GET READY: The Great Transfer of Wealth in Gold & Silver is Coming
The heartbeat of the U.S. retail economy is in serious trouble when we see this in the headlines, “WalMart Earnings Disaster Exposes a Collapsing Economy: Davidowitz.” I have been watching Howard Davidowtiz for years, and you got to like the guy because he doesn’t sugar coat anything — just calls it like it is. He says that the real unemployment is closer to 14% because 75% of the jobs created so far this year are low-wage part-time jobs. Basically, Davidowitz says the U.S. Economy is collapsing.
Furthermore, the housing market is about to hit a brick wall, “Mortgage Activity Plunges 50% to April 2011 Levels.” We can see from the Zerohedge chart below, that existing home sales (shown in brown) are about to fall in a big way as mortgage applications have dropped to three-year lows: