Retail Sales Drop was Enormous-Karl Denninger
By Greg Hunter’s USAWatchdog.com
Financial writer and stock trader Karl Denninger says the most recent Obama Care delay is all about politics. Denninger thinks, “It’s just simply an attempt to push the issue past the 2014 election . . . I suspect that if you really get down to it, it’s just simply about 50 to 60 million people were going to get cancelled, and it was going to happen about the end of September. . . . The idea that you were going to throw all these people in hospitals out in the street, I think it was a little bit too much for the administration to stomach. Since huge percentages of people work for small business in some form or fashion, this is a way to unload the pressure. . . . This just puts this out beyond the 2014 election and tries to prevent the Democrats from losing the Senate, which is what it looks like is going to happen. . . .The people are saying we got sold a bill of goods here. It was a lie, we’re pissed and we’re not going to vote for you.”
The Democrats lied to get Obama Care passed, but Denninger contends, “The Republicans lied too, and this is the problem the Republicans have with this particular issue. . . . The problem here is both the Republicans and Democrats both have kowtowed to the medical industry for 30, 40 years and the crazy sorts of monopoly things they have done. . . . On Top of that, then turned around and given them enforcement mechanisms through the government, so if you try to break those monopolies, you go to prison. This is a really serious issue, and people don’t want to talk about it on either side of the aisle. The Republicans could have stopped this by telling the truth and could stop it now by telling the truth. They don’t want to do that because that would expose their culpability, and they are not willing to do that.”
On the economy and the so-called recovery, Denninger says, “The retail sales numbers are much worse than they first appear.” Denninger looked at raw data from the most recent December/January period to the same period from a year ago. What Denninger found was startling, “The drop there was enormous. It’s not a couple of percents on a percentage change basis; it’s near double digits. . . . It literally went in the toilet.” Denninger goes on to say, “If this is actually Obama Care and that pass through to the American consumer hasn’t happened yet, we are in a lot of trouble. . . . If you tell me my taxes are going up this year, and that’s what we effectively have because Obama Care is a tax . . . If you tell me my taxes are going up this year, that I am going to have to pay next year, I am going to reduce my taxable impact. As an employer, I hire fewer people, and I pay them less, and economic activity slows. . . . I looked at the impact of spending on this, and it looks like $1,000 or $1,500 a family is going to be shifted into healthcare from other places.”
On the possibility of another market meltdown, Denninger worries that debt problems in China or Japan could take the U.S. down again. Denninger says, “If it happens overseas, it will come here because the interlocking connections between institutions have not been decoupled at all. The too-big-to-fail paradigm is still present, and we still have a crazy amount of exposure over there. . . . There’s a possibility the triggering event could come from Europe, but I think it will come out of Asia.”
On continued Fed tapering of $65 billion a month to prop up the economy, Denninger says, “They have to stop . . . people in the Senate know this, and if they stand up and say it, the government has to stop borrowing all this money that we don’t have. The Federal Reserve must stop financing the government deficit because it is destroying capital formation and it is destroying savings. . . If anyone stands up and nails Janet Yellen with that, the market goes down 700 points in 5 minutes. . . . A piano is going to fall on the head of the economy. The problem with bubbles is they always find pins.” (There is much more in the video interview.)
Join Greg Hunter as he goes One-on-One with Karl Denninger of Market-Ticker.org.
Denninger said, “The financial situation is bad in the U.S., but it is 100 times worse outside the U.S.” He went on to predict, “We might be able to avoid a crash, but that’s not going to happen.” In other words, Denninger thinks another financial crash will happen. It is only a matter of when and there is a good chance “it will be in 2014.”
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About the Author
Greg Hunter
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.
Hi Greg,
Karl’s remarks about duration matching, the relationship to QE , the average mortgage duration at 7 years and it’s relationship to the 10 year treasury were enlightening. As for his concern about whether people are already reacting to the Health Care Destruction Act I can assure him we are. I have already lost my policy. I am now paying $150/month more for a policy with a 500% increase in my deductible and that’s after the $180 tax credit. With no change in my income I can’t help but reduce my spending.
MAL,
Sorry you got slammed with Obamacare. ITs funny we named it after him and it was so good he exempted himself and his buddies in Congress. We have insurance through our employer but the increase was substantial. We are cutting back because we don’t like what we see coming. Good luck and keep the faith.
“The financial situation is bad in the U.S., but it is 100 times worse outside the U.S.” – Where is it 100 times worse than the USA? On Which planet?
Special privileges conferred on the USA and its citizenry by virtue of the USD.
“Rome” has to burn before the USA finds itself without hope. The chain of events will follow the order as planned. It (famine, disease and death) will eventually come to reside in the USA but not before the world suffers.
100 times worse than the USA? hyperbole max out! usa is kaput, a country of 1% vs the rest…1oo times worse, wtf Denninger, get a job.
Venezuela, Argentina, Turkey, Greece, Spain, et al…
So you think in the third world with people making a few dollars a day are going to have it as good as we do in a crash? While I am unsure what this is going to look like, I believe the third world will have it worse. But then, I believe we are slated to join the third world ourselves for a decade or two.
Should we falter, and it appears we shall, without a political turnaround of some kind, I don’t think we ever leave third-worlddom. It’s like Toyland: once you pass its borders, you may never return again. This is why the descent into the abyss is so dreadful and should be avoided at all cost. But the political construct with its characteristic stacking the deck via vote-buying works against that. Those of us who see this for what it is are rightly alarmed. I hope you are right, that our period of darkness is only temporary, but I fear it will be worse. Best always to you and yours.
Merc,
While I can agree that Mr. Denninger does exaggerate the possible ripple effect, of America’s crashing their economy, through the Third-world – it is my opinion that he uses this illustration to emphasize the reality of the USA having great and far-reaching detriment in those other economies. It is said, here in Mexico: “When the US catches a cold – Mexico gets pneumonia.” And I must say – that is very weak to center upon such an exaggeration as some pretext to disqualify the wealth of information he shares in the rest of the interview. That’s like saying the gold medal winner in the Mile Run stumbled coming out of the blocks! Wow! Did you see that stumble!??!
Many Americans do NOT have much experience living outside the USA; at least on the level most the indigenous do – on maybe $20.00 0r $25.00 a day. There isn’t a whole lot of room to absorb any catastrophic economic impact on such a level. I have supped with the richest people in Detroit, just down from the Governor’s Mansion in the eighties. But here and now (Third-world Mexico) – I’m not fifteen minutes from families with houses with no running water and dirt floors.
Personally, I like to think that these people will have less distance to ‘fall’, should disaster hit; and Americans may have the tougher time adjusting to an economic demotion or leveling. Denninger may exaggerate: but it is well tied to a good point.
I live in Texas. Has anyone seen the border towns between Mexico and the Texas border? I traveled to Laredo recently and it is sooo much worse thatn it was 20 yrs ago. They have less distance to fall there but here in the US we have so many people who have never been really hungry. Like Paul Newman said in Hombre:
Lady on stagecoach: I can’t imagine eating a dog and not thinking anything of it.
Paul Newman: You even been hungry, lady? Not just ready for supper. Hungry enough so that your belly swells?
Lady: I wouldn’t care how hungry I got. I know I wouldn’t eat one of those camp dogs.
Paul Newman: You’d eat it. You’d fight for the bones, too.
Thanks Greg
Traders always “talk their own book” – but in this case I agree.
The share market peaks of 2000, 20007 and 2014 (thus far) have all coincided with a peak in the 10 year bond. This year, with the Fed taper and both China and Japan not only reducing their purchases but now selling their bonds, the Government looks stuck for new debt funding, which it must find one way or another.
So having pumped up the share market and made billions for “the one percent” we should now expect the same one percent to go short (like Soros just has), followed by an almighty share market crash. After which we will get the propaganda to “flee to the SAFETY(!) of Government bonds”, which money you will never see again!
Ponzi schemes always need new entrants to replace those who have just been robbed, so I guess it is the next generations turn! Forgive me if I keep my wealth in physical gold, silver and platinum, because I am too old too lose any more money to these crooks…
Wow. this makes it clear that running to other countries may not be the best alternative. I have a question: We know that inflation of things will go up but will the inflation of wages also go up? If that is he case then we can plan for the future easily. Next, will gov’t cost of living adjustment also increase?
Jacques,
NO WAY your wages keep up with the kind of inflation coming.
Greg
Greg
Great question at the end of the interview. So where does Carl Denninger put his money? I dont think he ever answered that.
Greg. I love Karl Denninger . No one tells it as straight as he does. He has laid out perfectly what “is” and “will” happen to Obamacare in the future. Lets be clear. Obamacare is nothing more than a funneling mechanism by the socialist that will force all of us into a single payer plan, that will allow the government to have direct access into your tax information and Bank accounts…………….period. The documents you electronically sign to enroll, allows the government to have access into your private finances. Anyone who does not understand that is either blatantly stupid, or has never been on the government website.
In my mind, Obamacare was just another tool in the Marxist tool box to help rip the boards out of a free market system and collapse the economy. Nothing more. It
1. Increases taxes
2. Causes people to loose jobs
3. Increase increases the number of people without healthcare. Let me repeat that. Increase the number of people without healthcare. What? In my state if your income is $11,490 fora single or $15,510, for a couple you cannot enroll in the exchange, and cannot get Medicaid,. Your only option is to buy off exchange and pay 35%-50% more in premium. Ain’t gonna happen Greg.
As far as Janet Yellen and the Fed. Can you say “Screwed”? Bernanke got out because he saw the train coming down the track. The Fed can print money as long as the dollar is used as world reserve currency. But guess what? That’s about to change. The IMF will pull the plug soon, and the party will be over. Greg they have to. Our money printing , and our un-ability to get our debt under control is destroying the world economy. Take a moment and go look at the dollar index today. That will tell you all you need to know about the timetable for collapse.
Greg,
Fantastic job with Mr. Denninger. Would like to have known what he thought about gold and silver though considering he thinks stimulus will be removed.
If the Fed continue tapering and eventually stop purchasing bonds, wouldn’t the government have to default?
Now see Greg, I cant repost this interview enough. Finally a clear look at the big picture of the economy and why the government can and will do nothing to stop the coming troubles.
Makes me question why would any informed person would run for office.
I have got to listen to this again. Thank you Greg, and Carl.
Good interview and I like your questions, Greg. Funny, he is the opposite of your last guest, Peter Schiff. Karl doesn’t believe we will have inflation nor does he like gold….neither of these did you touch on. But I guess your job is to stay neutral.
Yeah, this was a blockbuster for sure! JC-think you’ve commented on my blog, and FYI- ‘have been asked not to repost the vids, so a word to the wise……..
And yes Thanks again Greg. It’ll keep me looking up for pianos for sure.
Listening to anyone, especially the CNBC cheerleading squad, I wish they attach a disclaimer to any discussions of “GDP” – people should know it is the New&Imporved formula, so the new 2% is hideously worse than the average viewer would even be aware of.
Concernedamericandad. I always repost usawatchdog on my facebook, and send out emails to those without facebook. Outside of this I don’t post on any other site. Greg has all the info a person needs at this time, and many are still in the dark to the coming troubles. Would be interesting to know what is your blog ? There are other jc,s on this site that’s why I always put my last name. If it was me I didn’t get the message.
Concernedamericandad. I found your blog. If it was me I do apologize. It wont happen again.
I really enjoyed informative and educational interview. The first while sounded like more of the same but the last 30 minutes of this is important to understand. I think the fed has a greater propensity to destroy the dollar more so than Karl. They have done it to a great extent so far. What would stop them from continuing the trend further or to the end with the other information we know, ignoring massive consequences. There is a devaluation with every non-backed run of the printing press. Quoting a previous interview pertaining to what appears to be a strong behavioral trend:
“The weaker the economy is, the stronger the Democrats will be because people will be more dependent on government. People don’t need dependency, they need freedom. The Democrats cripple you and then give you free crutches.” Peter Schiff
Karl does not sell gold, Peter does.
Jim I agree with you totally. There is nothing in Uncle Tom’s Cabin but dependency and slavery. When a man depends on a handout everyday, you not only strip his self respect but make him subservient to the masters will. Like Winston Church Hill said ” Socialism is nothing more than SHARED MISERY” !
Good Lord Almighty!!!!! Hang on folks – this is going to be really really, really bad!!!!!
Karl makes a very depressing point – people continue to vote for the same politicians who dont adequately represent them.
I think many dems who voted for obamacare shouldnt but will get reelected.
What politician ran on increasing the NSA powers? Yet when they vote in favor of it they get returned to office
A vote for a Democrat or Republican is an endorsement of more of the same.
Excellent interview Greg….. Thank You Karl for this insight and information ….
The employer portion of health care reportable on the W-2 is not taxable. Check the IRS website. You are saying this wrong.
Delores Perdue,
It will be taxable in the future. Check the ACA bill.
Greg
Delores,
Its like many of the other things. Why do you think they started putting it on your W2? Surely you understand the only reason to have it there is to tax it. It is just another facet of Obamacare stealing from the productive to give to the ne’r dowells. Steal from the young to give to the old. Steal from the middle-class to give to the nonproductive.
Excellent interview Greg. Thank you. Yea, the US COULD mitigate the pending catastrophe but I see absolutely no resolve to do so from either party. DC is Gomorrah.
Fantastic interview, Greg! Denninger is one of my favorite go to guys for explaining the rationale behind the markets. One thing I wish you and he would have gotten to, which he alludes to in his blog, is the out look for deflation rather than inflation, which goes counter to about 95% of your other interviewees. I don’t think he’s a gold bug, but I remember him saying in the past, I think in another interview with you, that he thinks that cash is a good place to be when a crash happens because you can buy up commodities, real estate, etc. for pennies on the dollar. Such was certainly the case during the Great Depression. Your thoughts, Greg?
Mike Maloney thinks deflation first then inflation. Harry Dine thinks deflation. These might be two good guests to have. Also a suggestion- if time permits it would be useful if there were internal links to each guests’ appearances.
For example for Karl if you had a page with links to his appearances on USAwatchdog it might look like this in the side bar and at the bottom of this piece:
EG:
Karl Denniger (3)
Feb 19 2014
[ date ]
[date]
Peter Schiff (2)
Feb 18, 2104
[date]
AH I see at the bottom of this post you have already done what I suggested-I missed it. Never mind!
e-Sutton .
Good question, but who really knows? This is not like the last depression at all. We have a global economy and a government debt bubble so big, that no one can see the top of it. When the PTB are ready, they will collapse it, and the same people who ran the old world order, will be running the new world order. The exception is the people who are the most dependent upon the system for survival will die.
Jerry,
Underline Global Economy. Add emphasis with One Government Constitution.
Ahhhh….the Great Roman Empire never dies. Hmmm…. Don’t be so sure about that……”and They will turn on Her and the once great city will be set alight”. History is resplendent with broken promises but none shall be so great as to shatter the alliance.
Not probable but if we could put PC Roberts and C Denninger in charge of the US economy we might be able to straighten out the mess that we are in.
I’m not sure it will be the gentlemen you suggest, but a dictatorship is coming; that’s for sure. The reason is that democracy, whether true one-man, one-vote democracy, or the republican form of democracy we “enjoy” today (Obama’s illegalities notwithstanding) is an inadequate form of government in a crisis, which explains why our national situation continues to worsen instead of improve. This type of government simply can’t respond to these types of situations. So what happens? Things worsen; people clamor for action, for solutions, and low and behold you get what the people demand. What happened when the crowd chanted “give unto us Barabbas?” What happened when the Weimar government choked? Best always to you and yours.
There is a saying in my business that goes something like this, ‘if you rely on short term financing you are essentially bankrupt but just don’t know it yet. You will find out the very day that your request for a refi is rejected and your bills go unpaid.’ The american consumer is largely living paycheck to paycheck and they are relying on short term financing.
Sad but 99.99% true
“The financial situation is bad in the U.S., but it is 100 times worse outside the U.S.”
Denniger is right and anyone who has traveled outside of America will tell you the same thing.
Europe is very bad (just had a friend who got back from Portugal and said its extremely bad. She was shocked). But Europe is nothing compared to what you’ll see in the real 3rd world – Latin America, many parts of Asia and Africa.
Hi Greg,
Nice interview with mr Denninger for sure. I almost forgot his great insights in how digital markets really work. He sure shared great insights in this interview. As said before, shame he dodged the question where to put yout money.
The reason I stopped following mr Denninger is his absolute refusal to talk about PM’s. If you do you talk about it on his message boards you will get banned. Ofcourse, it is his site.
Just curious Greg, I hope u dont mind me asking. Did mr Denninger ask to not talk PM before doing this interview? You always seem to like talking about them after all (smile).
Hugo,
Great call.
One observation I have made is those that do not participate in the discussion of/about PM’s are either nonplussed (uneducated in their true meaning and value) OR Have the most to fear about them. Those that fear PM’s are the ones who know that it is the Synthesis of “Real” Money.
We already have inflation that is about to become much worse. Much, much, worse! The global financialization of QE 1, 2, Twist, QE 3, has blown emerging market (EM) economic bubbles, as this flood of liquidity searched the globe for yield.
Now with tapering removing $20 billion per month, this liquidity has started to come home. On top of these EM countries forced to support and buy up their currencies with dollar reserves in the FX markets, adds even more liquidity in the form of dollars.
Meanwhile, China has downsized their dollar purchases and has been liquidating some of their massive dollar holdings. Which adds even more dollar liquidity that is looking to come home. We are beginning to see the consequences of this at the fringe.
Currency weakness around the globe with Argentina and Turkey in the worst shape of all, bringing on civil/social unrest. Manefesting itself in riots that are now verging on revolution, as is happening in the Ukraine.
Nobody wants US dollars. They are now coming home to roost. At the moment its a slow steady flow, but is increasingly rising in volume, soon to be a raging torrent. This is causing price increases directly attributed to dollar devaluation. We have in enconomic “speak” devalued currecny induced cost/push inflation. Say goodbye to the taper. The Fed will have to print. Look out below!
Here is an interesting take: http://www.elliottwavetechnology.com/2014/02/dollar-flirting-with-disaster-at-5th.html
What if it can be avoided and there is no disorderly economic “collapse” in the classic sense like most all of the alarmists are predicting but instead a controlled burn of the dollar and its purchasing power. A managed descent into squalor & poverty for a great many people but no riots like are being hyped in the Ukraine stories… those things only happen when the PTB want them to and their MSM media stooges are there to stick them in everyone’s face all around the world.
They are prepared though, just in case their plan gets out of control. That is why they are creating the TSA goon squad, purchasing billions of rounds of ammo and militarizing LE at all levels. Always have a plan B…
8
That assumes that everyone accepts their master’s decisions.
Unfortunately those that consider themsleves to be rulers by right, have not managed the situation too well over the last decade. Notice the increasing speed of events of which there now exists a multitude.
The sleeping giant will awaken before too much longer. That is expected. The time they have bought nonetheless has alllowed them to transition their wealth to safety.
Whilst they are still capable, they will pillage from the middle class…all that they can.
They expect disorder and chaos from the unwinding of this debt created world.
Their designated entities (WB, IMF, BIS, UN) together with their multi – nationals working in unison to destablise the world, aim for a One World Government.
Avoidance of a disorderly collapse should not be considered plausible, a collapse is essential to their task.
Our systems have far passed their use by date. In particular, the exponential increase in Debt cannot be offset with the required dramatic expansion of world economies. It is a death spiral from which destruction of all manner is unescapable.
That is the reality that gets hidden. Its plain and simple. I dont like being the pessimist or the doomsayer here. We cannot remain in total denial.
LM,
Your comment is like putting two adjacent rounds through the same hole, at a respectable distance. I have to admire the courage to tell it like you see it. No one, nor I myself included, will paint the picture of the future exactly right: but I think you are very close. Outstanding.
http://cnsnews.com/news/article/ali-meyer/dhs-contracted-purchase-704-million-rounds-ammo-over-next-4-years-2500-rounds
Excerpt: “As of October 2013, the DHS had a total amount of 159 million ammunition rounds on hand in inventory (see p. 22 in report), which when divided by the estimated number of DHS officers of 70,000, comes to about 2,271 rounds per agent.”
Greg,
Why does DHS need as much or more ammo than the military?
One of the “system’s” most outspoken critics. Louis T. McFadden
http://www.rense.com/general27/gad.htm
So you embarrass Obama, you get jail. Is the US gov’t good at anything beside spending 2,500% of taxes they take in? Oh, and they are great at wasting the money.
http://www.cbsnews.com/news/nun-84-gets-3-years-in-prison-for-breaking-in-nuclear-weapons-complex/
NASHVILLE, Tenn. – An 84-year-old nun was sentenced Tuesday to nearly three years in prison for breaking into a U.S. nuclear weapons complex and defacing a bunker holding bomb-grade uranium, a demonstration that exposed serious security flaws.
Two other activists who broke into the facility with Megan Rice were sentenced to more than five years in prison, in part because they had much longer criminal histories.
Although officials claimed there was never any danger of the protesters reaching materials that could be detonated or made into a dirty bomb, the break-in raised questions about the safekeeping at the Y-12 National Security Complex. The facility holds the nation’s primary supply of bomb-grade uranium.
After the protest, the complex had to be shut down, security forces were re-trained and contractors were replaced.
I find it interesting that so many have speculated here on what life will be like after the collapse compared to other third world countries. I have a suggestion for all of you. Go to the electrical control panel in your home and flip the main switch. Once you have done that, you will not only get a glimpse of what life will be like after the collapse, you will also get the full experience of what most people go throw on a day to day basis in a third world country. Next shut off of your water for the complete effect. At this point it should be come obvious that you are not prepared for what lies ahead. Lets just talk about the basics.
1. Where will you get your water if you don’t have any? All that long term food storage you bought won’t do you any good if you don’t have anything to hydrate it with.
2. How about light? Those batteries in your flashlight will only last a few days at best. What will you do when they run out? Use candles? What happens when you run out of wax.
3. How about hygiene ? If you can’t wash, chances are pretty good that you will degrade your health over time. (funny story) I went to Lowes the other day to get some 5 gallon buckets and PVC pipe. When the clerk asked me what I was going to do with all the parts, he looked at me like I was from Mars when I told him, I was making a bucket shower to use when the power went off. Some other dumbass in line said. well how you going heat your water? I guess he didn’t know I had a wood stove.
4. Speaking of heat, how are you going to cook your food if you don’t have any electricity? Gas grill. I don’t think so. Propane tanks will only go about a week.
Myself I prefer a Biolite stove. Or a Primus gas stove but that’s just me. As far as water treatment I would recommend a Berky. If money is tight Pure Water filter will do just fine.
Get the picture? Third world countries will do better than we will do in a collapse scenario , because they are already there. Somehow prepping got to be glamorous , but trust me there’s nothing glamorous about basic survival . Especially if you are not prepared. if your fortunate enough to have already addressed some of these issues, you may want use your supplies ahead of time to see how well they work for you. A survival situation is not the place to find out, you don’t have toilet paper. That is unless you still have dollar bills in your pocket. You can still use them if all else fails. But what the heck do I know? I barely have enough money to buy a bucket to crap in much less a window to throw it out. Bottom line go easy on Karl. he made some really good points.
Jerry,
Powerful instructive comment !!! Thank you for posting it here!
Greg
Greg,
Enlightening interview with KD.
To wit ….we have Corporations dictating to Government.
What a perfect Utopia….Capitalism aligned with Communism.
They could not have planned this any better.
The Country….morever …the Western World…is asleep.
We are all being sold out. This ends when all that we value is depleted or confiscated.
Time horizons need to be adjusted to see exactly how all of this has unfolded.
When one analyses the people behind the curtains one uncovers a world/work of the those pagan societies of yesteryear, one that has all the hallmarks of none other than the Devil.
They have no beliefs, complete distrust and a demonstrable distaste for mankind. They find refuge and solace in misery for the masses, for their power comes from the weak.
To say the issue is serious is an understatement of Biblical proportions.
KD is right…..Not enough attention is being given to this.
Sometimes the “you know what” gets a little deep here, so I’m saying to myself I wonder if anyone knows how to make an emergency toilet? Then I ran across this.
http://youtu.be/E0m69GwZ-QI
Maybe I’m just a dumb hillbilly, but wouldn’t it be easier just to put a toilet seat on a five gallon bucket and call it a day?
Hello Greg, great interview. Makes sense to me now why with no fuss the debt ceiling was cancelled. If there had been any type of fight by the spineless republicans the main stream media would have blamed them for the coming decline in the economy. Right now the rats are all heading for the life boats and we are left locked below deck…
Excellent interview Greg. Keep them coming. It sounds as if some of the other commentators might be on to something when they say a collapse will likely be triggered in Europe or Japan before it happens here in the U.S.
I wonder what we should keep our eye on.
Alex D.
Forty years ago (1973) David Wilkerson gave a prophecy. It was very detailed and nearly every facet of that prophecy has now come true. The Lord told him that there were going to be roller coaster years, economically. There would be good financial times and bad times until finally there would be an economic collapse. In that vision, Wilkerson said the Lord told him that the crash would begin in Germany, hit Japan next and then the United States — before going global. Wilkerson warned everyone in 1973 to get out of debt, don’t buy a new car unless you absolutely need one … get your financial house in order. Don’t we wish our country (and we) had listened. It is all recorded in two books: The Vision and Set the Trumpet to Thy Mouth (both by Wilkerson).
You may listen to part of the prophecy here. It does mention the financial collapse.
http://www.youtube.com/watch?v=l_R9I-qQEbs
Greg,
Can’t you have someone on that tells us things are getting better so we can feel good? 😉
If one is interested in a negative prognosis, this was a real good bummer one! 😉
Troy,
I deal in truth not good cheer. To be forewarned is to be forearmed. That should make you happy.
Greg
Troy,
If you go back and listen to Greg’s interview with Karen Hudes, you will hear lots to “feel good” about including her comment that there’s 170 thousand tonnes of gold hidden in the Phillipines or somewhere around there to be allocated to all the peoples of the world and it is evident “we are winning” the battle against this tsunami of corruption because people “don’t trust” the main stream news reporting agencies. Do yourself a favor though if you decide to listen to her interview and be sure to read the comments which follow afterwards. For, as Greg has often said, we have some of the smartest people on the internet commenting here on this site (and I am not saying this because I necessarily believe that I am one of them– just trying to help you out)
Hey Troy.
I’d be willing to send you my Bob Marley T-shirt and a pair of “Lean Forward ” campaign buttons from the last election. That should make you happy.