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Chicago Tribune Editorial Board Recognizes ‘Illinois Diaspora’

“You mean that oft-repeated yarn about the state’s population loss being predominantly due to residents being fed up with our winters and moving to warmer destinations like Florida and Arizona isn’t true?”

Survival And Prosperity post yesterday afternoon regarding 86,000 Illinoisans “escaping” to Wisconsin from 2006 to 2015 (hat-tip Illinois Policy Institute)

I had to chuckle when I spotted the following on the Chicago Tribune website this afternoon. The Tribune Editorial Board penned last night:

Property taxes here are among the highest in the nation. And certain parts of the state aren’t just jobs deserts, they’re becoming depopulated deserts. More people moved away from Illinois during the last two years than from any other state in the country. Many moved to other Midwestern states. So don’t repeat the lie that it’s the weather.

Here’s what else a prospective employer sees in Illinois: No state budget in nearly two years. A credit rating nearing junk status. Inability to pay bills as they come due, a basic definition of insolvency. And political impasse in the General Assembly. An attempt at compromise legislation to get a budget passed hit a snag in the Senate on Wednesday. Senators, keep working…

(Editor’s note: Bold added for emphasis)

Great minds think alike?

Nope. Not at all. Just very concerned Illinois residents who have arrived at the same conclusion regarding where this is all heading if Springfield and voters can’t get their act together. Like, yesterday.

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Message For Chicago, Cook County, And Illinois Readers

Readers of Survival And Prosperity might get the wrong impression that I’m rooting for Chicago, Cook County, and Illinois to “fail” based on my routine blogging about their financial, crime, and political woes.

Actually, I do this because I care deeply about the region and its residents.

It’s been my experience that Chicagoans and Illinoisans are pretty decent people overall. I’ve found many of them to be down-to-earth and quick to lend a helping hand to neighbors and strangers alike.

It’s my personal opinion that these woes (interconnected in my mind) I speak of will only intensify in the coming years. The trend is not our friend here, and if anything, since many of the people who helped bring about this mess are still in charge, is it reasonable to expect they’ll be the ones to fix it?

In the meantime, I predict many Illinoisans will be subject to varying degrees of financial and physical pain while this debacle plays out.

As this is a plausible scenario, have local readers of Survival And Prosperity contemplated what’s at stake should conditions keep deteriorating? What would be your personal exposure if events play out the way I expect them to? Financial vulnerabilities? Personal safety shortcomings? Individual circumstances will undoubtedly vary.

Are the wheels turning in your head?

Good. That’s what I’m trying to accomplish with such posts.

The intent is not to scare. Rather, it’s rooted in care.

It’s my hope that informing Chicago, Cook County, and Illinois residents of the precarious situation at hand and providing food for thought might aid successful navigation through what will likely be unfamiliar territory for most.

Wishing everyone all the best with that,

Christopher E. Hill
Editor

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Monday, July 18th, 2016 Crime, Debt Crisis, Essential Reading, Fiscal Policy, Government, Main Street, Preparedness, Public Safety, Security, Self-Defense Comments Off on Message For Chicago, Cook County, And Illinois Readers

Peter Schiff: ‘The Day Of Reckoning Is Getting Closer And Closer’

Economist, financial broker/dealer, and author Peter Schiff appeared on the Alex Jones Show last Friday. Schiff, who correctly-called last decade’s housing crash and recent global economic crisis, warned viewers of rising inflation, a U.S. dollar collapse, and civil unrest. The CEO of Euro Pacific Capital said:

Most people know there’s inflation. They don’t believe the government numbers or they don’t even know about the government numbers. All they know is that the cost of living is going up. Food is more expensive. Their utility bills are higher. Rent is going up. Health insurance premiums are going up. But Alex, we ain’t seen nothing yet. When it comes to inflation- this is just the beginning. The price increases that Americans have been enduring are only going to get much, much worse… But nobody is going to welcome a higher cost of living, and your best defense against that, as I said, is to protect yourself. To get out of your dollars. To diversify internationally

More and more people- mainstreaming people- I’m hearing people talk who now realize that this is the 9th inning of this thing, this whole experiment with Keynesianism and fiat money. It is very, very late in the game. Time is running out, right? The clock has been ticking and ticking. It is going to stop, and you can see that. The day of reckoning is getting closer and closer

The real drop is not just going to be in the pound, but in all the world’s fiat currencies. In particular, the U.S. dollar, which is at the center of this whole Frankenstein’s monster when it comes to a monetary system. And it is going to implode. And this dollar crisis is going to make the financial crisis of 2008 look like a Sunday school picnic, especially in the way it impacts people’s standards of living…

There is going to be, I think, rioting and looting. Especially when we have a currency collapse. Because I think then you’re going to have shortages. I think the government is going to impose price controls. And I think there is going to be a problem for people to get goods and services that are in short supply…

(Editor’s note: Bold added for emphasis)


“Bubble Ready to Implode. Massive QE Coming!”
YouTube Video

(Editor’s notes: Info added to “Crash Prophets” page. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. The creator/Editor of this blog is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information contained herein.)

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Wednesday, July 13th, 2016 Civil Strife, Crash Prophets, Currencies, Government, Inflation, Investing, Main Street, Monetary Policy Comments Off on Peter Schiff: ‘The Day Of Reckoning Is Getting Closer And Closer’

More Financial Pain For Many Chicago Homeowners In The Coming Days

When it comes to keeping on top of the latest financial developments coming out Chicago, I’ve been out of the loop lately (no pun intended).

As if that really mattered. Like I’ve been saying for some time now- the writing is on the wall for the “Windy City” concerning its finances.

I’ve also pointed out time and time again Chicagoans should expect higher/new fees, fines, and taxes (in conjunction with less government services) going forward.

Case in point- the next round of property tax bills. Hal Dardick reported on the Chicago Tribune website last week:

Chicago homeowners should brace themselves for sticker shock when they open their mailbox at the end of the month: property tax bills on average 13 percent higher than last year.

The big increase is mostly being driven by the record tax increase Mayor Rahm Emanuel engineered last fall to fix city pension funds for police officers and firefighters.

Cook County Clerk David Orr released tax rate figures Monday, revealing the practical effects of City Hall’s painful decision. The owner of a single-family home with the current average sale price of about $225,000 can expect to see a property tax bill of $3,633, an increase of about $413

(Editor’s note: Bold added for emphasis)

Compare this to an overall 9.3 percent citywide increase over the last three years, according to Dardick.

And just this morning one local TV news broadcast reported that the Chicago Teachers Union is demanding Mayor Emanuel raise taxes even more for school funding.

I think it’s pretty safe to say that more financial pain is heading Chicagoans’ way.

As for the rest of Cook County, the Tribune piece noted:

By comparison, homeowners in suburban Cook County typically can expect more modest increases, averaging 2 percent, although they already are paying substantially more than their city counterparts, according to Orr’s data…

Last I checked County finances weren’t too pretty either, so these suburban homeowners may very well be in the same boat as their city counterparts down the road.

For more information, check out Dardick’s entire article here on the Tribune website.

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Tuesday, June 21st, 2016 Debt Crisis, Education, Government, Housing, Main Street, Taxes Comments Off on More Financial Pain For Many Chicago Homeowners In The Coming Days

Quote For The Week

“Somebody says they’re going to make America great again. They need to talk to people for whom it wasn’t so great. And then we need to recognize that white, non-college-educated Americans have seen great drops in their income, have seen great increases in their unemployment rate, have seen drops in their life expectancy. And they need to be brought along to the future. But they can’t live under the illusion that you can reclaim a past which is just that- past. This country is always about the future…”

-Former U.S. President Bill Clinton, speaking at Union County College (Cranford, New Jersey) on June 1

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Monday, June 6th, 2016 Employment, Health, Income, Main Street, Political Parties, Quote For The Week Comments Off on Quote For The Week

Signs Of The Time, Part 104

In the May 2016 issue of The Atlantic there’s an article entitled “The Secret Shame of Middle-Class Americans.” Neal Gabler writes:

Since 2013, the Federal Reserve Board has conducted a survey to “monitor the financial and economic status of American consumers.” Most of the data in the latest survey, frankly, are less than earth-shattering: 49 percent of part-time workers would prefer to work more hours at their current wage; 29 percent of Americans expect to earn a higher income in the coming year; 43 percent of homeowners who have owned their home for at least a year believe its value has increased. But the answer to one question was astonishing. The Fed asked respondents how they would pay for a $400 emergency. The answer: 47 percent of respondents said that either they would cover the expense by borrowing or selling something, or they would not be able to come up with the $400 at all. Four hundred dollars! Who knew?

I didn’t know.

But I’m really not surprised to learn of it either.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Source:

Gabler, Neal. “The Secret Shame of Middle-Class Americans.” The Atlantic. May 2016. (http://www.theatlantic.com/magazine/archive/2016/05/my-secret-shame/476415/). 24 May 2016.

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Tuesday, May 24th, 2016 Debt Crisis, Emergencies, Federal Reserve, Main Street, Signs Of The Time Comments Off on Signs Of The Time, Part 104

Peter Schiff: Obama, Federal Reserve, Government Have Failed As ‘This Economy Is A Disaster’

Economist, financial broker/dealer, and author Peter Schiff appeared on the Alex Jones Show last Friday. Schiff, who correctly-called last decade’s housing crash and recent global economic crisis, discussed a number of subjects with Jones, including Puerto’s Rico’s recent default/economic crisis and “modest” U.S. inflation numbers. The “crash prophet” said of the U.S. territory:

It’s never a problem until it is. So Puerto Rico is broke, but now it’s a problem because the creditors figured out that they’re broke. Well America is more broke than Puerto Rico. That’s a fact. It’s just that our creditors haven’t figured it out yet. But when they do, then Donald Trump is going to end up being right, because all we can do is default. And if we don’t default, if we print money- which now Trump is saying, “Oh, we don’t have to default because we can print.” Well printing is worse than default, because printing doesn’t just wipe out the bondholders, it wipes out anybody who hold U.S. dollars.

When asked by Alex Jones where all the inflation is being hidden, the CEO of Euro Pacific Capital pointed out:

It’s actually hiding in plain sight because, because first of all, the inflation is all the money printing. That’s the definition. The consequence of inflation is that prices go up. But look, stock prices went way up. Real estate prices went back up. Rare art went back up. Collectible cars went back up. I mean, asset prices have gone up like crazy- that is inflation. And, of course, anybody who lives in America knows that the prices are going up. Look, rents are up about 8 percent year-over-year. Look how much health care costs have gone up. Utilities are going up. Look at the price of food. Have you bought a steak recently at a supermarket? Prices are going up. It’s just that the government is not doing an accurate job of reporting, and that is by design…. The standard of living is going down. Americans are working two or three jobs a piece. And they can barely make ends meet. You know, this economy is a disaster. And everyone wants to pretend that it’s great, because no one wants to admit that Obama is a complete failure, that the Federal Reserve was a complete failure, that everything that government has done has failed.


“Venezuela Is America’s Socialist Future”
YouTube Video

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s note: A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. The creator/Editor of this blog is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information contained herein.)

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Tuesday, May 24th, 2016 Crash Prophets, Currencies, Debt Crisis, Defaults, Employment, Federal Reserve, Fiscal Policy, Food, Government, Health, Inflation, Main Street, Monetary Policy, Money Supply, Stocks, Utilities Comments Off on Peter Schiff: Obama, Federal Reserve, Government Have Failed As ‘This Economy Is A Disaster’

Peter Schiff: Rising Gold Stock Prices ‘Just Getting Started’

Peter Schiff, the CEO of Euro Pacific Capital who correctly-called last decade’s housing crash and recent global economic crisis, was on the Fox Business Network yesterday. Chatting with Liz Claman about the recent terrific performance of gold mining stocks, Schiff told viewers:

But this is just getting started. These gold stocks are just recovering ground they never should have lost. I don’t know why anybody’s surprised at these bad numbers coming out of Macy’s. The retailers have been reporting horrible sales all year. The consumer is broke. We are back in recession. That’s why Trump is a nominee. That’s why Bernie Sanders is beating Hillary Clinton in all these primaries. Because the voters know how awful this economy is. They don’t have any money left to spend…


“Retail Tanking, Gold Stocks Doubling”
YouTube Video

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s notes: Info added to “Crash Prophets” page; a qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. The creator/Editor of this blog is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information contained herein.)

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Thursday, May 12th, 2016 Commodities, Crash Prophets, Investing, Main Street, Precious Metals, Recession, Spending, Stocks Comments Off on Peter Schiff: Rising Gold Stock Prices ‘Just Getting Started’

Signs Of The Time, Part 102

From the official website of the National Association of REALTORS- realtor.com- this past Tuesday:

“Prepping for Doomsday: Bunkers, Panic Rooms, and Going Off the Grid”

Excerpts from the article included:

“If the booming sales of panic rooms are any indication, more and more city dwellers these days are obsessively worrying about everything from home invasions to terror attacks…”

“Some real estate companies are seeing big increases by specializing in ‘survivalist properties’…”

“Survivalists are also particularly hungry for metal containers they can convert into shelters and bury underground…”

While there’s the expected mocking tone to the piece (“Welcome to the brave (and for some, highly profitable) new world of paranoia”), it’s still an interesting look at what’s going on with panic/safe rooms, survival real estate, and (underground) shelters- topics I’ve blogged about from time to time over the last several years.

You can read the entire article on realtor.com here.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Thursday, May 12th, 2016 Crime, Emergencies, Main Street, Man-Made Disasters, Natural Disasters, Preparedness, Shelter, Signs Of The Time, Terrorism Comments Off on Signs Of The Time, Part 102

Quote For The Week

“And that means we have to not only question the world as it is, and stand up for those African Americans who haven’t been so lucky- because, yes, you’ve worked hard, but you’ve also been lucky. That’s a pet peeve of mine: People who have been successful and don’t realize they’ve been lucky. That God may have blessed them; it wasn’t nothing you did. So don’t have an attitude. But we must expand our moral imaginations to understand and empathize with all people who are struggling, not just black folks who are struggling — the refugee, the immigrant, the rural poor, the transgender person, and yes, the middle-aged white guy who you may think has all the advantages, but over the last several decades has seen his world upended by economic and cultural and technological change, and feels powerless to stop it. You got to get in his head, too…”

-U.S. President Barack Obama, speaking at Howard University’s commencement ceremony last Saturday

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Tuesday, May 10th, 2016 Demographics, Main Street, Quote For The Week Comments Off on Quote For The Week
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