A report from the US Census Bureau issued in 2013 showed that median household income has declined for five straight years. And those living in poverty, using food stamps, or receiving unemployment benefits remained at record high levels in 2013.
Meanwhile, the wealth gap has grown to its largest since 1929-- the year of that fateful financial collapse.
One of the really great things about visiting Italy is that the whole country serves as a constant reminder that wealth and power in the world are constantly shifting.
For example, two thousand years ago, Italy (Rome specifically) was the pinnacle of civilization, at the forefront of medicine, art, technology, commerce, and military tactics.
It is Labor Day weekend!
In honor of the holiday and in tribute to your contributions and achievements … Happy Labor Day Weekend!
If I told you that your bank only held 1% of its customer deposits in reserve, would you feel that your money was safe? If I told you that the insurance fund which backed your bank deposit only had enough cash to bail out 0.35% of the banking system, would that make you feel any better?
Probably not however this scam is the reality in the US banking system... and across all banking systems in the economies of the West. It is known as fractional reserve banking.
In Medieval Europe when most people were living short, brutish lives wallowing in muddy serfdom, there was one city that served as a shining economic beacon for the rest of the continent. That city was Venice in Italy.
At the time, Venice was one of the richest places in the known world, underpinned by its dominance in trade and the upward mobility of its citizens.
Today is the 4th of July and I want to wish all of my U.S. friends a very Happy Independence Day.
While you are enjoying family, friends, hot dogs or that charbroiled steak along with a great beer and fireworks, it is a good time to think about this being a holiday to 1) celebrate patriotism in America, 2) remember what struggles our Founding Fathers endured to provide us with freedoms that many take for granted, and 3) make an assessment of our own state of independence.