Monday, November 22, 2010

The End of Retirement

The Greater Depression is forcing elderly Americans out of retirement. From WTSP in St. Petersburg, Florida:
Doug East and his wife, Bonnie, are both 78 years old and they decided together that the time was right to end their retirement and go back to work.

"It's a trying time right now and that's for all people, particularly in the older age," said Doug East, who retired after owning a real estate business for over fifty years.

Bonnie East says that, in this economy, it's all about survival. "Surviving is the most important thing right now, and it's been a real learning curve for us all."

The couple decided to open up the Attic, an antique and consignment shop located in the Gandy Shopping Center, to help make ends meet.

"It took us about three to four months just to get started and it was an immediate success," Doug East said.

The couple retired from the real estate business and had been living on their savings for the past six years, and then they realized their money was slowly running out and they decided to do something to reinvent themselves in this economy.

"Things were getting tight and we said, 'What are we going to do? Wait until we don't have anything left or get out there and supplement the little that we do have and let's build again." [Emphasis added]

The last paragraph neatly sums up the predicament of ordinary people living under a system of central banking, fractional reserves, monetary inflation, and speculative credit bubbles. Their earnings and savings, plundered by design, either vanish or become insufficient for survival.

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