Next Great Wave of Economic Crisis Rapidly Approaching-Michael Snyder
By Greg Hunter’s USAWatchdog.com
Investigative reporter Michael Snyder says, “The only way they got the unemployment rate to go down is pretending that millions, upon millions, upon millions, of Americans don’t want to work anymore. . . . If the labor force participation rate was exactly the same as it was when Obama was first elected, the unemployment rate would be 11%, and everybody would be talking about an economic depression.” Snyder, who recently wrote a novel called “The Beginning of the End,” warns, “We’ve seen absolutely no employment recovery; and, meanwhile, the next great wave of economic crisis is rapidly approaching.” Snyder contends, “What the Federal Reserve is doing is utter insanity. . . . The rest of the world is starting to lose faith in our financial system and the U.S. dollar, and this is the most important consequence of QE (money printing). They actually use more dollars outside the U.S. than inside the U.S.” Snyder says, “The economic collapse is happening right now, and it is a steady decline punctuated by moments of crisis like we saw back in 2008.” Snyder worries about the big banks being more leveraged than ever. The next crisis, Snyder says, “will be like 2008 on steroids. . . . We’re living in the greatest debt bubble in the history of the planet.” Snyder suggests people need to take steps to protect themselves against this debt bubble bursting. Snyder says, “Learn how to grow good food, get alternative sources of energy, and hold gold and silver for the long term.” Join Greg Hunter as he goes One-on-One with Michael Snyder of TheEconomicCollapseBlog.com.
If you’d like to buy a copy of Michael Snyder’s novel titled “The Beginning of the End,” click this link: http://theeconomiccollapseblog.com/my-new-book
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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.
Great interview Greg. Michael is one of the good guys. The system is broke both politically and economically. I agree with Gerald Celente that we need to get back to our roots. We need to move away from vertical multinational business models.
When I was growing as a kid in NYC we had local hardware stores, stationary stores, electronic stores, shoe stores, local clothing stores etc. That has pretty much been eliminated by the Walmarts, Home Depot’s, Lowes, Office Depot’s, Target, Best Buy, Amazon. Those big box multinational companies have crushed the little guys and eliminated them who were the economic engine and provided jobs for the LOCAL ECONOMIES. Those sadly are all gone and until we have an economic reset of some sort, we will see these companies get larger and larger while wages continue to fall.
Serious question for anyone who’d like to chime in. If you had most all of your life savings tied up in IRAs and 401K, would you cash them out now before maturity and take the hit while the market is at a peak? I want to do it, my wife says “No way.”
Reynaldo,
If your wife says no to taking all how about half? Many have told me they cash all out in 2008 and 2007 and are very happy. This will bust big time. Many experts who have been on this site say this bust will be bigger than 2008. That is a constant comment I routinely hear. Look back at the folks on this site, either they are heavy weights, were right before the 2008 meltdown or both.
Greg
Reynaldo.
I am in same boat. In 2013, I cashed in 2 smaller mutual funds. This Dec 2013 I am going to cash out 50% of my Bank CD and pay off house, pay off one truck (I have 4 of them), and put the rest in my business. I will keep the other 50% in Bank CD, unless I panic.
My wife has an IRA. We still have it, but I have quit paying into it about 3 years ago.
This Jan 2014, I will cash in one of my bigger mutual funds and I will keep the other. With that, I will pay off more debt and probably buy PMs.
Anyway, when all said and done, I will still have one IRA, one Life Insurance Policy, and one mutual fund. The rest will go to paying off debt, investing in my own business, PMs, and food storage type stuff.
When done, my monthly debt will be reduced by $2,000 per month. Now that is a raise to me. Where can I do that elsewhere?
My mom was 65 in 2008 and took a 50% hit on all her stuff from IRAs to Funds. She panicked and cashed out. I am not waiting for that.
Reynaldo,
You have posted a very difficult question indeed.
The dilemma is where to put your money if you cash your IRA/401K?
If you buy PM and put it under the mattress you risk being robbed, if you keep it in cash and put it in a bank you risk bail in, if you carry the cash and put it in you mattress you could be robbed any time you go with wife to have a dinner, and if you put it in stock market you are about to lose it when that bubble goes bust, and if you stay in IRA you will be looted by the government.
Talk about being between a rock and a hard place.
I may suggest one thing most families did in Syria when they were smelling war and that real estate.
I will say if your savings were enough to buy a real estate that can bring yo a cash flow that will be your best bet, If it was not enough to do so and can pay off your mortgage i will do that and get the deed of your house. If your house is paid off and the savings are not enough i will say LISTEN TO WIFE and stay where you are.
Would you like to cash out 100% of your position in IOUs denominated in phony baloney Federal Reserve IOUs backed by nothing, pay the taxes, and reinvest the rest in precious metals currently at dirt cheap prices, OR risk having the gov forceably reinvest your IOUs for you in their bonds (IOUs worth even less) ?
Seems like an easy decision to me.
I will bet that YOU shop at every big store you mention.
We, you and I are the enemy.
Greg
IS have been following eco. Coll. Site for 5 yrs , many will be informed better w/michael S.
FOP USA WD
Alols
Greg,
Am sure many commentators will pick on the cover of the book showing the pyramid with the one eyed top stepping on the flag. No surprise there, it is the reality and seems like the plan is going as per schedule!
Hey Doc! You keeping an eye on the Israelis and the House of Saud? Circumstances make strange partners, don’t they? Thanks for sharing your insights and perspectives.
The surface shows they are aligned together.
The deep says otherwise, Israel’s eyes are on Mecca and Al-Medina and they brilliantly allowed Iran to expand enough to pose a threat to Saudi Arabia.
Iran will be hit by Israel for a totally different reason than what every one thinks.
Iran is Israel’s bridge to Mecca and Al-Medina.
They are shrewd, brilliant but cannot deceive believers who see with two eyes, the sight and the heart!
Excellent guest – thanks for having him on!
Thank you Anne Elliott. I am going to have Michael Snyder back and hope he makes regular appearances.
Greg
I was just at Michael’s site yesterday. He has lots of great information about the economic collapse. I have to agree with him that we are collapsing now and many just do not see it..
The petro dollar is walking dead and it has just not fallen over yet….
and don’t forget 30 percent of the GDP is created with hedonics…..
we are far worse off than the numbers portray because the numbers are not honest assessments of the US economy….
Thank You Greg, something good will arrive in a day or 2 at your Greesnboro, NC PO box……
$441 TRILLION … $1.25 quad lmfao …… what is really the amount FED/US issued debt versus bank leveraged fictional dollars?
Thank you Mitch Bupp for your comments and support!
Greg, just about the time I think you’ve reached the limit of your interview skills, you take us to a new level with your interview of Michael Snyder. Great job!
Greg it occurred to me last night as I was reading the book “Urban Survival” that I was wrong about why the Chinese were buying huge amounts of Gold. I originally thought they were using it to backstop their currency, and now I’m not so sure. Now I’m thinking after they signed credit swap agreements with the European Banks recently, that they are using it to put pressure on the dollar by drying up the Gold supply. If that is true, its just a matter of time (maybe months) before QE printing will backfire. What are your thoughts?
Jerry,
History is clear about what happens when a country prints massive amounts of currency. Gold will rise in price eventually because the currency creation is rising. The only thing holding gold and silver down is massive manipulation.
Greg
jerry,
The feds make the gold available to China by pressing the price down.
They will put the price wherever they want as long as naked short positions are allowed and not prosecuted.
So the question is why?
Are the feds on our side or against it, and why the hell the congress is allowing it to happen.
Where are the good guys in the government (Hudes talked about) when the gold is going under their noses to east?
The puzzle is very complicated and it is not easy to see where the powers are lined up and who is good and who is bad?
All of this is great advice, learning how to grow food, get alternative sources of energy, etc. But it’s pretty darn hard to follow when you can’t find any sort of job to give you money to finance these sorts of things.
Don’t give up John. We are praying and pulling for you to find your way my friend.
Greg
I’m trying my darndest. Words of support do really mean a lot coming from you. Believe me, I would have a nice house in the sticks fully stocked with good guns, ammo, you name it if I had the time/money. It’s just I’m stuck looking for work and it’s really not a whole lot of fun these days. Anyway, thanks again.
John,
Whatever you do, do not give up. We are pulling for you.
Greg
It’s almost hard to believe but today I think I have a semi decent job lined up for next year. I had been stuck doing super short term temp jobs and other such nonsense the last few months and it was truly terrible watching my bank account slowly drip drip. Of course this job is not permanent but it’ll be work and it beats the heck out of non work. I think the whole idea of a career is dead in the 21st century. I read somewhere that the goal of employers is not full time employment and in a capitalist system I feel this is true where people are not valued for their own sake as people; rather they are only seen as things to be used.
You’re a good man charlie brown aka Greg Hunter responding to all of these comments. I really wish I was in a position to donate to this website because I feel like this is one of the few times I can be 100% certain my money is going to a worthy cause. One day.
John,
Do not feel bad about not donating to the site. Worry only about taking all the time you have left to put yourself in the best position possible. You honor me by supporting the site with your comments. Thank YOU.
Greg
John, consider partnering with people who DO have those resources. If nothing else, you can offer your labor to contribute to those growing COMMUNITIES of people preparing. It’s really about cooperation, and no one ever has too many friends. There is ALWAYS SOMETHING you CAN DO, and no matter how little you have, there is always enough to share.
Also consider pooling with other current friends. Perhaps one has a small piece of land, another owns a tiller, someone else has seeds. You get the picture; there are numerous opportunities for a community of friends to get through this together.
May God bless you as you seek to help others,
Michael
Great advice. Just know the people you pool with.
john,
I have been fortunate enough that I have not yet found myself to be so short on money that it hurts, but nevertheless, I have been preparing for the time when that possibility comes to pass because I believe it’s a prudent thing to do. So I offer you some thoughts based on that ongoing experience.
Consider that money is just a convenient medium of exchange used to facilitate the transfer of existing goods and services and that, these existing goods and services can also traded or rendered without having to use money. Friends and trusted acquaintances are worth far more than paper money and so are your skills and knowledge which can’t be stolen or degraded. If money is an insurmountable obstacle then spend as much time as you can developing these alternative resources.
On gardening, did you know that the seeds from just one fruit of a vegetable, like a tomato, squash or cucumber etc., if properly harvested and saved will supply you, and others, with enough to grow many plants the next year? Then there are vegetables and herbs available for free and growing wild if you can learn to see and harvest them. One one chicken is a gold mine that will give you about 4 eggs a day for 4 years in a row with little effort on your part.
If you can get past the money issue and slowly become independent of it, then, if or when and our fiat money becomes worthless, we will all have to learn how to live without it and we will be looking to people like you to teach us how. So think of your current situation as an opportunity and embrace it. If you are inclined to see with two eyes, both internal and external, then pray earnestly, constantly and humbly for His guidance and support.
Hope that helps..
You got a job buddy, it was given you a long time ago from the man upstairs =W A R N T H E W I C K E D=! Get off your a$$ets and get to work mate and quit cry’in, in yer beer. You need a swift kick in the rear, or your ends near! So never fear, he’s got your BACKside in sight, my dear!@#$%^&*()_
Greg,
Great interview! In my three years of following your site, I’d have to say this is one of my favorite guests you’ve had on! Thank you!
Thank you Nick Pappas. I hope Mr. Snyder returns.
Greg
Greg,
Isn’t the advice to buy precious metals a bit premature? If we are going to go through another 2008 “on steroids”, then I would expect to see a drop in gold and silver such as occurred in 2008, only a larger decline. The better time to enter the metals would be after the “crash”. Gold looks to be heading below $1000. Maybe $900 would be a place to start a buy program or just wait until a rally begins after we get a crash.
Brewmaster,
If it drops that low and you can fine supply that is a great plan. Looks to me like you are trading and trying to find a bottom but what do I know. We are approaching the greatest calamity in financial history. You have to keep that in mind. I do not sell PM’s of any kind.
Greg
The feds are making PM available to east by pressing the price down, they are painting the chart, all that just to loot the gold before the crash, when the crash happens they will have no reason to press it down any more, that huge ball that is been pressed under the water for long time will snap up and your 1000/900 target will be a dream.
If you have enough resources do not wait and buy while you can.
Brew,
Your theory is that gold will always move in tandem with the market. As much as PM s are being artificially depressed, I don’t believe this will hold true. Good luck. If things get bad and CME say gold is worth $500 but the real market spot price is $2,500; let’s just say I don’t think you’ll be buying any for $500
It will never happen that the CME price is at 500 the “real market spot price is 2500. The CME price IS the spot price. Many people want to talk like there are two separate prices. The spot price is based off of the futures market. It is true that the basis will vary slightly from day to day, but there is only one spot price from which all transactions are based upon. The Comex will NEVER default on delivery, as it is already in their rules that they can cash settle whenever they want.
Cash settlement is default.
How well would this theory have worked in 1930?
Not sure what theory you mean. Gold did not trade in 1930. It was worth 20 and change. The price was fixed, and didn’t move from day to day.
Yeah this guy definitely sees where we’re headed. And I agree with him when he says that there won’t be just one huge event that will cause everything to collapse all at once. We’ve been collapsing for quite some time now. I think it’s a slow burn for a long time, then eventually it will accelerate and maybe once it starts going fast enough for people to really see, that’s when I think hyperinflation will set in. But I definitely think people do sense something is wrong, they’ve just been so conditioned to ignore it or they’re just so ignorant by the illusions around us. I’m growing plenty of crops down here in southern Alabama on the bay (luckily we get good rains) conditioning myself for the inevitable. Carry on Greg. Nice interview.
Thank you Paul T.
Greg
Greg,
Can you recommend a site that accurately reflects true economic numbers, not these modified ones.
Also, I believe real unemployment is got to be near or at 20-22%
Thanks
http://www.shadowstats.com
Hey WD,
Check out shadowstats.com, he reports the numbers before all the adjustments.
There is a fee for his full services.
Greg,
Really good pacing questions; good focusing on points; and kept the interview right at speed. You just keep doing what you’re doing – hands, feet, and all: that’s what makes you – YOU!
We in “Crazy-ville”? Nope, we’re trying to tread water in a storm: it’s the world that’s going crazy.
Two Big Points made worth emphasizing – America is ALREADY in decline; but will be punctuated by “events”. And that Wall St. is the biggest, most reckless casino in the world. Boy, the pieces of puzzle keep coming together. Good guest!
Thank you Charles! Hope to have Mr. Snyder back.
Greg
Thank you Greg. Excellent interview. These interviews add addtl knowledge about the problem . But I beleve the adage…if you are not part of the solution you are part of the problem. So…I am praying in earnest about this govt, the financial system, corps, etc. I beleve we start with prayer and then will get the “direction” on what to do besides doing what has been advised on a personal level. Thank you again.
Thank you Felicia. Snyder is a wealth of facts!
Greg
Why do so many commentators recommend buying gold or silver.
Its like a broken record.
Its almost as if this is how they make their money.
But I do agree that a bigger crisis is coming than in 2008.
Digby G,
You said, “I do agree that a bigger crisis is coming than in 2008.” That’s what the gold and silver is for. Thank you for coming here.
Greg
Digby.
It is like this. When the bad times hit, and they will, a farmer may take a silver coin for a bushel of wheat. A fist full of dollars, he will send you down the road….
Greg,
This is very important development in the talks with Iran, keep an eye on it.
Just few hours ago that meeting did not last for few minutes and seems like Israel is turning the table upside down on US, Iran’s heads, Netanyahu is going to Moscow and I think he will do his best to avoid the inevitable.
http://english.farsnews.com/newstext.aspx?nn=13920829001062
Mohammad,
This is the most underreported story out there. I do not see how war in the M.E. is going to be avoided. Hope I am wrong.
Greg
Everything is coming at once. I don’t know if the World can handle all turmoil all at once. Nobody is ready. It is like a sinkhole. You were there, now gone….
Mohammad,
Is your position that the US can get a “good” arrangement from Iran? If you truly believe that, I have some beach front property in Ohio for sale…And cheap too. 😉
I just don’t see the world being a better place with Iran owning nukes. But, then, Obama having them scares the devil out of me too.
i said in previous posts that Iranians are patient, they take more than a year to weave a rug!!!!!!!!
Greg, I can’t find one person out here on the Western Front that is happy with their income, job, or the direction of the country. That being said most have no idea what is actually wrong just thinking things aren’t right. Also, I don’t know anyone without a job that doesn’t want to work, but what jobs there are one can’t make a living with. I don’t know how many whiskers the Lord has on his chin but one thing I do know is that replacing the democrats with republicans the next election won’t change a thing. Try voting for the guys the MSM says has no chance and see what happens, things could change in a hurry for the better.
Art,
At the very least, we would have some chance of getting back on track. With the Dems in charge, we have zero. I do believe some Republicans should be opposed in the next election cycle. McCain, Graham, King and others of their ilk. You are not a man of principles or convictions if you are willing to compromise them.
Art Barnes. I agree we need new blood in leadership. All votes are rigged in several directions. Ignored by main stream media, and all of the justice system. After seeing what happened to Ron Paul I for one plan to never vote again.
http://www.youtube.com/watch?v=K7tjnuG-l6g
Greg,
You and Mr. Snyder are remarkably alike – mannerisms, expressions, physiognomy… are you related?
Only our views are related. Thank you for your comment Yvette.
Greg
Another great interview, Greg. I have seen some of Michael’s articles and visited his web site in the past. Nice to hear him “in person” and hear a synopsis of his analysis. Your interview prompted me to buy his book with the hope I can use it as a tool to help wake up the sleepers in my family. Thanks to you both.
Hi Greg,
Not sure if you’re aware of this site so I thought I would link to it. Excellent educational resource for Fukushima related events and news.
http://enenews.com/
Here’s what government control of healthcare really looks like:
“Hospital delays are killing America’s war veterans”
http://www.cnn.com/2013/11/19/health/veterans-dying-health-care-delays/
“Military veterans are dying needlessly because of long waits and delayed care at U.S. veterans hospitals, a CNN investigation has found.”
No kidding; where have they been the last 40 years?
Do you really believe that Obamacare will be any better?
Welcome to “no choice” healthcare.
Mr. President, Take Down this LLaw! (wall)
Michael
You won’t see the phrase “Death Panels” in the story (above) but you WILL see how the death panels have been operating in the VA for decades, so I encourage you all to read the article and become informed. This is the same way death panels are written into the Obamacare law.
A follow on article to “Hospital delays are killing America’s war veterans” is “9 simple ways you can help veterans” and for all who made the effort here; I thank you for number 9. It DOES make a tremendous difference to me.
Michael
Michael,
I am shocked at the treatment our freedom fighters receive at the hands of the government they fight for. How can the citizens of this country not be outraged at this?
I have to check-in to that very same hospital next month for surgery. I hope they don’t kill me. I wish I had options.
The citizens of the USA are rarely outraged at the bad-treatment other Americans receive, because there is a lack of Good-Will, and empathy comes from good-will.
The predominant force in America is Selfishness; from which comes greed, guilt, fear and so on.
The American citizen will become outraged only when a government action directly and derogatorily affects him. That’s what Obamacare has done; directly and derogatorily affected most citizens.
Remember the good Samaritan whom Jesus commended, to the chagrin of the elite? The Samaritans were considered non-Jew-half-breeds by the Jews. In Jesus parable two Jewish elites found reason to not help the one who fell into the hands of robbers, but the Good Samaritan found reason TO HELP.
Some day I want to meet a good “Samaritan”. Until then, I continue to try to be one.
Michael
Great guest and interview Greg. Another patriot who left Plato’s Cave, went back down under, and is now desperately trying to free the prisoners from their own self-induced slumber.
Two points made are especially important-
1. “The economic collapse has been happening, is happening right now, and will continue to happen. It’s a steady decline that will be punctuated by moments of crisis.”
2. “Things continue to kinda go down the same road no matter who’s in there.”
Why has the collapse been happening? Why has America been steadily declining for many years? Because as former congressman Larry McDonald once said of The Plan, “It is international in scope, generations old in planning, and incredibly evil in intent.”
Why does nothing change regardless of who occupies the White House or what party controls the Congress? Because as former Supreme Court Justice Felix Frankfurter once said, “The real rulers in Washington are invisible, and exercise power from behind the scenes.”
What is The Plan? In 1974, Richard N. Gardner (Council on Foreign Relations) wrote a book titled, The Hard Road to the New World Order. The following is a quote from that book:
“The “house of world order” will have to be built from the bottom up rather than from the top down. It will look like a great “booming, buzzing confusion,” to use William James’ famous description of reality, but an end run around national sovereignty, eroding it piece by piece, will accomplish much more than the old-fashioned frontal assault.”
And lastly, how does China and Russia fit into all of this? Think of this as a play where all the characters on the stage are being manipulated for purposes of public consumption. Translation: The USA is being deliberately made to resemble “the bad guys” while Russia, China, and the United Nations are being made to appear like “the good guys”. This way when “our way” is sufficiently demonized, “their way” can come to us on a silver platter as the solution to all the world’s woes.
We see this type of game being played time and time again. For example, right now in South Africa the ANC is being made to look moderate by juxtaposing it against more virulent forms of radicalism. This way popular support is mobilized behind the ANC which is actually radical.
Silver closed below $20 at $19.90 and Gold down -$28 at $1245.
Dow down -66 at 15,901. Anyone paying attention?
What’s next? Any ideas anyone?
How about this: Pump n Dump the Dow to 17,000 while simultaneously pushing Gold and Silver down to move the physical assets from weak hands (“I cant afford any more downside!”) to strong hands (I KNOW what comes after capitulation).
We are into the area of massive capitulation now, at least in Silver.
Whatcha gonna do? Ideas anyone?
Michael,
What capitulation? Capitulation is for sissies. Drink plenty of fluids, get a full nights sleep, and clean all you weapons. ( I actually mix grey moly-grease with Lucas Oil additive for my semi-pistols. You need to watch for dirt; but they’ll never go dry or cease-up!) Remember, what you are seeing is MANIPULATION: it doesn’t represent real value. They are gaming and scamming – it can’t last.
Keep your eye on the prize – the focus on the right object. “Hope deferred maketh the heart sick: but when the desire cometh, it is a tree of life.” Proverbs 13:12. And “It is good for me to draw near to God: I have put my trust in the Lord GOD, that I may declare all thy works.” Psalm 73:28. (I”ll get back to you.)
hold your ground, do not be shaken off the bull back!
Anyone near Rapid City, SD, you’re at RADCON 4 radiation levels.
See the map everyone should be watching at:
http://www.netc.com/
Be safe out there!
Michael
Wow!
West coast where you would expect it to be high is Radcon 1.
Inland (close to area 51) is Radcon 2.
Very very interesting, what the hell do they hide in area 51 that emits so much radiation?
Sorry i meant Radcon 3 in the area 51.
Snap!
Thanks Michael. I am surprised the West Coast still registers normal.
It’s carried by the winds, and saturates an area with rainfall. Wherever the wind carries the radioactivity, the rains brings it down to earth triggering the alarms. That’s why (look at Japan on the map – very low rads due to wind) everyone should keep watch. Infant deaths in many US cities where it fell just after the incident have doubled already from Fukushima.
North Atlantic Kelp (supplements) will help you detox, AND provide iodine for your thyroid at the same time. You can also buy your own detector and hook it to your PC for real time alarms, not very expensive. The Triple Reactor at Clemson SC had a leak a couple weeks ago, was it in the local news? No.
Be aware and be safe out there, loved ones!
Michael
Greg,
According to ShadowStats, October unemployment rate was actually 23.5% (U3: 7.3% and U6: 13.8%). The Feds refuses to accept the true unemployment rate and has done little to help the unemployed. Both Stimulus and QE have done nothing to revitalize the job market. How can we have real economic recovery when millions of Americans are still unemployed or under-employed – many of them lost their homes and savings to Wall Street bankers and Robo-signing loaners? American workers are still in Depression.
MSMs are cheering when the rising Dow climbed above the 16000, yet none of them questioned if it is just another bubble that is going to burst.
Twitter, as well as many tech companies, is using non-standard accounting to turn huge loss into huge profit. (“Twitter Puts Spotlight on How Firms Burnish Results” from Wall Street Journal http://online.wsj.com/news/articles/SB10001424052702303309504579188352607330632)
Did we learn anything from Enron or WorldCom accounting scandals? Apparently not.
JPMorgan Chase agreed to tentative $13 billion settlement for selling faulty mortgage securities, yet nobody goes to jail. The Wall Street bankers know very well that they can always pay their crimes with money (instead of jail time). How often do we see a banker sentenced to jail?
Robo-signing mortgages are still going strong. Robo-signing in credit cards, car loans and student loans are also growing. When the U.S. dollar falls, all hell breaks loose. However I don’t expect it to be a total economic collapse.
The United States dollar is supported by its superior military power, not by its gold reserve (if any). As long as United States continues to dominate the world with its super military force, many countries will be pressured to tolerate with the falling dollar. The U.S. is a fearful giant (although financially broke) with big guns and massive stocks of WMDs. If the U.S. dollar falls, other countries will come to help. Many countries don’t want to see the U.S. economy collapse or they will lose a lot of money if it happens. Until the day the U.S. dollar status is completely replaced by another world currency or currencies, the golden rule: “Too Big To Fail” will prevail, even in the global economy.
Ambrose
Ambrose,
We do have a wonderful military. It takes money and supplies to operate a superior military. The US dollar is become less relevant everyday. While it is true we have nukes, that fact is not going to get the supplies we need to operate. I am not happy to see America in decline. However, we have been in decline for decades; it is just no one was paying attention.
Ambrose, don’t ferget da golden rule, the one who owns the gold rules and please don’t forget the Sunburn missile, like the song North to Alaska, its Russia’s own, mate!
Wow again.
That is all I have to say is–
Wow again.
Need to be ready.
Greg, I agree with John,
“All of this is great advice, learning how to grow food, get alternative sources of energy, etc. But it’s pretty darn hard to follow when you can’t find any sort of job to give you money to finance these sorts of things.”
I too, have lost my job. I have been doing medical billing for 15 years and have never been let go from a company. I made good money, but my insurance premium was $572 a month, employer paid. Another employee was also let go at the same time and her premium was almost the same as mine. I believe we were let go because we were older than the other two employees whose premiums were a lot lower. I cannot prove this, but I believe it. Now with Obamacare and the economy, I think the medical billing field will be cut way back. I don’t think I will find a job doing the same thing. I don’t know what to do at this point. I cannot afford to buy extra food, medical supplies, etc…..praying is the only thing left….which I have been doing for a long time. I appreciate your hard work Greg to bring the news that the MSM will not.
Thank you,
Donna
Donna,
Don’t give up. We are praying and pulling for you.
Greg
Donna, Greg is correct. Don’t give up and one big thing to start doing is praying about our govt(fed,state&local), corporatiions/businesses, & financial/banking systems. And yes there is rampant age discrimination-another area for prayer. Go to http://www.platformtoemployment.com – you might find help there.
I think the question people want to know is -is War coming first or, is it a monetary collapse?
According to scriptures, Revelation 6:5, the 3rd Seal is opened by the Lamb and the Black Horse of the Apocalypse [and its rider] springs forth, holding a Pair of Scales [inflation?].
The 4th Seal, Revelation 6:7, is the Pale Horse of the Apocalypse [Death]. After inflation -“a quart of wheat for a day’s wages”- a quarter of the Earth shall die by sword [war], famine [food disruption] and plague [MERS/SARS?].
Yes, we have had inflation before… but not on a worldwide, apocalyptic level!
If you really want to understand the four horses of Revelation, study the four horses of Zechariah, and draw closer to God’s Word, even being Immersed in Him.
Blessings!
Michael
Is the U.S. debt really 222 Trillion? If it is, that piano you hear playing in the background is a warm up for the fat lady to sing.
This is astounding.
http://youtu.be/rEUbCPzFT-s
Jerry,
As someone with an accounting degree, I can tell you that the US gov’t doesn’t adhere to generally accepted accounting principles (GAAP). If a company used the accounting methods the US gov’t, they would be in jail. Well, maybe not under Obama if they contributed to his campaign.
There are several was to account for future liabilities like pensions and retirees healthcare (think Social Security and Medicare). Basically, we have well over 100 trillion depending on which method and actuarial data you use. Facts are, is doesn’t really matter whether you use 100, 150, or 200 trillion, we are bankrupt. While we can print more money to pay, contrary to many views on this sight, there will be inflation. We import all the items we use on a daily basis and the large farming conglomerates are not going to sell us food at a deal. In the Great Depression, our nation was a self sufficient creditor. Now, we are a non manufacturing debtor nation. The only reason we are not experiencing more than 10-12% inflation now is because we are the world reserve currency, which has been fiat since 1971, a first time in world history.
As anyone that follows this site knows, the U$D is in the process of being replaced. When this is done, we are no different from Venezuela or the Weimar Republic.
Jerry,
Please keep in mind if i borrow from you 10000$ am in trouble, If i borrow from you 10 trillion dollars you are in trouble.
The lender is tangled with the borrower in this global mess.
Hi, Greg,
It is a very fantastic interview. thank you so much.
there one question I am going to ask:
1. Regarding 440 trillion dollars interest rate relative derivatives, we know 4 big US banks have big exposure on it, however, who is betting against them? suppose people gamble in the casino, there will be winners and losers, if big banks are losers when interest rate rise drastically, who are winners?
Steven meng,
There really will be no winners because the losers will not be able to pay off the bet. This is essentially what happened at AIG.
Greg
They play the spread, they position themselves on both sides of the trade and get the average joe in the middle. win win to them lose lose to us.
Every one,
please watch this old cartoon it says it all!!!!!!!!!!!!
http://www.youtube.com/watch?v=_se8c-wN35M
Good on ya Mohammad! 50 yrs and time runnin out!
Hi Greg,
I don’t understand your obsession with ObamaCare. Poor people, almost by definition, do not pay for their own health care, since being poor means barely getting by. The taxpayer pays for it. How does ObamaCare change this? Not at all. It adds a lot of idiotic bureaucracy, but the Bush socialist prescription drug benefit for Medicare is far bigger yoke around the taxpayers’ wallet.
The underlying problem, as Michael Snyder, John Williams and other guests point out, is that there isn’t enough wealth production in the USA support the current lifestyle (including the level of health care). They are attempting to close the gap with accounting sleight of hand and borrowing, but the jig is just about up, since we have already absorbed most of the rest of the world’s savings
Let’s say in the 2014 elections the Republicans take over the Senate and retain the House and then defund ObamaCare. How does that address the underlying problem? We’re still gonna be $17 trillion in debt with over $100 trillion in unfunded liabilities, and we’re still gonna be exporting jobs to low wage countries. And Bush’s socialist medical plan will be adding hundreds of billions of burden to the American taxpayers’ wallet every year.
Jason Embry,
You have to be kidding when you said, “How does Obama Care change this? Not at all.” They way it is now, the poor go to the emergency room and only get health care when they really need it. Obama Care provides for free prenatal care, abortions, birth control pills, and for the poor, no co pays in many cases. There are many things added to the Obama care policies that drive up the cost for most. Somebody has to pay for the increased cost and the subsidies. This is why you see reports of doubling and tripling the premiums for the people who will pay for this social nirvana. It will suck money out of the economy and divert it to pay for overpriced health care. This will speed the collapse and that is a mathematical fact. Your points about wealth and the $17 trillion deficit are well made and well taken.
Greg
You might want to read the Obamacare act. You might be surprised at the programs getting funded from within it.
We’re going to have to pay for the brown-shirts Obama promised before he was elected…
Michael
Greg,
You just made my point, Greg. It is a lot cheaper to treat people in a preventative manner, than relying on emergency rooms for first response. The current system of ’emergency room first response’ is the most inefficient of all. Unfortunately, ObamaCare is so badly designed, it is not likely to achieve the admirable goal of getting poor people into preventative care.
If it is your vote to keep the current system of ’emergency room first response’, you are basically voting for bankruptcy. If you have a an alternative to ObamaCare and ’emergency room first response’, I’d like to hear it.
Unfortunately, I think there few good options at this point. One thing they could do is make it a felony offense to serve or sell unhealthy food at any school receiving federal funds. Also, make it a felony to smoke on any college campus receiving federal funds. It is a bit late for this, though, since we already have epidemics of obesity, type 2 diabetes, heart disease, lung diseases, etc.
In a way it is a moot point, since hyperinflation is going to bring down the house of cards in 2014, regardless of the health care situation. Health care is just seeing the early stages of hyperinflation sooner, since it can’t be out sourced to Chindia like auto parts or call centers.
Jason Emery,
Obama Care is not cheaper and might I remind you about our $17 trillion debt. Obama Care will explode the federal deficit.
Greg
Hi Greg
Well i thought that news on China becoming more relaxed on the Yuan would give rise to the PM’s but just the opposite has happen. I’m having to rethink my position because with a loss and maybe repurchase it back again.Really sucks though.Your thoughts please
Thanks Dave
Dave,
Selling and buying it back is a trading strategy. It will work great as long as it is available to buy back at a lower price. I personally would not trade my insurance. If Israel attacks Iran (and that is increasing in probability) you will wish you did not sell. All the best my friend.
Greg
I’ve been hearing this since 2008; In the meantime, many people I know around me are continuing on with their lives. Buying houses, changing jobs, travelling, etc.
There is no preparation taking place because honestly, asking people to downsize is out of the question and for many who are just trying to hold on to their jobs and have debt, what more can they do.
Until or unless they’re mass layoff’s both in the private sector and public sector, people will continue on as is (as long as they have jobs, they can hold on)
Obama and Reid make another power grab. All I can say is wait until the other guys are in charge. Harry, let’s see how you like it
Greg,
Please try to bring Michael back. I found his analysis compelling. Keep up the good work.
Thank you 500 and I will certainly bring back Mr. Snyder if he will do it.
greg
Love Michael, read his blog regularly. His latest post “5 big lies” is one everyone should read. Thanks for what you do Greg…
Michael.
I’m not sure where I heard it, but I was told that precious metals would tank just prior to the economic collapse. Its seems to me in April (oddly enough the same day as the Boston bombing) 2013 that the PM market was artificially manipulated down to where we are today. I’m assuming it was putting to much pressure on the dollar, and the central planers needed to control it so they could keep printing money.
Historically the stock market was at all time highs (just like we are now) just prior to the crash in 1929. Check it out. Like Greg has always say’s “you buy PM to protect your long term assets, not for quick profit”. During the depression fortunes were lost, and fortunes were made, for those who positioned themselves wisely. And guess who wanted PM when money was worth…less? You guessed it, the Banks. You could right your own ticket. I know many people who did. Some even smuggled Gold in from Canada. Take care. I enjoy your comments.
Greg,
I like Mr. Snyder! A lot of information backed up with facts.
Thanks for what you do.
Looks like the punch bowl is still being spiked….
http://finance.yahoo.com/blogs/hot-stock-minute/dow-closes-above-16-000-1st-time-211127312.html
Hi Greg,
Thought you might find this useful-
Fairly recent statements of Medvedev (Putin’s protégé- I mean puppet) delivered at the 2009 Group of Eight Summit. While there, Medvedev called for a supranational currency to replace the dollar by pulling from his pocket a sample coin of a “united future world currency.”
“Here it is,” Medvedev told reporters today in L’Aquila, Italy, after a summit of the Group of Eight nations. “You can see it and touch it.”
These statements come on the heels of a Russian proposal that was put forth in March of that same year. The Russian proposal reads as such:
“We believe it is necessary to consider the IMF’s role in this process and also define the possibility and the need to adopt measures allowing for Special Drawing Rights (SDRs) to become an internationally recognized super-reserve currency”.
Can you believe it? John Maynard Keynes must be laughing somewhere in the Underworld right now! It seems that his dream of a world currency is finally starting to take shape.
That dream was emblazoned across the cover of the January 9, 1988 (volume 306) edition of The Economist Magazine. On it we find a phoenix rising out of the ashes of all the world’s currencies which are on fire (just like in the 2012 closing ceremonies when we saw a phoenix rising out of the Olympic cauldron with petals representing the nations of the world on fire). Above the phoenix we see the following headline: “Get Ready For A World Currency”.
http://globalresearch.ca/medvedev-unveils-world-currency-coin-at-g8/14326
What a surprise!
http://www.irishtimes.com/news/world/middle-east/afghan-opium-cultivation-reaches-record-levels-1.1593353
Reinforcing the notion that behind the scenes all the tin pot totalitarians are on the same page and that any enmity between the US and Russia/China is window dressing for public consumption—-
First time on American soil joint U.S.-Russian “anti-terror” drills:
http://en.ria.ru/world/20120419/172916144.html
The Americans inviting the Russians to NORAD for joint military exercises: http://www.dailystar.com.lb/News/International/2013/Aug-31/229417-russian-norad-forces-unite-for-exercise.ashx#axzz2lKR9nspD
The FSB and FBI working together: http://blogs.reuters.com/great-debate/2013/05/09/the-fbi-russia-connection/
Aerial over-flights of our military bases by the Russians under The Open Skies Treaty. The latter of course is being promoted under the auspices of “maintaining the peace”.
http://en.ria.ru/world/20130902/183111488/Russia-Begins-Open-Skies-Flights-Over-US.html
“Kissinger and Primakov were appointed by Putin to co-chair a bilateral “working group” of Russian and American political insiders to tackle issues such as global terrorism, nuclear proliferation, and nuclear threats.”
http://www.thenewamerican.com/usnews/foreign-policy/item/1171-kissinger-putin-and-the-new-world-order
Russia seeks to build GPS monitoring stations on US soil–
http://www.humanevents.com/2013/11/21/russia-seeks-to-build-gps-monitoring-stations-on-us-soil/
And now this: Chinese Troops To Train On U.S. Soil —http://canadafreepress.com/index.php/article/59113
Insight——-
“Mr. Dodd, all of us here at the policy making level of the foundation have at one time or another served in the OSS (the Office of Strategic Services, the forerunner of the CIA) or the European Economic Administration, operating under directives from the White House. We operate under those same directives… The substance of the directives under which we operate is that we shall use our grant making power to so alter life in the United States that we can be comfortably merged with the Soviet Union.” Statement by Rowan Gaither, President Ford Foundation (1953) to the chief investigator for the United States House Select Committee to Investigate Tax-Exempt Foundations and Comparable Organizations commonly known as the B. Carroll Reece Committee– Norman Dodd.
“Lenin said that national oppression and national borders will be abolished under socialism…and under socialism the interests of nationalities will be fused into a single whole.” Joseph Stalin (June 27, 1937)
“There has long been a hidden agenda to merge America and Russia under the New World Order.” Vladimir Zhirinovsky, controversial member of the Russian Parliament, revealed at a United Nations press conference (November 9, 1994),
“There does exist, and has existed for a generation, an international Anglophile network which operates, to some extent, in the way the radical Right believes the Communists act. In fact, this network, which we may identify as the Round Table Groups, has no aversion to cooperating with the Communists, or any other groups, and frequently does so. I know of the operations of this network because I have studied it for twenty years and was permitted for two years, in the early 1960′s, to examine its papers and secret records. I have no aversion to it or to most of its aims and have, for much of my life, been close to it and to many of its instruments. I have objected, both in the past and recently, to a few of its policies (notably to its belief that England was an Atlantic rather than a European Power and must be allied, or even federated, with the United States and must remain isolated from Europe), but in general my chief difference of opinion is that it wishes to remain unknown, and I believe its role in history is significant enough to be known.” Carroll Quigley, Tragedy and Hope, 1966, p. 950
In regard to the earlier posting on 401k’s: About a year ago I left a position with a large corporation and cashed in my 401k, converting it into gold and silver bullion coins. I have no regrets, in spite of the downturn in prices recently. Why? I’ve followed Greg and Michael Snyder’s websites for 3 years now, and I feel certain that I will be one of the few fortunate individuals who won’t see their savings completely wiped out when our currency fails, or the banking system crashes, or the US government defaults. It’s a sad situation, but there is still time for all of us to make some critical decisions. I thank Greg and Michael for providing the true facts and information that should be a red alert to everyone that has their savings in this corrupt and deceitful American banking system. The writing is on the wall, folks… we get closer every day. The wagons are circling around the dollar, Obamacare is quickly imploding, and the Middle East is, well, the Middle East. Gold and silver may not be a guarantee, but the way fiat currencies are heading, I think I’ll take my chances on precious metals.
Now for the positive—
Some may be thinking “I appreciate you trying to put a positive slant on things, but in the end aren’t we like the frog in the frying pan with the lid being quietly put on?”
For the longest time I thought we were done no matter what. I wrote off “The Awakening” as superfluous inanity. But I was wrong. The point is that the darkness, even as it intensifies, is receding. The elevation of consciousness, “awakening”, or whatever else you choose to term it— appears to be real. Below are some links that may help inspire, motivate, invigorate. If you only watch one clip- try the very last link…
http://www.thegatewaypundit.com/2013/10/public-outcry-restores-christmas-carols-at-holiday-concerts/
http://www.politico.com/story/2013/10/ben-carson-obamacare-slavery-98185.html
http://www.gallup.com/poll/165371/americans-satisfaction-gov-drops-new-low.aspx
http://www.thenewamerican.com/tech/environment/item/16654-major-international-climate-report-challenges-un-alarmism
http://www.lewrockwell.com/2013/08/mikael-thalen/brzezinski-global-political-awakening-making-war-difficult/
http://www.huffingtonpost.com/2013/10/12/edward-snowden-video_n_4088780.html
http://nbclatino.com/2013/07/18/tracking-system-called-mark-of-the-beast-by-student-dropped-in-san-antonio/
http://thehill.com/blogs/hillicon-valley/technology/275761-shell-shocked-lawmakers-shy-away-from-online-piracy-in-new-congress
http://swampland.time.com/2013/04/17/an-angry-obama-lashes-out-after-gun-control-defeat/
http://www.activistpost.com/2013/09/norcal-county-votes-to-secede-create.html
http://www.youtube.com/watch?v=BzToBNKVwBs
http://www.youtube.com/watch?v=–tF3oMrJ-k
http://www.youtube.com/watch?v=weIjYscff5k
http://www.youtube.com/watch?v=cqHLEPdjMLo
http://www.zerohedge.com/news/2013-10-04/less-1-exchange-visitors-are-signing-obamacare
http://online.wsj.com/news/articles/SB10001424052702303763804579183680751473884#
http://www.youtube.com/watch?v=z5NldBQV5oQ
http://www.realfarmacy.com/even-the-ny-times-is-now-rejecting-monsanto-gmo-science/
http://www.cnn.com/2013/09/09/politics/syria-poll-main/index.html
http://tracking.tenthamendmentcenter.com/issues/ndaa/
http://www.youtube.com/watch?v=PprP5TCZBRI
GREAT interview Greg. Snyder not only says what he believes but does it with conviction and passion and authority. He, like you, backs up what he says with fine details and 3rd party evidence. Well done getting him on Greg and let’s see more in the future! Cheers, Brian (Sydney, Australia)
Thank you Brian Howard!!
Greg
This came out of China today….
http://mobile.reuters.com/article/idUSL4N0J62M120131121?irpc=932
Could someone please give a simple explanation of what a Derivative, as used in financial market is.
Other than something that derives its value from another, I am confused as to what it means
Here’s a youtube video (a great place for education, and it has a search function too) intro to financial derivatives.
If that one doesn’t get you where you want to be, search youtube on “Financial Derivatives” just like I did. If you had rather read, just google the same phrase and add the word “example” to the same search.
http://www.youtube.com/watch?v=UtwHz7xQZNI
Have a Great Day!
Michael
The rest of the world is not precisely losing faith in the US Dollar. It is actually losing faith in the leadership that does not seem to act rationally in their own self-interest.
Mickael on Jim Bakkers program you were asking for other articles or authors regarding what is going on I have two for you
Perry Stone has a series out there on CDs {6) Living in Apocalyptic time CD #! is The President and the Persian Prophecies I dont know that these are out on UTube but I hate listening and then getting cut off.
The other on line program is on TCT Wm Federer Faith in History. I would send you a link but all it will take you to is their dropdown list of available programs. Faith in History is the name of the program and any of the teaching on Muslims, Isis or Islam is a good place to start, they have not really changed since the 600s.
I would dearly love to get this to Zack but cant figure out how. The Perry Stone teaching is concise, presented in a way that is so logical even I have been able to see the
patterns
Keep looking up enjoy that little girl of your Jesus is coming soon
Marilyn Tyler