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I Got 99 Problems

But a b#@*h ain’t one

Outlook: A Perfect Storm

• Financial Crisis• Consumer Driven Economy• Uneven Distribution of Wealth• Rapid Industrial Growth in China• European Worries• Unrest and Polarization in the US• The Fed Can’t Fix• The Future in Uncertain

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Financial Crisis

Avg Recovery: 10 Years

Market Cycles Are Long

Japan May Be Instructive

Bleak Outlook on Employment

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Consumer Driven Economy

Drivers of Growth are Dead

US: A Nation Of Consumers

Source: Bureau of Economic Analysis

A Close Look at Cash / Debt

Household Income Plateaus

Companies Continue to Hold Cash

Parallels: Consumer Confidence & Gold

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Knowledge & Finance = Success

Uneven Wealth Distribution

Top 1% Are Benefiting

Top 1% In U.S. Vs Other Countries

Income Inequality in the U.S.

The American Dream Put on Hold

1% Owns 42%; 5% Owns 70%

5% Holds 60% Net Worth

Top 1% Holds Only 5% of Debt

Taxes Remain Low at the Top

Aggregate Tax Rate Dips for Top 1%

Top 20%

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Rapid Industrial Growth in China

Massive Loss of Industrial Jobs

An Emerging Middle Class

The New Middle Class

583 millionThe forecasted size of India's middle class in 2025.

Un-even Growth Distribution

The New Normal

Commodity Prices Soar

U.S. Wages as % of Economy: All Time Low

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Europe

Euro Worries Add Uncertainty

Debt as a % of GDP

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U.S. Unrest & Polarization

Leaderless Politics Add Uncertainty

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The Fed

Can’t Fix, Only Contain

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The Future

Uncertain