One in seven U.S. households has a negative net worth, as student loans and credit cards plunge a diverse group of people—including those with good jobs—into the red.
There are really two ways to be poor. Some people just don’t earn much money. Almost 15 percent of Americans, or 47 million people, live below the poverty line1, according to the U.S. Census Bureau.
Then there are the people loaded up with debt. Even people with good jobs can owe so much on credit cards, student loans, or mortgages that, on paper, they’re worth less than zero.
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Time For Truth: (Bloomberg) – You May Be Broke and Not Know It
Automation is taking over all aspects of society. In many cases, this is a good thing. As we explain in Splitting Pennies – Understanding Forex – trading Forex manually (Without robots or automation) is basically impossible. But also we’ve learned that when anything is done by the government, it ends up being mismanaged, overpriced, delayed, or worse. In the most extreme example, inmates on death row that are killed by the government, are later found to be innocent with DNA or other hard evidence. Studies show recently that 4% of inmates killed are innocent, but many believe it to be much higher, as much as 50%. Whatever is the number, one person being killed who is innocent is one too many.
Jitters over the health of the Chinese economy could trigger a bloodbath on financial markets if a hard landing materialises, the International Monetary Fund has warned.
The IMF said policy choices in the world’s second largest economy would also have “increasing implications for global financial stability” in the coming years as the country opens up its bond and equity markets.
Words don’t always come easy for the world’s central bankers, as Mario Draghi was reminded last week.
After first wowing markets at his March 10 news conference with a bigger-than-expected easing package, the European Central Bank president then muddled the message with a seemingly offhand remark that rates may have bottomed out.
Famed investor Jim Rogers is warning that financial Armageddon is just around the corner, and it’s being fueled by moronic central bankers.
“We’re all going to pay a horrible price for the incompetence of these central bankers,” he said Monday in a TV interview with CNNMoney’s Nina dos Santos. “We got a bunch of academics and bureaucrats who don’t have a clue what they’re doing.”