"In January, the savings rate went from 2.5% to 3.2% in one month – a massive increase...Total retail numbers have done nothing but go down. We've seen the biggest increase in food and energy outlays since 2011, accounting for 30% of the increase in consumer spending in the past six months, up from 11% in the two years prior. Consumers have had to draw down whatever savings they amassed after the crisis and run up credit-card debt to keep up with the basic necessities of life."After the crisis, total savings rose from $440 billion to $1.4 trillion. Now it's back to $400 billion. Consumers have basically taken every penny they socked away and spent it."
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Bill Bonner has co-authored a number of New York Times Bestsellers including Financial Reckoning Day, Empire of Debt and Mobs, Markets and Messiahs. In his own opinion, Bill's most recent title, A Modest Theory of Civilization: Win-Win or Lose, is his best work yet. Bill also founded The Agora, a worldwide community for private researchers and publishers, in 1979. Financial analysts within the group have exposed and predicted some of the world's biggest shifts since that time, starting with the fall of the Soviet Union back in the late 1980s, to the collapse of the Dot Com (2000) and then mortgage finance (2008) bubbles, and more recently the election of President Trump.
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