The Beginning Of The End
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17 Quotes About The Coming Global Financial Collapse That Will Make Your Hair Stand Up

Is the world on the verge of another massive global financial collapse?  Yes.  The western world is drowning in an ocean of debt unlike anything the world has ever seen before, and our financial markets are gigantic casinos that are dependent on huge mountains of risk and leverage remaining very stable.  In the end, this house of cards that has been built on a foundation of sand is going to come crashing down in a horrifying manner.  Usually in this column I go on and on about why things will soon get much worse.  But today I am going to take a bit of a break.  Today, I am going to let some of the top financial professionals in the world tell you why things will soon get much worse.  Many of the quotes that you are about to read just might make the hair on the back of your neck stand up.  Most people out there have no idea what is about to happen.  Most people out there are working hard and are busy preparing for the holidays and they are hopeful that the economy will turn around soon.  But that is not going to happen.  We are heading for another major global financial collapse, and when it happens the U.S. economy is going to get even worse.

The epicenter for the coming global financial collapse is almost certainly going to be in Europe.  As you will see below, financial professionals all over the world are sounding the alarm about Europe.  It is a disaster that everyone can see coming but that nobody seems to be able to prevent.

Of course the failure of the "supercommittee" in the United States certainly is not helping matters.  There is already talk that we may soon see another downgrade for U.S. debt.  It is hard to even describe how incompetent the U.S. Congress is.

There is a tremendous lack of leadership both in the United States and in Europe right now.  The financial world is more interconnected than ever before, and when the financial dominoes start to fall it is going to take a miracle to keep a complete and total disaster from unfolding.

So when the time comes, who is going to step forward and provide that leadership?

That is a really, really good question.

Right now, panic and fear are spreading like wildfire in the financial world and nobody knows for sure what is going to happen next.

But one thing is for certain.  Pessimism is growing stronger by the day.

The following are 17 quotes about the coming global financial collapse that will make your hair stand up....

#1 Credit Suisse's Fixed Income Research unit: "We seem to have entered the last days of the euro as we currently know it. That doesn’t make a break-up very likely, but it does mean some extraordinary things will almost certainly need to happen – probably by mid-January – to prevent the progressive closure of all the euro zone sovereign bond markets, potentially accompanied by escalating runs on even the strongest banks."

#2 Willem Buiter, chief economist at Citigroup: "Time is running out fast.  I think we have maybe a few months -- it could be weeks, it could be days -- before there is a material risk of a fundamentally unnecessary default by a country like Spain or Italy which would be a financial catastrophe dragging the European banking system and North America with it."

#3 Jim Reid of Deutsche Bank: "If you don't think Merkel's tone will change then our investment advice is to dig a hole in the ground and hide."

#4 David Rosenberg, a senior economist at Gluskin Sheff in Toronto: "Lenders are finding it difficult to finance their day-to-day operations with short-term funding. This is a lot like 2008 but with more twists."

#5 Christian Stracke, the head of credit research for Pimco: "This is just a repeat of what we saw in 2008, when everyone wanted to see toxic assets off the banks’ balance sheets"

#6 Paul Krugman of the New York Times: "At this point I’d guess soaring rates on Italian debt leading to a gigantic bank run, both because of solvency fears about Italian banks given a default and because of fear that Italy will end up leaving the euro. This then leads to emergency bank closing, and once that happens, a decision to drop the euro and install the new lira. Next stop, France."

#7 Paul Hickey of Bespoke Investment Group: "More and more, we are hearing anecdotal comments from individual and professionals that this is the most difficult environment they have ever experienced as the market is like a fish flopping around after being taken out of the water."

#8 Bob Janjuah of Nomura International: "Germany appears to be adamant that full political and fiscal integration over the next decade (nothing substantive will happen over the short term, in my view) is the only option, and ECB monetisation is no longer possible. I really think it is that clear and simple. And if I am wrong, and the ECB does a U-turn and agrees to unlimited monetisation, I will simply wait for the inevitable knee-jerk rally to fade before reloading my short risk positions. Even if Germany and the ECB somehow agree to unlimited monetisation I believe it will do nothing to fix the insolvency and lack of growth in the eurozone. It will just result in a major destruction of the ECB‟s balance sheet which will force an ECB recap. At that point, I think Germany and its northern partners would walk away. Markets always want short, sharp, simple solutions."

#9 Dan Akerson, CEO of General Motors: "The ’08 recession, which was a credit bubble that manifested itself through primarily the real estate market, that was a serious stress....This is much more serious."

#10 Francesco Garzarelli of Goldman Sachs: "Pressures on Euro area sovereign bond markets have progressively intensified and spread like a wildfire."

#11 Jim Rogers: "In 2002 it was bad, in 2008 it was worse and 2012 or 2013 is going to be worse still – be careful"

#12 Dr. Pippa Malmgren, the President and founder of Principalis Asset Management who once worked in the White House as an adviser to President Bush: "Market forces are increasingly determining what the options are and foreclosing on options policymakers thought they had. One option which is now under discussion involves permitting a country to temporarily leave the Euro, return to its native currency, devalue, commit to returning to the Euro at a better debt to GDP ratio, a better exchange rate and a better growth trajectory and yet not sacrifice its EU membership. I would like to say for the record that this is precisely the thought process that I expected to evolve,but when I proposed this possibility back in 2009, and again in September 2010, I had a 100% response from clients and others that this was “impossible” and many felt it was “ridiculous”. They may be right but this is the current state of the discussion. The Handelsblatt in Germany has reported this conversation, but wrongly assumes that the country that will exit is Germany. I think that Germany will have to exit if the Southern European states do not. Germany’s preference is to stay in the Euro and have the others drop out. The problem has been the Germans could not convince the others to walk away. But, now, market pressures are forcing someone to leave. Germany is pushing for that someone to be Italy. They hope that this would be a one off exception, not to be repeated by any other country. Obviously, though, if Italy leaves the Euro and reverts to Lira then the markets will immediately and forcefully attack Spain, Portugal and even whatever is left  of the already savaged Greeks. These countries will not be able to compete against a devalued Greece or Italy when it come to tourism or even infrastructure. But, the principal target will be France. The three largest French banks have roughly 450 billion Euros of exposure to Italian debt. So, further sovereign defaults are certainly inevitable, but that is true under any scenario. Growth and austerity will not do the trick, as ZeroHedge rightly points out. Ultimately, I will not be at all surprised to see Europe’s banking system shut for days while the losses and payments issues are worked out. People forget that the term “bank holiday” was invented in the 1930’s when the banks were shut for exactly the same reason."

#13 Daniel Clifton, a policy strategist with Strategas Research Partners on the potential for more downgrades of U.S. debt: "We would expect further downgrades, a first downgrade from Moody’s and Fitch and possibly a second downgrade from S&P."

#14 Warren Buffett on the problems in the eurozone: "The system as presently designed has revealed a major flaw. And that flaw won’t be corrected just by words. Europe will either have to come closer together or there will have to be some other rearrangement because this system is not working"

#15 David Kostin, equity strategist for Goldman Sachs: "The wide range of possible outcomes on both the super committee process and the unstable political economy in Europe drives our view that investors should assume the worst while hoping for the best."

#16 Mark Mobius, the head of the emerging markets desk at Templeton Asset Management: "There is definitely going to be another financial crisis around the corner"

#17 Gerald Celente, founder of The Trends Research Institute: "The whole system is going down. Pull your money out your Fidelity account, your Scwhab accout, and your ETFs."

Are you starting to get the picture?

When so many top financial professionals are freaking out like this, perhaps the rest of us should start paying attention.

They are telling us that "time is running out".

They are telling us that "there is definitely going to be another financial crisis".

They are telling us that this "is going to be worse" than 2008.

They are telling us that "the whole system is going down".

Yes, a devastating financial collapse really is coming.  Just like in 2008, it will seem like the "end of the world" while it is happening, but it won't be.  It will severely damage our financial system and our economy, but it will not finish us off.

Think of it this way.  When you build a sand castle at the beach, it doesn't get totally wiped out by the first wave or the second wave that hits it.  Each wave does significant damage, but the destruction of your sand castle is a process.

It is the same thing with the U.S. economy.  We once had the most incredible economic machine that the world has ever seen.  It is constantly being gutted and the financial crisis of 2008 hit us really hard, but we are still doing okay.

After this next financial crisis we will be in even worse shape.  But we will still be breathing.

More "waves" will come after this next financial crisis.  If we continue on the road that we are on, our economy will progressively get worse and worse.

Not everyone will agree with this analysis, and that is okay.  In the end, time will reveal the truth to all of us.

Right now, we all need to get ready for the next wave that is about to hit us.  A lot of people are going to lose their jobs over the next few years.  Hopefully you are prepared for that.

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  • matty

    “there is a lack of leadership in the United States and Europe right now.” Well, this is a perfect time for the final leader to come into power. First, we will need some really hard times so that the people will cry, beg, and demand that he take over. Man, I am hoping that the rapture is true. I do not want to be here for the first 3.5 years. Adios

    • CaraGia

      Read the book Brotherhood of Darkness by Dr Stanley Montieth and recommend it to others. Definitely enlightening about who why and how of America and the world’s intentional takedown.

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  • Daniel

    It seems to me that it is now time to start a online peoples credit system to side step most of the finnacial fallout to come

  • Gray Ghost

    As we approach a very bad time in history for the US I would suggest those who doubt how bad things can get look at the moset recent examples of a countries finiancial collapse. Specifically Argintina in 2001 and Iceland 2008. I think that the US will be far worse then Argintina when the collapse occures with widespread vilolence high unemployment, and empty grocery stores. Best advice is to follow the Boy Scouts Motto and be prepared.

  • WENDELL WILLIAMS

    want to subscribe

  • Oliver

    22-reasons-why-we-could-see-an-economic-collapse-in-europe-in-2012

    Maybe yes maybe not.

    The economic collapse already started in the US.

  • john smith

    This country is rich. Only a bunch of very clever and evil people have ruined this country. The devil has given you doubt and you belive it. Doubt, despair and revolution is what the devil wants and people like obama,soros, pelosi, reid are of that group. Some look kind and gentle in their old age, sometimes even saintly. No, bush not not get off the hook either, fine nafta globalist he was and is. Nobody hears the good and the wise, they are often softspoken and speak the truth like Michelle Bachman, thinking that virtue will win out, champion players left sitting on the bench for they do not boast and may not be so good at selling themselves or often thinking thay do not have to. That good will prevail. Well its obvious good has not been prevailing lately. We tend to think that those in power are mature and looking for the countries own good. My dear friend how would you like a nice cold cup of cool aid?

  • http://n/a Frank Mattson

    During the last century a real phophet from Heaven wrote about these times .Actually she just explained in precise language what was written centuries earlier in Revelation .These things indeed are coming to pass . See E.G.White , “The Great Controversey ” . This is from a source , the only real one who can really peer into the future , God , aka Jusus.

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  • GARY

    AT WHAT AGE LIMIT WILL YOUNGER PEOPLE RECEIVE NO SOCIAL SECURITY BENEFEITS AT ALL?

  • http://Concept&ImagesMarketingInc2.0 Ike Tee Ewudzi

    This newsletter reminds me of “the war of the worlds”. I bet this world economies will not come crumbling like pundits have predicted. I am an optimist, and besides, we have experienced worse or similar economic meltdown after the second world war, yet the financial institutions put their acts together and the world’s economy started taking a giant leap. In the face of global innovations and technological advancement, we can only draw a blank to imagine that markets will go down to the dooms.

  • Melek Taus

    Jesus said: “He who knows the father and the mother will be called the son of a HARLOT!”

    That’s where all the money is going, right inside the big black HOLE.

  • John Criscione

    I know this is much later than the other posts, but came by this and had to say something.

    First of all…. I was a better atheist than anyone who posted in this lobby. I was well researched, informative and actually scared many “Christians.” You anti-god people in this lobby are WEAK at best. You don’t really put up an argument, but rather continue your pointless bantering that reminds me of a crying child. Which one of you actually brought a verbal fight to the table??? The remarks are more akin to…. “I need attention, please look at me.” Which one of you bared any resemblance of an augment?

    But like I said, I was an atheist… Jesus is lord, undoubtedly. Praise him for loving this loser and coming into my heart. Of course for me it took meta-physical miracles, but he still held the 99 to find the one lost. The ironic part about all of this is that one does not have to look too far in life to witness gods loving miracles.

    For my brothers and sisters, why would you build a city on a hill to hide it, or hide a light under a bowl?

    Do you remember the story of Elijah surrounded by the Army? Daniel in the lion’s den? The three or four people in the furnace? The king is with us, and will not forsake us. He sees his people though their time of trouble. Righteous are his judgments, forgiving his demeanor, and infinite is his patience.

    This collapse is coming and is clearly throughout the bible. So yes prepare…… But more so, chase him will all of your heart.

    Do you remember your first love? Remember chasing that person? Remember the fire that burnt for that person? Do you have the same fire burning for I AM THAT I AM? This is personal I understand. But chase him harder, and NEVER deny him, but rather be that shining light in love we are commanded to be.

    Praise God of Abraham, Enoch, Isiah, Joseph, Noah, Paul
    Future atheist (non-complainers) … Please have a valid argument.

  • stephanie

    what do we do with our money to prepare

  • sharon

    so what if everything on the planet dumps! Its all tied up w/ banks, banking, and very rich investors across the board and across the planet! DEFAULT ON IT ALL!!! So some rich sobs are going to lose money. Money is nothing more than paper thats not even good enough to use as toilet paper. Everything has now got to be set back to zero 0$ All the infrastructure is still standing, all the soil will still grow crops, the air flows! We need to start over and NOT at some profit point, but at a point that PEOPLE can actually take care of their needs and not rape the planet and each other to do it.

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