The Beginning Of The End
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11 Signs That Time Is Quickly Running Out For The Global Financial System

Are we rapidly approaching a moment of reckoning for the global financial system?  August is likely to be a relatively slow month as most of Europe is on vacation, but after that we will be moving into a "danger zone" where just about anything could happen.  Historically, a financial crisis has been more likely to happen in the fall than during any other time, and this fall is shaping up to be a doozy.  Much of the focus of the financial world is on whether or not the euro is going to break up, but even if the authorities in Europe are able to keep the euro together we are still facing massive problems.  Countries such as Greece and Spain are already experiencing depression-like conditions, and much of the rest of the globe is sliding into recession.  Unemployment has already risen to record levels in some parts of Europe, major banks all over Europe are teetering on the brink of insolvency, and the flow of credit is freezing up all over the planet.  If things take a really bad turn, this crisis could become much worse than the financial crisis of 2008 very quickly.

All over the world people are starting to write about the possibility of a major economic crisis starting this fall.

For example, a recent article in the International Business Times discussed how some economists around the globe are fearing the worst for the coming months....

The consensus? The world economy has entered a final countdown with three months left, and investors should pencil in a collapse in either August or September.

Citing a theory he has been espousing since 2010 that predicts "a future lack of policy flexibility from the monetary and fiscal side," Jim Reid, a strategist at Deutsche Bank, wrote a note Tuesday that gloated "it feels like Europe has proved us right."

"The U.S. has the ability to disprove the universal nature of our theory," Reid wrote, but "if this U.S. cycle is of completely average length as seen using the last 158 years of history (33 cycles), then the next recession should start by the end of August."

The global financial system is so complex and there are so many thousands of moving parts that it is always difficult to put an exact date on anything.  In fact, history is littered with economists that have ended up looking rather foolish by putting a particular date on a prediction.

But without a doubt we are starting to see storm clouds gather for this fall.

The following are 11 more signs that time is quickly running out for the global financial system....

#1 A number of very important events regarding the financial future of Europe are going to happen in the month of September.  The following is from a recent Reuters article that detailed many of the key things that are currently slated to occur during that month....

In that month a German court makes a ruling that could neuter the new euro zone rescue fund, the anti-bailout Dutch vote in elections just as Greece tries to renegotiate its financial lifeline, and decisions need to be made on whether taxpayers suffer huge losses on state loans to Athens.

On top of that, the euro zone has to figure out how to help its next wobbling dominoes, Spain and Italy - or what do if one or both were to topple.

#2 Reuters is reporting that Spanish Economy Minister Luis de Guindos has suggested that Spain may need a 300 billion euro bailout.

#3 Spain continues to slide deeper into recession.  The Spanish economy contracted 0.4 percent during the second quarter of 2012 after contracting 0.3 percent during the first quarter.

#4 The unemployment rate in Spain is now up to 24.6 percent.

#5 According to the Wall Street Journal, a new 30 billion euro hole has been discovered in the financial rescue plan for Greece.

#6 Morgan Stanley is projecting that the unemployment rate in Greece will exceed 25 percent in 2013.

#7 It is now being projected that the Greek economy will shrink by a total of 7 percent during 2012.

#8 German Finance Minister Wolfgang Schäuble says that the rest of Europe will not be making any more concessions for Greece.

#9 The UK economy has now plunged into a deep recession.  During the second quarter of 2012 alone, the UK economy contracted by 0.7 percent.

#10 The Dallas Fed index of general business activity fell dramatically to -13.2 in July.  This was a huge surprise and it is yet another indication that the U.S. economy is rapidly heading into a recession.

#11 As I have written about previously, a banking crisis is more likely to happen in the fall than at any other time during the year.  The global financial system will enter a "danger zone" starting in September, and none of us need to be reminded that the crashes of 1929, 1987 and 2008 all happened during the second half of the year.

So is there any hope on the horizon?

European leaders have tried short-term solution after short-term solution and none of them have worked.

Now countries all over Europe are sliding into depression and the authorities in Europe seem to be all out of answers.  The following is what one eurozone diplomat said recently....

"For two years we've been pumping up the life raft, taking decisions that fill it with just enough air to keep it afloat even though it has a leak," the diplomat said. "But now the leak has got so big that we can't pump air into the raft quickly enough to keep it afloat."

The boat is filling up with water faster than they can bail it out.

So what is the solution?

Well, some of the top names in economics on both sides of the Atlantic are urging authorities to keep the debt bubble pumped up by printing lots and lots more money.

For example, even though the U.S. government is already running trillion dollar deficits New York Times "economist" Paul Krugman is boldly proclaiming that now is the time to print and borrow even more money.  He is proud to be a Keynesian, and he says that "you should be a Keynesian, too."

Across the pond, the International Business Editor of the Telegraph, Ambrose Evans-Pritchard, is strongly urging the ECB to print more money....

Needless to say, I will be advocating 1933 monetary stimulus à l'outrance, or trillions of asset purchases through old fashioned open-market operations through the quantity of money effect (NOT INTEREST RATE 'CREDITISM') to avert deflation – and continue doing so until nominal GDP is restored to its trend line, at which point the stimulus can be withdrawn again.

But is more money and more debt really the solution to anything?

In the United States, M2 recent surpassed the 10 trillion dollar mark for the first time ever.  It has increased in size by more than 5 times over the past 30 years.

Unfortunately, our debt has been growing much faster than GDP has over that time period.

For example, during the second quarter of 2012 U.S. government debt grew by 274.3 billion dollars but U.S. GDP only grew by 117.6 billion dollars.

Our problem is not that there is not enough money floating around.

Our problem is that there is way, way too much debt.

But this is how things always go with fiat currencies.

There is always the temptation to print more.

That is one of the big reasons why every single fiat currency in history has eventually collapsed.

Printing more money will not solve our problems.  It will just cause our problems to take a different form.

In the end, nothing that the authorities can do will be able to avert the crisis that is coming.

A lot of people are starting to realize this, and that is one reason why we are seeing so much economic pessimism right now.

For example, according to a new Rasmussen poll only 14 percent of all Americans believe that children in America today will be "better off" than their parents.

That is an absolutely stunning figure, but it just shows us where we are at.

Our economy has been in decline for a long time, and now we are rapidly approaching another major downturn.

You better buckle up, because this downturn is not going to be pleasant at all.

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  • Mr. G

    Well, you won’t get any complaints from me when time runs out.

    This is a sick system which is unholy as can be, and is based upon the values of a bunch of psychopaths. I have no problem with it crashing and burning.

    I understand that some will suffer, but what we in the West forget is that a great many were already suffering, while we were living the high life.

    Many things we bemoan, such as the rise of industry in China and India, are actually completely fair. These developments stink for us, but it is our comeuppance for taking advantage and abusing the world for so long.

    I am especially dismayed by so-called “American Christians” who are tools of the elite and their corporatocracy. Now, I have nothing against Christians, but these ones I reference are psychopaths and fascists and I have no sympathy for their whinings because they have a hard time paying for the SUV and the McMansion.

    No, America is a sick, sick country. It’s damned, I am sure of this!

    • lee

      gotta disagree with the damned part.

      despite the debt and entitlements that makes the US look like greece, it can still turn it around faster than anyone. the resources, wealth, educated people and system that can change all of its policies in 2 years gives it an edge over anyone else; china, russia and india dont have all of that.

      question is, can we start in 2013 or is it going to be 2016. romney will make the changes in 2013 when its starts getting bad and he has to. i think president obama has proven he will not.

      • Bill

        Don’t think Romney has the right stuff but (end the frs) Ron Paul does.

    • Ben

      Hello,

      A faculty member at a Physics Department on the west coast is not aware he just missed the opportunity to earn twenty times his weight in gold. And much more.

      Patent Application 61/574,665 (text shown bellow), filed with the USPTO, is currently available for Inventorship Transfer.
      You get a buyer’s signature on an Inventorship Transfer Contract for said Application and you earn 50% of the transaction.
      You may leave your e-mail address on this site.

      Kind regards,

      Ben

      Re: PRL
      From prl_editor
      To ********
      Sent ************, 2012 at ************

      Hello,

      Thank you for your reply!
      Apparently there’s a misunderstanding.
      This is not a mockery.

      Instead of asking for “the government” to do “a new investigation”, people could get organized and do a full (instead of a partial) investigation themselves.
      Again: “When the World Trade Center twin towers were completed, the total costs to the Port Authority had reached $900 million.”:
      https://en.wikipedia.org/wiki/World_Trade_Center

      Given the importance of the subject, it is reasonable to think that people everywhere on Earth can contribute to raise at least one billion dollar, to reenact some of the events of September 11, 2001.
      It is possible that nothing new would come out of it… but it is not excluded that something could…

      It is understandable that Professors “mind their own business”… “teach”… “apply for grants”… but this is not a small thing…
      Genuine thinkers can’t hide their heads in the sand… can they?

      Remember:
      “To thine own self be true, and it must follow, as the night the day, thou canst not then be false to any man.”
      William Shakespeare

      “Truth is what stands the test of experience.”
      Albert Einstein

      Thank you!
      Kind regards,
      Ben

      On ************, 2012 at ********, ********@************.edu wrote:

      Who are you ? Is this supposed to be funny ? Couldn’t you find a less
      tragic event to mock about ?

      >
      > “Dear 9/11 truthers,
      >
      > We did not ask for our independence.
      >
      > Instead of asking for a new investigation, you yourselves could raise
      > money, use dummies and reenact 9/11.
      >
      > “When the World Trade Center twin towers were completed, the total
      > costs to the Port Authority had reached $900 million.”:
      > https://en.wikipedia.org/wiki/World_Trade_Center
      > Kind regards,
      > John Hancock
      > Thomas Jefferson
      > Benjamin Franklin”
      >
      > The text of a Provisional Application for a Patent recently filed with
      > the USPTO, mentioning “dummies” and “911″ and which is currently
      > available for inventorship transfer, is as follows:
      >
      > “Methods and systems for safety testing
      > Description
      >
      > This invention relates generally to safety testing methods and
      > systems and more particularly to safety testing methods and systems
      > for new large buildings or vessels or airplanes or spacecrafts.
      > Certain embodiments of the present invention provide evidence
      > concerning the physical phenomena that caused the fall of World Trade
      > Center One (WTC1) or the fall of World Trade Center Two (WTC2) or the
      > fall of World Trade Center Seven (WTC7) or the destruction of the
      > airplane that was performing United Airlines Flight 93, on the date of
      > September the eleventh, 2001.
      >
      > A first embodiment of the present invention includes at least a
      > new large building (e.g., a skyscraper or a bridge or a dam or a
      > factory or a power plant or a tunnel or an underground building, etc).
      >
      > Equipment, furniture and test dummies can be included.
      >
      > At least one sensor (e.g., biosensor, chemical sensor, electronic
      > sensor, electromagnetic radiation sensor, pressure sensor, radiation
      > detector, thermal sensor, etc) can be included. Information provided
      > by said sensor can be securely recorded on site or at least at a
      > remote location.
      >
      > At least a pathogenic agent contamination or a destructive test
      > (e.g., a flooding or the impact of an airplane or a projectile or an
      > electromagnetic radiation beam or an infrasound beam or an explosion
      > or a fire, etc) can be included.
      >
      > A second embodiment of the present invention includes at least a
      > new large vessel (e.g., a ship or an aircraft carrier or an offshore
      > drilling rig or a submarine or an underwater building, etc).
      >
      > A third embodiment of the present invention includes at least a
      > new airplane or spacecraft.
      >
      > A fourth embodiment of the present invention includes a faithful
      > full-size copy (i.e. a replica) of said WTC1.
      >
      > Said replica of said WTC1 can be built using the methods and the
      > kinds of materials that were used to build said WTC1.
      >
      > The state of said replica of said WTC1 can be similar to the state
      > of said WTC1 at a moment seconds before said WTC1 was hit, on said
      > date.
      >
      > In order to reconstruct the state that existed onboard American
      > Airlines Flight 11 at a moment seconds before said WTC1 was hit on
      > said date, a Boeing 767 can be included.
      >
      > Said Boeing 767, via a GPS-like system or via a laser guided
      > system or via an onboard programme (e.g. embedded on a chip or
      > recorded on a hard disk drive or on a flash drive or on a CD or on a
      > DVD or on tape, etc) or via remote control techniques, can be made to
      > hit said replica of said WTC1 the way said WTC1 was hit, on said date.
      >
      > A fifth embodiment of the present invention includes a replica of
      > said WTC2.
      >
      > Said replica of said WTC2 can be built using the methods and the
      > kinds of materials that were used to build said WTC2.
      >
      > The state of said replica of said WTC2 can be similar to the state
      > of said WTC2 at a moment seconds before said WTC2 was hit, on said
      > date.
      >
      > In order to reconstruct the state that existed onboard United
      > Airlines Flight 175 at a moment seconds before said WTC2 was hit, on
      > said date, an other Boeing 767 can be included.
      >
      > Said other Boeing 767, via said GPS-like system or via said laser
      > guided system or via said onboard programme or via said remote control
      > techniques, can be made to hit said replica of said WTC2 the way said
      > WTC2 was hit on said date.
      >
      > A sixth embodiment of the present invention includes a replica of
      > said WTC7.
      >
      > Said copy of said WTC7 can be built using the methods and the
      > kinds of materials that were used to build said WTC7.
      >
      > The state of said copy of said WTC7 can be similar to the state of
      > said WTC7 at a moment seconds before said WTC7 collapsed, on said
      > date. Fires can be initiated inside said copy of said WTC7.
      >
      > A seventh embodiment of the present invention includes a Boeing
      > 757.
      >
      > Said Boeing 757, via said GPS-like system or via said laser guided
      > system or via said onboard programme or via said remote control
      > techniques, can be made to hit a terrain similar to the site hit by
      > said Flight 93, on said date, the way said Flight 93 hit said site, on
      > said date.
      >
      > With respect to the use of substantially any plural and/or
      > singular terms herein, those having skill in the art can translate
      > from the plural to the singular and/or from the singular to the plural
      > as is appropriate to the context and/or application. The various
      > singular/plural permutations are not expressly set forth herein for
      > sake of clarity.
      >
      > It will be understood by those within the art that, in general,
      > terms used herein, and especially in the claims in a subsequent
      > non-provisional application for a patent are generally intended as
      > “open” terms (e.g., the term “including” should be interpreted as
      > “including but not limited to,” the term “having” should be
      > interpreted as “having at least,” the term “includes” should be
      > interpreted as “includes but is not limited to,” etc.). It will be
      > further understood by those within the art that if a specific number
      > of an introduced claim recitation is intended, such an intent will be
      > explicitly recited in the claim, and in the absence of such recitation
      > no such intent is present. For example, as an aid to understanding,
      > said claims may contain usage of the introductory phrases “at least
      > one” and “one or more” to introduce claim recitations. However, the
      > use of such phrases should not be construed to imply that the
      > introduction of a claim recitation by the indefinite articles “a” or
      > “an” limits any particular claim containing such introduced claim
      > recitation to inventions containing only one such recitation, even
      > when the same claim includes the introductory phrases “one or more” or
      > “at least one” and indefinite articles such as “a” or “an” (e.g., “a”
      > and/or “an” should typically be interpreted to mean “at least one” or
      > “one or more”); the same holds true for the use of definite articles
      > used to introduce claim recitations. In addition, even if a specific
      > number of an introduced claim recitation is explicitly recited, those
      > skilled in the art will recognize that such recitation should
      > typically be interpreted to mean at least the recited number (e.g.,
      > the bare recitation of “two recitations,” without other modifiers,
      > typically means at least two recitations, or two or more recitations).
      > Furthermore, in those instances where a convention analogous to “at
      > least one of A, B, and C, etc.” is used, in general such a
      > construction is intended in the sense one having skill in the art
      > would understand the convention (e.g., ” a system having at least one
      > of A, B, and C” would include but not be limited to systems that have
      > A alone, B alone, C alone, A and B together, A and C together, B and C
      > together, and/or A, B, and C together, etc.). In those instances where
      > a convention analogous to “at least one of A, B, or C, etc.” is used,
      > in general such a construction is intended in the sense one having
      > skill in the art would understand the convention (e.g., ” a system
      > having at least one of A, B, or C” would include but not be limited to
      > systems that have A alone, B alone, C alone, A and B together, A and C
      > together, B and C together, and/or A, B, and C together, etc.). It
      > will be further understood by those within the art that virtually any
      > disjunctive word and/or phrase presenting two or more alternative
      > terms, whether in the description, claims, or drawings, should be
      > understood to contemplate the possibilities of including one of the
      > terms, either of the terms, or both terms. For example, the phrase “A
      > or B” will be understood to include the possibilities of “A” or “B” or
      > “A and B.”
      >
      > While the invention has been described with reference to
      > particular embodiments, it should be understood that the embodiments
      > are merely illustrative. Variations, modifications and improvements
      > may be made by those skilled in the art without departing from the
      > spirit and scope of the invention in its broadest form. It is to be
      > expressly understood that the drawings are for purposes of
      > illustration and description only and are not intended as a definition
      > of the limits of the invention. Accordingly, it should be clearly
      > understood that the embodiments of the invention described above are
      > not intended as limitations on the scope of the invention, which will
      > be defined only by the claims in a subsequent non-provisional
      > application for a patent.”
      > If you know an inventor who might be interested in this issue, I
      > should be most grateful if you could forward him this message.
      >
      > Absent appropriate actions from our part, measures are in place so
      > that, in due time, a Nonprovisional Application will be filed with the
      > USPTO and with similar foreign institutions.
      > P.S.: A little present for you (sorry, this interpretation is
      > currently unavailable in high quality on youtube):
      >
      > https://www.youtube.com/watch?v=koN9m0ltRFY
      >
      > Kind regards,
      > Ben Franklin
      >

      • Mattyboy

        Hey Ben, I see that they still have you locked up securely.

    • God’s Plan

      Mr G,

      I agree with you and you are right it is damned, the whole world is…..things are about to change in a big way very soon now…..man’s time of reigning himself is coming to an end….it is God year this year to set in motion the transition from this era into the next one, where God will reign and we will all live according to his rule and no longer our own and Satans. Amen

      • Alessia

        Wattaloadabollocks!!

    • liberranter

      I am especially dismayed by so-called “American Christians” who are tools of the elite and their corporatocracy. Now, I have nothing against Christians, but these ones I reference are psychopaths and fascists and I have no sympathy for their whinings because they have a hard time paying for the SUV and the McMansion.

      These people aren’t Christians at all, but statist idolators who give their “religion” veneer of fake Christianity in order to camouflage its humanist nature.

    • chow

      “I am especially dismayed by so-called “American Christians” who are tools of the elite and their corporatocracy. Now, I have nothing against Christians, but these ones I reference are psychopaths and fascists and I have no sympathy for their whinings because they have a hard time paying for the SUV and the McMansion.”

      Who are these Christians? Could you name one? It seems to me when someone whines about government over spending, to you, they are Christians. Why is that? You say you don’t hate Christians, but your words do.

    • Louise in MO

      MR. G.

      You sure don’t sound like an American to me!

      It’s one thing to criticize and/or complain of the decisions made by government.,banks, etc.

      It’s quite another to blame things on certain christians. I happen to be a christian and I don’t live “high on the hog.”

      You sound like you have a personal gripe and want to label and entire group of people.

    • JPSerino

      I agree with the sentiment of immorality. However, those are not truly Christians that you speak of, any more than those bankers and worshippers of money are representative of the Jewish faith of the Old Testament. True Christians are those who do not prey on the weak, the poor and the helpless and are fair and just in their actions toward others, whether in business or in daily life.

      • Corinne from down under

        I think keep religion out of this. Another MAN made load of crock. We need to look after our Earth, she is who nurtures us and keeps us all alive not bloody money. Why are you yanks so brainwashed by religion?

  • Jakartamn

    There is nothing new here.
    We are know that a world wide depression is on ts way.
    The real questions are:
    How bad will it be?
    How long will it be
    Who will be affected most
    What will the world come out as? political, economical, and moral.

    • Bryan

      7yrs the time of jacobs trouble the tribulation and great tribulation the last 7 weeks of daniel. Jesus loves all! John 3:16

  • mark

    You can’t fix a debt problem with more debt, period. So,if we will not make the reforms in spending, taxes and regulations that we need to make now the whole mess will collaspe. I would suggest that you should get prepared.

  • VegasBob

    Ben ‘Bernokio” Bernanke, the money-printer-in-chief, is going to be very surprised when he finally realizes that he does not have the ability to repeal the business cycle. All Bernokio has done is prolong the economic crisis by printing trillion$ of counterfeit electronic dollar$. The resulting Depression is going to be worse than the 1930s.

    I voted for Obama in 2008, but will definitely NOT vote for his re-election. Perhaps President Romney will have enough sense to get rid of Bernokio in 2014 when his current term as Federal Reserve Chairsatan is finished. However, I won’t hold my breath, because I’d probably suffocate.

    • Paul

      Romney may get rid of Obama, but he definitely will not solve the problems.

      He will probably be like Bush or any other republican, and remember – the debts exploded under the Bushes and Reagan.

      If you want to change, you need to change.

      Don’t elect Democrats or Republicans, take someone else. If you have a democracy, you surely have more than 2 parties?

      Your party will not win, but who knows?
      Last election there were 70% non-voters. 15% elected Obama and 15% Reps.

      If those 70% non-voters suddenly vote for your party, you might get the Chilean solution – a CIA-backed military coup, because the establishment won’t be happy with your choice.

    • Robert

      It is not the puppet US President that chooses the Fed Chairman, it is the puppet master that does i.e The House of Rothschild and Company.

  • lee

    Yes, i am constantly amazed at how everything you listed and more is here now and the 90% of the world still is acting as nothing much is going on and its same old, same old. I try to hold out that it will be a slow decline as it has been so far; but there’s just too much that aint right these days.

    Just what you listed dwarfs what was happening in fall of 2008, when reality sets in; the SHTF. i would not want to be one who wasnt ready for it.

    If the world economy makes it to 2013 without a serious worldwide contraction; i would be suprised; there are too many land mines out there this time around.

  • Cindy

    I wonder how long it will take “them” to finally realize that their “solutions” are simply not helping to stimulate the global economy…….no matter how many QE’s and bailouts they will agree to do.

    • Nobody Special

      “They” won’t. Read Krugman’s article and the comments – it will always be someone else’s fault. “They” can never accept that their ideas might actually be WRONG.

  • Jon Q. Public Menace

    “most of Europe is on vacation”

    …There in lies the problem. Most of Europe has been on vacation for the last 50 years, producing nothing.

    • Keith

      Exactly, could not have said it more clearly.

    • mondobeyondo

      It’s typical for Europeans, especially the French, to take the entire month of August off for vacation. Must be nice.

    • Zedge Hero

      The economy of the European Union generates a GDP of over €12.629 trillion (US$17.578 trillion in 2011) according to the International Monetary Fund (IMF), making it the largest economy in the world.
      The services sector is by far the most important sector in the European Union, making up 69.4% of GDP, compared to the manufacturing industry with 28.4% of GDP and agriculture with only 2.3% of GDP. The European Union is the largest exporter in the world and as of 2008 the largest importer of goods and services.

      In 1955, 55% of Americans worked in services, between 30% and 35% in industry, and between 10% and 15% in agriculture. By 1980, over 65% were employed in services, between 25% and 30% in industry, and less than 5% in agriculture. From the peak manufacturing employment of 19.55 million jobs in 1979, the American manufacturing workforce has shrunk by more than 40%, as almost 8 million manufacturing jobs have been eliminated over the last thirty years, with almost 6 million of those losses taking place just since 2000. And there’s nothing to suggest that the trend won’t continue, so we can expect a continued contraction of U.S. manufacturing employment.

      Right now there are some Europeans on a blog looking at the millions of Americans who are unemployed and saying damn lazy Americans, they have been lazy for 4 years with this unemployment crap, go get a job fat a$$es!

      You can be European and brainwashed to believe that all Americans are Fat and Lazy or you can be an American and think that the Euro’s are on vacation all year. The main thing is that they have driven us apart. You have to keep em seperated! Divide and conquer. Damn BANKsters!

  • Gay Veteran

    I agree with what Gerald Celente says, TPTB will start a new world war

    http://www.geraldcelente.com/2012/07

  • TimeHasCome

    This was a great piece . How in the world can the Spanish Government claim they are in recession with a 24.6% unemployment? They are in depression . This depression has a long way to go down to clean out the rot created by central bankers.

    • Robert

      Before one looks at Spain we should look in the mirror.

      The following is from a report from paul craig Roberts.

      “The official unemployment rates (U3 and U6) no longer measure all of the unemployed. The Clinton administration ceased counting as unemployed workers who had given up looking for a job for one year or longer. No discouraged workers are included in the widely reported U3 measure. The U6 measure includes workers who have been discouraged for less than one year.

      In other words, the longer an economy is in the doldrums, the less the official unemployment rates are reliable measures of the extent of unemployment. The unemployment rate in December as measured by U3 is 8.5%; as measured by U6 which includes short-term discouraged workers (less than one year) is 15.2%. John Williams’ measure which includes the long-term unemployed is 22.4%.”

  • Angry Goyim

    Money = Debt. The minute the first unit of currency is printed+interest to a private central bank, more money is owed to the bank than is in existence. The system is doomed to fail from the very beginning. It is designed to confiscate the wealth of the people and put it into the hands of the money power.

    Reforms
    1.) No interest to a private central bank

    2.) No fractional reserve banking.

    3.) Limit governments ability to borrow.

    4.) The currency MUST be valueless.

    5.) Arrest the bankers

  • Cleo

    When my first wife and I got married in 1971, we spent $12-15/week on groceries. Now that my first wife and I are getting ready to retire, we spend $75-100/week….all due to govt and fed policies, perpetual debt, and printing money. The problem crosses all political ideologies. And, of course, the middle class always takes it in the shorts.

    The day of reckoning is coming this fall. Be prepped and ready.

    One final thought….Paul Krugman is a dufus! There, I said it and I feel better already. I think he got his doctorate during a stay at Holiday Inn Express.

    • Rodster

      Agreed on Keynesian Economics and Paul Dumbman. That’s what got us into this mess.

      It’s part of the “Cloward-Piven” strategy of destroying capitalism from within by overloading the system with a flood of impossible demands by government bureaucracy, which pushes society into crisis and economic collapse. ;)

      This is the thinking of most progressive, collectives and liberal socialist like Krugman and Gary2.

    • Rodster

      I forgot to add the Master Ring Leader “Paul Alinsky”.

      • sharonsj

        Saul Alinsky was a community organizer who worked to better the living conditions of the poor. If that’s considered destroying capitalism, you need to stop listening to Rush Limbaugh.

        • John W.

          Saul Alinsky was a commie pig. Have you ever read his book? If so and you still like him then have fun.

      • Rodster

        Oops I meant Saul Alinsky. :P

    • Alessia

      How much do you and your second wife spend on groceries each week?

  • dope

    We will see. I know that a lot of the same things have been being said every year now.

    • lee

      something is going to happen and its not going to be good.

      one of houstons local financial shows, street talk live(i highly recommend getting thhier newsletter and following them, they are great and nailed the last recession) has said that in 800 years of monetary systems; not one country has righted their country before they defaulted and they say europe has around a year before they hit the wall.

      i’m expecting everyone to keep kicking the can down the road until they cant and sometime in 2013 europe will not be able to anymore and thats going to hit everybody.

      dont wait and see on this.

  • http://EconomicCollapse Already Gone

    Michael,How about a poll to see how many people still think that preppers are a strange bunch?

  • r.bitting

    Only faith in Christ can deliver you people from whats about to happen, Turn to Jesus today for the forgiveness of your sins and you will be saved.

    • Singerdude

      r.bitting – I wholeheartedly concur! What the World (those living in it, but not saved by the Grace of God thru His Son, the Lord Jesus Christ) fail to understand is that no amount of “prepping”, i.e., storing up food, ammunition/guns, fuel and extra supplies can “save” anyone from the earth shattering judgements that are very soon to befall this evil, fallen world. The ‘Storm’ that is coming will be so intense on so many levels (more natural disasters, social upheaval/unrest, wars, economic collapse, starvation on a mass scale, etc…)that there will be no place or person(s) on this planet that will not be dramatically affected in some way. I am not backtracking by saying this, but I do think it is wise to be prepared for sudden emergencies by stocking up a modest supply of food, water, toiletries, etc…for natural disasters or social/civil unrest, etc… But what’s soon to come upon this world will be like no other time in the history of man and there will be no escape from it other than putting one’s faith and trust in the Lord!

  • Lum

    Well I think the Fed will be ready with massive QE if the above scenario transpires. This will be different than 2008 in that gold/silver will take off, so hope everyone is on the right side of the coin.

  • Kevin2

    Americans we’re raised to believe our own hype. We were somehow special and could accomplish anything. Americas dominance was closely related to it’s relative isolation from nations in Europe that were at war every 30 or so years and a tremendous amount of raw material for industrial feedstock. The wars that forced Europe to divert resources from economic expansion culminated with WWII that left the western hemisphere in general and the US in specific untouched. Coming out of that with approximately 90% of the worlds wealth it’s a no brainer that we prospered for a few decades. Americans thought it was a birthright that would continue forever when in reality it was a quirk of history. Lucky those born in 1936 in the USA. They were too young to fight and die for the power elite in Korea and too old to do the same in Vietnam. They caught a nation with a full bank account that was very willing to spent it and opportunities were so abundant that you had to work hard at becoming a failure.

  • Okie Storm Ready

    Thank you for all your work.

  • http://survivalrealestate.com TJ Jackson

    For r.bitting….Faith in christ is a good thing but you better be putting away a few things to help your body through the upcoming hard times or your soul will be meeting him much sooner than you want.

  • BFH

    Even gold or silver is not going to be an escape route. Try trading PM’s for a can of beans when no one has any. You can’t eat gold or silver. It is a mirage of wealth.

  • K

    Another excellent article. But I must tell you. Of all the numbers I haves seen, all the figures I have crunched. That 14% figure you mentioned, it just makes me so sad. It just did not have to go this way.

  • bart

    After reading all these doom and gloom articles since 2009, I bet nothing will happen in 2013.. You will still wake up with the same old comfort you are used to.

  • stevefraser

    An indiction of this is the election of Obama, a symptom like an infected limb.

  • Michae Garland

    Bring it on!

  • mondobeyondo

    Tickticktickticktickticktickticktick…..

    How much time do we have left? That’s a good question.

    Reminds me of this old astronomer’s joke from the 1920′s.
    This reporter guy from the New York Times sends a telegram to the Palomar Observatory in Los Angeles. “Send me 100 words collect. Stop. Is there life on Mars? Stop.”

    The response was quick. It was “NOBODY KNOWS”, repeated 50 times.

    • SMASH THE CONTROL MACHINE

      THAT REMINDS ME OF A OLD DC TALK TUNE!!Here we go, everybody
      Let’s go, check it out

      You got a gift and you best start using it
      Cause if you don’t you’re gonna wind up losing it
      Just like the brother who buried it deep
      The task was simple but the price was steep
      We got a mission while we’re on this earth
      We need to tell people ’bout our second birth
      Get busy like a school boy makin’ an “A”
      Cause time my brother is tickin’ away

      Time is tickin’ away, tick tick tickin’ away
      Time is tickin’ away, tick tick tickin’ away
      Time is tickin’ away, tick tick tickin’ away
      Time is tickin’ away, tick tick tickin’ away

      Right now is the time that we gotta get with it
      The gift that He’s given ain’t just an exhibit
      But a tool that He’s given us to use for His sake
      And just as He’s given He can surely take
      The signs of the times are dropping like flies
      The cries of the people around us imply
      They’re lookin’ for an answer that we already know
      But time is definitely on the go

      All the money in the world
      Can never stop the hands of time
      And a wasted day in your life
      Is more than a crime

      Time is tickin’ away, tick tick tickin’ away
      Time is tickin’ away, tick tick tickin’ away
      Time is tickin’ away, tick tick tickin’ away
      Time is tickin’ away, tick tick tickin’ away

      Time is tickin’ away, time is tickin’
      Time is tickin’ away, time is tickin’
      You got a gift and you best start using it
      Cause if you don’t you’re gonna wind up losing it
      Get busy like a school boy makin’ an “A”
      Cause time my brother is tickin’ away

      Time is tickin’ away, tick tick tickin’ away
      Time is tickin’ away, tick tick tickin’ away
      Time is tickin’ away, tick tick tickin’ away
      Time is tickin’ away, tick tick tickin’ away

      Time is tickin’, it keeps on tickin’
      Time is tickin’ away (6x)

      Whoa, wait a minute…http://www.youtube.com/watch?v=7MGKU980Obo

  • John Jackson

    Once again, a great read. This blog is full of amazing information that proves the financial system will collapse. It is not a matter of if, but when! The key to surviving and thriving in these unprecedented times is plan ahead and invest like the rich do:

    http://theelevationgroup.net/presentation/register.php?a_aid=a6affed9&a_bid=e6b01db8

  • Sammy

    Look, this is simple, if any organization consumes/spends more than it produces it goes bankrupt. The west is bankrupt. There is too much money wasted on friction, period. In a way this has nothing to do with bankers, the money doesn’t exist because it was not really earned. Yes, bankers are middle men, part of the friction, and they steal a lot, but not this much. This society consumes more than it produces….and in time a “readjustment” will occur. It appears that time has come.

  • OTBD

    Being prepared is key. Beyond food and water; any suggestions on protecting an IRA account? thanks

  • chiller

    The global economy is like having a very old, worn out car with flat tires, leaking gas tank and burns oil like a mosquito fogger. While the drivers of this car insist on keeping it in the passing lane, the folks following behind have just about had enough and are ready to force it off the road and into the junk yard.

  • Paul

    “this crisis could become much worse than the financial crisis of 2008″

    Sorry Michael, this is still the crisis of 2008.

    And the main issue of “that” crisis is not solved yet – the wages and salaries are too low. There isn’t enough purchase power among those who earn their income through working, as opposed to those who “earn” their money by shares, tax dodging or inheritance.

    People simply cannot buy the products they produce. And they try to sell these products to other people who do not have enough money to buy THEIR own products and try to sell THEIR products to those …

    I am one of those supposedly rare specialists who are in “high demand” everywhere. But the price doesn’t reflect that demand. I’d need a car, but can’t afford a new one from my income, I’d need either a loan (and with employment not guaranteed for the time of loan repayment and additional costs for interest to factor in, that’s not feasible). Therefore I use public transport and waste 4 hours every day for going to work and return.

    So, a used car should do. Insurance is mandatory and will cost me more than the car itself. And the insurance companies most likely put their (my!) money into the stock markets and similar gambling options. So whatever I pay, I won’t get it back.

    Used cars are old and gas guzzling. More expenses.

    So everything about that car is consumption – the car itself, the fuel, the insurance, the license. Gone. Sunken costs, not recoverable. Sort of like newspapers, cinema tickets and cut flowers.

    The alternative: take public transport, do not have enough time to rest or exercise between dinner and sleep, get fat. Get alienated from the family or partner. Or get fast food near the office and get fat that way.

    There is no way out of this rat race. Wherever you are. Whatever you do.

    And I am the lucky one – my state paid for university.

    If you have a crisis like that, there is only one way out – large scale destruction. Destruction of people and property. Like World War II.

    It might be bad for individuals but it is excellent for profit. And that’s the most important thing, isn’t it?

  • William

    Crunch time is coming in Oct, Nov……watch the cretins in the US Congress wrestle with the debt ceiling, taxes and spending. It is these FOOLS who have destroyed America. Be sure to reelect the IDIOT in the US Congress who “represents” you…….well, they actually represent the criminal banksters of Wall St and a foreign country, not YOU.

  • pete

    Mr. Snyder, you have a loyal and well versed, intelligent following. Reading their comments and nature of these responses is what gives me the most hope.

    Thanks to all of you guys for chipping in. It is comforting knowing there’s at least a few wide awake eyes open people.

    • Michael

      Pete:

      Thank you Pete. I try to do the best job that I can, and I am so glad that so many wonderful people comment on this site. I learn a lot from reading all the comments.

      Michael

  • TMal

    Dope, “We will see??!!” Are you talking about rioting in the streets or just bad economic conditions? I have a news flash for you it is already bad in the good ole USA. Ask someone who has not worked in the last two years. Look at the complete neighborhoods new and old that are now empty. This has happened before it was called the great depression so yes it can happen again. I have a bad feeling that a lot of people will not sit around suffering in silence as they did in the 30s. Just look at protests in Greece and Spain. Why will it be different here? Contrary to popular belief US is not special, people here will revolt once benefits from the Gov begin to be cut. First on the chopping block govt workers, then social welfare programs. Just a matter of time at this point. Wisconsin was the canary in the coal mine.

    • mike Beale

      Wisconsin was the canary in the coal mine.

      Thanks Gary2, we appreciate it.

  • http://earthypoetgrrl.wordpress.com Beth

    Really nice benediction at the bottom of your page by the copyright Michael. Thanks and may you be blessed as well!

    • Michael

      Beth:

      Thank you – my wife and I do really pray that everyone that reads this site would be blessed.

      Michael

  • alot more trouble…

    welcome to August 2012
    More Layoffs announced, millions unemployed world wide only to get worse..

    Deutsche Bank To Lay Off 1900, As Meredith Whitney Predicts …
    Business Insider-41 minutes ago
    … To Lay Off 1900, As Meredith Whitney Predicts 50000 Total Wall Street Layoffs …

    RIM reportedly cutting 3000 jobs on August 13th
    SlashGear-19 minutes ago
    On top of that, RIM announced that further layoffs at the company would be … RIM reportedly wants to finalize the layoffs before its next quarter closes on August …

    Spin Magazine announces layoffs, reshuffling as print media …
    Tiny Mix Tapes-5 hours ago
    Sad news for paying the bills this past weekend, as it was announced that Spin would be laying off a number of employees, including editor-in-chief Steve ..

    Panasonic to spend profit gain on more layoffs
    Sydney Morning Herald-3 hours ago
    Japan’s Panasonic Corp reaped a near sevenfold gain in quarterly profit after slashing costs, and its new boss looks set to use that extra cash for a new round of …

    Supervalu plans more layoffs in Boise
    The Idaho Statesman-16 hours ago
    Supervalu, the struggling grocery chain that bought Albertsons six years ago, says it plans additional layoffs in Boise.

    Pierce Layoffs will Cost Manatee 325 Jobs
    The Bradenton Times-8 hours ago
    BRADENTON – Manatee County has received good news about new manufacturing jobs coming to the area, but employment will be hit hard by Pierce …

    Rockland County warns of more layoffs
    Newsday (subscription)-2 hours ago
    Rockland County officials are warning that the firing of 63 county employees may not be adequate to stabilize the county’s finances if negotiations with unions …

    United Space Alliance plans to lay off of 148 at KSC
    Florida Today-7 hours ago
    USA had more than 5100 workers at KSC employees when the shuttle-related layoffs began in October 2010. That’s when there were 1100 shuttle workers laid …

    Pentagon Could Lay Off Tens of Thousands
    Workers could get layoff warning just days before November election
    By the Associated Press
    Posted Jul 27, 2012 6:44 AM CDT

    Alcatel-Lucent Layoffs: Telecom Equipment Maker To Axe 5000 Jobs
    Huffington Post-Jul 26, 2012
    PARIS, July 26 (Reuters) – Telecom equipment maker Alcatel-Lucent will axe 5000 jobs and exit or restructure unprofitable markets in a drive to cut costs by 1.25 …

    It will only get worse from here, this is not quite yet the tipping point, we will see that very soon this fall….
    hold your breath its going to be a huge roller coaster ride down.

  • Marc

    Michael,

    I’m a huge fan and read this blog twice/day, but you said the same thing last year.

    I’d be happy for you to be incorrect again. Another 12 months to prepare can’t hurt.

    • Michael

      Marc:

      I think if you will go back and see what I said that I was not “predicting” anything last year.

      Neither am I “predicting” anything this year.

      But I have said that conditions are “ripe” for a crisis this fall and that we are entering a “danger zone” and that I am “concerned” about the time period from September onward.

      I try to be very precise with my words. I always try to avoid saying that something will definitely 100% happen during a particular period of time.

      Michael

    • mondobeyondo

      I hope he’s wrong as well. I hope *I’m* wrong.
      (fingers crossed… toes crossed… eyes crossed… no wait, don’t wanna cross my eyes!)

      But every indication seems that the worst is just around the corner. It is not looking good for the near-term future. The more time we have left to prepare, the better.

  • Frank Foldin

    No hope?

    The collapse IS THE HOPE!

    Frank

    • Sheila

      I have thought for some tome that a collapse is what is required to flush away all the corruption, sense of entitlement, the bogus Federal Reserve, fiat currency,and the arrogance and pride that keeps mankind far from His creator and Savior and from loving his neighbor.

  • http://Survive2balive.com GA

    They will continue to print. There exists no motivation for them not to. Do you really believe that the Fed and out so-called leaders care about us as individuals? They do not. They got theirs and they want more. The can will be kicked until it can’t be kicked any more. Prepare yourselves and your family now. Get a plan in place because there will be pain and the longer the can gets kicked the greater the pain will be.

  • Antonio Gonzalez

    America have only one way, facism. Remember it after five years.

  • ???? don gill

    MICHAEL-DOES ANYONE REALLY THINK THAT BARACK OBAMA IS GOING TO GO QUIETLY INTO THAT NIGHT AND JUST TURN OVER POWER TO MITT ROMNEY? I THINK ROMNEY WILL WIN BY A LANDSLIDE BUT HE WILL NEVER BE INAUGURATED PRESIDENT. I LOOK FOR OBAMA TO STAGE A COUP ALONG WITH ALL HIS CZARS AND FELLOW PSYCHOPATHS THAT HE HAS STOKED THIS ADMINISTRATION WITH. THE WINDS YOU DESCRIBE IN THIS ARTICLE ARE JUST A PART OF WHY ALL THIS IS ABOUT TO FALL ON OUR HEADS. OBAMA HAS PROVEN TO BE A MARXIST AND GODLESS HUMANIST THAT BELIEVES THAT MAN IS THE ALPHA AND OMEGA OF ALL OF EXISTENCE. FURTHER, HE HAS SHOWN THAT HE HAS NOTHING BUT CONTEMPT FOR THE FOUNDING FATHERS, THE CONSTITUTION, THE BILL OF RIGHTS AND THE AMERICAN PEOPLE. HE IS A WORLD CLASS LIAR, CRIMINAL AND PSYCHOPATH THAT WILL STOP AT NOTHING TO BRING THIS NATION DOWN. HE HAS SHOWN THAT HE HAS NO REGARD FOR THE LAW AND WILL DO WHATEVER HE NEEDS TO DO IN ORDER TO FURTHER HIS AGENDA WHICH IS OVERSEE THE COLLAPSE OF THE ENTIRE SYSTEM IN ORDER TO USHER IN A WORLD GOVERNMENT. IT WOULD TAKE A LIBRARY TO DOCUMENT THE REGULATIONS, ETC., THAT HIS CZARS AND THE PSYCHOPATHS IN THIS ADMINISTRATION HAVE DONE BEHIND OUR BACKS AND ALMOST NO ONE KNOWS THE EXTENT OF THE CHANGES THEY’VE MADE, THANKS TO A TREASONOUS NEWS MEDIA AND JOURNALISTS. I BELIEVE OBAMA SEES HIMSELF AS FUTURE DICTATOR OF THE WORLD. HE AND HIS BAND OF EVILDOERS HAVE BEEN WAITING FOR OVER A 100 YEARS AND LUSTING FOR THIS MOMENT WHEN THEY CAN USHER IN A ONE WORLD GOVERNMENT, A ONE WORLD CURRENCY WITH, OF COURSE, OBAMA AND HIS BUDDIES SITTING ON THEIR THRONES AT THE UN PROMULGATING THE ACTIONS OF ALL OF GOD’S CREATURES FROM CRADDLE TO GRAVE. NO FOLKS, THERE WON’T BE A LUNCHEON WITH MITT, ANN AND THE FIVE BOYS AT THE WHITE HOUSE WHERE OBAMA WELCOMES THEM AND GENTLY SMILES AND ASSURES MITT THAT HE IS AVAILABLE TO HELP THE NEW ADMINISTRATION MAKE A SMOOTH TRANSITION IN POWER. I FEAR FOR ROMNEY AND ANYONE ELSE WHO GETS IN THEIR WAY. I BELIEVE THAT THE NEXT SIX MONTHS WILL SEE THINGS HAPPEN WHICH WE NEVER THOUGHT COULD HAPPEN IN AMERICA THE LAWS ARE ALL IN PLACE THAT GIVE THIS PSYCHOPATH ALMOST COMPLETE POWER OVER EVERYTHING(THANKS TO A DUFUS CONGRESS) SOME HAVE SAID THAT THIS COULDN’T HAPPEN BECAUSE THE MILITARY, POLICE, CIA AND OTHERS CAN’T STAND OBAMA AND WOULDN’T ALLOW IT. IT WILL ALL BE DONE AS IF IT WERE ALL LEGAL. PEOPLE SIMPLY DO NOT UNDERSTAND THE NATURE OF HOW REAL EVIL WORKS. I HOPE AND PRAY THAT I’M WRONG!!! I HOPE GOD HELPS US GET THROUGH THE NEXT SIX MONTHS WITHOUT ALL THIS HAPPENING AND ALLOWING MORE PEOPLE TO WAKE UP AND SEEK HIM BUT HE MAY BE SO SICK OF US AT THIS POINT THAT HE MAY ALLOW THIS TO RAIN DOWN ON A WICKED AND GODLESS PEOPLE. JEREMIAH SAID IT BEST: THE HEART IS DECEITFUL ABOVE ALL THINGS AND DESPERATELY WICKED…WHO CAN KNOW IT. MICHAEL, I DISAGREE STRONGLY WITH YOUR POSITION ON VOTING… TO NOT VOTE IN THIS ELECTION IS TO VOTE FOR PURE EVIL IN MY MIND. THANKS FOR ALL YOUR HARD WORK… I THINK GOD EVERY DAY FOR WHAT YOU DO

    • Michael

      Don:

      Thank you for the very kind words and please pray that God would continue to help me with my writing.

      I would never be in the position to do what I do without Him.

      Michael

    • Russ

      Don, I agree with the things you have said.
      I would like to ask you to please not capitalize every word. It is a lot harder for me to read all capitals. Just write normally and I think more people will read it.

    • mondobeyondo

      Do you really think Obama has dictatorial aspirations?! I know he’s a narcissist and all, but… you do have to wonder sometimes.

      The Constitution is supposed to be above the Presidency, so perhaps Barack Obama would suspend the Constitution and declare a “national emergency” of some kind, and temporarily suspend the Constitution. (No clear definition necessary. An “emergency” could consist of a nuclear catastrophe, hurricane, flooding, bank runs during a financial collapse, a terrorist attack on Cleveland, yogurt shortage in Boston, or locusts eating farmland in Oklahoma. You make the call!)

      Whatever does go down, Obama could possibly be faster than lightning in issuing a “bank holiday” to “calm the situation down”. Just like Muhammad Ali once said, “I’m so fast, I can turn the light switch off and be in bed before the room gets dark”. Yeah, it could go down just as fast as that…

    • Josh

      i would have read this but at my old age of 30 i cant seem to make it half way down BECAUSE OF THE CAPS

  • doctor blue

    I think that in Iceland they told the bankers to take a hike, they would NOT be paid back and they arrested a bunch of them. And they have come out of it OK and are rebuilding their economy. IF the world would take a lesson from Iceland and do the same it would be a lot less painful. But NO we have to pay the bankers back even if all of America is starving.
    Hey wake up, the bankers and lenders knew years ago it was a bad deal to keep lending America and it’s citizens MORE money so the lenders are at fault as much as the borrowers here. So I think the lenders should loose their shirts, NOT the people.
    IF you are living in a tent down by the river with a camp fire to keep warm eating rat meat on a stick what, JUST WHAT can you afford to pay the bankers and lenders who have lent us into this mess. Which was their intent in the first place SO THEY ARE TO BLAME, -NOT- the American people! I think what they are after is ALL private and public land, resources, water all the gold and silver they can get their hands on and SLAVE LABOR – YOU, YOUR WIFE and YOUR KIDS!
    Prep hard – Prep fast, Time is VERY short!
    GOD SAVE US (our politicians wont)

  • erheault

    The whole system over the years have been allowed to cheat, swindle and lie to the citizens with no penaltys and actually rewarded for their corruption, When they realised that they could spend taxpayers monies with out any restrictions we were doomed to finincial destruction and now the destruction time is here, CYA as best as possible and hang on the ride is going to be historic..

  • ALICE

    The can that is being kicked down the road is made of titanium, Borrow, print, forgive debt(Greece), create more debt so that the spenders keep spending, QEs, redistributions, print, print, print, borrow, borrow, borrow and spend, spend spend…It almost seems like my ex is in charge our country’s fiscal policies…I want a divorce…

  • http://www.ianwelling.com Ian

    hmmmmmm…..i totally remember reading articles exactly like this one last year and the year before. Could it be you folks are just wishing for something that is not going to happen.

    These are the lyrics to a song by the band Stereolab. I think you should all take them to heart and quit worrying and get back to life.

    It’s alright ‘cos the historical pattern has shown
    How the economical cycle tends to revolve
    In a round of decades three stages stand out in a loop
    A slump and war then peel back to square one and back for more
    Bigger slump and bigger wars and a smaller recovery
    Huger slump and greater wars and a shallower recovery
    You see the recovery always comes ’round again
    There’s nothing to worry for things will look after themselves
    It’s alright recovery always comes ’round again
    There’s nothing to worry – things can only get better
    There’s only millions that lose their jobs
    And homes and sometimes accents
    There’s only millions that die in their bloody wars,
    It’s alright
    It’s only their lives and the lives of their next of kin
    That they are losing
    It’s only their lives and the lives of their next of kin
    That they are losing
    It’s alright ‘cos the historical pattern has shown
    How the economical cycle tends to revolve
    In a round of decades three stages stand out in a loop
    A slump and war then peel back to square one and back for more
    Bigger slump and bigger wars and a smaller recovery
    Huger slump and greater wars and a shallower recovery
    Don’t worry be happy things will get better naturally
    Don’t worry shut up sit down go with it and be happy
    Dum, dum, dum, de dum dum, de duh de duh de dum dum dum… ah ah
    Dum, dum, dum, de dum dum, de duh de duh de dum dum dum… ah ah

    • i’vegivenup

      You can keep your head in the sand if you want to instead of preparing for terrible times ahead. Jobs that were lost are not coming back. What jobs are there are low paying service industry jobs in retail and hospitality and even those are few and far between. This is a protracted collapse and not happening overnight. All the pieces are in place for collapse. The coming depression has begun and there will be no way to stop it. To heck with what has happened in past “business cycles”. This time there will be no recovery for a long, long, long time. America (and the world for that matter) will be changed forever….

  • Seratone

    I’m still on the fence as to how to get ready for this thing. Right now I am trying to save every single penny I come across. But will that be enough? What if my bank collapses?

    I’ve thought about stockpiling food and water, but realized that this sort of preparation is more suitd toward a short term disaster. An economic depression is more of a long term scenario.

    Maybe we should all just become vegetarians? You could save a bundle on meat I bet!

  • Gary2

    Tax the rich and spread the wealth. 21 trillion hiding in off shore accounts.

    • mike Beale

      11 trillion or so owned by Soros.

  • http://www.infowars.com Anon

    HR 459 passed by an overwhelming majority in the House, by a vote of 327-98!
    Now, this bill (S.202) needs a vote in the Senate!

    CONTACT YOUR SENATORS HERE:

    AUDIT THE ‘FED’!
    http://www.auditthefed.com/?mode=actionpage

    End the Fed! Whether Congress Wants Us To or Not!
    http://www.lewrockwell.com/boldin/boldin22.1.html
    http://tenthamendmentcenter.com/2012/07/25/end-the-fed-whether-congress-wants-us-to-or-not/

  • TheRandyGuy

    Like some, I am amazed at how many people continue to live their lives oblivious to the reality. They act as if everything is fine, continue spending money on trinkets, rack up more debt, and refuse to consider the harsh future rapidly approaching. These are the same people who will scream the loudest for help when the bad days hit.

    • http://www.ianwelling.com Ian

      because they have been hearing these chicken-little sky is falling stories for years and they dont see it happening. You cant blame people for not wanting to live in fear when they dont really see a need to do so.

      I am one of those people who continually reads stories about the horrors of the economy, and yet i see more wealth and prosperity now than i did when the economy was supposedly fantastic.

      travel to a third world country to gain some perspective on how well we are actually doing as a nation.

  • Mattyboy

    Not only do we have financial troubles, but we have the prospects for more wars each day. Almost everyday there is a new rumor of a war. We have the Jews being surrounded by their enemies. We have drought, famine, and wicked storms and major earthquakes. We have gangs of people stealing, mass murderers that kill just for the fun of it. We have people laughing while they beat a stranger to death. People are cold, heartless, and without love for their neighbors. The list goes on and on. These are the “signs” from the Bible and I would suggest that we heed them.

  • Anskarius

    Hi friends, forgive my English, I speak from Spain.

    I read this great page full of facts and truths, the facts are developing even faster than we thought the most pessimistic.

    But I have a European criticizes U.S. do to you, always … blame the banks, the government, the Bilderbergers, the rich, the fanatics, etc etc …

    But not yet have read no one to blame life into your system, capitalism.

    Russian Communism (I prefer to call state monopoly capitalism) collapsed, and if the addition of capitalism as unjust is untenable?
    and if the UnitedStates capitalism that ruled throughout its history, based on hyper-consumption and waste, giving priority to the hoarding of money instead of giving priority to human welfare?

    All in all parts of the world have something in common, we are all humans and we live on the same planet, perhaps it’s time to inventing a new system that gives priority to people rather than money or possessions.

    We have little time, a greeting from Spain.

    • onething

      I so agree with you. The money power has co-opted Christianity so that the conservative Christians in this country identify with them, simply because they say they are Christian. This is an obvious ploy to get votes. In reality the whole system here is not human centered at all. Human welfare is not a priority, and it is almost blasphemy to say that it ought to be. Selfishness and greed are considered the norm. Nearly all our leaders are sociopathic, and it is downright silly to think Romney will be any different. He has already shown himself to be among the worst. So, I either won’t vote at all, or I will write in a name. I’m through with the election charade.

  • A.S.

    This could be unrelated, but was the two day power grid failure in India, affecting 600 million, caused by bankers on purpose? If so, this could happen in the U.S. How could the U.S. survive if 320 million went without power for two days? This alone could crush the economy. And maybe that is what the bankers want. So, I predict, what happened in India is a foreshadowing what will happen in the U.S. King Obama will purposely cause a National Emergency by shutting down ALL the power grids in order to enact all his EOs and take charge of FEMA, and thus Martial Law will be in effect. Good Bye Bill of Rights.

  • i’vegivenup

    Clueless Ben Bernanke may be ready to do some more quantitative easing which is only kicking the can down the road. Soon we will run out of road then crash and burn. Get ready folks…it’s gonna get real ugly soon…

  • Paula W New Zealand

    Micahel Have you ever heard teh speech Mr Bush Snr gave on 11/9 1993 where he sonstantly mentioned the New Word Order, and 11 yrs later
    also on 11/9 the fianncial hub was demolished, and now this 11/9 is exactly 11 yrs
    from the 1993 speech, as was the twin towers 11 yrs falso from tht same speech. All on Bush Snr adn Jnr watch.

    • Michael

      Yes, I am definitely aware of that speech.

      There are things that go on behind the scenes that most people never would imagine.

      Michael

      • Bill

        Michael,

        That comment tells me that the white hats might be correct. I also understand your reluctance. Please.

        Bill

  • Lennie Pike

    The clock started ticking in 1913, and sped up greatly in 1971.

    “It’s the paper stupid” – and the operatives of satan who command it.

    According to plan, paper’s time has nearly run out.

    Prepare yourself for WW III as it will be necessary for “them” to retain power.

    Afterward, prepare for an easy decision for most, a tough decision for some, and a decision already made by true Believers.

  • Optimistic Pessimist

    I believe the ‘collapse’ will take place over many years. Most think one morning they will wake and things will be suddenly different. They won’t be, as it will have been building over time. The problem with human beings is that we cannot really contemplate long periods of time very well. We are used to dealing with day to day or possibly week to week but anything longer than that and the brain starts to forget the minutiae, negative and what appears to be insignificant details to that person. This is why we perceive sudden events on the news as shocking and a surprise to our present situation but when you look deeper there is usually a chain of actions or occurrences that led up to the event.

    GLA
    OP

  • zman

    I do believe that things are going to continue to be bad. They haven’t gotten any better for me in the last 4 years. I do hope Obama goes and that we can reverse some things but impacts will be felt hard all the same. My question to you Michael and any and all of the readers and commenters…..what the heck do I do to prepare? I am a Christian and have Faith that regardless my needs will either be met or I get to “Go Home” quicker.(which would be Ok with me). But to start “preppin” to help family and myself too I suppose…what does that mean exactly? What Should I be doing? I have a drastically underpaid job compared to my previous career. Making around $300-$350 /wk I have been able to save aprox $2k, but what does that do in these described Crisis? I like having that incase my Transmission goes out on my car, or a doctor bill that was unexpected can be handled the right way. Oh I DID have a perfect credit rating(all 3 scores in 760 range) but in 2008 lost car (repo), lost home(foreclosure) had tried to stay afloat on crdit cards thinking it was temporay thing…so those are charged off. Credit got destroyed, I have alittle bit of cash saved, a rough vehicle and meager wage job. Please give me advice on how to begin “Peppin”
    Thanks in advance

    And God Bless!

    Look Up, even so, Come lord Jesus

  • Steve

    I have to say these comments have been extremely entertaining. How or why you would even bring God into an economic conversation is beyond me. First, there is no God, so all of you waiting for a savior, have fun with that. Not judging, believe what you want, but how can you believe in a religion that was MAN made? Man created this economic mess. Man created religion. Enough said.

    We’re in a tough spot, yes, but, even worse case scenerio, this is a 7 trillion dollar/year economy. Things are tough now, they may get tougher. But nobody is going to sit around eating dirt and starve.

  • cerisa

    Really..I do enjoy our spirited exchanges. For quite a time now, the exchanges I have read, (in all the media),are expressing the ‘in your face’ anger and frustration all around blog world.For the most part,not one of the ‘average joes’ can be blamed for having their essential lives in turmoil and not feel some pretty strong emotions. Another issue is that the profanity is off the grid, as well as hurling insults. Lay the responsibility at the door of the ones making decisions. These changes have no place in the republic our founding fathers established. It’s good to vent, but directing our antagonism at each other is exactly part of the ‘game plan’. As long as we’re kept distracted by each others’ words,we are way too busy to find a way to deal with these problems. It’s like the old shell game-everyone is almost hypnotized, trying to figure out just where the little marble is hidden.Or…even better…watching Nero fiddle while Rome went up in smoke. As long as our focus is shunted from one second to the next with another problem, it all becomes a tad over-whelming.We’ve been on a long journey of being dumbed-down, in our food, water, education, television, entertainment…Agenda 21 is alive and well, and ICLEI is also doing nicely.We can’t find a non-Monsanto seed to plant,and folks with more money than any of us will ever see in 10 lifetimes,proudly espouse the next new vaccine. Let not forget that an actual bank account won’t be needed. We all have to get our RFID, and it just gets loaded. Then you can get scanned for your purchases.(maybe…I have yet to see any government program without a SNAFU).Paradise on earth? Only for the surviving few elites, as the insidious de-population program moves along. Heaven forbid you want your own little garden…Our work is cut out for us. This should not be about religion…we all make our peace based on our personal beliefs.I believe in God…completely. I will be more than happy to have the Creator make whatever critical decisions must be made.I am a flawed human, but I will stand firm as long as my legs allow, and will always keep in my heart that as long as I’m here, I have to believe that I am in no position to cast stones. I will help anyone and everyone. Really, folks. People panic when they are hungry and thirsty. As people we may have to face groups that have lost all sense of sanity. We may have an idea that our prepping, guns, and underground shelters will carry us through. Use common sense, and put aside what you can. At some point we can only do what we can; after that it’s just a crap-shoot. Somewhere along the line I would hope that we all come to a recognition that prayer really has it’s benefits. I believe most people know this…or why would so many of us invoke God in our daily lives! (OMG…oh God…what a mess…God! do I have to repeat myself?) Just a few examples. Thanks, Michael for keeping the dialogue open…(PS…I am not doom and gloom…I am just expressing my opinion… :)

  • Bernaette O’Shaughnessy

    After the NDAA and all the presidential orders Obama has signed, it is clear to me he has no desire to work with anyone! Frankly, he scares me to death! He has way too much power as does Attorney General Holder! All these Wall Street crooks stealing millions and not so much as a night in jail! What gives? I am sick of all this! Who is minding the store anyhow?

  • http://malaysiandemocracy.wordpress.com/ AgreeToDisagree

    Nonsense. The Globe could simply distribute all unused land, and tell the people to grow their own crops and build their own houses, raise their own livestock, make their own leather or fur goods, compost their own sewage, collect their own rainwater or dig their own wells. End of problem, everyone gets a few acres. There is no such thing as economy or collapse. Too bad for the plutocracy or corporatocracy though! Even if education was free now, citizens will return to 1400s settler-era America! Citizens please elect ONLY a President or Governor with the above intent. Executive Order 0 (Zero) for land distribution will be that reset button America needs.

    BTW there is no such thing as money or a Global Financial System.

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