In July, Americans withdrew a record … $94 billion, from their banks — an amount equal to 7 percent of the country’s overall economic output — as doubts grew about the durability of America’s financial system.
More disturbing for America is that the flight is starting to include members of its educated and entrepreneurial class who are fed up with the lack of job opportunities in a country where the unemployment rate touches 25 percent.
The above paragraphs are actually about Spain, but could just as easily be written about America in the future. What we saw in Greece and what we’re about to see with Spain are going to be our reality as well.
After working six years as a senior executive for a multinational payroll-processing company in Barcelona, Spain, Mr. Vildosola is cutting his professional and financial ties with his troubled homeland. He has moved his family to a village near Cambridge, England, where he will take the reins at a small software company, and he has transferred his savings from Spanish banks to British banks.
“The macro situation in Spain is getting worse and worse. There is just too much risk. Spain is going to be next after Greece, and I just don’t want to end up holding devalued pesetas.”
But there is no doubt that many of those in a position to do so are taking their money — and in some cases themselves — out of Spain.
In another small handful of years – and maybe less – this could be your above-average American. I just don’t want to end up holding devalued dollars. The sovereign debt contagion is spreading. Through the rest of this year, we’ll continue to hear about the Eurozone collapse. Next year we could see the Amerozone collapse.
As far as leaving the nation, there are many out there who profess the economic freedom of Chile, New Zealand, Singapore, etc. But no nation aside from ours is distinctly American and there’s no nation where we can fight for our freedoms should our government become destructive to the ends of Life, Liberty, and the pursuit of Happiness. That’s why I moved to the American Redoubt.
According to official statistics, 30,000 Spaniards registered to work in Britain in the last year, and analysts say that this figure would be many multiples higher if workers without documents were counted. That is a 25 percent increase from a year earlier.
“No doubt there is a little bit of panic,” said José García Montalvo, an economist at Pompeu Fabra University in Barcelona. “The wealthy people have already taken their money out. Now it’s the professionals and midrange people who are moving their money to Germany and London. The mood is very, very bad.”
If you want a strong economic system, I implore you to move to the American Redoubt. Wyoming, Montana, and Idaho are ranked 8, 14, and 25, respectively, for national unemployment rates. The average unemployment rate of these three states would put the American Redoubt as a region in the top 25% in the nation. With an influx of American patriots who bring their businesses and families, those numbers could very well improve. We could do organically what national leaders are trying to do artificially: increase economic demand and create employment opportunities.