Navigating Through The Storms
The comments above & below is an edited and abridged synopsis of an article by James Quinn
The real cost of living for the average American is rising 5% to 10%. The one cost under control is the wages of average working Americans, which have been in negative territory for two decades.
There is talk about the strong jobs market, but 102 million out of 255 million working-age Americans aren’t working. That’s 40% unemployed (35% at the beginning of this century), hovering near all-time highs.
There is a failing economic system, dependent upon ever-accelerating levels of debt. The miniscule downturn in consumer debt in 2009 almost collapsed the worldwide financial system. The pitiful economic growth since 2009 has been artificially produced through the issuance of $1.2 trillion of debt in 8 years, most of it in the form of subprime student loans and subprime auto loans.
Central bankers, financial ‘experts’ and journalists pretend inflation is under control and jobs are plentiful, when the evidence of economic contraction is everywhere. GDP remains off, running below 2% when consumer spending generates 68% of it. A record number of retail store closings and retail bankruptcies is baked in the cake for 2017, worse than the recession of 2009. Restaurant sales, auto sales, student loans, broke baby boomers and struggling Gen Xers are all in the mix.
Quinn can’t predict when the next financial catastrophe or world war will happen, but he believes we are in a two-decade long Fourth Turning period of crisis that began with the financial storms of 2008. Fourth Turnings progress slowly, at their own pace.
Every Fourth Turning has involved massive levels of violence and war. It is doubtful that we will avoid a similar (worse?) fate. Fourth Turnings are resolved in blood, tears, atrocities, courage and the actions of heroes. The narrative of rainbows/pots of gold for the American empire will soon be confronted with reality.
This Fourth Turning has over 10 years of continuous storms ahead. Quinn advises battening down the hatches and preparing to navigate the storms bearing down upon the nation.