For individual Americans, economic “growth” has meant the opposite.
“Punishment Interest” it’s lovingly called in Germany, as the ECB intends to flog savers until their mood improves.
The essential ingredient in a thriving housing market is skidding inexorably in America.
There are many losers when a currency gets smashed.
Housing Bubble 2 pops in its full glory, mess ensues.
Just when you thought we’ve reached the peak of craziness, it gets even crazier.
And it’s one ugly dude.
Instead of a global recovery, a sudden, broad slowdown – with a plunge in China.
It was a leading indicator of investor exasperation when it started to crash in December 1999. Now, with today’s plunge, it’s down 30% from its February high.
It all boils down to consumers in an economy that is so dependent on them.