The dollar has been battered consistently for a while now already, but it’s only the beginning. Keep in mind that more often than not, an unemployed American worker is someone who has to make interest payments or else face bankruptcy. Defaults aren’t going to spike lower under these conditions. There’s nothing magical about this. Human beings created it and human beings are in charge now, so naturally there is nobody willing to take the blame for anything…short sellers and speculators are blamed for the outcome of other peoples’ mistakes, and like the band on the Titanic, our sacred market fundamentalism hymns will be heard right up to the end.
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Meta
The economy is so volitle that almost anyone can get behind on their payments and once that happens thanks to late fee and rising interest rates you are screwed.
I wonder if we will reach a point where most people will have a bancruptcy on ther record.
Where I stand (in Canada) with a new mortgage with a 3.85% interest rate, a job that pays much more than our $8.50 minimum wage (C$ is on par with US$ essentially), I can’t see the damage directly to the economy in North America unless I live vicariously through news reports.
I have a big hunch that our interest rates are going to shoot up to 6% within 2 years, and the dollar is going to hit $1.25 US pretty soon, but then we’ll go further downhill as the US economy tanks as China starts calling in on loans.
I have a feeling that soon we US citizens are going to be sneaking into Canada to work. Hopefully Canada will treat us better than we treat Mexicans
I’ve had that feeling for a while too John. I think I heard that KY’s min wage is around $5.25. Well, sneaking in to Canada and getting a job at McDonalds would be about a $3/h raise!
Plus Canada has a national health care system if you can get a Canadians identity you can use it. Canada might want to consider building a wall to keep all the riff raff to the south out of the country.