In this week’s Off The Cuff podcast, Chris and Wolf Richter discuss:
- We no longer have capitalism — it’s gone
- The national housing market is weakening
- The jobs market is worse than the BLS is reporting
- This is the most challenging time ever for investors
In an important, somber conversation, Chris and Wolf discuss the challenging times facing society today. Capitalism as we knew it for much of the 20th century is no longer; today corporate losses are socialized while gains are privatized for the ruling elites.
For those looking to simply opt out of the system and protect themselves, it’s more challenging than ever warns Wolf. Especially in regards with how to safeguard your financial wealth:
I think it’s a really tough investment environment; I think about this every day.
If you give a Walmart greeter $1 million and he puts it in the bank, he makes more money at his job than he gets in interest off of his million dollars. That’s the kind of situation we have now.
I don’t think stocks are going to go much higher. And it’s really hard to make money in bonds unless you take huge risks.
I don’t know what’s going to happen in real estate. I’ve never seen a screwed-up situation like this: commercial real estate and the office sector; they’re already suffering and that’s obvious. There’s all kinds of defaults going on.
by hansh