A lot of people think your bank account is just a number that shows how much is in it, but really it’s a list of transactions that brought you to the current state. Maybe you deposited $5000 in cash. You’d have a ledger that shows $5000 in cash coming into that cashier’s drawer, but you’d balance that cashier by showing another $-5000 that’s a transfer to the account. So at the end of the day, you add up the transactions, and you have +5k , minus 5k or 0 for that cashier. Your account just has the +5000, which also balances with the $-5000 the cashier had, so it shows 5000 in your account. If you later went back and changed the 5k in your account to something different, then it wouldn’t balance the previous -5k the cashier had and you’d have a condition called ‘out of balance’, and it would be painfully obvious which record was the cause.

They check for this every time a cashier leaves for the day, and they balance the whole bank at least once a day. When you want to see how much is in an account, you just add up all the pluses and minuses, and that’s what’s in it.

The biggest screw up that could cause something like this would be if someone tried to fix some kind of error and accidentally loaded a minus $100k transaction record for every account instead of just the one they want, but in that case, you’d have no transactions to balance all that out, so you’d just wipe all of them out and then find any accounts that happened to withdraw exactly 100k at that time (most likely none) and figure out what they should be.

Really not that big of a deal to fix because of the other checks and balances. But the other issue with this scenario is it wouldn’t make all the accounts minus $100k, it would make them 100k less than what they had, so you’d see minus $95k for one and $1259 for another that had $101,259. It just wouldn’t make sense with what we’re seeing. Otoh, it could just be a case of defaulting to minus $100k if the database query returns an error. Not to worry. Your government will simply print the money you need to access and restore your account balances with just a few keystrokes . Until you realize all fiat paper is worthless and that you are slaves in a system where your rulers and money creators do not have to do any work to live like kings. All corrupt banks are screwed up one way or other. one piece of advise : Pull you money while you still can.

In this video I discuss: – My personal evidence of an economic slowdown – Defensive strategies that you can use to prepare for the next market crash – Offensive strategies that you can use to prep for the next market crash – How to stay relevant within your industry when the recession does hit, whether it’s in 2020 or at a later date.





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