<the typical person is financially better off than the US?>
I came across a study done for a few countries one year ago, where it showed that the average Joe was poorer in the US than most the other countries, even a few in Africa. Considering their wealth by accounting standards, even a person that is very poor in Africa (yet has no debt), is better off than a person whose net worth is negative.
The credit bubble has made many folks believe that they live a good life, yet they struggle each month just to survive on their debt payments.
I live in a 3rd world country, yet my parents and their 5 children we all owned our houses before we were 35 and had 0 debt by then, and this is not unusual for the middle class.
IMHO this system as we know it, is dead. Interesting meeting took place this weekend with Europe and Asia, in preparation for the meeting of 11/15? Exciting days ahead.
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