The US Middle Class Gets Scalped

dailyreckoning.com.au / By Bill Bonner / January 30th, 2013

If you are part of the US middle class you are like Custer’s soldiers at the Battle of Little Bighorn: they were in a far more dangerous situation than they thought…

Our advice: get out while the gettin’s good.

But first…a trip to Brooklyn…

‘You wouldn’t believe how much this neighbourhood has changed,’ said the cab driver.

‘All of a sudden, everybody wanted to buy something here… and fix it up.’

The Williamsburg neighbourhood is mostly warehouses and small factory buildings. But there are also quaint little houses, much like those in Baltimore, and ramshackle retail outlets.

The place was not very attractive. But recently, money is coming to town. Our hotel is a converted factory…with bare cement floors, and naked, old brick walls…along with stylish bathrooms and a booming bar. Big windows in the rooms made it kind of fun to look out…especially when it was snowing early morning.

Even in a slack economy, there are pockets of robust investment. This seems to be one of them. People are coming from all over the country…and all over the world…to live in Williamsburg.

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