While news emerges that the top bosses in Western economies are earning FIFTY times more than they did in the eighties, in many US cities, the youth unemployment rate is reaching 50%. The same is true in European cities, especially in Spain, Greece and Portugal. Italy will be next.
Its only the beginning. We may now understand the way the global elite has gamed the financial system in recent years (partly thanks to the Occupy movement). But there are no signs that we are doing anything about it. The Davos crowd, which has ruled the global economy for the past two decades, takes money from the masses and hide their activities by creating bubbles.
The result is the current peak in youth unemployment — a tragedy because it condemns those people who happened to graduate from school or college during a downturn to a life of disadvantage. But youth unemployment is cyclical. The next upturn alleviates the problem.
White collar jobless
But the growing issue for Western economies is middle-aged unemployment.; the 40-and 50-somethings, with families to support and years of pension contributions and tax payments behind them, who are thrown on the scrap-heap as big structural changes in the economy transport white-collar jobs to the emerging economies in Asia and Latin America.
Huge swathes of the employed populations had better start planning for a time of no job, and very little in the way of State benefits.
America spends 17 per cent of its GDP on healthcare, twice the average for developed countries. But Americans are less healthy than others, although healthcare costs have risen 9 per cent this year alone. Healthcare will lose half its labor force in the next decade. Finance accounts for 8 per cent of GDP, twice as high as the historical average. The extra 4 per cent went into the pockets, trust funds and country homes of the financial industry’s senior executives. And shareholders in big financial institutions (mainly pension funds whose managers siphon off huge fees) have lost shedloads of money. Financial workers will be displaced by advances in IT. Soon they will be fighting for McJobs.
Meanwhile 25 million people who want to work are unemployed. Since 2008, nearly 10 per cent of US households have been foreclosed and the real median household income has fallen 10 per cent. 28 percent of homeowners with mortgages are in negative equity.
For lots of folks, joining an off-grid community at least means finding some basic shelter and eating warm food.
6 Responses
Stat: According to the NY Mag:
47% of all college educated middle class is out of a job!
Reason: The banks retracted the money supply!
In America we have financial Jim Crow laws which are put in place where if you are a white Jewish Goldman Sach’s partner, you get money at zero or less than zero percent interest. But if you are anyone else, the rate can go up to 450% per annum and up to 650% in two states.
So in America, interest rates are used to create a two class society – To create a financial apartheid & a huge social divide! Those who are on the inside who get to play with all the money they want at zero percent interest and the permanent under classes who perish under the weight of banking usury.
It is financial terrorist on Wall Street that send boys to die in foreign lands for profits; that collapse countries! And it has been that way for over 2000 years with money changers – Sociopath’s like Lord Blankfein of Goldman Sach’s and Jammie Dimon of JP Morgan Chase!
In America, corporations are allowed to legally bribe politicians
Thus, small biz has been ousted by government Regulation & Taxation. And there is not a level playing field due to government payouts and tax abatement’s to large corporations.
In fact, in the USA, the IRS blocks Independent Contracting in 99% of the cases.
You can ONLY work for large corporations in America
You want the satisfaction of freedom and having a small biz – do what I did: Vote with your feet and obtain a 2nd citizenship!
My ex and I worked on huge ranches for almost
20 yrs. I know how to live off-grid, can cook,
sew, garden, know how to can, am good looking
and natural blonde 5’5″ and 62 yrs old.
I need a partner as I will need someone to build
the cabin and/or till the garden etc when I get the place.
Have any good places in mind?
I am an excellent shot, just need to find a partner and the place.
I am a Christian and hope you are too!
WTL : I agree. I´m doing just that since several years, mainly because I sort of expected this
sort of thing to happen since the early 90s…
Nick : good, clean article.
All the others usually just talk to much detail.
Good luck with that. You have two chances of setting up something self sustaining in and around
the cities…slim and none.
Get OUT of the cities NOW! Get into a remote rural retreat. Stockpile FOOD, fuel, clothing, water, medical supplies, guns and ammo…then MYOB!….leave people ALONE!
now that I have lost my job again in the past 2 years I am still trying to create a self-sustaining lifestyle so that I no longer need to concern myself with the elite and only just live and survive. Hopefully I will not end up doing it alone.