Listen To Roubini Global Economics’ Megan Greene
CMC Market’s Michael Hewson interviews Roubini Global Economics’ Megan Greene. I was struck by one thing Greene said about the crisis in Europe, “In order to save the physical union (the EURO), Germany would have to agree to fiscal transfers to weaker countries forever.” You can see the interview at Zero Hedge,
Agreeing to unlimited fiscal transfers is unthinkable, but that’s what we’ve been practicing in the U.S. with our entitlement programs for some time with no end in sight. Now we are told that 50% of the people in the U.S. are living in poverty and 50% of the people pay only 5% of the taxes collected. The needs grow exponentially, until everyone is impoverished or the providers pull a John Galt!
The only thing smart for any of us to do is buy gold and silver for protection from this madness.
It is true that fifty percent of American households live below the median level for household incomes in the United States.
But, would you have it any other way?
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Actually, TMI, I didn;t say median. Median obviously implies the point where 50% are above and 50% below. This statistic says 50% of the U.S is in poverty. Poverty defined as an failure to meet minimum level of income deemed necessary to achieve an adequate standard of living. Big difference.