The USA Is Now a 3rd World Nation
By Charles Hugh Smith
26 November, 2014
Dividing the Earth's nations into 1st, 2nd and 3rd world has fallen out of favor; apparently it offended sensibilities. It has been replaced by the politically correct developed and developing nations, a terminology which suggests all developing nations are on the pathway to developed-nation status.
Here are the core characteristics of dysfunctional but stable states that benefit the entrenched few at the expense of the many, i.e. 3rd World nations:
A report out this week from the Department of Housing and Urban Development finds the median price for a single-family home in the Bay Area is now $935,000. A family earning $117,000 now qualifies as "low income" in the region.
CBS News went to see California's red-hot housing market with realtor Larry Gallegos. He showed us a house you would think he couldn't give away. But Gallegos says the home, complete with leaks in the roof, sold for $1.23 million. The buyer beat out six competing offers, all above the asking price.
"It's a little mind-blowing, but it is the norm around here," Gallegos said....