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16 Facts About The Tremendous Financial Devastation That We Are Seeing All Over The World

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Fireball - Devastation - Public DomainAs we enter the second half of 2015, financial panic has gripped most of the globe.  Stock prices are crashing in China, in Europe and in the United States.  Greece is on the verge of a historic default, and now Puerto Rico and Ukraine are both threatening to default on their debts if they do not receive concessions from their creditors.  Not since the financial crisis of 2008 has so much financial chaos been unleashed all at once.  Could it be possible that the great financial crisis of 2015 has begun?  The following are 16 facts about the tremendous financial devastation that is happening all over the world right now…

1. On Monday, the Dow fell by 350 points.  That was the biggest one day decline that we have seen in two years.

2. In Europe, stocks got absolutely smashed.  Germany’s DAX index dropped 3.6 percent, and France’s CAC 40 was down 3.7 percent.

3. After Greece, Italy is considered to be the most financially troubled nation in the eurozone, and on Monday Italian stocks were down more than 5 percent.

4. Greek stocks were down an astounding 18 percent on Monday.

5. As the week began, we witnessed the largest one day increase in European bond spreads that we have seen in seven years.

6. Chinese stocks have already met the official definition of being in a “bear market” – the Shanghai Composite is already down more than 20 percent from the high earlier this year.

7. Overall, this Chinese stock market crash is the worst that we have witnessed in 19 years.

8. On Monday, Standard & Poor’s slashed Greece’s credit rating once again and publicly stated that it believes that Greece now has a 50 percent chance of leaving the euro.

9. On Tuesday, Greece is scheduled to make a 1.6 billion euro loan repayment.  One Greek official has already stated that this is not going to happen.

10. Greek banks have been totally shut down, and a daily cash withdrawal limit of 60 euros has been established.  Nobody knows when this limit will be lifted.

11. Yields on 10 year Greek government bonds have shot past 15 percent.

12. U.S. investors are far more exposed to Greece than most people realize.  The New York Times explains…

But the question of what happens when the markets do open is particularly acute for the hedge fund investors — including luminaries like David Einhorn and John Paulson — who have collectively poured more than 10 billion euros, or $11 billion, into Greek government bonds, bank stocks and a slew of other investments.

Through the weekend, Nicholas L. Papapolitis, a corporate lawyer here, was working round the clock comforting and cajoling his frantic hedge fund clients.

“People are freaking out,” said Mr. Papapolitis, 32, his eyes red and his voice hoarse. “They have made some really big bets on Greece.”

13. The Governor of Puerto Rico has announced that the debts that the small island has accumulated are “not payable“.

14. Overall, the government of Puerto Rico owes approximately 72 billion dollars to the rest of the world.  Without debt restructuring, it is inevitable that Puerto Rico will default.  In fact, CNN says that it could happen by the end of this summer.

15. Ukraine has just announced that it may “suspend debt payments” if their creditors do not agree to take a 40 percent “haircut”.

16. This week the Bank for International Settlements has just come out with a new report that says that central banks around the world are “defenseless” to stop the next major global financial crisis.

Without a doubt, we are overdue for another major financial crisis.  All over the planet, stocks are massively overvalued, and financial markets have become completely disconnected from economic reality.  And when the next crash happens, many believe that it will be even worse than what we experienced back in 2008.  For example, just consider the words of Jim Rogers

“In the United States, we have had economic slowdowns every four to seven years since the beginning of the Republic. It’s now been six or seven years since our last stock market problem. We’re overdue for another problem.”

In Rogers’ view, low interest rates caused stock prices to increase significantly. He believes many assets are priced beyond their fundamentals thanks to the ultra-easy monetary policies by the Federal Reserve. Fed supporters argue such measures are good for investors, but Rogers takes a different view.

The Fed might tell us we don’t have to worry and that a correction or crash will never happen again. That’s balderdash! When this artificial sea of liquidity ends, we’re going to pay a terrible price. When the next economic problem occurs, it will be much worse because the debt is so much higher.”

Of course Rogers is far from alone.  A recent article by Paul B. Farrell expressed similar sentiments…

America’s 95 million investors are at huge risk. Remember the $10 trillion losses in the crash and recession of 2007-2009? The $8 trillion lost after the dot-com technology crash and recession of 2000-2003? This is the third big recession of the century. Yes, America will lose trillions again.

Especially with dead-ahead predictions like Mark Cook’s 4,000-point Dow correction. And Jeremy Grantham’s warning of a 50% crash around election time, with negative stock returns through the first term of the next president, beyond 2020. Starting soon.

Why is America so vulnerable when the next recession hits? Simple: The Fed’s cheap-money giveaway is killing America. When the downturn, correction, crash hits, it will compare to the 2008 crash. The Economist warns: “the world will be in a rotten position to do much about it. Rarely have so many large economies been so ill-equipped to manage a recession,” whatever the trigger.

Things have been relatively quiet in the financial world for so long that many have been sucked into a false sense of security.

But the underlying imbalances were always there, and they have been getting worse over time.

I believe that we are heading into a global financial collapse that will make what happened in 2008 look like a Sunday picnic by the time it is all said and done.

Global debt levels are at all-time highs, big banks all over the planet have been behaving more recklessly than ever, and financial markets are absolutely primed for a huge crash.

Hopefully things will calm down a bit as the rest of this week unfolds, but I wouldn’t count on it.

We have entered uncharted territory, and what comes next is going to shock the world.

  • Enrique R. DéZuardí

    That Shemitah guy might be right….

    • Whisper

      Not quite, it started 2 months early.

      • Hannibal_32

        That just indicates you haven’t read the book. Go read it and then come back and delete the comment.

        • Nemnor

          The on-going world-wide economic crisis (going on for several decades now) is happening, with or without the “Shemitah mystics” and other “7-year cycle mystics” CHOOSING to see a crisis every 7 years (while they seem to not be aware of equally serious economic crises that happen every 2 years or 3 or 5 or 10 years, but but sometimes ignored by the Ruling Class,).

          There were some “7 years” co-incidences, but crashes” have been happening with a frequency OTHER than every 7 years. In fact, the “recovery” periods between deepened economic crisis are getting shorter and shorter (ever 3 or 4 years now – NOT 7 years).

          The real poison spread by the “7-year cycle mystics” is that they help misguide many into not seeing the real fundamental reason for the on-going economic crisis. I.e. that the economic “crashes” are mainly due to an economic “cycle’ and/or the periodic manipulation of the markets by an elite group.

          However the truth is, the economic crises (“crashes”) are due mainly to a fundamental and unsolvable problem within the world-wide economic system itself (and much less to do with any “7-year cycle” one chooses to see).

          • Nemnor

            I wanted to say – I.e. they misguided many into believing that the economic “crashes” are mainly due to an economic “cycle” and/or the periodic manipulation of the markets by an elite group.

            They are (of course) wrong. The economic “crashes” are due mainly to a fundamental issue within the world-wide economic system.

    • WVBORN56

      Jonathan Cahn is the author and maybe, maybe not on its accuracy but God’s prophetic word is 100% correct and its looking like Revelation chapter 6 is on the horizon. Fortunately for the Bride of Christ (true Church) we will not be here! Time to place our faith in Jesus. He is the only way to God. John 3:16!

  • K

    Just too many chickens, all coming home to roost at once. There was already too much bad economic news. A downturn is likely to pick up speed quickly.

    • sre

      Yeah, Chicken Little is among them. “The sky is falling! The sky is falling. Awk Awk!

      • K

        Proverbs 22:3 (KJV) A prudent man foreseeth the evil, and hideth himself: but the simple pass on , and are punished .

      • Jill

        If you are right and I am wrong, the only thong that has changed about my life is that all of my debts are paid and my family’s most basic needs have been secured. If we are right and you are wrong, how good of a position are you in to weather a financial collapse?

  • MIchael in Chicago

    False hope and lies ooze out of Italy Monday.

    Italy’s finance minister has sought to reassure Italians that they
    would not be following in Greece’s footsteps, saying that the European Central Bank (ECB) would stop any contagion in its tracks.

    “Let me remind you that we are not in 2011 anymore,” said Pier Carlo Padoan, in an interview on Monday in Corriere della Sera, Italy’s largest daily newspaper. “The situation today is totally different than it was three years ago.
    We still, of course, have a huge public debt, but it is sustainable,”
    said Antonio Villafranca.

    I can’t find the link about some banks in Italy being closed Monday. It might have something to do with massive stock market selling?! Anyway. No country will be spared the fallout.

    • MichaelfromTheEconomicCollapse

      Watch Italy.

      Italy is much more important than Greece.

      • GSOB

        Twin defaults. Puerto Rico is America’s sinking ship. America’s Greece.

        • Mike Smithy

          A California default is also plausible in the not too distant future.

      • Ouida Gabriel

        Why do you think this? Help me connect the dots.

        • Jill

          Considering their entitlements.spending, water crisis, weakening middle class, and a debt burden of nearly 12k per citizen why would you not believe troubles could be on the horizon? Their debt to GDP ratio is well above the national average.

  • MIchael in Chicago

    I could be wrong but I do not think anyone knows when the banks will reopen. Might be worth mentioning.

    10. Greek banks have been totally shut down, and a daily cash withdrawal limit of 60 euros has been established. Nobody knows when this limit will be lifted.

    • Whisper

      Latest news said it has dropped to 20 euros a day allowed. People can’t live on that amount, there will be riots in Greece SOON.

      • Ouida Gabriel

        There should have been riots long before this but no one cared as long as it was someone elses money. Kind of like how America is acting. Not that I want to riot, just see positive change.

        • sharonsj

          There WERE riots and still are in Greece. Tens of thousands protested daily and tried to burn down their own Parliament until Syriza was elected. But the protests have started up again. You never see any of this in the mainstream media.

          • Ouida Gabriel

            Fair enough. Thank you for informing me. I am still learning where to look for actual news, inside and outside our country. The MSM sure does a good job of focusing on stories to distract us.

  • FortuneSeek3rz

    Doomsday prophets were saying the crash of 2008 was the big one, yet 7 years later the markets are 250% higher! We need corrections and crashes in the stock market periodically to bring bargain buying back. It’s part of the natural cycle of investing. There is no “collapse” coming.

    • kfilly

      Keep investing in the rigged stock market. It is just a scam to steal your wealth. If I were you, I would go all in.

      • FortuneSeek3rz

        I’d rather be diversified. But the U.S. stock market is certainly a part of any healthy portfolio and has been for generations. The innovation in the U.S. is simply unparallelled.

        • MichaelfromTheEconomicCollapse

          Portfolios that are exposed to stocks will not be “healthy” for long.

          The things that were true in previous generations are not necessarily true today.

          • FortuneSeek3rz

            True, the past is not guaranteed to mimic the future and it is a logical fallacy to believe that it always will. However, there’s very little evidence as it exists today that the United States is not a wise long term investment choice relative to the rest of the world.

            Those who continued to add to their positions in the crash of 2008 ended up doing extremely well. Better than many economists believed that they would.

            The U.S. may have a lot of debt on the books, but the total value of national assets is north of 120 trillion dollars. The world needs U.S. customers and leaders all over the globe are acutely aware of that.

          • Mike Smithy

            You fail to realize that stock price appreciation over the past several years is the direct result of QE which is part of the $8 Trillion that Obama has added to the national debt. Who is going to be stuck paying the bill for the artificial increase in stock prices. That’s right, our children and grandchildren and their children’s children. It amounts to nothing more than generational theft. Stocks didn’t go up in price because the overall economy is doing well, they went up as the result of free money and blind speculation, not fundamentals.

          • FortuneSeek3rz

            There’s no doubt in my mind that QE and ZIRP played a role in advance of stocks in the last 7 years. But remember, the argument isn’t which economy doesn’t have problems, it is “which midget is the tallest?” And the U.S. is showing no signs of become the shortest midget anytime soon.

            Consider the positives: There is a wealth of natural resources within her borders, the domestic and international bond markets for U.S. debt and U.S. dollars is in demand, and some of the best and brightest minds continue to innovate on a scale that dwarfs other country’s intellectual portfolios.

            The State’s GDP is second only to the EU and China is a distant third.

    • guest

      And we also need the fed and the treasury to increase the feds balance sheet by 3 trillion dollars to save the banks and direct the inflationary effect of all that voodoo money into stocks with 30 to 1 p/e ratios. Keep buying fortune, if the treasury and the fed keep printing those p/e ratios are headed for 100/1.

    • Mike Smithy

      The Dow is at least 50% overvalued. The only way I would look at investing in stawks at this juncture is for the DOW to be back under 8000.

    • Eddie Laidler

      Do you know what a money velocity chart is? All that QE go to you or something?

    • Lamar L Ramal

      The market is up because the fed is pumping money into it. QE 1, 2 and 3. In addition bond returns are so low that investors look to stocks for appreciation. People said the same thing in the late 20s. You are such an expert and I bet you do not have two dimes to rub together.

  • MIchael in Chicago

    How come no one is demanding that Greece leave NATO? The greek citizens have to pay for that. I do not think military budge cuts are allowed so long as Greece is a NATO member.

    • GetReal4U2

      strange how a “NATO” member is getting closer to Putin…hmmmm

      • Mike Smithy

        Yes it’s weird. Sort of like President Zero buddying up with Iranian Mullahs sworn to destroy the American people….hmmmm

        • Gay Veteran

          gee, wonder why Iranians would hate the U.S. government?

          could it be because we overthrew their democratically elected government in the 1950s and installed the tyrant Shah?

  • Bill

    I did not here a peep about Puerto Rico until today. And I follow this blog and MSM media sources. Thanks for the information Michael.

    • Bill

      Use another name

      • Plextt .

        lol…I hear you, Bill.

        • Bill

          Thanks for your concern. Wish Michael had some.

          • Ouida Gabriel

            What is Michael going to do? The name Bill is common. Start putting your name in the actual comment section and add a middle initial to it, then everyone will see which Bill it is. The other Bill may be a jerk for not using another name but don’t place blame on Michael. Find a solution yourself.

  • GetReal4U2

    can’t ever say Michael didn’t warn you…it’s only going to be a lot worse…

    • Nemnor

      And, because of the lack of right knowledge and understanding as to the main root cause of the major socioeconomic issues facing Greece, the USA, the EU and virtually every country in the World, there will be NO (permanent) solution to the on-going world-wide economic crisis, and the World’s socioeconomic situation will be even worse than it is currently, 2 years or 5 years or 10 years from now.

  • Alwaystomorrow

    The Economic Collapse Blog Has Issued A RED ALERT For The Last Six Months Of 2015

    Published 6/25/2015
    186 days until 12/31/2015.

    For fun, lets do a count down every day until the end of 2015 and see just what happens.
    I

    • tom

      we will have a recession and michael will claim his warning saved the world.

      • Eddie Laidler

        when did we ever come out of recession? maybe we will have a re- recession which is …….depression?

        • Mike Smithy

          If TPTB were honest with the stats we would officially be in a depression. Zero’s Administration had to redefine the metrics by going back decades and estimating Research & Development (R&D) in order to come up with positive GDP numbers. I wonder why PMSNBC didn’t do a story on this? If we had a Republican president that pulled this crap, do you think the leftist media shills would do a story on it? Even the EU Socialists are playing the same game of manipulation. They now calculate prostitution and illicit drug sales into their GDP estimates.

    • Ouida Gabriel

      I am game. Countdown begins now. What does Michael get if he wins? Gold? Silver? An apology? I say he is right so I will owe him my gratitude. I like to think he would appreciate that. My opinion is I think something major will happen but TPTB will “fix” it enough that people dont freak out completely. We can always be thankful that the big one didn’t happen. Instead of poking people in the eye while we read thier blog and use thier resources. Just saying.

  • Kurt

    Crashes like these, like ’29, are precursors for major war. America will have the perfect storm for collapse with division, rioting and interruptions to entitlements. This along with continued pressures on major adversaries such as Syria, Egypt, Russia and China will put us in a position of conflict that can only resemble the 10 years of hell called the Great Depression.

  • Meathead

    If you leave money in a bank, you deserve to be limited to the amount you can withdraw. When a direct deposit comes into our account, we are at the bank when it opens the next morning to withdraw it. We leave $100.00 in the account to keep it active. The assholes may get us, but it won’t be for much.

    • Mary

      What’s a safe way to store the cash? And what do you do when cash is outlawed, or you have to move it? I hear that cops confiscate cash.

      • Priszilla

        Cops always confiscate cash. It’s called protection money.
        Corruption is also outlawed. This doesn’t mean it isn’t used.
        Lose your fear. If your grocer accepts cash use it.

  • Jesus must increase

    What’s important is how Greeks and world markets react each day over the next week.

    Look at the debacle so far. Knowing that capital controls would be imposed with 60 eros a day limits, then it could easily be predicted that there would be runs on the ATMs as well as groceries and gas stations. Because of Just in Time inventory controls, while there may be sufficient supplies of groceries and gasoline in Greece, using typical demand numbers and not adjusting supplies would of course lead to anarchy at some point. Right? The smartest thing they could do now is adjust supplies to cope with much higher demand of these items…otherwise perpetual shortages will occur in the short run.

    On Wall Street expect institutional investors to buy in with larger volume to artificially prop up the system despite bad news from China (yet again!), Puerto Rico, and the Ukraine. There’s an alleged NSA leak that France is looking at issue less than two years down the road as well.

    A large number of pundits were stating prior to the events of the last 48 hours that the situation in Greece would have little effect, and yet that didn’t pan out, did it? The minority view was that since Greece was sure to have trouble as the weak link in the Euro, which larger than America in terms of GDP and spending, would be so small as to be as unimportant as Venezeula. And yet, now we’ve seen how the majority got it oh so wrong.

    Calmness can cover many things, but the situation is so screwy in Greece that no one can expect much of a miracle there. Many had wrongly assumed Merkel would weaken and restructure something more favorable for Greece.

    Personally I’m far more concerned about the muni problems of Puerto Rico given the huge amount of investment through mutual funds in the USA. Given over thirty states are insolvent (prior to Obamacare!) then how long before it becomes a litany from each state saying they cannot pay their bills?

    The tax base has eroded so deeply that we cannot continue to pay for these massive social programs anymore nor have adventurous ideas about the US military’s role in global affairs. The emperor has no clothes i.e. we don’t have the funds anymore to pretend the US is truly a superpower immune to these issues.

    We could certainly see a military coup in Greece if the situation leads to civil unrest.

    • Mike Smithy

      Jesus Saves, Moses Invests.

    • tom

      all of the above is overrated. there may be some martial law in greece for a week at most. puerto rico will not bring down the USA.And can’t china’s stock market have a pullback??!! Don’t reply if you are senior citizen. I already know what you are going to say.

    • Liberty First

      Everybody is getting a federal or state govt.
      “employment” check. The tax base is shrinking. It is kind of funny if it were not so serious.

    • sharonsj

      Just before they closed the banks and instituted capital controls, a Greek politician went to the media and assured people the banks would not be closed and there would be no capital controls….

      All our problems are due to the Fed giving banks free money worldwide (bet you didn’t know that), banksters not being proscecuted, Glass-Steagle not being reinstituted, and finally, all the money going to the top 1% while the rest of us have no money left to buy anything.

      • Gay Veteran

        “Just before they closed the banks and instituted capital controls, a Greek politician went to the media and assured people the banks would not be closed and there would be no capital controls….”

        the politicans will NEVER tell you the truth about a coming financial crisis

  • whydowanttoknow

    I just looked up shemitah in my joo to goi dictionary, apparently the chosen ones get to do a reverse robinhood every 7 years. But they are not held accountable as long as they have someone else pull the levers. Those joos are so smart they deserve every penny.

    • sharonsj

      You are mistaken. Here is the info from an Israeli newspaper;

      “On Rosh Hashana, that is the evening of Wednesday, September 24, the Land of Israel will start another sabbatical year ordained by the Bible. In Hebrew, shnat shmita literally means “a year let go.” This is no lip-service concept for observant Jews, farmers, grocers and the rabbis who regulate the laws of kashrut [what to eat]. Shmita is a serious matter.

      “It bears elaborating at this stage that shmita only applies to agriculture in the Land of Israel, nowhere else.”

  • tryit

    Northwest Arkansas. I’m at the bank. I ask the teller, “have you heard about what is happening in Greece?” Teller responds, “no.” The teller had no idea what was going on, that banks were limiting withdrawal amounts, that long lines are at ATM’s, and that Greece was going bankrupt. Go ahead, ask you bank teller some questions. Most don’t have a clue. It’s like The Twilight Zone, not many care, or know what’s going on. They will be T-boned when TSHTF!

    • tom

      Bank tellers are fast food employees who dress nicer. A bank teller probably can’t tell you anything about current events.

      • Mike Smithy

        You are exactly right. I think it would be hilarious if Jesse Watters did a Watter’s World segment challenging bank tellers with basic financial related trivia questions. For example, what does FRN stand for? Who’s face is on a $10 FRN? How many Federal Reserve Districts are there? Who is chairman of the Federal Reserve?

        • Ouida Gabriel

          You got me on the question of how many districts. I found what I need to research today. I agree though, not many people know the answers to these questions. I had someone tell me yesterday that I spend too much time worrying about what Greece is going to do when I shouldn’t worry about that. I replied that everything is connected in some shape and form, and I dont even understand the half of it but I still am trying to learn. It is frustrating when Americans spend so much time on stupid things but don’t take the time to understand how issues affects our nation. It makes me understand how the Anti Christ will come about. Just tell the masses what they want to hear and they will follow you like a sheep to the slaughterhouse. Disgusting.

          • johnjweaver

            Right there with you brother. Learning as I go along. Maybe the Pope has a surprise introduction to make this September at the UN.

          • Ouida Gabriel

            Mr. Smith,
            I am a lady. Ironically enough, my name means “warrior woman”.

            I agree, I think September will be telling. My heart wants to fear but the Holy Spirit strengthens me. God have mercy on His children.

          • AZFan

            I have a feelng the pope will be the anti christ

          • No the antichrist is the devil. He is in Washington dc occupying “HIS HOUSE”.

          • RapidRay01 .

            And you can bet that what ever the Pope says will not be in your best interest . Among other ” Wild Announcements ” , the Pope has called Capitalism as evil and has called for a NWO Banking system based upon Collectivism ( Communism ) , a NWO Religion , and a NWO governing form of government ! Anyone want to guess who the Pope has in mind to be the head of all these organizations ?

          • chimera

            Of course…..the United Nations. The world’s new slave wranglers for the elites. Lambs to the slaughter…..really sad how these globalist’s think.

          • Gay Veteran

            “…the Pope has called Capitalism as evil….”

            the current form of “capitalism” (fascism) is evil

          • chimera

            Yes he does….it is called United Nations Agenda 21 and when implemented will remove all property rights, sovereignty from nations and your new government worldwide will be the UN…. Because all of us selfish people who believe that we have individual, inherent rights from our creator are destroying the world according to them.

        • Avner

          Credit unions operate under the same rules, same risks apply when SHTF

        • Jodie Lynn Gaeta

          Please consider the fact that bank tellers are not paid very well and many of them are struggling to make ends meet. Forgive them if they do not have time or energy to read the Wall Street Journal or The New York Times every day. I don’t think it’s the least bit funny when people enter a business and put employees on the spot to expose their ignorance. It’s actually quite rude. At least the man on the street can walk away from you.

          • Mike Smithy

            These are basic trivia questions directly related to their employment of which they should have known the answer to before they were offered a job with the financial institution. Stop making excuses for institutionalized incompetence.

          • DANA

            Yes, people should try to be aware of what’s going on, but a bank tellers job requires math and administrative skills, nothing more, nothing less. Now if you were questioning a bank manager, that would be different.

          • Mike Smithy

            I would like to think that the McDonald’s french fry guy might care or even bother to know that french fries come from potatoes.

          • Jodie Lynn Gaeta

            Even if he didn’t know, as long as he pulls the basket of fries out of the oil when the buzzer sounds, you’ll get perfect fries.

          • Jerry

            Are you sure that McDonald’s French fries comes from potatoes?

          • Rebecca

            I had college degreed tenants not know pecans come from pecan trees and we’re scared to eat them from the tree in their yard. I “cleaned up” the debris and kept several bags of pecans that lasted me a year. Human beings can no longer recognize food and are doomed. Except for 3rd world country folks who grow their own.

          • Jodie Lynn Gaeta

            Those questions have nothing to do with them handling your deposit or cashing your check. If you nevertheless have a problem with a teller’s ignorance on financial matters, then complain to the bank manager. Don’t put hapless people on the spot to embarrass them: that’s not nice.

          • Jill

            I understand your point and agree that it is mean spirited to make anyone feel ignorant. That being said, a poor bank account is not always indicative of a poor mind. I know farmers and truck drivers who are better informed than many of the college students my husband teaches. With the pervasive wealth of information on the internet, there is no excuse for ignorance.

          • Nemnor

            Jill, you stated – “…I understand your point and agree that it is mean spirited to make anyone feel ignorant…”.

            On “trivial” matters I might agree with you. But on very important matters that may very well affect the “ignorant” person, it is ultimately in their benefit to be (rudely) awaken to their “ignorance”.

            It is knowledge of the truth that has the power to set someone free. Or, put another way, becoming aware of your ignorance is what might set you on the path to finding the truth. (right?) It is “blissful’ ignorance (like that of this bank Teller) that facilitates for so much EVIL to go on in this World.

            And on the matter concerning “ignorance” (or “truth”), in light of the on-going economic crisis the World has been experiencing for decades now, it is ONLY with the right knowledge and understanding of the main root cause for the on-going economic crisis do we have any chance of finding REAL (permanent) solutions.

            Unfortunately, because of this lack of right knowledge and understanding as to the main root cause of the major issues facing the USA, Greece, and virtually every other country in the World, there will be NO (permanent) solution to the on-going world-wide economic crisis, and the World’s economic situation will be even worse than it is currently, 2 years or 5 years or 10 years from now.

          • Jodie Lynn Gaeta

            I didn’t mean to imply that bank tellers are mentally limited. As for the Internet, there is also plenty of misinformation, so one must beware. Shows like Watter’s World do perform one valuable function: they expose the failures of our exorbitantly expensive yet inefficient and often ineffectual education system. One of my own college geography professors ( this was some years ago) used to rant about how ignorant his students were “and it gets worse every year!” he would say. And he was right: we were pretty ignorant about both history and current events. Our fault to a degree,yes, but what were the schools doing with us those 12 years we sat in class?

          • DANA

            Agree! This new found sport of putting people on the spot just to humiliate them or see it they give the “politically correct” answer, has become a national pastime. It says a lot about our priorities.

          • Ouida Gabriel

            I guarantee if you asked them about the latest episode of the Kardashians or whatever is current fodder for our minds, they will know the answer. I understand needing down time to unwind so we turn on the tv but honestly, most people care less about what is going on in the world and how it will eventually affect them.

          • Jerry

            I agree Jodie. And many people who laugh at the people they call the “sheeple” are they themselves being brainwashed by buying into some of the misinformation and fear mongering that is in the alt media.

          • CensoredSpeech

            I think we can blame the “educational establishment” for that problem! We can safely assume that what they have been doing has nothing to do with education!

          • Rebecca

            Corporate pressure requiring their wholly owned governments to force fail the educational system so it can be privatized.

        • energizedmortal

          If you somehow find out some answers that actually matter, then you may be thrown from the roof of a bank. A world war will begin sooner than later.

        • Tom Bradford

          That is why we have a president that is a Muslim supporter and will not say we are in a war. Wont say we have any problems business as usual and to reelect such a loser someone is not paying attention for sure. Obama would like is picture on the hundred and that is what is being discussed. Please this guy need is picture on a mug shot and so does Hillary. This is whole political system is corrupt we need a non politician someone with enough money no t to take a bribe from a lobbyist. i know someone TRUMP FOR PRESIDENT 2016

    • smooze

      Read some comments on another site (can’t remember which one) but the commenter was withdrawing money at their bank and the teller made the comment that a lot of people had been withdrawing money. Commenter mentioned Greece and got the same deer in headlights look that you probably got.

    • Ranier Wolfcastle

      Why would you expect a bank teller to know anything about it?

      • Evil_shadow

        if not for anything else , because it will affect them in near future too. I guess that that famous quote from orwell’s 1984 is proper for 90% of today’s world. igonrance is indeed a strength…

    • The American Horror Story

      “Help I’m steppin’ into the twilight zone,
      The place is a madhouse, feels like being cloned
      My beacon’s been moved under moon and star
      Where am I to go, now that I’ve gone too far…”

      Twilight Zone indeed tryit….

    • Priszilla

      Did the Teller know where or what Greece is?

    • landofaahs CIAmAPatriot2

      When you see how little they are paid, you can understand why they could care less about banks.

  • Sean Stout

    Maybe the timing is all for a reason. The SCOTUS is putting out tyrannical laws imposing homosexual marriage on the nation. It’s timed just about right for this country and world to collapse economically, so these tyrants can be held accountable. When people have nothing left to lose, they lose it. These NWO politically correct commies will be put on trial just like they did in Nuremberg.

    • tom

      you are not suppose to have that flag as an icon/avatar….

      • Sean Stout

        That’s true. According to the commies, we are now to fly gay pride flags all day long and use them as avatars. Well I’m not following the herd.

        • Bubba

          only hateful hicks stuck in the past use that swastika of a flag,

          • Sean Stout

            Only morons are too stupid to understand the flag doesn’t mean what the commies claim it does now. But I wouldn’t expect anything less from someone named Bubba.

          • Jodie Lynn Gaeta

            Please. Jefferson Davis and Adolf Hitler are not comparable, and neither is the Confederate flag and the swastika. African-Americans were not victims of genocide. Don’t misuse the Holocaust to make your point.

          • Gay Veteran

            not genocide, but slavery ranks pretty high in the pure EVIL department

          • Jodie Lynn Gaeta

            I answered to that last night in my reply to RW , but my comment is stuck in “pending”.

        • Avner

          Good for you Sean. The flag of intolerance and hate is the rainbow flag, not the Stars and Bars. You see it as an opportunity to say no and defy them. I ordered a Stars and Bars flag too, because they don’t want me to have one.

          • Sean Stout

            You are one smart patriot. You’re right, the rainbow flag is all about intolerance. They are nothing but leftist commie liberals who want to arrest anyone who doesn’t agree with homo marriage or global warming. They are very dangerous morons running around. I stand with the Stars and Bars because it’s under attack. If commies hate that flag, then I love it!

          • Gay Veteran

            “…They are nothing but leftist commie liberals….”

            Many Gays are conservatives, moderates, or libertarians.

            “…who want to arrest anyone who doesn’t agree with homo marriage….”

            Liar.

          • Sean Stout

            Yeah right. You’re either a liar or living in some fantasy rainbow land.

          • Gay Veteran

            YOU wrote:

            “…They are nothing but leftist commie liberals….”

            and the TRUTH is:
            Gallop (2012): “…While 45% of LGBT individuals describe their political views as liberal or very liberal, one in five (20%) describe themselves as conservative or very conservative. Among non-LGBT Americans, 23% say they are liberal, and two in five (39%) say they are conservative. LGBT and non-LGBT individuals are almost equally likely to think of themselves as moderate (35% and 38%, respectively)….”

            YOU wrote:
            “…who want to arrest anyone who doesn’t agree with homo marriage….”

            with NO evidence whatsoever

            So I’m a liar? F you with a rusty chainsaw

          • Sean Stout

            Figures can’t lie, but liars can figure.

          • Gay Veteran

            I proved you to be a LIAR.
            now scurry back to your Klan meeting

          • Sean Stout

            I just hope you’re not a child molester like so many queers out there. Are you like them?

          • Gay Veteran

            you should probably ask your dad if you know who he is.
            child molester, bet you got a stiffie writing that

          • Gay Veteran

            “…The flag of intolerance and hate is the rainbow flag, not the Stars and Bars….”

            riiiiiiiiiiiight, because Gays were the ones burning crosses in people’s front yards

        • Brook

          Us all- Keep flying the Confederate Flag!!! Fly it high and fly it ALL day long! The politically correct people have ruined this country. Can you believe they displayed the gay flag on OUR white house? What an insult to us ALL!

          Bubba and Tom – Civil war was faught because South wanted to succeed. Go listen to Lincoln’s speeches before they ban them for being true. Is this a free country? If so, we can fly any flag we want. All you questioning this guy’s use of the flag, shame on you. If you want to keep your freedoms you better allow him to fly it.

          • Sean Stout

            Thank you Brook. You’re a true sensible American. I have the Confederate flag to show solidarity with it and the South. I’m not even from the South, but I’ll stand up for them when they get attacked by commie liberals.

          • Gay Veteran

            was slavery the sole reason for the war? NO
            was slavery one of the reasons for the war?
            YES, go read the documents written by the confederates themselves.

            btw, the Klan owns the confederate flag now

          • Brook

            The klan owns the confederate flag? Are you kidding me? The klan is the illuminati. You need to read your history. The north had their blacks working in the factories for basically nothing. These people had HORRIBLE living conditions. Made the slaves in south look like middle class.

            The SOUTH wanted to SUCCEED!!!! Slavery was propaganda!!!

          • Gay Veteran

            illuminati? you mean it wasn’t the Knights Templar? ROFLOL

        • Ranier Wolfcastle

          So you’d rather fly a flag associated with racism and slavery instead?

          I’m about the most non-politically correct guy you can imagine, but it’s long overdue to get rid of that symbol of hatred.

          • Mike Smithy

            You got it backwards. The rainbow flag is the true symbol of hatred and intolerance.

          • Gay Veteran

            uh, no

        • Gay Veteran

          you are free to have that icon/avatar, and others are free to criticize you for it

          • Sean Stout

            And I’m free to criticize you for calling yourself “gay veteran” as well.

          • Gay Veteran

            yes

      • smooze

        Perhaps, but you can get a waswas flag cake at wallyworld and have them put death to america in arabic.

    • Liberty First

      Not a big fan of the Stars and Bars but I certainly understand your sentiment.

      • Photo713

        That is not the Stars and Bars. That is the St. Andrews Cross. Otherwise known as the Confederate Battle Flag.

        • Gay Veteran

          property of the KKK

    • Priszilla

      Greece rejected TTIP. So they needed to be punished.

    • Gay Veteran

      oh yes, marriage equality is tyrannical, but I guess marriage equality for interracial couples is also tyrannical to your type

      • Sean Stout

        Since mentally ill folks like you are using the buzz phrase “love is love” and “love wins” how about we legalize incest and polygamy? Love is love after all.

        • Gay Veteran

          “Since mentally ill folks like you….”

          I’m not the one flying the flag of the Klan.

          how about we legalize incest and polygamy?….”

          maybe you can explain how a child can give consent

          • Sean Stout

            Who said anything about incest with a child? What about a father and his 18 year old daughter or a woman and her 18 year old nephew? BTW, commies took over the Confederate flag and changed the narrative to be the flag of the KKK. Actually the KKK didn’t start flying that flag until FBI informants infiltrated them in the 1960s. No surprise there.

          • Gay Veteran

            I’ve already proved you to be a LIAR, now scurry back to your Klan meeting

          • Sean Stout

            You’ve proven nothing except that you’re mentally ill liking other boys. Leave the little kids alone you sicko.

          • Gay Veteran

            sounds like projection, now get back to your Klan meeting

  • Bill

    It is getting to the point where anyone can do anything they please—even use another person’s name.

    • Guest

      Maybe, just maybe there’s more than one Bill out there….?

      • Bill

        When I joined Disqus usernames were supposed to be unique. Evidently the policy has changed. Michael and Disqus don’t respond to my complaint. Now do you understand my frustration Mr. guest?

        • smooze

          I’m signed on through google…perhaps one of the other thousands of Bills out there used this option also…

          • Bill

            Thought Disqus was “the” clearinghouse?

  • VigilanteCaregiver

    Watch China and India: going down the same financial sewer as everyone else.

    • Nemnor

      Indeed, it is the entire world-wide economic system that is decadent ans is NOT able to generate long-term recovery by economic means alone.

      The REAL and only solution for the World begins with a fundamental change away from the world-wide Capitalist economic system.

      • VigilanteCaregiver

        EXACTLY! Capitalism is better suited for the individual and locality. Internationally, it becomes something it’s not.

  • tom

    Greece will make a deal with ECB and everything will go back to normal.

    • GSOB

      Perhaps strike 3 and they’re out.

      • tom

        after anarchy comes dictatorship…

      • tom

        if you get internet in your bunker, I was right. 😉

  • Orac4Prez

    I am hardly surprised about the outcome. Mr Yanis Varoufakis (Greece Finance Minister) claims to be a “Libertarian Marxist” and was a lecturer at several universities around the world (incl. Univ. of Texas) Mr Varoufakis spent more than a decade in Australia, where his research at the Economics department of the University of Sydney was mainly focused on game theory. Specifically, his interest was in “the mathematical study of decision-making and of conflict and strategy in social situations”.

  • Sam

    What would you say to a guy who says “What Michael says is fear-mongering. If a market correction comes, then the Fed will just keep pumping more money – QE. Bank deposits are FDIC insured. The U.S. can tell its creditors i.e. China etc. we don’t owe you anything. The Chinese and others will lose. U.S. has the strongest military in the world to back it up. Greece may end up defaulting, but it is a small economy so the damage will be small. The Eurozone will continue and other countries such as Italy will be bailed out. There is nothing to worry about. Some people like Michael keep saying the crash is coming for the past several years while nothing happened…”

    • Avner

      Not a damn thing. Bide your time, and when it goes down, be the pirate that sells a roll of toilet paper to the idiot who had faith in keyensian economics for $200 a roll/whatever is important to you/whatever is of value. They were stupid, make them pay for it.

    • Lamar L Ramal

      Yes, everything is fine. The 100 trillion in unfunded liabilities [ss. fed pension, medicare, other social programs]. 100 million on food stamps, 125 million on various gov handouts. You really need to read up a little on how much of this country is owned by china. Now, go back to sleep.

      • Liberty First

        And they never forced us to become their slaves. We ran down that rabbit hole with glee.

      • sharonsj

        Where the hell do you get your numbers? 47 million are on food stamps. 11 million (only 4.1% of the population) are on welfare. 10 million collect unemployment insurance. Social Security isn’t in trouble yet and any problems it has can be solved with merely raising the cap, currently limited at about $110,000–which means the rich aren’t paying into it. And Obama and Congress cut $500 million out of medicare to pay for other crap. Funny how Congress cuts everything that helps the average American but can find billions for the Pentagon (which can’t even account for where the money goes).

      • Gay Veteran

        $trillions for the military industrial surveillance state

    • danbax

      schiff was warning of 2008 for quite some time and everyone laughed

    • Mike Smithy

      Raging forest fires are often the result of conditions such as lots of dry timber, warm winds and a small yet carelessly placed flame sets it ablaze. Greece could very well be that small flame that sets the derivatives market (dry timber) ablaze.

    • smooze

      “U.S. has the strongest military in the world to back it up.” Not anymore, oslamo has been culling the military since he got in. And too many military members will be in the hospitals getting gender reassignment surgeries and won’t be able to fight in any war. Remember “Hangover 2″ when Stu went to the strip club in Bancock? US special forces locker room…

      • Mike Smithy

        Bingo. China is building 5 warships for every warship that America builds.

      • Gay Veteran

        we haven’t won a war since WWII.

        I agree with Gerald Celente:

        bring the troops home
        seal the borders
        rebuild America
        NO foreign entanglements

    • Gay Veteran

      “…U.S. has the strongest military in the world to back it up….”
      ROFLOL, we couldn’t defeat a bunch of goat herders in Afghanistan!
      and don’t pay the Chinese? expect cyberwar

  • JailBanksters

    When the Shemitah hits the Fan…..RUN.

  • Avner

    “Ukraine has just announced that it may “suspend debt payments” if their creditors do not agree to take a 40 percent “haircut”.”

    That’s how you say piss off to the bankers for sure, yeah. Too bad Ukraine is going to be a wasteland when their war is over.

    I don’t have any love for the Ukrainian Nazis, but I definitely like the spirit of non compliance. Americans could learn a lesson there.

  • df NJ

    “We cannot allow them to force us to choose between paying for our police, our teachers, our nurses, and paying our debt,” Padilla said in a televised announcement Monday night in Spanish. “We have to act now.”

    “Puerto Rico is running out of time. The island owes $73 billion that it can’t pay. Its debt is already junk grade and has one of the lowest possible ratings.”

    Workers are leeches on society. Why pay them anything at all?

    • Nemnor

      df NJ, is this a sarcastic statement? Do you care to explain your statement – “…Workers are leeches on society. Why pay them anything at all?…”?

      Please explain, because NO one can honestly deny that it is Workers who created virtually ALL the wealth in the World.

      Workers created ALL the abundance we see (and some of us have a bit of) in the World today.

      The “leeches” would be the class of people (mainly “the 1%”) who usually do not do any meaningful work that create anything. Even the “means of production and distribution”, that “the 1%” would claim that they “provide”, is actually BUILT by the labor/effort of Workers.

      So who are the REAL “leeches on society”?

  • Stan

    Looks like the socialist’s are finally running out of other peoples money…..

    • df NJ

      So you really think socialism is our problem? Google “Wealth Inequality in America” and look at the graph for “dreaded socialism” in the video. We are as far from the dreaded socialism as you can get and still have a currency having any shred of value. Socialism is not our problem. You can keep believing your delusion but the evidence does not support it.

      • jaxon64

        over 20 TRILLION dollars worth of socialism so far–and the impoverished are even poorer–I’d say socialism is failing.

        • Stan

          United States National Debt $18,164,155,727,819.99
          United States National Debt Per Person $56,521.24
          United States National Debt Per Household $146,390.00
          Total US Unfunded Liabilities $123,300,288,781,509.48
          Social Security Unfunded Liability $15,114,442,071,367.39
          Medicare Unfunded Liability $79,037,209,678,310.70
          Prescription Drug Unfunded Liability $19,945,953,356,053.00
          National Healthcare Unfunded Liability $9,202,683,675,778.39
          Total US Unfunded Liabilities Per Person $383,672.37
          Total US Unfunded Liabilities Per Household $993,711.43
          United States Population

          Sure, those unfunded liabilities (government making promises it couldn’t keep) just magically appeared out of nowhere.

          This country was not founded on government giving a constant stream of handouts, but it will certainly end that way…..

          • df NJ

            The workers median wages have declined over the last 30 years. Maybe people are not making enough money. Just saying.

          • Stan

            Having government taking money out of the economy (other peoples money) doesn’t grow an economy. We’ve been forced to have two income families to survive all the “free stuff” they keep handing out. Looks like that isn’t enough now either….

            This all will come crashing down, just like Greece…..

            What excuse will you have when that happens….. Who’s fault will it be then…..?

          • df NJ

            RE: “We’ve been forced to have two income families to survive all the “free stuff” they keep handing out. ”

            I see your point of view. But that’s not what I am saying. What I am saying, even if there were NO handouts, we would still have the same problems and misery. Something is fundamentally wrong with our free-markets and workers wages are way too depressed.

          • Stan

            “Free Market”….. who sold you that story….?

            We haven’t had a true free market for decades. From construction, to manufacturing, to buying goods and services, to consuming we have been taxed and regulated at every step and then some.

            Let’s take just one industry (Libs beloved health care) and see how government regulation and taxes has completely removed the free market from the entire equation.

            If you were buying a watch, or a car, or a dining room table, you get to see the price up front. You get to see many purveyors who offer product. You get to evaluate the quality, the price and the speed of delivery. You, the consumer can decide who provides the best overall value BEFORE you buy.

            With the health care delivery system of today, you are masked from seeing anything until after you buy. It then becomes a battle between you and your insurance company on how much will get paid and who pays it. In my opinion, it is the health care delivery system (insurance) that is at fault here. And today’s health care delivery (insurance) is the result of congressional and government legislation since the 1950’s.

            You are told that because you get to select which insurance company to use that it is the free market at work. BS……! By the time you get to buy it, government has already decided what should be included, how much of a cut they should take and how much it should cost. Now that we have O’Care, it’s even less of the free market at work.

            Look at the construction industry. At ever level, government is taking a cut and telling the free market what they can and cannot do. Then when a business contemplates purchasing, or leasing the building, government tells them what they can, or cannot sell and they take their cut. Through over-regulation, taxes and fees our free market has eroded .

            And yes, the Federal Reserve has debased our currency to almost the levels of monopoly money…..

          • df NJ

            You blame the “libs” as if Republicans are not just as bad as the Democrats. Both parties serve their masters. Our government is run by the corporations. All government is a boondoggle for billionaires. Government by the rich, for the rich, screw the workers.

            “lib” is just a label to confuse people like you.

          • Gay Veteran

            we have high medical costs because anti-monopoly laws, etc, are not applied to insurance companies, drug companies, hospitals, etc.
            If they were then medical costs would drop by 80% as shown by Karl Denninger

          • sharonsj

            The reason you need two jobs is not because of welfare but because the value of the dollar is now a fraction of what it used to be. We also have had continual price inflation over the last 10 years–while wages are stagnant–so that nobody can afford the basics anymore

          • Gay Veteran

            amen!

          • Gay Veteran

            we also have two income families because the Federal Reserve has devalued the dollar so much

          • Priszilla

            If you don’t make enough money you can’t pay your debts.
            That triggered the sub prime crisis.
            Solution: increase the lowest incomes much fasyer than the highest incomes.
            Low income is spent on local economy.
            High income is bunkered in tax havens.

          • Gay Veteran

            the sub prime crisis was caused by banks and mortgage companies giving loans to people they KNEW could NOT pay it back

          • Priszilla

            Like Europe giving loans to Greece so they can buy German tanks.

        • df NJ

          The entire US GDP in one year is not 20 trillion dollars. I get your point that giving money to people for nothing is not a good idea. But again, you are ignoring the facts in the video which are contradicting your prejudice about the issue. I wish for once someone would stop clinging to a delusional talking point. All the money that goes to entitlements is not that big of a problem since almost all of it goes right back into the economy paying for goods and services. Socialism does not slow the country down. But I agree with you, people should get government freebies. But that’s not why our country sucks.

          • Mike Smithy

            Using your logic, if everyone decided to quit their job and live off of government handouts, it wouldn’t matter as long as the money they spent on goods and services went right back into the economy. If the premise for your argument was true, who would supply the goods and services that the free loaders want?

        • df NJ

          You are all determined to blame the free handouts. I’m telling you that is NOT the problem. Watch the video. I’m not being a jerk here. The Earth is NOT flat. Really!

      • Jill

        People are not poor because their fellow man is wealthy.

        • df NJ

          Yes they are. People are tyrants.

        • Gay Veteran

          they are if the wealthy are korporate CEOs sending millions of American jobs to China, India, Vietnam, Mexico, etc.

    • df NJ

      If we really had socialism in this country Wealth Inequality would be a non-issue. CEOs are now making 500 times the median worker’s wage. In the 1960s the CEO was making 20 times the median worker’s wage.

      The problem is all you right wing blokes are math illiterate.

      • Stan

        I didn’t say we are a socialist country. I said we no longer have a free Mar.

        Why once you Libs run out of intelligent dialog you resort to install….. Every time.

  • Rukander

    And the winner is…….. American marquet.

  • finance whiz

    nice post

  • Janice

    I read the financial reports/stories but can’t translate the huge numbers or really understand what it means for me personally.  Is Greece an indicator of what’s coming?     In 2008 I was employed and experienced no financial impact on my household. However, my state’s pension system problems increased forcing workers to contribute more.   

    Can someone explain exactly how the next economic crash will directly affect ORDINARY citizens.  Mega Banking irregularities, Federal Reserve, gold reserves, bond markets, hedge funds, over leveraging, billions-trillions in losses are way over my head!   

    How will a global market meltdown affect the average 9-5 Joe Blow, seniors, my MM accounts?   Will my social security and pension direct deposits be affected?  Will I be able to pay my mortgage, bills, etc.    Will my bank “call in” my mortgage?  Will my banks take my money?
    Do I need to switch to  “mattress” banking?      Tks.

    • df NJ

      If MAC machines do not have money. If banking systems needed to for the commerce of gasoline stop working. Then we have two situations. The grocery stores will be empty in three days. And all the gasoline will be gone. At that point, what do you think will happen? I suspect we will see military troops in our streets rounding up agitators to be housed in concentration camps built by Halliburton.

      For the remaining preppers who survived the purge, it will probably take 2 or 3 months to restore a consistent supply of the groceries and gasoline. But a noticeable difference will be all goods and services will have to be paid for with a government issued Id card using a new currency not based on the American dollar.

      • A Friend

        Camps built by Halliburton. LOL. :)

        • df NJ

          What else are they for?

  • underaged

    Interesting graphic – Must be the end of the month. Michael’s Porsche payment is due in a few weeks so hence over-the-top hype to generate some clicks.

  • AZFan

    How is everyone preparing, gold, silver?

    • Gay Veteran

      and things to barter, like sugar, booze, canned food

  • Missy Moo

    The only positive thing is that China seems to be suffering with everyone else when everyone thought they would take over the World when the crash happened.

  • A Friend

    I’m interested to see how Russia responds to the Greek problem. If they come up with a too good to be true solution…..well….

  • Ok. So are we really seeing an economic crash or are we seeing what is being orchestrated by groups like the bilderberg group or the actual central bank to try to push the world into once global currency. I believe we are seeing the latter. We are seeing a push in numerous other areas as well other than just financial. What better way to gain control over every country in the world than to have them by the short hairs when iat comes to currency. You want to control them control their purse strings. I mean after all each country individually is poor but as One world government everybody is equal especially if you have one global currency.

    • df NJ

      A false flag nuclear attack will do the final trick.

    • GSOB

      Athens Greece,…. worlds first democracy.
      God, please have mercy on the people there

  • Antonio Ossa

    TIME HAS COME TO PAY THE PIPER!

  • Richard O. Mann

    I have shared these articles on Facebook many times over the last couple of years. I can’t remember any “Likes” on any that I posted. It is true that people for the most part have no idea what is coming and really don’t want to think about it. One of my friends posted that it is only 10 more weekends before the start of college football season. Here in the south, football is one of the main religions. Until it gets so bad that the stores run out of beer and chips, many are not going to ponder what is going on anywhere else in the world. It’s going to be very ugly when the economies of the world all crash and burn.

    • df NJ

      Cognitive dissonance is the American dream.

  • CharlesH

    Michael – Thanks again for another fun-filled factoid about what is going on in the world of economics. I feel a vibration and the very foundations are starting to crack. *note: I make lame jokes when I get nervous. 😉

  • df NJ

    TV is a hypnotism device telling us exactly what to believe. The Matrix has you!

  • Eric Tremblay

    I really hope that I am totally wrong but I think we may not see any economic collapse anytime soon (ie: such a collapse that would be so dramatic that it would give us a full new economic system that cares more about human being, families and child) .

    For sure, the economic system will keep getting worst since it is absolutely unsustainable. But what after…?

    Nothing…This is a system totally disconnected from reality, like a science-fiction movie. It lives by it’s own, no matter what happens in our daily life.

    More and more people are warning us that the next economic collapse is comming and they are brillant people who have lot of knowledge about history and economic matters. Most people, like me, whish this to happens since we all whish for a better world.

    Unfortunately, it is not on Internet blogs that human life will be improven troughtout the years, it is in the streets, in the fields. And this economic systems about to collapse belongs to the unreal world, its collapse will never improve our daily life…

    We may see an real economic crash the day we stop to wait fo it and we are all ready to definitely unplug our large-screen-hdmi-TV set and look at what we have built… We’ve built Wall-Steet, Central Banks, Casinos and greats malls. We let Montanso rule the farming, we let tomatos, oranges, letuce and flour in the hands of bankers. More over, we let them secure their money and wealth in some foreing islands where our child can’t reach it when they dream for a hockey stick…

    Publishing Red Alerts on relatively unknown web sites will not change anything… We need to mobilizise. The Occupy Movement would have been far much powerfull if people like us, like me, would have get down to the street instead of reading or writing unusefull comments on web sites.

    Too bad…People here have so much interest and so much knowledge in what should be a sustainable and resilient futur for us and our childs. I love to read articles and comments here because they are wise, very vell documented and logical. But I would like we could do something more usefull beyong reading and writhing on a site which stands nowhere in the real world.

    There will be no disaster nor economic collapse in the next six months. We are not ready for it. Beleive me, this statement is more real that any graph or number we can see here.

    Eric

    • df NJ

      Stocks markets crash. It’s happened before. Debt levels are not sustainable. Currencies collapse. Hyper-inflation is certainly possible. The problem is the purchasing power of the median worker’s wage never increases. If you interpolate the trends the direction is not up. It may change but I doubt the CEOs are all of sudden going to have a Jesus moment and start being altruistic to their workers. Henry Ford did double the wages of his employees. But it’s very unlikely that would ever happen again.

      • Eric Tremblay

        Stocks markets crashes did never increase purshasing power of the median worker’s wage…. How comes this would be different this time? If an economic collapse do happens, will it bring more safety for me and my familly?

        • df NJ

          Part of me wants to side with Satan and say screw all the other people and just let them die. And then the Jesus side of me is thinking we are all part of same infinite oneness of God and other people are like my children and I should help them with all of being. Which side will win out?

          • Eric Tremblay

            Well, I dot not want to take part in the struggle between Satan and Jesus… Just want to share my comments about the economic future….

          • df NJ

            We are all going to die..well, maybe it will turn out okay.

          • Eric Tremblay

            I do not not want to die and I will not….Just want to live in a most beautiful world where economy is not the greatest force driving our world…I am stilll greatly optimistic about our future….

  • df NJ

    “11) Oh, Greece is pretty much in a Depression, with the economy having dropped by a quarter in the past few years, and an unemployment rate above 25%.”

    • df NJ

      If I were in Greece, fish, eat olives, raise goats.

  • DJohn1

    What does it mean to the average person?
    Because when push comes to shove that is going to matter to a whole bunch of people.
    Those same people that pay their taxes, pay their bills, pay the mortgage on their house or rent, are according to this article screwed.
    They are what keeps everything going.
    Between decisions at the Supreme Court and Executive Branch of government, Obamacare is leeching a lot of the discretionary income of the working class. We simply cannot afford it.
    What is going to happen is a line item veto of every expense the government currently has.
    That chopping block means the end of a lot of bureaus in government.
    A lot of times those bureaus are worthless anyway.
    But it is going to put millions of people out of work and on the streets.
    That is dangerous.
    It also means the end of our space programs.
    It means the end of both the IRS as currently practicing tax law and the ERA with its multitude of wasteful regulations that do not even make sense in some cases. Over ten truckloads of regulation that no one can even read in a lifetime.
    It means most pension funds are going to go broke.
    It means Social Security is going to get incredibly restrictive on anyone new coming into the system and a raise to 70 or better on people taking social security benefits.
    It means toughening up on restricting imports into the country.
    It possibly means war with China.
    When the dollar goes down, it will take a good portion of the financial world with it.

  • df NJ

    The illuminati Orwellian state of scarcity, war, chaos, and fear.

    You would think the 8 billion people on the planet would be able to generate enough wealth to take care of all our children, old people, and each other.

    If you are fighting the system, you are still caught in it. Their power comes from our acquiesce.

    • Gay Veteran

      the planet cannot support 8 billion people

  • df NJ

    As an engineer, you know your country is completely irrelevant in the World when you read headlines like this one: “Dubai says plans world’s first 3D printed office building”

    Are you kidding me? Engineering in the United States has about the same esteem as dish washers.

  • GSOB

    The IMF will probably move away from the dollar being the reserve currency in October this year in an effort to stabilize the global economic situation.

    • FortuneSeek3rz

      That is a possibility. What would replace the dollar is the SDR.

      • GSOB

        Headquarters in WA., D.C.

      • Yooper

        That’s what I and many others think as well… A new electronic “money” will be introduced, after currencies have been redeemed and adjusted to a possible world wide uniform standard of units.

        • Yooper

          SDR’s or Special Drawing Rights mainly used to issue and settle debt between countries…?

          • GSOB

            Almost like the cap and trade concept.

          • Yooper

            For one, I really question the concept being able to float 7.2 billion souls? Of course not, not everyone will be able to participate in the new consumer economy that is coming….

          • Yooper

            Some don’t even have the technology to enable access to it, while others especially in America, it’ll be no longer be available to the low/no wage earners?

  • Dave Smith

    It looks to me like this is all a big game of charades.
    The American economy may collapse this Autumn and Europe may fragment, but this will only lead to a resurgent (and stronger militarily) European (sic Roman) Empire.

  • TBonePickens

    How come this blog never talks about our TRADE debt?

  • piccadillybabe

    The stores seem to have remarkably low inventory these days especially Walmart. When the SHTF, it will not be long before the shelves are bare. It is just good sense to stock up a bit with basic necessities. Most Americans feel anxious these days but no one seems to be talking about it. You mention Jade Helm and you get a blank stare. Now with Greece more than likely defaulting on the $1.6 billion they owe the IMF, it will be interesting. God Bless to all who are living in this turmoil!

  • Mark Odenbach

    I don’t see how the price of gold and silver can be so uncoupled from reality. The world is on fire. Fiat money looks to be ready to fail. China, India, Russia et al are buying LOTS of gold, yet the price of gold and silver continue to slide. The Fed indicates that interest rates will need to start rising, the bond market is falling. Greece is near total collapse along with troubles throughout the EU. The US stock market continues to explore new highs, but with greater volatility. It seems that the price of gold and silver should be going through the roof.

    What gives?????

    • FortuneSeek3rz

      Because both gold and silver are priced in U.S. dollars and the dollar has become quite strong in the last year. When the Euro weakens, the dollar strengthens and that pushes gold and silver down.

      • Gay Veteran

        the banksters have already been caught rigging the gold markets

        • FortuneSeek3rz

          About four years ago the gold market was being rigged to the tune of $1920

          per oz.

          • Gay Veteran

            and what happened then? huh?

            from Financial Times:

            “…UBS is expected to strike a settlement over alleged trader misbehaviour at its precious metals desks with at least one authority as part of a group deal over forex with multiple regulators this week, two people close to the situation said. They cautioned that the timing of a precious metals deal could still slip to a date after the forex agreement.

            Regulators around the world have alleged that traders at a number of banks have colluded and shared information about client orders to manipulate prices in the $5.3 trillion a day forex market. UBS has previously disclosed that it launched an internal probe of its precious metals business in addition to its forex investigation….”

          • Gay Veteran

            from Paul Craig Roberts:

            “…The Fed’s policy of monetizing one trillion dollars of bonds annually put pressure on the US dollar, the value of which declined in terms of gold. When gold hit $1,900 per ounce in 2011, the Federal Reserve realized that $2,000 per ounce could have a psychological impact that would spread into the dollar’s exchange rate with other currencies, resulting in a run on the dollar as both foreign and domestic holders sold dollars to avoid the fall in value. Once this realization hit, the manipulation of the gold price moved beyond central bank leasing of gold to bullion dealers in order to create an artificial market supply to absorb demand that otherwise would have pushed gold prices higher. The manipulation consists of the Fed using bullion banks as its agents to sell naked gold shorts in the New York Comex futures market. Short selling drives down the gold price, triggers stop-loss orders and margin calls, and scares participants out of the gold trusts….”

    • nobody

      You can’t eat gold and silver, that’s why they are so cheap. Remember, something is worth only what other person is willing to give you for it.

    • Gay Veteran

      because the banksters have already been caught rigging the gold markets

  • lincolnlincoln2

    stock up on potato chips now, especially the onion and cheese

  • jhowell882

    Micheal’s information you don’t hear on the main stream media do you? you never will. the MSM are there to keep you distracted as the global elite steal all the wealth by getting everyone into more debt,personal and countries. ours is no different. it is going to be a bad situation and the rich will survive it ok , but you and me not so well.. sadly

  • Enrique R. DéZuardí

    Those Fat cats are just pawns

  • nobody

    Crash? Yes. End of the world? No, just a brutal realignment. Some banks, ok, most of them, will go broke, some financial institutions will go belly up, but the world will survive, like it has survived before.

  • Gay Veteran

    awwwwwwww, not socially acceptable anymore to say ni**er

    • Sean Stout

      Seems it’s socially acceptable in the black community. They use that word in their everyday lexicon more now than ever.

  • destiny

    Bank tellers are just workers. They don’t have the bread or control of it. Cut them some slack.

  • landofaahs CIAmAPatriot2

    Over and over Jesus told us to fear not. “Fear not for I am with you even unto the end of the age”. So be like the 5 wise virgins and prepare.

  • Will Rogers

    I was ready to just discount #1 as no big deal then remembered circuit breakers and the PPT…350 points is a lot given all the manipulation.

  • Polly Tix

    What a hideous person you are Sean Stout, suggesting that Gay people are child abusers, amongst other ridiculous insults.
    Go and crawl back under whichever stone-aged rock you came from.

    • Sean Stout

      Are you gay yourself?

  • tom

    get help for yourself.

  • bob cratchette

    been saying it for years a global economic collapse I think is what will pave the way for the anti Christ to come on the scene and say he has all the answers and the world will be primed and ready to serve him after the collapse ruins every one and crushes any chance at ever having anything again.

  • The Struggle within America—Isaiah Saw It All!
    by Avraham Gileadi Ph.D.

    Many regard Isaiah’s prophecy as a sealed book. Who does it address, only people in the past? A key to this mystery exists in the linear and synchronous structures that govern the book of Isaiah. These enable us to read it as a prophecy about the past but also as a prediction of the future. The book of Isaiah, in other words, serves a twofold purpose. Without taking anything away from what happened in the past, it uses the past as an allegory of the future. In that case, persons and nations of Isaiah’s day typify ones who perform similar roles at the end of the world. The names of past persons and nations function as codenames for their endtime counterparts.

    The importance of understanding Isaiah’s message increases daily as world events line up like planets for the fulfillment of his prophecy. Under the codename “Egypt”—the great superpower of Isaiah’s day—America is predicted to suffer spiritual decline, political ineptitude, economic collapse, internal anarchy, and invasion by a foreign military world power from the North—a latter-day “Assyria.” On the other hand, a community of covenanters in “Egypt” will turn back to Jehovah,
    who will send them a savior and deliver them. In the end, at the commencement of the millennial age, America will again become “my people”—a covenant people of God (Isaiah 19).

    5. 20. 2010

  • End-Time “Egypt”—A Superpower in Decline
    by Avraham Gileadi Ph.D.

    Isaiah’s use of types of ancient world powers that foreshadow End-Time ones extends to the great superpower Egypt. As with all nations and persons who appear in the book of Isaiah, their true identity emerges when we observe how Isaiah characterizes them, not when we apply historical or archaeological data, though at times that may help. In searching the world today for a nation that matches Isaiah’s description of “Egypt,” the sole candidate is America. That connection is further strengthened by the fact that God’s people anciently dwelt in Egypt, that Joseph ruled Egypt, and that the birthright tribe of Ephraim sprang from Joseph and Asenath, an Egyptian woman.

    Isaiah’s “Egypt,” however, is a superpower in decline: “The ministers of Zoan have been foolish, the officials of Noph deluded; the heads of state have led Egypt astray. Jehovah has permeated them with a spirit of confusion; they have misled Egypt in all that it does, causing it to stagger like a drunkard into his vomit. . . . Manufacturers of combed linen and weavers of fine fabrics will be dismayed. The textile workers will know despair, and all who work for wages suffer distress. . . . I will stir up the Egyptians against the Egyptians; they will fight brother against brother and neighbor against neighbor, city against city and state against state” (Isaiah 19:2, 9–10, 13–14).

    11. 16. 2011

  • Tom Bradford

    It is happening as i write this Dow down 680 points and it not even opened yet. Looks like another Black Monday.

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