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20 Signs That The Next Great Economic Depression Has Already Started In Europe

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20 Signs That The Next Great Economic Depression Has Already Started In EuropeThe next Great Depression is already happening – it just hasn’t reached the United States yet.  Things in Europe just continue to get worse and worse, and yet most people in the United States still don’t get it.  All the time I have people ask me when the “economic collapse” is going to happen.  Well, for ages I have been warning that the next major wave of the ongoing economic collapse would begin in Europe, and that is exactly what is happening.  In fact, both Greece and Spain already have levels of unemployment that are greater than anything the U.S. experienced during the Great Depression of the 1930s.  Pay close attention to what is happening over there, because it is coming here too.  You see, the truth is that Europe is a lot like the United States.  We are both drowning in unprecedented levels of debt, and we both have overleveraged banking systems that resemble a house of cards.  The reason why the U.S. does not look like Europe yet is because we have thrown all caution to the wind.  The Federal Reserve is printing money as if there is no tomorrow and the U.S. government is savagely destroying the future that our children and our grandchildren were supposed to have by stealing more than 100 million dollars from them every single hour of every single day.  We have gone “all in” on kicking the can down the road even though it means destroying the future of America.  But the alternative scares the living daylights out of our politicians.  When nations such as Greece, Spain, Portugal and Italy tried to slow down the rate at which their debts were rising, the results were absolutely devastating.  A full-blown economic depression is raging across southern Europe and it is rapidly spreading into northern Europe.  Eventually it will spread to the rest of the globe as well.

The following are 20 signs that the next Great Depression has already started in Europe…

#1 The unemployment rate in France has surged to 10.6 percent, and the number of jobless claims in that country recently set a new all-time record.

#2 Unemployment in the eurozone as a whole is sitting at an all-time record of 12 percent.

#3 Two years ago, Portugal’s unemployment rate was about 12 percent.  Today, it is about 17 percent.

#4 The unemployment rate in Spain has set a new all-time record of 27 percent.  Even during the Great Depression of the 1930s the United States never had unemployment that high.

#5 The unemployment rate among those under the age of 25 in Spain is an astounding 57.2 percent.

#6 The unemployment rate in Greece has set a new all-time record of 27.2 percent.  Even during the Great Depression of the 1930s the United States never had unemployment that high.

#7 The unemployment rate among those under the age of 25 in Greece is a whopping 59.3 percent.

#8 French car sales in March were 16 percent lower than they were one year earlier.

#9 German car sales in March were 17 percent lower than they were one year earlier.

#10 In the Netherlands, consumer debt is now up to about 250 percent of available income.

#11 Industrial production in Italy has fallen by an astounding 25 percent over the past five years.

#12 The number of Spanish firms filing for bankruptcy is 45 percent higher than it was a year ago.

#13 Since 2007, the value of non-performing loans in Europe has increased by 150 percent.

#14 Bank withdrawals in Cyprus during the month of March were double what they were in February even though the banks were closed for half the month.

#15 Due to an absolutely crippling housing crash, there are approximately 3 million vacant homes in Spain today.

#16 Things have gotten so bad in Spain that entire apartment buildings are being overwhelmed by squatters

A 285-unit apartment complex in Parla, less than half an hour’s drive from Madrid, should be an ideal target for investors seeking cheap property in Spain. Unfortunately, two thirds of the building generates zero revenue because it’s overrun by squatters.

“This is happening all over the country,” said Jose Maria Fraile, the town’s mayor, who estimates only 100 apartments in the block built for the council have rental contracts, and not all of those tenants are paying either. “People lost their jobs, they can’t pay mortgages or rent so they lost their homes and this has produced a tide of squatters.”

#17 As I wrote about the other day, child hunger has become so rampant in Greece that teachers are reporting that hungry children are begging their classmates for food.

#18 The debt to GDP ratio in Italy is now up to 136 percent.

#19 25 percent of all banking assets in the UK are in banks that are leveraged at least 40 to 1.

#20 German banking giant Deutsche Bank has more than 55 trillion euros (which is more than 72 trillion dollars) of exposure to derivatives.  But the GDP of Germany for an entire year is only about 2.7 trillion euros.

Yes, U.S. stocks have been doing great so far this year, but the truth is that the stock market has become completely and totally divorced from economic reality.  When it does catch up with the economic fundamentals, it will probably happen very rapidly like we saw back in 2008.

Our politicians can try to kick the can down the road for as long as they can, but at some point the consequences of our foolish decisions will hunt us down and overtake us.  The following is what Peter Schiff had to say about this coming crisis the other day…

“The crisis is imminent,” Schiff said.  “I don’t think Obama is going to finish his second term without the bottom dropping out. And stock market investors are oblivious to the problems.”

“We’re broke, Schiff added.  “We owe trillions. Look at our budget deficit; look at the debt to GDP ratio, the unfunded liabilities. If we were in the Eurozone, they would kick us out.”

Schiff points out that the market gains experienced recently, with the Dow first topping 14,000 on its way to setting record highs, are giving investors a false sense of security.

“It’s not that the stock market is gaining value… it’s that our money is losing value. And so if you have a debased currency… a devalued currency, the price of everything goes up. Stocks are no exception,” he said.

“The Fed knows that the U.S. economy is not recovering,” he noted. “It simply is being kept from collapse by artificially low interest rates and quantitative easing. As that support goes, the economy will implode.”

So please don’t think that we are any different from Europe.

If the United States government started only spending the money that it brings in, we would descend into an economic depression tomorrow.

The only way that we can continue to live out the economic fantasy that we see all around us is by financially abusing our children and our grandchildren.

The U.S. economy has become a miserable junkie that is completely and totally addicted to reckless money printing and gigantic mountains of debt.

If we stop printing money and going into unprecedented amounts of debt we are finished.

If we continue printing money and going into unprecedented amounts of debt we are finished.

Either way, this is all going to end very, very badly.

European Central Bank, Frankfurt - by jpatokal

  • K

    No question you are right. The figures are there for anyone to see. Except for the 90% of the population, who refuses to see.

    • Syrin

      The number is actually 99.5%.

      • Bad_Mr_Frosty

        No way, why is everyone buying guns and gold then? The gun shop my family goes too looks like it was robbed, as soon as they get something in stock, it’s gone within days. The #1 reason people give for buying guns is “economic collapse”.

        • K

          Frosty, Syrin would have been right 6 months ago. I believe the run on silver and ammo, show a small awaking by some. I have had people contact me in the last few months.Topic, prepping. These are people who have never before shown interest. So something is happening.

  • The collapse is coming; we all know that. The question is when. How long can the Fed delay the inevitable? Months, years, decades?

    • Rodster

      Quote from the article: “We have gone “all in” on kicking the can
      down the road even though it means destroying the future of America. But
      the alternative scares the living daylights out of our politicians.”

      will delay the day of reckoning for as long as possible. The problem is
      the buildup takes time but the crash happens suddenly. Which is why you
      see the Govt stocking up on ammo etc. The too full well know the end
      game. It will be scary and chaotic and that’s why they continue to kick
      the can down the road.

      Keep in mind, they have passed the point of no return. If they stop printing we crash. If they keep printing we crash. It doesn’t matter which door you choose because the result is the same.

  • Stezie

    Although this crisis is terrible, it may also be good in the sense that it will allow Europe to start over. Eventually, it will happen in the US as well. Yes, there will be riots and violence of biblical proportions, but it finally allow the population to equilibrate. Furthermore, it will force people to finally take responsibility for their own well-being; eventually, if not initially.

    The system can only support so many parasites before the host finally dies off due to resource starvation. However, the parasites will die along with host. It seems this biological phenomena can be extended to economics and society as well.

    • DownWithLibs

      If we can get accurate information on their demise, we will have a type of working “blueprint” to better prepare for what will hit our shores.

    • Syrin

      You are right. There is no solution. The termites have destroyed all the supporting pillars, and they cannot be repaired. The structure has to be burned down to the ground along with the parasites and termites, then built again. Make no mistake. At some point the laws of economics will take hold and trump the charade they are playing, and there will be a great liberal purge. After all, what does a person whose current contribution to society which consists of screaming for more food stamps and welfare have to offer in the post collapse society?

      • Ayn Rand

        Don’t forget the super big parasites called Government, Corporations, and Banks! They will die (hopefully) along with the little parasites.

        • fgbouman

          Your point is taken, but you are naively missing the core problem which is the misallocation of risk vs. reward. This misallocation is the primary source of the problems that have gotten us here and until that is rectified we will be prey to future crashes as bad or worse.
Antecedent to that misallocation is the dogma that risking money is equivalent somehow to risking life or health. 
Antecedent to that was the conversion of humans into capital and moving the risk for this “capital” from the person who receives the rewards to the human who creates them.
 Money is not unimportant, but it is not all-important.
 Since you have chosen the name “Ayn Rand” for yourself, it might be good for you to think about who it was in Atlas Shrugged or the Fountainhead who actually produced the wealth. I’ll give you a clue – it wasn’t Dagney Taggart or Francisco d’Anconia or John Galt or Howard Roark.

    • fgbouman

      “Parasites”, if you are referring to unemployed masses of Europe, are hardly the cause of the problems in Europe. If you are referring, rather, to the privileged classes who receive compensation all out of proportion to their actual contributions to society, then you are on to something.
      If this does come to violence and societal collapse, then the preparations you have made in creating a self-sustaining community around yourself will be the only thing that may allow you to survive. If, as many readers of this blog have done, you simply stockpile guns, food and ammunition in the belief that you will make it through on your own, then you are deluding yourself. We are social animals and we cannot survive alone for long.

    • David R. (Canada)

      I’m afraid that the parasites, as you call them, are not going away without a fight.
      They are going to continue this system for as long as possible, and will eliminate everyone they thing is an enemy. They have most of the guns, the corrupt police and judicial system, secret police, CCTVs, etc. not to mention new draconian laws that they will use as they see fit.

  • Tim

    Oh, I think we’ll all be surprised at how long they keep the great Ponzi going. They still have a few things left in the ole Keynesian bag of tricks.

    • joe

      I really don’t think they can push much further because it has already started in Europe. We have at the most 6 months before it all comes down. The day will come when China and Japan will refuse to fund our spending. The dollar will crash and it will be lights out.

      • ian

        and then six more months……and six more months…..and six more……and six more…….

      • Ralfine

        That day will come when americans will refuse selling land to the chinese.

    • AS55423

      Example is Japan they are still kicking the can 20 years now but it looks like the cracks are starting to show.

  • DownWithLibs

    I don’t know about anyone else, but I am starting to envy dead people.

    • Ralfine

      Reminds me of my granddad, an old communist, shortly after Eastern Europe embraced capitalism, and the first middle-aged got fired:
      “Well, I told you about capitalism and crisis, but you wouldn’t listen and rather watch colorful TV pictures and Magazines. Now you got what you wanted. I don’t care anymore, I’m 90. Enjoy!”

      • jaxon64

        you know what they say…the only good commie is a……..

        • Ralfine

          That’s very rude, being that personal, don’t you think? Is that why Americans are loved all over the world – yankee go home?

      • David R. (Canada)

        The system we are living under now is not capitalism; it’s actually interventionism.

        Government intervention actually.

        Capitalism died many years ago as soon as a central bank was allowed in each country.

        • Ralfine

          Capitalism revolves around capital, hence the name.

  • markthetruth

    Is life Really to short ! , or is it that we spend to much time working to buy, spend and do unnecessary things .

    $5,000 bachelor party
    $50,000 weddings
    $3,000 baby shower
    $2,500 birthday parties
    $50,000 cars
    $500,000 house
    $20,000 landscapes, pool cleaner, nanny Ext.
    $100,000 divorce

    on and on

    why don’t we live life as families and enjoy our children as they grow up and wait for daddy to come home from work. Eat at the dinner table ,play outside , not watching the bubetube, enjoy nature
    not destroy it, You know what Andy Griffith and Mayberry Looks better and better to me.

    the end…

    • Ayn Rand

      In class today I said I would “never get a loan in my life,” and that loans are “debt slavery.” Apparently this came as a shock to most of my honors English class. Some were a bit more awake than others and agreed. Most still believed in “credit scores” and loads of other big bank scams. I told my teacher straight up that I would pay for my house in cash, no mortgage (assuming, of course, the collapse doesn’t happen too soon). People are such sheep. They are truly sheeple. The funny thing is, most of the so called “honors” students are very close minded. They just do what the system tells them to do; what the system tells them to think. Most of my “other” friends (they like to smoke cannabis) agreed with me when I explained the situation. Well, sometimes it is shocking who is truly wise.

      • Syrin

        People like you (and my own kids) are reason why I haven’t given up on the brain dead masses entirely. Every now and then in the world of the sheeple, we’ll find an independent thinker such as yourself. Well done.

      • Ralfine

        That’s why the cannabis smokers are hunted down and thrown into jail and the honors students are given honors.
        The weed smokers are a danger to the system while the honors students support the system.

        • Chris

          The authoritarian powers don’t like people taking cannabis etc because they might forget to put their rose tinted spectacles on and see the system for the scam it is.

        • Hammerstrike

          That explains why all these cronies of the system today where all ex-hippies and ex-commies.

      • John

        You don’t have to smoke pot to be squared away.Pot smokers are stupid and lazy. Great qualifications for the job force. Try getting off the pot and see how your world view changes. I don’t smoke pot and am debt free and doing very well.

        • Ayn Rand

          Never said I smoked, man. SOME of my friends do, and I respect their decision.

        • nobody important

          Werr not all dum and lyzy! … What werr we talken about again.

      • markthetruth

        A Insecure person = Follower, no Matter if their Good looking, Honor Student ext. they always feel the need to be reassured, and will never be a leader.

        Cannabis does not make a person
        wise !

        the end…

        • Cannabis may not make you wise but it will open the mind up to clearer thinking this is why they want it illegal. The End!

      • fgbouman

        If you are still in class then it is unlikely you actually know much about the real world. Don’t condemn others until you’ve walked in their shoes for a while. Most people aren’t sheep, they are driven by necessity. Most students have no idea of what real life is like… Return again when you are forty and make the same comments.

      • Louise in MO

        I have a friend (85) who lives in the retirement apartment building I do. She and her husband paid CASH for three different homes and paid CASH for all the cars they ever owned. They had no credit rating because they never made a loan.

        I’d like to say that I also followed that line. Unfortunately, I did have a mortgage and did have car loans.

        I guess what I’m saying is that it is possible to live without borrowing. The rule is always to live within your means and save for what you need.

    • Tim

      Those are some big numbers. Divorce is $100k nowadays? Maybe if you’re a celebrity and have hundreds of millions of dollars at stake.

      • TX4Life

        I can see divorce costing that much over time with alimony and child support in the mix.

      • das

        well figure if you net worth is $200k and she gets half. house, 401k, s.s., cash, stocks, cars, it adds up quick

      • jaxon64

        if you’re a celebrity with hundreds of millions or an even 100 million–well then a divorce would cost you 50 million or more if she gets the kids…get it?

      • 100K would have still been a huge bargain.

    • TX4Life

      I truly hold out hope for this as my 23 year old daughter and her boyfriend seem to really “get it”. They don’t believe in tv or electronic gadgets and will likely marry and raise their children in a Mayberry type lifestyle. However, if they do, you can bet my grandchildren will be ostracized and treated as “weird” since we will never see the majority live that way again unless we have a total, devastating collapse.

      • Moore

        The consumer culture is a psychologically fascist type of movement.The only people laughing are the corporations who sell the electronics, clothes and yes, the banks who give the credit.

    • cherylmeril

      “Really to short”. “really too short” “Mayberry Looks. . .”, “Mayberry looks”. “Why don’t. . .” should end in a question mark, ” ,play outside , “, play outside,” “not destroy it, You”, “not destroy it. You”, “pool cleaner, nanny Ext.”, “pool cleaner, nanny, etc.”

      Get some basic grammar and punctuation skills or stop posting your crap.

  • JulietteofOhio

    Do you think there’s any chance that we’re really much further behind Europe? I’m not too sure our statistics are much better than their statistics if our politicians told the truth. I think if they fall, we’ll be right behind them. Every month, our newspaper states that employment has fallen, but no one knows of anyone who has found employment, yet the stats are greatly improved. North Dakota south through Texas, yes as in things are better, but Ohio not so much.

    • DiscouragedOne

      There has been no real recovery anywhere, including Ohio.

    • David R. (Canada)

      Up here in Canada it’s about the same. Small pockets of low unemployment revolving around the oil-patch.
      Too many idiots are going deeper into debt to buy those essentials. Flat-screen TVs, new cars and SUVs, maxed-out credit cards etc.!

      Canadians personal debt levels are higher than the US levels; about 140% of income.
      We also have a huge rude-awakening coming.

  • Tom

    If it were not for food stamps we would be seeing people lined up in the street on bread lines.

    • David R. (Canada)

      That’s exactly why the government does it this way; so it remains essentially hidden.

  • Mustard Seed

    Almost 50 million people are on food stamps. If the economy crashes, there will be millions of starving people. I just don’t think people understand that we are talking about life and death here. The government knows it can’t stop what is coming, and it is doing the only thing it knows how to do…stall. Summers will be tough, but winters will be misery like never before in this country. Makes me sick to think about it.

    • Hammerstrike

      Real number is prolly 80 or 100 millions.

    • David R. (Canada)

      To the 46 million on food stamps add to it the millions on welfare, disability pension, government pension, union pension, etc. etc. etc.

      If you check back to the Great Depression, the survivors were people who were self-sufficient, who grew their own food, who could actually fix things, who had needed skills and knowledge.

      Bankers, real estate agents, lawyers, politicians, etc. need not apply.

  • My 2 Cents

    I do not care about the national debt. The news media, our government all try to make the American citizen feel burdened by the governments own over spending. I pay may taxes. That is my contribution to the national debt repayment (that will never happen).

    It is not my fault that corrupt politicians and bankers colluded to create this money printing scheme.

    I do not believe the national debt will ever be paid down nor do I care. They will when the time is right default in said debt and move on.

    And the world will keep spinning as it always does. The rich will get richer and the rest of us will be lucky to hold onto what we have.

    • Lisa

      When you will be forced to use a certain product in order to buy or sell you would care then! What will happen when the economy collapses and they tell us we can only spend so much many. Families will starve. People will die. What happens will happen we can live in the now and not worry about the future but also being on the look out for it is much needed in order to be prepared for it!

    • das

      you should care. when times up they will tax everthing you have and earn. and maybe just take it

    • DiscouragedOne

      Are you really naive enough to believe that you will not suffer the effects? It doesn’t matter who committed the deed, we will all pay the price.

  • Paul

    Turn out the lights the party is over.

    • Ralfine

      get in the cleaners

  • Syrin

    I wonder if the European economic numbers are as fraudulent as ours. Did you see that Obama made it so that gov’t PROMISES into pensions that they can’t pay into are now added to the GDP? Not the actual money that gets exchanged, just the promise of the exchange, so theoretically, with this new accounting scheme, they could increase the GDP 50,000% over night. Just promise the world. By the way, don’t use this accounting for your own business or personal finance. They throw us in jail for that sort of thing.

    • Guest

      I think things are way worse in Europe.

      • Hammerstrike

        Greek debt is proportionally smaller.

    • das

      Syrin did you read about Obamas addministration plan to cap peoples 401k. Now the government wants to tell you how much is OK for your retirement. They made the rules to help people save, now changing them to help the government.

      • Syrin

        Yep, we are greedy for wanting to keep the fruit of our own labor, but they aren’t greedy for wanting to TAKE the fruit of OTHER’S labor. makes sense, right?

    • Hammerstrike

      Greek debt is proportionally smaller.

      Basically, the US governement and FR had an advantage the european union only wish it had, petrodollars, US dollar as an international trade currency.

      Thus, more means to get things done.
      1) Faster dismantling of manufacture.
      2) More freebies, which fed an even greater number of parasites.
      But the workers have more lead to feed them should the EBT cards stops working.

  • Can’t wait. This is our chance to rid the country of undesirables.

    • Ralfine

      who are the undesirables?
      those who create this crisis?
      or the slaves that are populating the streets?
      Those who complain or those who keep quiet?
      Those who spend taxpayers money to line their pockets or those who have to beg for every cent?

  • Ralfine

    Well, crisis is part of capitalism, and with the fall of socialism capitalism and its crisis mechanism became a boost. further amplification came from BRICS and the arab spring.

    It’s like giving teenagers some music and amplifiers. when the complaining neighbours move away one by one, the kids will crank up the amp until their hearing pops.

  • G

    So Peter Schiff: It’s the system that’s in place that ultmately is the problem. Even in so called ” goodtimes”- the debt increases because there is no such thing as unending growth. That is not the natural world. Of course, dont try to explain the natural world to those who live in Dinsyland

  • Ralfine

    There is that saying:
    Not those are happiest that have everything,
    but those who don’t need anything.

  • chilller

    I guess you could equate our leaders to financial pedophiles. All the while they fiddle the numbers to try and hide the reality of our situation. A recession is considered when 2 consecutive down quarters occur. Yet, for the much more severe Depression…no such guidelines exist…how convenient.

  • Harrison Terran

    The real level of wages fails to keep pace with inflation. Living costs are constantly increasing, and it seems that our politicians haven’t a clue how to deal with the many problems arising from the economic crisis. Maybe they need to turn to professional economic crisis specialists. For example, the Orlando Bisegna Index, specialists in the economic crisis, have helped various US counties with debt problems, business failures and unemployment, thus improving the economic condition of many families!!

    • McGregor

      Minimum wage stays stagnant and everything rises in price…The modern slave owners want to suppress the peasants. Does my employer concern if I wanted a pay raise because my rent increased by $100 for 2013? Nope. The cheap credit is fuelling the housing, student loan bubble. No way can someone working part time for $10 an hour afford rising rents/ mortgages and food prices.

      • JulietteofOhio

        No, your employer doesn’t care. He has his own problems, probably. Can you tolerate a room mate? Anything you can do to cut your expenses in half is good. My husband and I are getting older, but I started out just like you. For us, things got better before the country crashed. Now, we’re looking at renting out half of our house again, but I don’t expect things to get better. It’s harder when you’re older, but we lived through some good years and I’m afraid that’s not going to happen for you or for our children.

      • Louise in MO

        If you really want to know how bad inflation is …go grocery shopping and remember what you paid the last time you bought an item.

        Ground chuck is now $5.49 a pound. Ground round….$7.99 and ground sirloin $9.99. Anyone for a barbecue?

        I could go on and on, but you get the picture. Each week the prices go higher and higher. It becomes increasingly difficult to stay within a reasonable food budget.

        We have already started to eat as if we were using our prepped food items. More rice, beans and pasta on the table these days.

        We aren’t any less happier then when we ate steak more often!

  • Mehl Carelse

    The Good, the Bad and the Ugly: 42 minutes and 10 seconds into the movie; “They’ll soon be finished, we get rid of these bastards then we begin making money on those Yankees. They carry GOLD, not paper Dollars.”
    Moral of the story; own gold asap!!!

  • glamandvampallround

    It’s amazing to me that I once worked at an upscale nationwide pizza restaurant and would make $200 plus in cash tips working a double. It just seems unreal now, .like something from a movie or someone else’s life. I walk by this same place now and it is always dead in there and I would not be surprised if they close that location. Amazing also as many restaurants in that neighborhood have closed up in the past few years – we are talking about the area of 24th Street and Camelback Road in Phoenix if anyone knows Phoenix – this used to be a big restaurant area with long waiting lists. Not these days! Even a Denny’s towards the end of the neighborhood is closed. I bring this all up as restaurant meals are for many not necc spending – and this here in Phoenix is in a drought, not just drying up.

  • glamandvampallround

    I am also thinking that when my season is done in Utah, maybe it would be a good time to sell of what I can of my excess…..If things are going to get less and less stable, perhaps it would be for the best not to be tied down to objects or things. I am embarrased a bit now by some of my spending during the boom restaurant days here in Phoenix, but if i can get rid of some of this stuff, it can mean more silver bought/food stashed away.

    • K

      I think you are on the right track here. Just remember food first, silver second. Being able to hunker down, and keep a low profile, will be your best bet for at least several months. As to your previous question, forget foreign currencies. In a real crash how would you exchange it? Stick with silver.

  • glamandvampallround

    I have a question? If you have little faith in the future of the US dollar, is there any currency in the world at this point you’d have any faith in? Canadian dollars, Australian dollars, anything? LOL I’m guessing at this point those in the know would be passing on the Euro.

    • das

      swiss franc still looks good

    • Gold and silver are money, everything else is credit
      ~ John P. Morgan (JP Morgan)

    • McGregor

      Unfortunately nearly all currencies you mentioned are traded with the US Dollar. The currencies went down during the recession of 2009. I am literally knocking my head to the wall because in the early 1990s if I had saved $20,000 worth in pre-1996 Canadian pennies and $80,000 worth of pre-1990 Canadian nickels, I would have $100,000 in coins at face value but they would be worth $247,193 at current melt prices. I could have even sold some for profit today on Ebay. Mainstream media fooled me when they said pennies were a nusiance..Check on Ebay how those Canadian copper pennies are being sold for 300%-5000% above face value.
      Silver is even a bigger investment!

  • The big difference between Europe and the USA, the USA funnels money into the IMF which is the back up for the Eurozone’s financial system. On the flip side, there is no back up for the US Dollar. China has been making moves (with BRICS) and now trades directly with 20 other nations, using their Yuan, instead of the US Dollar. Even Australia is now on board with that.

    It’s quite doubtful China will come to the rescue, that would be opposite of their plans to be the world’s reserve trading currency. China has been buying gold like there’s no tomorrow. No pun intended.

    All of this physical gold that’s disappearing from bank gold vaults (like JPM) is probably the financial elite dumping their paper gold (driving the market price down) so they can use those funds to buy physical gold (at a low low price).
    It could possibly be a “going out of business sale” on the US Dollar. (If you can, buy physical gold or silver,, if you can find it and don’t mind paying big premiums on top of the low spot price)

  • Dave of OK

    I don’t think the republicans are going to have to worry about the upcoming election. Sitting in the middle of a great depression the American people are not going to want to vote democrat. The republicans could run anyone and win, even someone like, like Ron Paul. That is if there is if there is a united country able to have an election.

  • Sounds good . drastic demand destruction is the only thing that may mitigate drastic climate change. Hope it keeps up till all the eurons are in abject poverty .

  • Strangewalk

    In all of world history I am sure that globally, things have ever been as unstable or just plain crazy as they are now, and from every direction. Nothing makes any sense, and it seems that nobody cares. The world is on a runaway locomotive that has a head-on appointment with a massive iron wall, and we can either enjoy the ride, or jump off.

    • DiscouragedOne

      I think there have been countless “crazy” times in world history. Those who do not remember the past are condemned to repeat it.

      • Strangewalk

        Yes there have been many crazy eras, but when in the past was the whole world threatened with nuclear weapons and other WMD’s in the hands of terrorists? In fact, pollution was never really an issue until the 1960’s, but now it’s killing millions and is responsible for global warming, and it’s getting worse, not better. When was the world ever so utterly dependent on just one highly unreliable resource (oil), without which civilization as we know it would end? Also, from history I can never recall a time of such unstable economic and financial conditions on a global scale. Then there’s the matter of morality, corruption and crime, with much of the world wallowing in pornographic gluttony and saturated with illegal drugs. When weighing all the negatives and threats together, it’s clear we’re living in a time like no other

  • cherylmeril

    Didn’t anyone ever teach you proper punctuation in junior high school? Your opening paragraph is way too long and your ending is all short one sentence paragraphs. You need to follow the rules of grammar and punctuation!

    • they shoot horses don’t they

      Punctuation has nothing to do with paragraphs, silly.

  • fgbouman

    The possible actions are not binary. Although the conclusion of collapse if we go all in on either option is probably correct, even that is not certain. What IS certain is that hesitant fiscal actions, those that we have taken and those that we may take in the future if Congress awakens from its nightmare and does something productive will not help.
    We are in the situation of a person who is sick with a deadly bacterial infection whose doctor provides just enough antibiotic to slow the patient’s death but not enough to cure him. At the end of the day far more antibiotic than necessary is used and the patient dies anyway. The Whitehouse, Republicans and Democrats are squabbling about how slowly or quickly to kill off the patient but none wants to cure it. I am reminded of George Washington’s squabbling doctors who ultimately bled him to death.

  • energizedmortal

    It will be very bad for those that are not prepared. Imagine how worse it will be for those who are prepared and survive only to succumb to misery in a new world order. Meanwhile, the future of the global elite seems very promising.

  • DiscouragedOne

    You think bankers and government are going to forgive debt? LOL, they might bait and switch to make us pay it as they have done in the past, but forgive it? No way.

  • I’d rather smoke MJ than take Cymbalta.

  • nobody important

    Okay children; play nice.

  • Jeffro

    You paint a very hopeless picture….and without hope people perish. Reagan gave us hope and that led to prosperity. But he added to the deficit too. So I’m guessing you don’t like Reagan either.

  • David R. (Canada)

    Cherylmeril posted exactly what I was thinking, so lay off.
    What you put onto this site tells volumes about you. If you don’t care about expressing yourself intelligently why should anyone be at all interested in what you have to say.

    • kevin

      Your posting shows just as much immaturity, when you worry more about punctuation than you do what is being said. You add nothing to the discussion which proves that you have nothing interesting to say about the topic.

  • Well as long as we allow the Federal Reserve to loan us money we are in trouble we need to go back to 1913 and start printing our own money and the world need to quit borrowing money from the central bank for these thugs don’t care they are after power and by bring down the world through the economy they are getting it. I am tired of US troops doing their dirty work it is time for us to demand and get action and quit listening to lies that is destroying us down with the central banks. They have to much power and control the governments of the world and this is the problem.

  • Nick Stoliaroff

    Look up the VENUS PROJECT and JACQUE FRESCO. They have an incredible alternative that could launch us into the next step of social human evolution. It can work…this system is obsolete.

  • mathewmakio

    so your secret to creating a successful blog was to tell the world how unsuccessful your blog is about to be….interesting

  • Dude2025

    Hey I smoke weed every day and I …. and, never mind

  • Prospir Aresmann

    Actually you can melt the diamonds and coat your blades to make them that much more deadly. So, what I’m saying is diamods may actually protect you.

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