By Greg Hunter’s USAWatchdog.com
When? That’s the question that is on the minds of people following the economy. When will the “you know what” hit the fan and we start another global meltdown. I am not going to string you along. I will tell you right now, I don’t know. I will tell you the headlines I read and the things I am hearing from people in power around the globe say we are in deep danger. The time is close. Mervyn King, Ben Bernanke’s counterpart over at the Bank of England, said last week, “This is the most serious financial crisis we’ve seen, at least since the 1930s, if not ever.” If this is what he’s willing to say publicly, what is he saying behind closed doors? This means today’s financial conditions are worse than the meltdown of 2008.
King is not the only one sounding an alarm. UK Prime Minister David Cameron said yesterday, “Time is short, the situation is precarious.” The Financial Times (FT.com) reported yesterday, “Mr. Cameron wants Germany and others to accept the “collective responsibility” of euro membership and to increase the firepower of the Eurozone’s €440bn bailout fund to stop financial contagion spreading from Greece. Although he refused to speculate on a Greek default – some British government ministers believe it is now inevitable – he said all uncertainty had to be removed about the country’s economic future.” The FT.com story also said, “Mr. Cameron believes it is vital that Europe’s leaders get ahead of the markets by announcing a comprehensive plan, comparing it to the “bazooka” approach once advocated by Hank Paulson, former US Treasury secretary.” (Click here to read the complete FT.com story.)
I hope that “bazooka” approach doesn’t end up being like the gigantic bait and switch U.S. taxpayer rip-off called TARP. That stands for the Troubled Asset Relief Program which was supposed to buy “troubled assets,” but none were bought. The reckless, crooked bankers did get some sweet bonuses that following year though. I hope the crisis holds off until the G-20 meets in France in early November. I am sure the subjects will include how to handle the coming Greek default and recapitalizing European banks.
The way I see it, many European banks are simply insolvent and are interconnected to the global economy. Otherwise, this would not be a “systemic crisis.” Three things can be done. The EU can print lots of money and give it to the banks. (They say this will “recapitalize” the banks.) It can let the banks take a haircut, but we all know the debt write down would be so big that many banks would fail. Finally, a combination of the two can be done, with the emphasis on printing lots of money. The reason why the EU is laboring over all of this is they don’t want people to figure out that all they’re really doing is printing money. This has to look like a really complicated tough decision so the fiat money and the people who control it remain relevant.
But back to the question at hand, and that is when? When does it all fall apart? Last week, Robert Shapiro, senior advisor to the IMF, said if a “credible” plan isn’t reached in three weeks that a global financial meltdown would happen. Please watch the chilling BBC video below:
No matter what’s done, star banking analyst Meredith Whitney says many European banks over the next few years are “just not going to make it . . . because the governments just can’t save all the banks.” (Click here to see the complete Whitney interview buried near the end of a recent CNN story.)
Economist John Williams of Shadowstats.com says “don’t blame Europe” for the world-wide systemic crisis we are facing. The blame should mostly fall on America. In his latest report, Williams said, “The problems, however, always have been primarily U.S.-based and due to domestic economic, monetary and regulatory policies. Blaming the euro area for U.S. problems is little more than a foil aimed at distracting attention from the catastrophic fiscal and Fed-policy issues threatening long-term U.S. solvency and the U.S. dollar. . . .Broad systemic and economic instabilities have been ongoing in the United States for more than three years, and the crises appear headed for a near-term crescendo”
Don’t expect the Fed to sit by and do nothing as the world economy falls into a black hole. According to Shadowstats.com , “The Fed and the U.S. government still will provide whatever guarantees are needed, whatever money has to be created, spent or loaned out, in order to prevent systemic failure. This includes any sovereign or non-U.S.-bank bailouts required to prevent systemic collapse. The costs of such actions remain inflation or U.S. dollar debasement. They can continue only so long as the global markets allow them, until the U.S. dollar comes under massive, sustained selling pressure.”
In the aftermath of the 2008 financial meltdown, the Fed pumped out $16 trillion. If this is the worst crisis “ever,” then expect more of the same. The Fed will stop the meltdown or kill the dollar. Either way, most Americans are headed for a third world living status.
“The blame should mostly fall on America”—I may be splitting hairs here. Keep in mind that the Fed, Bank of England as well as all European central banks are all Rothschild dominated and incestuously related. Over the centuries their power center changed(ie England, Spain etc) depending on their military and economic strength. The US Fed holds the torch…for now.
You’re right Greg, the US holds the torch , the federal reserve are the bankers, they alol belong to the Council on Foreign relations, this is all being done so they can let the N American Union through, open Mexican borders and one world bank,its not working out very well though. George Soros is a member of the CFR as well and he along with Rupert Murtdoch/CFR and Bloomberg/cfr have all bought the media and no one know what is going on anymore. We all sit and watch this happening as if it were a movie, if soemone doesn’t do something soon we will have no country. Obamas bill Lorus , the Korean Nafta is going ot pass tomorrow and that will be the end o fany jobs we will ever have, its all over and we all watched. I’m not sure if we are supposed ot applaud now or what, I think we should take the Fed Reserve /CFR and turn the upside down and shake th emoeny out of their pockets and pay our debts and donate the rest to American citizens, and get the UN out of our face. that would all be a start, I also see deportaion in our future.
I have created a dozen blogs and written over 300 articles about the banking industry in the past 3 years.
Yet even with all the research I have done I did not figure out the solution to the present economic crisis. I did however stumble across the answer when I happened to watch Conan Nolan’s News Conference on KNBC in Los Angeles this past September 26, 2011.
Jerry Nicklesburg, Ph.D. UCLA economist revealed the underlying problem to Conan in an aside that made my jaw drop. Nicklesburg said that any restructuring of a debt first requires a default.
Instantly I understood why BANKS NEVER HELP main street.
Be it a HAMP loan, student loan, or credit card debt, main street CANNOT restructure their debt obligation without first defaulting. The default then enslaves the customer for the next 3-20 years with even higher costs for borrowing money.
Nicklestein, a UCLA PHD economist, also suggested what I have been suggesting for the past couple of years. It’s time for the banks and the government to offer Interest rate forgiveness to main street on their actual debts.
We continue to see protests from the Tea Party demanding less taxation and less assistance from the government, and Occupy protests demanding more positive government involvement and funding of public health and education programs.
Yet we still have not heard from those who want to honor their debts, but need their debt restructured without first having to default, as they are being outshouted by both the tea party protestors and the Occupy protestors.
Thanks Greg for your positive responses to my prior comments!
You can see the latest reincarnation of my ONE and ONLY ONE talking point about debt restructuring not first requiring a default here. http://wallstreetchange.blogspot.com/2011/10/restructuring-debt-should-not-first.html
Stopping the interest on loans is something that should be look at. It doesn’t matter what the leaders come up with if the people lose trust in the system and walk away. The debt slaves are not only fighting the unfair system but the money they are given is harder to come by and inflated. The leader have lost control and the revolt is underway. A good leader would regroup look at the resources of there country and close down the banks who should of been close down years ago. The students protesting Wall street need to burn there student loan contracts in protest and bust that bubble. It was foolish to take debt on for a education but it was a hell of a racket for the people pushing it.
I think it was albert einstein that said compound interest is the most powerful force in the universe. The university fraud was a false dream sold to millions of students. Go to such and such university and increase your standard of living for life.
I appreciate the time you have devoted to this topic but I take issue with a couple of your points.
Restructuring debt only is not the end all, be all fix it problem. I think it is part of the solution, but you’re looking at this strictly from a consumer level- think more globally. The problem is artifically low interest rates (which you propose to perpetuate) caused by inflation of currencies (primarily by the Fed) which leads to asset bubbles and mal-investment (think housing, NASDAQ, etc.). Fiat money has a repeating cycle with a long history of the same result- debasement/inflation/collapse.
The best thing to do is to let the debts get liquidated (and/or restructed) and get back to the constitutional command of money being NOTHING BUT gold and silver (and stop letting private international bankers control the issuance).
Sustainable growth comes from SAVINGS, not debt. Read about Austrian economic theory then get on board with Ron Paul’s presidential campaign (regardless of your current political affiliation- this is not a R vs. D issue, this is corporate fascism vs a constitutional republic)
Second, in your blog you discuss preventing default on student loans. Guess what, you CAN’T default on student loans. All these young people graduating with tens of thousands of dollars in student loans are stuck with them FOREVER because of the change in bankruptcy law about 5 years ago. College now leads to indentured servitude for life. It’s sad really. The federal government now controls ALL student loans and they will not let students restructure or default.
Watch “College Conspiracy” from the National inflation assocation- it will open your eyes.
The “when” has already happened. In 2008 when Bear-Stearns couldn’t find buyers for there Mortgage Backed Securities it opened the Pandora’s Box on the financial sectors dirty little secret of failure. But unexpectedly, bailouts, money printing, and FASB rule changes pulled the world’s monetary system back from the brink and put us on a rocky slippery slope. I agree we are close to the brink again because nothing has been done to fix the problems, but I expect some last minute save that creates a slightly steeper slope. Eventually we will hit bottom, but only after a long bruising tumble.
You can’t fix a problem that has no solution. The best you can do is try to build again. Building again requires you have the available resources to do so. You also want to build a more solid structure. This does not exist. What exist is a very greedy eleet class who is so “blinded by the light” that they will get the hardest when there is not even enough resources for them. The powers that are in control in this world do not care about you, me or the population. They only care about themselves right now. Our whole system is f**ked up. Our congress doesn’t work, our politics is a scam, our money managers are crooks, we live in a cyst pool that makes everyone sic.
Greg, best article you have ever written in my humble opinion and there have been many. Turning on the printing presses after vexing a complex plan to disguise the printing is what was done here in 2008, more of the same. We all know the fed & treasury only have one pitch left, the fast ball printing press. The Fed, Europe, and others claiming all the trouble in world is coming from little old Greece is absurd. It may be the catalist but its not the underlying disease. All the countries have become deeply in debt and can’t pay up; simple as that. The economic demise of the global economy will turn out to play in the hands of a one world government which is presently emerging as the world gets smaller all the time. You can bet that people who live in a third world status have no power to change anything, just go along and get in the box cars as directed. This is starting to make me want to read my Bible again.
Ten years ago we had Bob Hope,Johnny Cash and Steve Jobs.
Today we have NO JOBS, NO CASH and NO HOPE!!!
Witty – but stolen from meme-demotivational poster website.
BOJ to print trillions; BOE billions; ECB and the FED to follow.
While this will be great for gold, it will spell eventual worldwide monetary collapse. Extend and Pretend appears to be an incurable virus.
Good Morning Greg,
Do you mean we haven’t had a meltdown already? I believe that the new call-to-action is “crisis, crisis, we need to fix it now or else.” Guess what the “or else” has already “hit the fan”. After the world bankers have cleaned out every possible cash asset available, they will be going after their friends in the corporations.
Also, we are seeing states attacking corporate giants like Amazon. The most recent is Connecticut trying to collect taxes on a corporation that does not have a presence in the state. This has happened to Amazon in several states, which forced a physical retreat. I believe that the end result will be to force Amazon out of the USA. It is not that I am defending Amazon’s ability to pay taxes, but it is a systematic problem for the future of tax collecting in America.
I believe the politicians will also be going after “We the Peoples” retirement accounts, like 401k plans. There is a huge amount of money to be taken from retirement accounts. I can imagine the congress wringing their hands and thinking up new laws to get their grubby hands on that money.
The greed of the bankers and the politicians have set the course that is dragging the rest of down. The meltdown started a long time ago and when the financial puddle settles on the floor, the “or else” will have “hit the fan”.
Problem – Reaction – Solution.
Failed Economic Policy leads to market turnmoil which is solved by printing money.
I can write a long essay explaining the reality but in the interest of every one’s time, I jump to the conclusion:
It’s not that they (TPTB) have to continue printing money to pay for the governmental and bank shortfalls. Rather, it’s they have to intentionally get into a continual and ever growing deficits so….. they can print more money.
Why? Because it can then confiscate your wealth and transfer it to the government which they totally control!!!
The biggest transfer of wealth is occuring now and it will not stop until the middle class is wiped out.
I say HOGWASH to this article because for a crisis that’s supposedly worse than 2008 but the markets keep climbing and my economy is dramatically improving !
The word used here is SOON and I just love that word but soon will be many years folks , many many years so relax just as I have relaxed lately because I see through all this stuff now ! It’s called kicking the can of doom and gloom down the road
Greg we have been coming to that very same clif FOREVER now ! I’m sorry but every year we hear about that clif , so maybe that clif isn’t ad close as you think .
RICH is a troll at both Zero Hedge and SHTFplan.com
I guess they’ve chased him over to your site.
Sure will be interesting for what you have to say but for now.
I have to agreee on the word “Soon” and it does look like everything is doing well. I often wonder how in the hell they can keep it going. There are the Pro’s and Con’s and Sooner or Later we are going to have to make a decision just where are we headed. What I don’t like is the lies being told to us and the constant evasion of straight answers. So in order to convince me that things are getting better you have to bring truthful statistics to the table, open the bank books and clean the garbage out of the system.
Also I would state that we don’t live forever and that we are not entitled to everything at someone else’s costs. As for the rich people, their greed will be their downfall as most revolutions begin that way, meaning on the back of others. Notice the Champagne party on the Wall St. Balcony. I thought that those people were arrogant didn’t have a clue and could have insited violence. Are they that insulated from the real world?
All things being relative? I can say that things for me are quite well. No debt and retired. For my friends, that’s a different story as they brought homes and purchased play toys, well beyond their means and are stuck. They ran the gambit of the Tech Bubble and the Housing craze and watched their 401’s and other investments eroded from inflation. Most of them know they will work till they die.
I remember gas at 25 cents, nickel candy bars and $1.00 per hour wages. One bread winner in the family. Car notes were three years and house mortgage were ten years. Big change. Maybe I am looking at the Macro, while others look at the Micro? Must be the Old Geezer in me. ;o)
I am alarmed by the growth of the tent cities, the large percentage of people on welfare,homeless, the unemployment rate, the national debt and inflation. So I guess, Hogwash, is relative but depends on where you stand.
My neighborhood was nice once. Now I see broken vehicles, unkept property, crime, trash. Most are now renters. More empty homes in the subdivision. About a three year downturn.
That’s my world.
Yeah, and “It’s called kicking the can of doom and gloom down the road”. is that short hand for government debt of 14+trillion dollars of debt. Unless you think the money and ecomony fairy is coming to save us all. I hope the fairy gets here soon.
Greg, after all that said, the market rallies over 4 percent. Just like you said, they elite have chosen plan B and Wall Street took advangage of it to start a rally; but beware the bear rally, Wall Street is getting ready to to short and clean up one more time before the big crunch hits.
WOW …..even sites that proclaim to be truthful CENSOR!!! I made a very truthful reply to this article and IT DIDNT POST! INCREDIBLE but not really.
Greg, you post all my foolish comments,THANKS You should check out this guys site called Military Religious Freedom Foundation and the reason he started it. It’s a story few know about, Like who misplace the nuclear weapons on Air Forces planes.
Why the brouhaha over Greece? Isn’t their GDP about the size of the state of Rhode Island? Could it be that Greece is a “red herring” to distract us from the larger issue of a half-dozen other much larger EU countries that are going though a slow-burn meltdown? Just a thought, great article by the way, as usual.
I though about that too and I must agree, little 0′ greece can’t be anything but a red herring.
Greg, Art and Meatdawg,
Martin A. Armstrong at http://www.martinarmstrong.org/economic_projections.htm
says that the issue with Greece (and the other European countries with financial issues) is that when they created the European Union they set up a single currency, but not a single debt. By doing this, instead of devaluing each country’s debt, it “increased” in value–which is the opposite of what you need to do. The only way to balance the situation is to create one debt.
He also says that we desparately need to separate the financial responsibilities from the political responsibilities–the politicians aren’t financial experts and they keep messing things up for everyone.
hey greg , still censoring my comments huh ? only allowing comments that agree with you hey ? now i KNOW you have an agenda and i will be spreading this on youtube , so thanks for exposing yourself as a fraud !!!
Going from a first world living standard to a third world living standard seems a little extreme.
I believe that over the next decade many Americans will see a substantial decrease in their
standard of living which could parallel a second world living standard but to suggest most of us in
the U.S. will be living at a third world status is not realistic.
As predicted to Canada’s Prime Minister in an ‘Open Letter’ on July 9, 2002: The collapse is inevitable; and will be officially recognized at some point prior to January 1, 2013.
Due the mounting costs and consequences of ‘Peak Oil’, life as we know it now, will soon be a thing of the past, with most living as do the poor in 3rd world countries.
As far as I can see / contemplate there are no solutions to this other than to accept and prepare as best one may for the inevitable as, absent ‘Lo-Cost’ energy, we can no longer afford our currently wasteful use of such. And such is / was the sole support of our need / desire to believe in ‘Sustainable Growth’ (An impossibility – as only so much ‘stuff / widgets’ can be produced before wasting the planet and destroying its carrying capacity.).
We shall have to prioritize and develop allocation structures so that all can have ‘some’ fuel to heat their homes, cook their food and, perhaps, till their gardens for the near term future. Then followed by a need to utilize other energy sources. None of which have shown any possibility of meeting any meaningful fraction of our current needs.
A thorough understanding of the issue will lead most to acknowledge that our short term grab for “More!” has led us to a point where we shall soon be living as did our forefathers.
Hobbe’s prediction of “A War Of All Against All’ comes to mind.
Daniel J. Lavigne
Working with ‘The MedicAngel® Mission to help the poor.’ in Cambodia.
How can anyone predict “when” if we don’t know “what” of which a “global meltdown” consists?
Does it start with a dollar failure of some sort? A euro failure? A stock market crash? Another liquidity crisis? Or maybe another serious nuclear event?
I believe it will start, and righteously so, with the elimiation of the Fed. Most people don’t know that the Fed was created as a replacement for Mr. JP Morgan’s financial bailouts, if I remember correctly. Morgan was the bailout king 90 years ago, and the gubmint saw this role as something the Fed could fill.
Since then, the Fed’s role has been remanufactured from bailout-of-last-resort to some kind of economic manager of the economy and employment. The Fed can’t do that, and the evidence is clear. And while the Fed is still the bailout king, it isn’t improving employment or the economy. This uselessness of the Fed is, I think, a big part of what OccupyWallstreet is about.
Your mileage may vary,
This is what happened when money failed in Egypt…
13And there was no bread in all the land; for the famine was very sore, so that the land of Egypt and all the land of Canaan fainted by reason of the famine.
14And Joseph gathered up all the money that was found in the land of Egypt, and in the land of Canaan, for the corn which they bought: and Joseph brought the money into Pharaoh’s house.
15And when money failed in the land of Egypt, and in the land of Canaan, all the Egyptians came unto Joseph, and said, Give us bread: for why should we die in thy presence? for the money faileth.
16And Joseph said, Give your cattle; and I will give you for your cattle, if money fail.
17And they brought their cattle unto Joseph: and Joseph gave them bread in exchange for horses, and for the flocks, and for the cattle of the herds, and for the asses: and he fed them with bread for all their cattle for that year.
18When that year was ended, they came unto him the second year, and said unto him, We will not hide it from my lord, how that our money is spent; my lord also hath our herds of cattle; there is not ought left in the sight of my lord, but our bodies, and our lands:
19Wherefore shall we die before thine eyes, both we and our land? buy us and our land for bread, and we and our land will be servants unto Pharaoh: and give us seed, that we may live, and not die, that the land be not desolate.
20And Joseph bought all the land of Egypt for Pharaoh; for the Egyptians sold every man his field, because the famine prevailed over them: so the land became Pharaoh’s.
21And as for the people, he removed them to cities from one end of the borders of Egypt even to the other end thereof.
22Only the land of the priests bought he not; for the priests had a portion assigned them of Pharaoh, and did eat their portion which Pharaoh gave them: wherefore they sold not their lands.
23Then Joseph said unto the people, Behold, I have bought you this day and your land for Pharaoh: lo, here is seed for you, and ye shall sow the land.
24And it shall come to pass in the increase, that ye shall give the fifth part unto Pharaoh, and four parts shall be your own, for seed of the field, and for your food, and for them of your households, and for food for your little ones.
25And they said, Thou hast saved our lives: let us find grace in the sight of my lord, and we will be Pharaoh’s servants.
26And Joseph made it a law over the land of Egypt unto this day, that Pharaoh should have the fifth part, except the land of the priests only, which became not Pharaoh’s.
6And Joseph died, and all his brethren, and all that generation.
7And the children of Israel were fruitful, and increased abundantly, and multiplied, and waxed exceeding mighty; and the land was filled with them.
8Now there arose up a new king over Egypt, which knew not Joseph.
9And he said unto his people, Behold, the people of the children of Israel are more and mightier than we:
10Come on, let us deal wisely with them; lest they multiply, and it come to pass, that, when there falleth out any war, they join also unto our enemies, and fight against us, and so get them up out of the land.
11Therefore they did set over them taskmasters to afflict them with their burdens. And they built for Pharaoh treasure cities, Pithom and Raamses.
12But the more they afflicted them, the more they multiplied and grew. And they were grieved because of the children of Israel.
13And the Egyptians made the children of Israel to serve with rigour:
14And they made their lives bitter with hard bondage, in morter, and in brick, and in all manner of service in the field: all their service, wherein they made them serve, was with rigour.
I have lived in a third world country. America will never become like a third world country and I’ll tell you why: It is STILL the land of great entrepreneurs like Bill Gates, Steve Jobs, the founders of Google and many others. Americans are hard working, smart, productive people and because of that, this countries politicians will not be able to completely destroy it.
In third world countries, the people are simply not as innovative and productive as Americans (very few people in the world are, in fact). So, you end up with a country where, outside of farming, nothing else is produced. Absolutely nothing. And whatever little is left is literally stolen by the politicians and hidden away in Swiss bank accounts.
I believe the standard of living of most middle class Americans will go down, but it will not ever be close to what you see in the third world countries. People will no longer have 3 or 4 cars per household, they won’t be able to eat out 3 times a week, no more tv’s in every room of the house, no more disney land vacations every year…that sort of thing. It will become more like Europe, actually, which if you’ve been there, isn’t as rich as America. They live much simpler lives.
So in case nobody read the article on collapse net , it gave a timeline for collapse and guess what year was given ………2030……right in line with my comments all along !
Greg, Armstrong writings released from the 26th of Sept up to day are very important to say the least! http://www.armstrongeconomics.com/writings. He covers why the EU will fail & what congress has for the public next? Common sense and enforcement of the Laws against the countless crimes by what he terms as the ‘Manipulators’gains no coverage by the MSM. Only when the corruption of the whole NYC court system is exposed will people wake up and direct their attention off of the people who work on wall street and go after the ones who protects the ‘manipulators’ of the giant TBTF Investment houses who have bought their way out of being brought to justice.
http://www.kingworldnews.com has many good interviews this past week end. Martin Armstrong, Harry Markopolis the man who took down Maddoff has now pointed to the industry wide practice of using the pension funds to loot billions from these pension funds for DECADES. I uurge all to go to http://www.kingworldnews.com/broadcast and hear for your self what Martin & Harry Markopolis tells King world news. Both State Street & Bank on NY Mellon have been caught with their sticky hands in U.S. Pension Funds for Decades. You got to hear what Harry has to say and what Martin has to say about what to expect from congress in the future as the EU crashes and it all flows towards the USA. It comming and we might as well be prepared for the stupid to come out of DC at the spped of light. Thanks Greg, for keeping it real!
“When” is now. Since the first major cracks of ’07 (or 1913 or ‘33 or ’71) virtually nothing has been done as a curative. Printing money as a corrective has only increased the likelihood of fiat currency attaining its intrinsic value – zero.
If, having gone over the cliff and still in freefall, the question of “When” only concerns smashing into the rocks below it can only be known that it hasn’t fully happened yet; death by smashing is not a foregone conclusion but remains an extremely high risk. It remains arguable that “When” is now.
Furthermore, history has many pertinent examples of these times. When there is no more confidence in the confidence game it ends. For example, when the means of exchange we call “money” is found to be fraud a new means of exchange begins through creativity, compassion with a very healthy dose of lawlessness. At that point of impact most will be in the third-world inside a week, most of the rest, soon thereafter. Since a milder form of “When” is occurring and anticipated at all levels of society, “When” is now.
However, there’s a bright side 🙂 Having adopted the fraud, this disaster was always inevitable but this disaster cannot destroy assets (buildings, tools, etc.), knowledge (skills, expertise, etc.) or fortitude. Rediscover principle and resolve to never surrender to fraud again and we’ll all have some stories of great humor and inspiration to relate on the other side of “When”.
The United States Of America had its Greatest Depression starting in 1873 = after plans to finance and build a second transcontinental railway failed [among many other reasons].
That Depression lasted 22 years, 1873-1895.
Smart people I follow elsewhere believe America’s present Depression [atarting in 2008] has many parallels in size, scope and effect as America’s Greatest Depression [1873-1895] .
What do you and your reader’s/bloggers think ? Thank you.
This is in response to Rich that said that our economy is improving…. he is obviously suffering from delusions or brain damage and needs to seek psych help or a brain surgeon asap.
Rich…….what is your agenda and what planet do you live on or what insane asylum did you escape from.
Hi Greg, The occupy Wall St, protects have spread to ” Occupy Vancouver Canada” and the protest is spreading to other cities, to protest the tyranny of the banks and other finacial firms, supported by governments. It’s odd how corparate welfare is acceptable, while the welfare of the people is rejected. America and other countries need to take the influence of money out of politics. There needs to be regulations to limit political contributions, like the regulations in Canada that prevent unions ,corporations, religious groups and individuals from using their money to buy influence with politicians during election campaigns. The influence of religion has to be separated from politics. God cannot save anyone !
Please by all means sound the “Doom and Gloom” alarm. It boggles the mind that people can whistle past the graveyard as if they are safe. We appreciate your candor.
Another great post! Allow me to vent here…..not until we eliminate “fractional-reserve-banking”- will anything of susbstance correct all of the massive economic-cancer we’re stricken with!!! How ironic it is with those marching and banging drums- on Wall Street,along with the Tea Party— utter those 3 words that are detroying our nation!! I’ll even include that rising star- Mr.Herman Cain on these 3 words…..lets hear what he thinks about it. Is it legal? Where in the Constitution does it state it is?
A very spot on article. I am convinced the best way is to let all the failed banks go bankrupt they deserved it anyway. A bank produces absolutely nothing and right now the banksters are taking away the good money and demand that this money flows to their failed institutions. What Europe and the US will undergo is a massive decline of the purchasing power of their monies. As I wrote before we need back to non interference of the governments and banks regarding to money. We need private sound money. If we look how the Fed has done their job last 100 years it is a disgrace, the USD doller last 98% of its purchasing power. Let,s wake up before it is too late and stop the robbing of your own govt and banksters and return to sound money gold and silver. It has been this way for thousands of years.
Hope that ppl start waking up,
keep up good work
I would appreciate a bit more on ‘what’ – though I realize that, just like ‘when’, few if any really know.
This is what I’ve been agonizing over for the last few months. How will it affect me, my family, those around me, etc?
To be even more specific: will the distribution network collapse, or not? I realize even that is fairly generic, and perhaps it has to stay that way. But I do wonder if, say, it’ll be a more general collapse, an end-of-the-world-as-we-know-it, fundamental-things-not-working-any-more sort of thing, or just a slow down, retrenchment, reduction in expectations (even a very strong reduction), and that sort of thing.
I’ve been living with reduced expectations for some time, and that’s fine with me. But I live in an area where local farming is fairly limited, for example, and distribution network collapse could be life threatening.
My guess is that things won’t get to that point, but I’ve not heard any other thoughts along those lines. Would appreciate yours.
Greg…..we appreciate the fact that you continue to post those comments made by those living in the twilight zone…….we must pray for them…….the Bible say’s…..”My people parish from lack of knowledge”.
These high placed bankers would not be jaw boning disaster if they really believed it. They are once again trying to stampede the heard into selling their gold investments and stock investments, in other words panic is desired. What the ultimate agenda is can only be guessed at, its classic pump n dump
As I stated previously, the only “Plan B” the banksters have is to point fingers. And blame. Lots of blame.
We the people can only prepare so much, but there will always be the Unknown not covered. It will always be this Unknown that will always sting us.
What do I have to add to the cacophony of ideas, to the “fix” that will save us all?
Have faith in God. Pray to Him with all your heart. Beg Him for mercy. Stop worshiping the things of the world, and go back to worshiping Him.