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Title: SocGen's Albert Edwards: The U.S. Public Is About To Revolt
Source:
Business Insider
URL Source: http://www.businessinsider.com/socg ... o-revolt-2010-10#ixzz1C8k2l8Yd
Published: Oct 20, 2010
Author: Gregory White
Post Date: 2011-01-26 17:34:27 by X-15
Ping List: *Obama Reality Check* Subscribe to *Obama Reality Check*
Keywords: None
Views: 136
Comments: 4
Albert Edwards of Societe Generale thinks U.S. citizens are on the brink of a political revolt, based on a declining standard of living brought on by an inefficient economic relationship with China. Here's why, according to Edwards: This would happen in any nation where a vision of prosperity has been shown to be a Ponzi sham, engineered by the authorities to help disguise the fact that the rich have been getting a whole lot richer. What Edwards sees is the depressed state of the U.S. citizen getting worse. He sees unemployment rising and another recession near. From Albert Edwards: The latest US poverty data is staggering. Some 42 million Americans were in receipt of food stamps in July, up some 18% yoy (see chart below). Make no mistake, the government isn't throwing money at people willy-nilly those in receipt of stamps are on the poverty line, currently defined as a 2 adult and 2 children household having a net income of $22,056 p.a. (£14,000, 16,000) The staggering food stamp chart Edwards mentions: So how are the two linked? China continues to amass more reserves and experience an advantageous exchange rate with the U.S. The country is "hooked on" an investment led economy, and is now only making small moves, like trying to grow consumer spending, to counter, according to Edwards. China just isn't moving fast enough for the U.S. public. Edwards is confident what is next for the U.S. is an even more inflamed populace that targets tariff actions against China in a spiraling upwards of the current currency war.
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#1. To: X-15 (#0)
They make the same kind of junk Japan used to make!
"When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke
Got that right !
Resolve to serve no more, and you are at once freed. I do not ask that you place hands upon the tyrant to topple him over, but simply that you support him no longer; then you will behold him, like a great Colossus whose pedestal has been pulled away, fall of his own weight and break into pieces. Etienne de la Boetie
deleted
The relationship between morality and liberty is a directly proportional one. "Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." - Ben Franklin
Inflamed populace? I'm mad as hell and I'm not going to take it any more!
"When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke
an inefficient economic relationship with China.
#2. To: BTP Holdings (#1)
They make the same kind of junk Japan used to make!
#3. To: X-15 (#0)
#4. To: X-15 (#0)
Edwards is confident what is next for the U.S. is an even more inflamed populace that targets tariff actions against China in a spiraling upwards of the current currency war.
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