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Paul Krugman: Should We Worry About the Slowing Economy?

Paul Krugman: Should We Worry About the Slowing Economy? thumbnail

Last year looked like the time when President Trump had delivered on his promises to strengthen the economy. His tax cuts appeared to juice growth above 3 percent, a pace the United States had not topped since 2005. But on Thursday the Commerce Department revised 2018 growth downward to below 3 percent, even as forecasts for 2019 were also trending lower, toward 2 percent. It all has triggered another wave of disappointed commentary about doggedly “slow” growth in the United States.

But it is not just an American story, and it’s not just Mr. Trump who won’t deliver on promises of 3, 4 or even 5 percent growth. Across the world, economists have had to downgrade growth forecasts in most years since the global financial crisis of 2008.

Defying the hopeful projections, Japan has rarely grown faster than 1 percent. Europe has struggled to sustain growth faster than 1.5 percent. No one quite knows how fast China is growing, but it’s clear that there, too, the economy is slowing. So why is the dismal science suddenly guilty of issuing overly optimistic forecasts that set the whole world up for disappointment?

Economists keep basing forecasts on trends established during the postwar miracle years, when growth was boosted by expanding populations, rising productivity and exploding debt. But population and productivity growth had stagnated by 2008, and the financial crisis put a sudden end to the debt binge. The miracle is over.

Politicians often promise to bring back a golden age, but serious economists also are encouraging a similar illusion. Even during the Industrial Revolution, in the 19th century, the world economy rarely grew faster than 2.5 percent a year, until the post-World War II baby boom began to rapidly expand the labor force. After 1950, the combination of more workers and more output per worker lifted the pace of global growth to 4 percent. Economists came to think 4 percent was “normal.”

Yet by last decade, the baby boom had faded out from Europe to Japan and China. Even in the United States, younger and faster-growing than most developed countries, growth in the working-age population slowed to a mere 0.2 percent last year from 1.2 percent in the early 2000s. Because fewer workers correlates directly with slower growth, that decrease implied a 1-point drop in economic growth.

Roughly, economists should have expected that United States economic growth would slow to 2 percent from 3 percent — and it has. This is the new normal for the American economy. Stimulus measures like the Trump tax cuts can lift growth above this path, but at best temporarily, at the risk of higher deficits and debt.

For political leaders, the new age of slow growth is not a problem to solve; it’s a reality they need to accept and explain to the public. Because it’s just not that bad.

When populations are growing slowly, the economy doesn’t need to grow as fast to keep incomes high. Thus in the United States this decade, growth in gross domestic product per capita has slowed much more gradually than the overall economy, by half a point, to an average of 1.4 percent. And though Mr. Trump likes to boast about how well the United States is doing against developed rivals, Europe has been growing just as fast in per capita terms this decade, and Japan has been growing slightly faster. In a rich country, that is fast enough to satisfy most people: Indeed, surveys show that Americans have rarely been more confident about the economy.

Slower growth in the working-age population also means less competition for jobs worldwide, which goes a long way to explaining why unemployment is now at record lows not only in the United States but also in Germany and Japan. Surely that’s not a bad thing.

Whatever politicians tell the public, their attempts to bring back the miracle years are ill advised. Growth in the economy is driven by growth in the number of workers and in output per worker, or productivity. But since the postwar surges of 1950s and 60s, productivity growth has slowed, also defying government efforts to lift it.

For a time, the global economy kept motoring along anyway, fueled by a surge in debt. In the 1980s, central banks began winning the war on inflation, which allowed them to drop interest rates sharply. Lower borrowing costs unleashed a worldwide binge that saw debt surging from 100 percent of global gross domestic product in the late 1980s to 300 percent by 2008.

Then the global financial crisis hit, ruining many private borrowers and lenders, many of whom are still wary of taking on new debt. After growing faster than the economy for three decades, debt growth in many countries, including the United States, has fallen back in line with economic growth. Even China, the one major country that dodged the crisis and experienced a surge in lending after 2008, is now reluctant to build on the mountain of debt that already weighs down its economy.

So the postwar miracle is over. Economic growth is weighed down by the baby bust and the debt hangover. Yet because economists continue to base forecasts on miracle rates of growth — 4 percent for the world, 3 percent for the United States — policymakers keep fighting to hit these targets. This is very risky.

There are growing calls from economists on both the right and the left to lower interest rates, or increase government spending, to boost growth even if that risks higher inflation. At the Federal Reserve, too, there is an emerging view that letting inflation rise above 2 percent, long considered a red line, may not be unwise.

The underlying assumption seems to be that policymakers must take action because 2 percent G.D.P. growth is intolerably slow. But must they? The confidence surveys suggest Americans are quite content with record-low unemployment, benign inflation and 1.4 percent growth in gross domestic product per capita. Why then the rush to pump more money into the economy, which risks rekindling its debt problems and inflation?

The world does not need more debt and more inflation to counter trends of declining population growth and high indebtedness. Instead, economists need to adjust their forecasts and politicians need to rethink their polices to match this reality. Because trying to recreate a bygone golden age is a shaky way to build the future.

NY Times



27 Comments on "Paul Krugman: Should We Worry About the Slowing Economy?"

  1. makati1 on Mon, 1st Apr 2019 6:17 pm 

    “People Will Never, Ever Rebel As Long As They’re Successfully Propagandized”

    “The modern (US) schooling system was largely formed by John D Rockefeller, widely considered the wealthiest person in modern history, in order to create generations of docile gear-turners for the industrial plutocratic machine….All the print, TV and online media they are presented with supports the status quo-supporting agendas of the same plutocratic class that John D Rockefeller dominated all those years ago….The difficulty of our times is not that we are locked up; we aren’t. The difficulty is that far too many of us are manipulated into choosing a prison cell over freedom.”

    https://medium.com/@caityjohnstone/people-will-never-ever-rebel-as-long-as-theyre-successfully-propagandized-135a211347d3

    The American sheeple are drowning in propaganda 24/7/365 from birth to death. Not more than 1% have any idea what the real world looks like, nor even their own country. Few look behind the USMSM Iron Curtain to see what is being done to them. Those who do, are leaving the US if possible. Thousands every year and the number is growing. A good read. Get out now, before the gates close. Can’t happen you say? Ask the Chinese about their new “social control” program that will soon be in the US also. They cannot even get on a train if their “social score” is too low. How do they keep their “freedom”? Baaaah!

  2. Cloggie on Tue, 2nd Apr 2019 1:35 am 

    Who cares about the economy, war is next. WW3.

    Poor Paul, he knows that the West, his ZOG-West, is coming to an end. He openly said so himself:

    https://www.spiegel.de/plus/paul-krugman-ueber-donald-trump-und-eine-drohende-finanzkrise-a-00000000-0002-0001-0000-000161665880

    “Sehr pessimistisch, was die Zukunft der westlichen Welt angeht”

    (very pessimistic regarding the future of the western world)

    That’s right Paul. The so-called West, an American post-1945 invention, is going down the drain and will be replaced by the North or PBM or as the leader of the now largest party in the Netherlands loves to put it: the Boreal World (Boreas/The White World):

    https://nl.wikipedia.org/wiki/Boreaal_(politieke_term)

    https://toqonline.com/archives/v4n4/TOQv4n4OMeara.pdf

    (Boreaal = Aryan)

  3. Cloggie on Tue, 2nd Apr 2019 1:49 am 

    Anybody surprised? Poroshenko paid by Rothschildt.

    https://documents1940.wordpress.com/2019/04/02/poroshenko-paid-by-rothschildt/

    Ah well, nothing that can be solved within 24 hours by the Russian army.

    And Jeroen Corbijn cleaning up the UK.

  4. Cloggie on Tue, 2nd Apr 2019 1:57 am 

    Rebuilding the European family is seen as “far right” by the Communist News Network:

    https://edition.cnn.com/2019/03/31/europe/verona-world-congress-of-families-intl/index.html

    “In Italy’s city of love, global far-right groups join forces under a ‘pro-family’ umbrella”

    According to CNN, there is only one good white family and that is a dead white family. And these folks are still lording over us.

    But not for long.

  5. Davy on Tue, 2nd Apr 2019 6:03 am 

    ECB Inflationists Are Crippling Europe
    http://tinyurl.com/yxtuafn6 mises dot org

    “Pumping yet more credit into the Eurozone is as effective as giving adrenalin to a dead horse. Lack of credit is not the problem. Put simply, there is a global momentum of economic contraction evolving, which any business and lending banker would be foolish to ignore. There is a developing crisis, the consequence of earlier monetary inflation in the credit cycle. Economic actors may not understand the origins of the crisis, but we can be certain they are becoming acutely aware of its looming presence. And as the crisis rapidly develops, those that require additional loans will already be insolvent.”

    The inability of bureaucrats, with their heads buried in spreadsheets, to appreciate the role of human psychology is not the ECB’s only failing. Its executives do not even understand what interest rates represent, thinking it is simply the price of money. This is why it believes in keeping interest rates suppressed as a means of increasing credit. Earlier in the credit cycle, rate suppression does generate some credit expansion, mainly in financial rather than non-financial activities, because lower interest rates lead to higher prices for financial assets. That is basically a spreadsheet, almost non-human function. Large industrial corporations are opportunist, borrowing to fund buy-backs and to take over weaker rivals. Smaller and medium-sized business borrowers are usually offered credit only later in the cycle, when it is a mistake to accept it. Consequently, in a zombie economy, such as that of the Eurozone, the only borrowers are wealth-destroying, socialising, debt-entrapped governments, taking full advantage of the Basel accords, which rates them for lending banks’ purposes as riskless borrowers.

    The True Role of Interest Rates Interest is not the price of money. It is a reflection of the difference between future values compared with present values. It has its origin in the human expression of time-preference. When a businessman agrees loan terms with a banker, they should reflect existing time-preference, so as to defer some consumption sufficient to fund investment. Anything else is a distortion with Bastiat-like consequences. Central banks have destroyed the basic function of capital intermediation based on time-preference by replacing savers with money and credit inflation as the principal source of investment capital.

    However, Germany and a few Northern states like her appear trapped, this time through TARGET2 imbalances whereby the Bundesbank is owed approaching a trillion euros by the system. Inflation of money and credit, ultimately the cause of these imbalances, has taken the ECB beyond a point of no return. Inevitably, at some future point, ordinary people will replace their wishful thinking, that the ECB and the national central banks have control over the purchasing power of the euro, with a growing realisation that they don’t. And when they awaken to that reality, they will dump all euros surplus to their essential requirements. We know that attempts by the authorities to side-step successive credit crises ultimately fail, and it is in that light we should look at TLTRO-III. We must conclude that it is a diversion, window dressing for the shop-front of a failing ECB. It will achieve nothing, because the banks do not want to lend to non-financials, with the exception perhaps of the most credit-worthy large corporations, the corporations that have the political class in their pockets. It is not just the ECB following economically destructive policies, but an unholy alliance between big business and politicians, which is what Brussels and the ECB is all about.

  6. Robert Inget on Tue, 2nd Apr 2019 7:01 am 

    https://biggeekdad.com/2017/03/self-driving-bicycle/

    APRIL 2ND

  7. joe on Tue, 2nd Apr 2019 10:33 am 

    Nobody really understood the true nature of the the Great Recession, that peak oil supply in 2005 tripped the interest rates into a spike that ruined the sub-prime market and collapsed the house of cards. Trump at least gets that high oil prices equals a bad economy, Europe is fine as long as US rates stay low. However with the floating of Aramco is the same as privatising Saudi Arabia then the market will demand high prices. There is no amount of money printing that can improve life at 6-8% let alone a double digit rate. Europe doesn’t have to defend the Euro because the EUSSR does not practice what it preaches. Right now with the UK officially a member the Euro trades higher, but after Brexit the Euro will fall, and it still has to pay the same for energy etc and pay for millions of migrants in its socialist systems. This will require oceans of money and the elites will demand more suckling the blood of peripheral economies to pay for it. The merger of Germanys two biggest banks is being fastracked for a reason. Its because they will be noahs arc in the drowning EUSSR.

  8. Cloggie on Tue, 2nd Apr 2019 11:47 am 

    https://www.rt.com/news/455371-macron-brexit-deal-hostage/

    “‘EU cannot be held hostage by Brexit crisis,’ President Macron warns UK”

    Macron is a closet no-dealer. Several EU big-shots have signaled that the only way forward to avoid no-deal is a referendum. A referendum btw that gives the best chance that the May-deal would be adopted after all. Unfortunately this option is ruled out.

    By PM May.

    Aaaargh!

    But that’s ok. British are geo-politically Anglos, not Europeans, as the French president de Gaulle already knew and fought tooth and nail to keep them out. Now the British elite was wrong-footed by its own population by the fool Camoron, who carelessly called for a referendum, giving the population the opportunity to signal it wanted out (with the narrowest or margins), without the British elite succeeded in blowing the EU up from within first. The British problem (keeping Europe small and a vassal of the US) is solving itself.

    https://www.dailymail.co.uk/news/article-6876035/Kamikaze-cabinet-Hammond-wants-second-referendum-Tories-afford-election.html

    “The Great Number 10 Lock-in: Bitterly divided Cabinet ministers wrap up epic eight-hour stand-off over Brexit are confined to Downing Street and gardens and stripped of their phones”

    7 hours and counting, the air must be very thick at #10. The Tory party could be blown up over the issue, handing the country over the Brexiteer, but anti-US, closet-anti-semite and Europe-friendlier Corbin. A new election will not be accepted by Europe as an excuse for a further extension.

    Perhaps it is better to let the British crash out first and anticipate that a Corbin government will rapidly take up new negotiations about a Norway-deal or something similar.

    Trump and Brexit together suffice to rapidly terminate two globalist Anglo centuries, not a minute too early.

    Identitarian multi-polar world order is next, dominated by Eurosphere and Sinosphere.

  9. Cloggie on Tue, 2nd Apr 2019 12:04 pm 

    https://www.dailymail.co.uk/news/article-6877699/Ford-warns-look-future-British-factories-No-Deal.html

    “Ford warns it will ‘take a long, hard look’ at the future of its British factories if the UK crashes out of the EU on April 12”

    ALL major international companies will take a long, hard look at its presence in Britain.

    Ford doesn’t have a major presence in Cuba, for a reason, despite its proximity to the US. The reasons are geopolitical. Cuba is NOT a friend of the US.

    So why would Ford have a major presence on an isolated island, isolated from Mackinder’s “World Island”, where all the actions is?

    I’m googling “Shell Brexit” every day. So far only this:

    https://www.ad.nl/economie/topman-shell-brexit-zou-erg-slecht-zijn-voor-ons~a913a647/

    “Brexit would be very bad for us”.

    Unilever same story. Fortunately both companies are “Anglo-Dutch”. Expect them to drop the label “Anglo” as soon as a hard-Brexit is a fact.

    https://simpleflying.com/british-airways-to-become-spanish-in-no-deal-brexit/

    British Airways Will Become A Spanish Airline If Brexit Deal Is Not Approved”

    It’s that bad.

  10. Cloggie on Tue, 2nd Apr 2019 12:16 pm 

    While Jeremy Corbin is anything but a white nationalist, he isn’t a diversity monger either. His closet anti-semitism is already a good indicator for his stance on third (or first) world immigration. Corbin is probably, like Hitler, somebody motivated to promote the interests of the British little guy. And little guys don’t like mass immigration.

    The Independent, like all (((media))), cry foul. Immigration must be! It’s wonderful!

    https://www.independent.co.uk/voices/letters/when-it-comes-to-immigration-corbyn-is-no-better-than-miliband-a8250391.html

    I had thought that socialism was supposed to advocate working-class solidarity that transcends national borders. Jeremy Corbyn of all people wouldn’t need reminding of that surely? But there he was at the Scottish Labour Conference on Friday vowing to curb the influx of foreign workers into the UK whilst happily aping the language of Ukip. He talked of foreign workers undercutting the wages of their UK counterparts and of his desire to stop low-paid, working class people coming here to work.

    If you are a British white nationalist, you should probably hope that Corbyn, not the Tories, would build the next government (lacking a better alternative).

    The Tories are just “global Britain” party, a globalist, big business interest group (ironically currently misreading the signals of big business, that wants to remain in the EU).

  11. Cloggie on Tue, 2nd Apr 2019 12:28 pm 

    https://www.dailymail.co.uk/news/article-6876035/Kamikaze-cabinet-Hammond-wants-second-referendum-Tories-afford-election.html

    “Theresa May says Brexit will be delayed AGAIN after epic SEVEN-HOUR Cabinet stand-off in No 10 as she promises talks with Jeremy Corbyn on a JOINT plan for the final UK-EU relationship”

    So May again aiming at an extension.

    Nicola Sturgeon, two minutes ago:

    https://twitter.com/NicolaSturgeon/status/1113128516608983040

    “This does seem very much like PM kicking the can and, yet again, delaying making any decision that could break her Cabinet. What is missing is an answer from her to the question that many MPs faced up to last night – what is the compromise she is willing to make?”

    I severely doubt this is going to be accepted by Brussels. It makes more sense to break now and anticipate the British begging to be let in again after two years or so, this time being forced to accept the euro and the rebate cancelled.

    Most British think that the UK is a big player in the EU. Actually it isn’t, it is merely #5, thanks to the rebate:

    1. Germany 23.2
    2. France 19.4
    3. Italy 13.9
    4. Spain 9.5
    5. UK 12.7 – 5 rebate = 7.7

    The British have access to the Common Market on the cheap. That will be history for ever.

  12. Cloggie on Tue, 2nd Apr 2019 12:40 pm 

    Jeremy May:

    https://twitter.com/blackan93181643/status/1113128779822530561

  13. Cloggie on Tue, 2nd Apr 2019 12:44 pm 

    ERG red-hot angry. PM May wisely refuses no-deal. Wants a few months delay and sort things out with Corbyn… as if Corbyn is interested in anything else but toppling the May government, if necessary over Brexit.

    If I were the EU, I would turn it down. Binding referendum only… and fast. Westminster is simply unable to deliver and this is not going to change within the context of the current parliament.

  14. Davy on Tue, 2nd Apr 2019 4:36 pm 

    “The Coming Credit Meltdown Will Be As Bad As The Great Depression And The Financial Crisis: Deutsche”
    http://tinyurl.com/y65tkbph ZERO JUANP

    With investor attention increasingly focusing on what most believe will be the catalyst for the next financial crisis, namely a tsunami in corporate defaults as a result of the disastrous combination of record leverage, higher rates and an economic slowdown, overnight we presented the view of FTI global co-leader of corporate finance and restructuring, Carlyn Taylor, who predicted that “a spike in defaults is on the way, sooner or later.” The expansion is pretty long in the tooth and there’s definitely a lot of buildup. The activity level of restructuring is rising, maybe not at the rate of bankruptcies, but the pipeline of companies we think are going to end up in restructuring, based on metrics that we analyze, that volume has gone up. And we’re so busy, which we don’t think is just market share, because we think our competitors are also very busy. Yet while investor worries have centered on record corporate leverage… a growing number of strategists are warning that corporate bond market illiquidity is an even greater risk factor. Not long after Goldman most recently warned that the biggest threat facing the broader market in general, as well as corporate bonds in particular, is a sudden collapse in liquidity, overnight UBS credit strategist Steve Caprio and his team laid out four major reasons why global corporate bond market liquidity has deteriorated over time. These are: Rising investment fund ownership of corporate debt, Low interest rates, A lack of dealer intermediation, particularly in periods of rising credit risk, and Potential new EU regulation on trade settlement failures.

    There are two other critical reasons for the collapse in liquidity, one of which is central banks themselves. As Caprio notes, credit returns will be more negative in the future when fundamental stress arises, because there is less (US) or no (EU) room for sovereign yields to fall further.

    “the next recession will be not so much about default risk (outside of the natural increase) but instead about liquidity risk. Just like UBS, Deutsche writes that since the financial crisis, the size of the credit market has increased dramatically, but regulation has sharply cut dealer liquidity, and “in a recession we will likely see one-way selling and large gap risk for spreads.”

  15. makati1 on Tue, 2nd Apr 2019 6:30 pm 

    Davy, who gives a damn about “financial voodoo”? Only the one’s whose income depends on suckering workers to give them their money to play with. If a financial advisor is not a billionaire he/she doesn’t know shit about investing. A degree does not make them and “expert” in anything.

    The economy boils down to, if you don’t have it in your hand, you don’t own it. (Including survival skills) Pieces of paper or digit have no value in themselves as hundreds of millions of Americans are soon going to find out. Ask the Venezuelans how much their “money” is worth today?

    Smart people are buying things of real value with their paper. It’s called prepping. Gold may pay the taxes on your land in the future, otherwise, you do not own it. Gold, silver, precious stones hold value. Hand tools, how-to books, etc. Land is good, but only it you own it outright. If you can live like the pioneers of old, you might survive what is coming. If you cannot, well….

  16. makati1 on Tue, 2nd Apr 2019 6:38 pm 

    BTW: The only person I ever took financial advice from was a self-made millionaire. He didn’t have to make his income suckering fools. He made it with hard work and investing in what he thought would make money, not what some degreed fool thought.

    He never went to college. Instead, he worked and built his fortune. Last time I saw him, he was in his early 40s, had a $12 million dollar home in Paradise Valley Arizona, was going on month long safari’s in Africa and had a motel in Hershey, PA to provide income. His daily ‘job’ was calling the motel manger for an update and checking his other investments. He gave good advice, and it was free. LOL

  17. Davy on Tue, 2nd Apr 2019 6:46 pm 

    “Davy, who gives a damn about “financial voodoo”? Only the one’s whose income depends on suckering workers to give them their money to play with. If a financial advisor is not a billionaire he/she doesn’t know shit about investing. A degree does not make them and “expert” in anything.”
    Obviously you wouldn’t makato because you don’t see the interrelatedness of the world. It’s all black and white with you with binary arguments. Finance is a little bit above your education level as well.

    “The economy boils down to, if you don’t have it in your hand, you don’t own it. (Including survival skills) Pieces of paper or digit have no value in themselves as hundreds of millions of Americans are soon going to find out. Ask the Venezuelans how much their “money” is worth today?”
    LOL, like I said you have little understanding of business and economics and you are an emotional wreck with dark passions of hatred and resentment. No wonder you see things so disjointed and extreme.

    “Smart people are buying things of real value with their paper. It’s called prepping. Gold may pay the taxes on your land in the future, otherwise, you do not own it. Gold, silver, precious stones hold value. Hand tools, how-to books, etc. Land is good”
    Sounds like finance to me makato. LOL. You obviously care about it if you are talking about gold, land, and taxes

    “but only it you own it outright. If you can live like the pioneers of old, you might survive what is coming. If you cannot, well….”
    Please spare me your drama. You are approaching 80 so we know you are not living like a pioneer. You already said you are afraid of the cold. You spend your time screwing off with your meager social security welfare check.

  18. Davy on Tue, 2nd Apr 2019 6:49 pm 

    “BTW: The only person I ever took financial advice from was a self-made millionaire. He didn’t have to make his income suckering fools. He made it with hard work and investing in what he thought would make money, not what some degreed fool thought.”
    LOL, paid off well for you huh, living in the 3rd world on a social security check with no family there to care for you and approaching 80. That does not sound like smart advice to me.

    “He never went to college. Instead, he worked and built his fortune. Last time I saw him, he was in his early 40s, had a $12 million dollar home in Paradise Valley Arizona, was going on month long safari’s in Africa and had a motel in Hershey, PA to provide income. His daily ‘job’ was calling the motel manger for an update and checking his other investments. He gave good advice, and it was free. LOL”
    Well looks like being rich is what matters to you makato, yet, you are always bad mouthing the rich. So which is it makato?

  19. More Davy Delusional BS on Tue, 2nd Apr 2019 7:22 pm 

    Davy on Tue, 2nd Apr 2019 6:46 pm

    Davy on Tue, 2nd Apr 2019 6:49 pm

  20. makato's help on Tue, 2nd Apr 2019 7:25 pm 

    More Davy Delusional BS on Tue, 2nd Apr 2019 7:22 pm

  21. makati1 on Tue, 2nd Apr 2019 7:27 pm 

    JuanP, keep up the Davy harassment. The regulars here know which posts are yours. So obvious! Another sunny summer day here in the Ps. ^_^

  22. JuanP on Tue, 2nd Apr 2019 7:29 pm 

    “I am fighting fire with fire mak! Enjoy it, ROFLMFAO!”

  23. makati1 on Tue, 2nd Apr 2019 7:52 pm 

    Congratulations Davy, you are still the #1 Missouri Jackass! All you can do it try…I say TRY…to put down anyone you disagree with. You cannot refute my comment so you resort to immature bullying.

    My intelligence and experience is obviously far above your own. I was not brainwashed in some “college” by someone who couldn’t survive in the real world so they became teachers. I took his advice and am now not wealthy, but comfortably retired. You will NEVER see that day.

    I am not talking about being “rich”. I am talking about being independent and secure. Two things well above being “rich”. Money is not everything. In fact, it is nothing. Survival skills are worth more than gold. That is real wealth. They cannot be taken away by governments or “financial advisors” who are nothing more than shysters, snake oil salesmen, grifters, leeches.

    You obviously cannot comprehend real English as you misinterpret most things I say to suit your delusional mind. Some of the happiest people I know are not wealthy. They know how to enjoy life without “money”. Most Americans do not. That is why the pain will be the highest when the SHTF in the US. Soon, I hope. GO TRUMP! LMAO!

  24. makati1 on Tue, 2nd Apr 2019 7:56 pm 

    BTW: Yes, it is another sunny day here in the land of perpetual summer. I am looking out my window at the two new goats my neighbor bought. Other neighbors have chickens and ducks.

    Yes, I live in a town, but there are no laws against having animals. Like I keep saying, it is a different culture here. Self-sufficiency is the rule, not the exception. ^_^

  25. Davy Sock Puppet on Tue, 2nd Apr 2019 8:07 pm 

    makato’s help on Tue, 2nd Apr 2019 7:25 pm

  26. Davy Identity Theft on Tue, 2nd Apr 2019 8:08 pm 

    makati1 on Tue, 2nd Apr 2019 7:27 pm

    JuanP on Tue, 2nd Apr 2019 7:29 pm

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