Those of you with extraordinarily good memories will recall some of my rants about the economy being ‘shrunk to fit’ the ‘new normal’.
This is essentially what a ‘jobless recovery’ results in. Since the, er, ‘customer base’ has been, er, ‘re-proportioned’ (and this is all ‘scam-a-rama’ stuff, you’ve now got people earning a fraction of what you need to make, living like kings, on salaries that you’d starve to death on…)
Did I mention that ALL money is ‘funny’?
Anyway, here we have a article that is more interesting for what it doesn’t say
More Than 8 Million Drop Out of Credit Card Use
November 30th, 2010
More than 8 million consumers stopped using credit cards over the past year. The decline stems from a combination of consumer choices and bank actions.
An analysis by credit reporting agency TransUnion found that use of general purpose credit cards bearing MasterCard or Visa logos, or issued by Discover or American Express, fell more than 11 percent in the third quarter, compared with the July to September period last year.
About 62 million people now have an active card, compared with 70 million a year ago. [There’s the ‘money quote’ that caught my eye good citizen. Where does ‘economic recovery’ come from if you have shrinking participation by the general populace? Worse is the 62 million ‘active cards’ out of 211 million working aged citizens! Does something look ‘out of whack’ to you?]
The Chicago company found that consumers in the subprime category, or those with low credit ratings, were believed to be without cards mostly because they were shut down by banks after payments fell behind or balances were written off.
“One can quite reasonably infer that’s not voluntary,” said Ezra Becker, vice president of research and consulting in TransUnion’s financial services business unit. Banks have written off record amounts of credit card balances in recent years.
But a significant portion of the decrease in card usage reflects decisions by cardholders to stop using credit, Becker said. “They’re simply either not purchasing as much or paying down balances.”
The question here, quite naturally, is ‘what’s wrong with this picture?’
I think 62 million ‘active cards’ is a very, er, ‘telling’ statistic. It speaks volumes about how whoever ‘controls’ our currency regards the ‘general population.
It’s the same old story, no job, no credit…but guess what, if they ship all of the work to Timbuktu, how the fuck are you supposed to get a job?
Short answer, you aren’t…and it’s not their problem, it’s yours!
Worse, this is the ‘brick wall’ our civilization is up against. If we don’t solve this problem, THERE WON’T BE A CIVILIZATION TO SAVE!
Why are we in this pickle? Mismanagement, the people in charge can’t see beyond the end of their own greed, which is to point out that there are incapable of putting the needs of others ahead of their own selfish desires!
If you’d like an explanation of the current ‘global debt crisis’ that is shaking the EU to its core, click here
You wouldn’t mind if the financial sector knew what it was doing but these idiots are obviously clueless and the more they muck around with the world’s financial markets, the worse they fuck things up!
Thanks for letting me inside your head,