Monday

This is Not Going to be Pretty

As you would undoubtedly agree, we have inflation which is understated. If you imagine what’s going to happen post-January 1st in the US, when one of your biggest costs in a US household already is healthcare and now we’re talking about premiums going up 50% to 100%, it’s just shocking the relevance of it to the 99%.

This is what’s going on: Everything that’s been done since 2008 is to save the banking system -- to let the banks make money because they had lost a lot of capital. Of course the opposite is whatever they make, some saver doesn’t make. So, yes, the transfer just keeps moving on from the people to the banks, people to the banks. Ultimately, the consumer can’t spend what he (or she) doesn’t have, so we are going to see that manifested. I can’t even imagine in the US when people have to face this reality of their healthcare bills.
Of course we are all ignoring it in a way. We talk about how bad the website is. Forget the website, what about the cost of insurance? It seems to me that the cost of insurance is escalating dramatically for everyone, and it’s a big cost for everyone already. So it’s not going to be pretty.

- Source, Eric Sprott via a recent King World News interview: