Argentina has been bailed out by the IMF with the biggest ever loan in IMF history. UK retailers are in trouble, more stores are closing down and the press is contributing this to online sales. Consumer credit growth has slowed, savings is declining, this is a recipe for a disaster. Corelogic reports that more than half the homes in the US are overvalued, just like in 2008. Household wealth rises to an all time high, but it is all funneled into the 1%, we are now back to the great depression levels. Ben Bernanke believes the economy will not make it until 2020. China’s new Silk Road is the new world trading system.
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