The Beginning Of The End
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21 Signs That The Global Economic Crisis Is About To Go To A Whole New Level

The global debt crisis has reached a dangerous new phase.  Unfortunately, most Americans are not taking notice of it yet because most of the action is taking place overseas, and because U.S. financial markets are riding high.  But just because the global economic crisis is unfolding at the pace of a "slow-motion train wreck" right now does not mean that it isn't incredibly dangerous.  As I have written about previously, the economic collapse is not going to be a single event.  Yes, there will be days when the Dow drops by more than 500 points.  Yes, there will be days when the reporters on CNBC appear to be hyperventilating.  But mostly there will be days of quiet despair as the global economic system slides even further toward oblivion.  And right now things are clearly getting worse.  Things in Greece are much worse than they were six months ago.  Things in Spain are much worse than they were six months ago.  The same thing could be said for Italy, France, Japan, Argentina and a whole bunch of other nations.  The entire global economy is slowing down, and we are entering a time period that is going to be incredibly painful for everyone.  At the moment, the U.S. is still experiencing a "sugar high" from unprecedented fiscal and monetary stimulus, but when that "sugar high" wears off the hangover will be excruciating.  Reckless borrowing, spending and money printing has bought us a brief period of "economic stability", but our foolish financial decisions will also make our eventual collapse far worse than it might have been.  So don't think for a second that the U.S. will somehow escape the coming global economic crisis.  The truth is that before this is all over we will be seen as one of the primary causes of the crisis.

The following are 21 signs that the global economic crisis is about to go to a whole new level....

#1 Bank of Israel Governor Stanley Fischer says that the global economy is "awfully close" to recession.

#2 It was announced last week that the unemployment rate in Greece has reached an all-time high of 25.1 percent.  Unemployment among those 24 years old or younger is now more than 54 percent.  Back in April 2010, the unemployment rate in Greece was only sitting at 11.8 percent.

#3 The IMF is warning that Greek debt may have to be "restructured" yet again.

#4 Swedish Finance Minister Anders Borg says that it is "probable" that Greece will leave the euro, and that it might happen within the next six months.

#5 An angry crowd of approximately 40,000 angry Greeks recently descended on Athens to protest a visit by German Chancellor Angela Merkel...

From high-school students to pensioners, tens of thousands of Greek demonstrators swarmed into Athens yesterday to show the visiting German Chancellor, Angela Merkel, their indignation at their country's continued austerity measures.

Flouting the government's ban on protests, an estimated 40,000 people – many carrying posters depicting Ms Merkel as a Nazi – descended on Syntagma Square near the parliament building. Masked youths pelted riot police with rocks as the officers responded with tear gas.

The authorities had deployed 7,000 police, water cannon and a helicopter. Snipers were placed on rooftops to ensure the German leader's safety.

#6 The debt crisis is Argentina is becoming increasingly troublesome.

#7 The government debt to GDP ratio in Italy is expected to hit 126 percent this year.  In Greece, it is expected to hit 198 percent.  In Japan, it is expected to hit a whopping 237 percent.

#8 Standard & Poor’s has slashed the credit rating on Spanish government debt to BBB-, which is just one level above junk status.

#9 Back in the year 2000, the ratio of total debt to GDP in Spain was 192 percent.  By 2011, it had reached 363 percent.

#10 Record amounts of money are being pulled out of Spanish banks, and many large Spanish banks are rapidly heading toward insolvency.

#11 Manufacturing activity in Spain has contracted for 17 months in a row.

#12 It is being projected that home prices in Spain will fall by another 15 percent by the end of 2013.

#13 The unemployment rate in France is now above 10 percent, and it has risen for 16 months in a row.

#14 There are signs that Switzerland may be preparing for "major civil unrest" throughout Europe.

#15 The former top economist at the European Central Bank says that the ECB has fallen into a state of "panic" as it desperately tries to solve the European debt crisis.

#16 According to a recent IMF report, European banks may need to sell off 4.5 trillion dollars in assets over the next 14 months in order to meet strict new capital requirements.

#17 In August, U.S. exports dropped to the lowest level that we have seen since last February.

#18 Economics Professor Barry Eichengreen is very concerned about what is coming next for stocks in the United States...

"I’m worried that stock markets in the United States in particular have gotten ahead of economic growth"

#19 During the week ending October 3rd, investors pulled more than 10 billion dollars out of U.S. mutual funds.  Overall, a total of more than 100 billion dollars has been pulled out of U.S. mutual funds so far this year.

#20 As I wrote about the other day, the IMF is warning that there is an "alarmingly high" risk of a deeper global economic slowdown.

#21 When shipping companies start laying off workers, that is one of the best signs that economic activity is slowing down.  That is why it was so troubling when it was announced that FedEx is planning to get rid of "several thousand" workers over the coming months.  According to AFP, "its business is being hit by the global economic slowdown".

For even more signs that the global economy is rapidly crumbling, please see my previous article entitled "The Largest Economy In The World Is Imploding Right In Front Of Our Eyes".

So is anyone doing well right now?

Yes, it turns out that QE3 is padding the profits of the big banks in the United States and making the wealthy even wealthier just like I warned that it would.

According to the Washington Post, QE3 is helping the big banks much more than it is helping consumers.  Is this what the Fed intended all along?...

JPMorgan Chase and Wells Fargo, the nation’s largest mortgage lenders, said Friday they won’t make home loans much cheaper for consumers, even as they reported booming profits from that business.

Those bottom lines have been padded by federal initiatives to stimulate the economy. The Federal Reserve is spending $40 billion a month to reduce mortgage rates to encourage Americans to buy homes. Instead, its policies may be generating more benefits for banks than borrowers.

So exactly how much has QE3 helped out the big banks?  Just check out these numbers...

Revenue from mortgages was up 57 percent in the third quarter compared with the same period last year at JPMorgan and more than 50 percent up at Wells Fargo.

But should we expect anything else from the Federal Reserve?

The American people are trusting the Fed to protect our economy, and yet they cannot even protect their own shipments of money.  In fact, the Fed recently lost a large shipment of new $100 bills.

Or perhaps could letting people steal money from their own trucks be another way that the Fed is trying to "stimulate the economy"?

Stranger things have happened.

In any event, the truth is that the U.S. economy and the U.S. financial system are unsustainable from any angle that you want to look at things.

We are drowning in government debt, we are drowning in consumer debt, Wall Street has been transformed into a high risk casino where our largest financial institutions are putting it all on the line on a daily basis, we are consuming far more than we are producing, there are more than 100 million Americans on welfare and we are stealing more than 100 million dollars an hour from future generations to pay for it all.

Anyone that believes that we are in "good shape" does not know the first thing about economics.

Sadly, the U.S. is not alone.  Nations all over the globe are experiencing similar problems.

The global economic crisis is just beginning and it is going to get much, much worse.

I hope that you ready.

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  • Chestertonian

    If you or a young person you know is considering going to college, seriously reconsider what you will be studying. If you major in sociology, or gender studies, or ethnic studies or communications or any of the other fluffy and insubstantial (often Marxist-dominated) fields of study, you may be incurring debt with no payoff later. Two positive thoughts: (1) Major in something that people will still need and be willing to pay for when money is very tight. If you go to an actual college (not a remedial high school in disguise), this most likely means hard science and technology. (2) Learn a hands-on skill that will be handy for you personally and in your family and circle of friends. This could be growing plants and animals (edible or otherwise economically useful), or repairing some part of the technology we’ve all grown dependent on, or making basic items. This could include welding, carpentry, plumbing, basic electronics repair, mechanics, emergency medical care (as in EMT training), herbal or wilderness medicine, gun-smithing, water treatment, septic system construction, building construction, smelting, and many other real-life trades. When things fall apart, not many people or organizations will pay you precious cash to recite avante-garde poetry or write ads for plastic trinkets.

    • McKinley Morganfield

      Chestertonian,

      I agree, the young should learn basic skills such as carpentry, plumbing, electrical work, welding, engine repair, etc. Additional skills are things like gardening, food preservation, and basic safe aid. Firearms (& ammo) for self-defense and hunting are a must have. Don’t forget water, and water purification supplies. People need stored food plus, a means of cooking food without attracting attention. Things we take for granted will be come items of great value. Think toilet paper and soap for example.

      I disagree that the train wreck can continue in slow motion. I believe that once the first pebble (Greece, a bank in Spain for example) tumbles the avalanche begin and it will sweep aside what little stability remains in the financial system. Prep accordingly and be of good cheer.

      • Ghulam

        Certainly more than half of the people in the world never use toilet paper. They use water to clean off their bottoms. That an American should consider toilet paper as a valuable commodity to be stockpiled is hilarious. An American in New York cannot survive unless someone in oregon cuts a tree down, a factory turns the pulp into toilet paper and packages it, trains and trucks ship it thousands of miles, etc, etc, etc, all so that they can fulfill a simple bodily function that has faced every human for the last 100,000 years? Every cloud has a silver lining, and for the rest of the world watching the Americans and Europeans starve for a lack of pop tarts is going to be one amusing spectacle.

        • McKinley Morganfield

          Lack of basic hygiene is why no one shakes hands in the 4th world. Have you ever thought about why being left handed is the mark of Cain in much of the 4th world? Its because in the 4th world they wipe their behinds with their left hand clutching a few leaves or strands of straw or nothing at all. Go ahead and denigrate the value of Western sanitary superiority, but don’t expect we in the 1st world to shake hands with you.

          “… for the rest of the world watching the Americans and Europeans starve for a lack of pop tarts is going to be one amusing spectacle.”

          We feed the rest of the world. It is our wheat, soy beans, oats, barley, and corn that feeds the 4th world. When we stop exporting, you get to eat dust. Enjoy!

          • Paul

            yes, thats ironic. In the 3rd world they insist on the right hand ritual. But being right handed I use my right hand to wipe my bum, shake hands, open doors, …

          • nikos mihalakis

            i read some things about Greece that are not quite accurate .The unemployent in Greece is 25-30 % if you count the listed people in unenployment offices . There are alot that are not registered . The true unenployment is about 55- 60% in the ages of 19-35 . As for the end of global economical structure thing its absolutly normal not to know when it eill occure . If you prepare your self it may come next week or in 5 years ( as i doubt it will take more than 1 1/2 to 2 years tops ,)And the begining will be the destruction of euro .

          • md

            Yes, I agree. The only two places we have made any real advances in medicine is hightech- minimally invasive surgery and public health, (sanitation) programs. The rest of medicine just treats symptoms and makes patients into permanent customers.

          • Johann

            I don’t know where this 4th world is, I live in Africa and its not here. We have toilet paper and produce all the food we need, so we don’t need yours, thank you very much.

            What I can say is I am enjoying very much watching Americans squirm and complain as they go down. Not because I am a sadist, but because you guys are always so full of yourselves going on about “western sanitary superiority” and feeding the rest of the world. Ha

          • http://livingstrongandhappy.blogspot.com/ Dra Martha Castro Médico WMA

            You are so wrong, McKinley Morganfield, so wrong that I truly feel sorry for you in a compasionate way. Have you noticed that the US is not the one that rules the world anymore? Have you noticed that the US in not a “1st. World” country anymore? United States is crumbling, McKinley, and other countries that used to be considered “3rd world” are doing better than the US, in terms of being self-sufficient, planting our own wheat, consuming our own grown vegetables, our own products.
            YOU don´t feed the world anymore. Get use to it.
            Luck and cheers.

        • Paul

          Yes and lots of people don’t have enough water. In Indonesia I used water, did you try snow and ice in Oregon?

      • god bless you


        I am a graduate student of sport biomechanics. What a FK,my major have little space in job market.So I tried to change my profession. as a account seems to be good.

        • Pault

          And just think, fore yers ago I cunnet even spel gradiate and now I are won.

          • Michael Garland

            LOL!!!!!!!!!!!!!!!!!!!!!!! Freak’in great!

    • Eisenkreutz

      That is some really thoughtful advice.

    • LivingAmongstChildren

      Chesteronian:

      I totally agree with you man. I’m a junior at a university here in florida majoring in Biology. I plan on practicing homepathic/naturopathic medicine soon, since it’s a trend that is SERIOUSLY on the rise. Like come on, nature provides, screw the pharmaceutical guys. Well, unlike my most of my college peeps, and these stupid adults, I’ve taken the initiative to prepare for the end of this sick comedy. You know, I love how people whine about the current state of things AND still talk about “voting”. Well obviously they support an international Mafia puppet, BUT OH NO, that’s not what they are the people say. I can never say the word Illuminati cause they’ll think I’m a super whacko. And well, no one should, Mafia people aren’t enlightened. Bwahahaahaha, I still find it funny today!!! And I’m amazed that people are actually going into debt pursuing a college degree in…Mass Communication…or Theater. It’s obvious that our society doesn’t support creative arts, among many other things, anymore. It’s sad, I have many friends who are painters and stuff, but struggle to actually support themselves by continuing their profession. But we always talk about how to be independent, like you were just saying, so we all manage to get by now.

      I’ve said what I wanted to say. I’m trying not to be to harsh today. Cause today…..it’s the same ****** as yesterday. Bankers taking your almost worthless money, kids going to K-12 prision, oil spill damage, poisoned environment from which we get our food, yeah, ********* really hasn’t changed. Neither has Obama. Lmao!

      • MvM

        I blame our parents. Yes, that sounds very harsh, but in many ways they are responsible for everything! They are the ones who allowed television to become crass and immoral, and they enjoyed it, allowing their children to watch it as well. They allowed the music industry to become what it is today — filled with Illuminati-controlled puppets who sing about filth and degradation (i.e. Nicki Minaj, etc.). I blame the elders, Boomers especially, for allowing greed to take hold of them. They are the ones, mostly suburbanites, who had to have three or four cars in the front yard, along with a second house, a timeshare, etc. It’s so greedy to have even more than two cars and more than one house in my honest opinion. They also sent our jobs offshore, and participated in all the things that have ruined our economy. I was only a kid in the 80′s, but I still remember Reagan and my parents at the time, along with my other relatives, were riding high and making money. My parents came from humble backgrounds, my father grew up during the depression in Germany, but even people who grow up humble can become overenthralled with money and allow it to control them. Now I live in another country and am barely surviving. I never had anything my parents has, not even a house. Hell, I can barely afford the apartment we (husband and I) rent. He barely just got work after many months because the depression is affecting every country, not just the USA. Like myself, he also never had his own home. We’ve also never even had our own car (paid for). We are poor. And his parents lived in almost the same way — they had a good life and were able to afford many things. Today, we “kids” the Gen Xers and Gen Y and so forth, we are POOR. There are still some who are doing okay, but for the most part, anyone born after the Boomers is SCREWED. I keep foreseeing myself living homeless one day if the economy continues as it is. This isn’t whining, it’s just showing the great disparity between the way our parents (Boomers) lived, and how tough things are today. I feel very sorry for those young kids today in their twenties out of college who cannot find work — they are even more screwed because they never even got to experience much of life yet, as bleak as life in general is, they still at least should be able to experience what it feels like to HAVE A JOB, right? But no, now the Boomers are competing with them for part-time work! Does this greed never end?

        • MvM

          I wish there was a way to edit after posting, because I tend to type quickly and then notice all of these typos afterwards.

          • Dave Falke

            Do you blame your parents for the typos ?

        • Grandma W

          I am a baby boomer. My husband is 10 yrs older. We raised 5 kids on a farm and worked very hard at it. I even worked off the farm 7 days a week for a while to support the family. We are not rich or extravagant. How dare you blame the boomers as a whole. Some may be selfish and greedy, but certainly not all of us are. I am horrified at the movies and music of the past 40 years….today it is not even entertainment..it is devil worship. Our children watched us struggle with farming, but each one of them has been irresponsible to some extent with their finances. Young people expect to have a new car, a house and a big salaried job right out of college. Most baby boomers worked years to get to where they are now. You can bet that their kids and grandkids have no appreciation for what they have given them in life.

          • RedPill

            You cannot compare today’s world with the 70′s & 80′s MvM is right. You’re looking at things from your perspective, but I can relate with MvM especially living in a big city. SOME, not all people at the time when the economy was good never were responsible financially and those same people continue on with that same mentality today.

            You may not be, but you’re a small fraction of the world. Most baby boomer parents we’re/are capitalists to the core, financially irresponsible, never saved for a rainy day, living paycheck to paycheck. I know friends who were raised really poor, living in Shipping Containers in trailer park lots…why because they’re parents are irresponsible people who brought kids into this world without considering the well being of that child. Another friend the father got into a HUGE debt with over $60 thousand dollars ended up having to sell his parents home to cover the costs. A year later over $150 thousand dollars he got from the house is gone…wasted away. He never gave a single cent to help his kids, he’s a selfish jerk and on top of all that he demanded his kids help him financially.

            People are bad with money.

            My parents were no different worked their fingers to the bone
            just to squander it all on expensive vacations, trinkets, useless junk. Never had a retirement savings, no investing at all, no house, no land…NOTHING! They’re finanically worse now than they were back in the 70′s and I’m willing to bet most are.

            This type of mentality is far more common than you think.

            You’re a good person for doing right for your kids, but not everyone is responsible and considerate about their kids like you and actually gives a damn!

            This generation is far worse, they don’t want to work, want free Obama phones, welfare and foodstamps and expect everyone else to pay for it and even get violent.

            The majority of humanity is selfish and ignorant and the rest of us just stand around watching the spectacle…its truly sad.

          • Pault

            Well said!

        • John W.

          You whiney little ************. No wonder you are poor.

        • Wake up

          Would you care for a tissue…WAIT, sounds like you might need the box!!!
          But no, wouldn’t want anyone to acuse you of greed…

          WHAAAA WHAAAA

    • Kevin2

      Chestertonian

      Your advice is timeless unless you don’t need to earn a living after your education.

      Parents desiring the best for their children believed the falsehood that a college degree is a ticket to a better life. If no one is willing to employ the graduate or pay them a wage that is livable that field of study is reserved for the wealthy.

    • Johnny Apple Seed

      Science and Math.. Yet majority of colleges do not have enough classes to fill the these two demands.

    • Ameen

      Well said!!

    • Alan

      My son is a poster child for your post. He wanted to work overseas back in 2005. So he majored in International studies and business management. He is living here at home wife his wife and new daughter.

      • Paul

        I studied engineering and work overseas for over 20 years now.
        In China, Vietnam, Cambodia, western bakers and butchers are in high demand by the expat community. In Shanghai there are only a handful of western shops. But the prices there are sky high. And people buy there.

    • Traci

      Great advice! I’m passing it on to my nineteen year-old son who just decided to not return to college this fall because he didn’t know what he really wanted to major in, yet also didn’t want to rack up a bunch of debt just for the sake of “going to college.”

    • MarkieMark

      BEST ADVICE I’VE SEEN IN A LONG TIME….

      In my profession as a Mortgage Lender, I am seeing more and more young people with expensive BA degrees working jobs they could have got with a few months of on-the-job training. Many of the recent college grads have jobs in sales that have more to do with their personality and little with their education. Then again, skilled manufacturing and repairing jobs are going unfilled.

      It all comes around— In 1900 a skilled machinist or mechanic made 2 to 3 times as much as a medical doctor. In 1900 the highest paid profession in the country was a Mechanical Engineer.

      • RainyDay

        My cousin has his BS in manufacturing and is delivering pizzas now…he went back and got his masters in education. Since everything has been shipped overseas it’s been hard on manufacturing.

    • armel

      I decided to post this, after some hesitation. We just had a close family member, my grandmother’s husband of 5 years, commit suicide with one of my grandfather’s pistols, just a week before their 6th anniversary. This isn’t something we’re proud of, and we’re very much saddened for my grandmother, who had her husband’s anniversary gift sitting on her dresser, waiting to give it to him on Saturday. Instead, she will bury it with his remains, yet retain all of those “why” questions until the day she dies. No one should ever have to shoulder that kind of grief, especially in their older age. We’re making sure she’s never alone right now, and just trying to take care of her as much as we can.

      Her husband just gave up. He had an undiagnosed disorder, depression, and when he was checked into a hospital last week, they heavily medicated him, put him into group therapy with teenagers, and then sent him home with a pat on the shoulder, telling him he should just be grateful he was alive and healthy. I told my grandmother that they were wrong to send him home like that from the hospital, and I very much hope she believes me. She seems to be taking it very well from that perspective, given the circumstances.

      It’s so hard to understand why he chose to do what he did. But I pray that no one else gives up like that. It’s so important to just stay in the game and wait for God to tell us what to do. When that message comes through, we’ll know it, clear as a bell I believe. Again, this isn’t something I’ve wanted to hit ‘post’ for, but I think, if anything, this message should be a reminder to just never, ever give up. Peace be with everyone during this very chaotic time in our world’s history.

      • DB200

        Armel,

        Maybe it helps to know your grandmother is not alone. A friend of mine works at an intensive care of a hospital. Only recently he noticed that septuagenarians end up on the IC because they tried to commit suicide (and failed). They – independently from each other of course – said that they tried to commit suicide because they were depressed how the world and society has become and, having lived the bigger part of their life, didn’t want to be part of that society anymore. These septuagenarians were quite prosperous, lack of money or family was not the reason. A few years ago it would have been unthinkable that people in their 70s would commit suicide just because they got depressed by how society is developing.

        Take care.

      • MDave

        Undiagnosed disorder? Ohhhh? Is this a recommendation of cart blanche to the phsycological medical industry racket. Ohhhh. hell no. Sorry for your family loss but the same lackof diagnosis is many times worse with over-diagnosis imo.

        I have seen every kind of abuse across a wide range of situations, but your case is clearly a rare exception and not the rule, especially in a growing police state.

        • armel

          Did I say the head doctors should start over diagnosing? That wasn’t my intention…what I meant to say was that I feel, at times, most shrinks and the like are very, very under-qualified, particularly MD’s who randomly hand out anxiety or sleep medications without knowing family case histories or doing thorough medical analyses to see how a person might react. Drugs like Paxil were handed out in the early 2000′s without second thought practically, to anyone who complained that they felt “worried all the time” and consequently, now, there is a generation of children who are being born with heart defects and worse because their mothers took it on good faith from their MD’s prior to pregnancy.

          There are many things that should be further studied, before we quickly medicate. I’m all about figuring out a balance in the chemistry, rather than altering it too far in one direction, which is what I really believe happened in the case of my grandmother’s late husband. Too much of some new drug, meant to help and it was just overwhelming. Patients, I fear, know much more than the doctors they turn to for help and advice. Which makes it difficult when you truly need expert help, you know?

          thank you for your thoughts!

      • http://www.practical-parsimony.blogspot.com truth

        So, you suggest we listenf for voices, become delusional? That is crazy talk. Religion is why people are so messed up in this world.

    • Alvin

      What ? Don’t we need more students running up college debt getting their degree in Transgender studies ?

    • 98Bravo

      @Chestertonian I am in IT, programming, web applications, back-end work, I am working W2, contract work, my contract recently ended and I took a few weeks off and then started looking. The first day I posted my resume on dice.com I had over 30 contacts, emails or phone calls. Large and small firms alike cannot find enough skilled IT people, everything from programmers to network guys to help desk people. There was a boom of young people going into IT around the late 90s and early 2000′s, now not so much. Many firms do not want to sponsor H1B visas from India/China so they look for Americans, which they cannot find. The thing about IT is, that you don’t even need to go to college, as a 16 yr old kid you can pick up books to learn, publish websites/mobile apps and land a good paying job. Or even if you do go to college, it will be well worth the money, you can even go to Community colleges for the first 2 yrs, get your basic CompSci stuff done then graduate from a more prestigious university. The one issue with CompSci, it is like a hard science, you need math, and the ability to think logically and critically.

    • dmitry

      thanks for sharing some options.

    • Pault

      Thanks for some common sense to our present day mad rush to send our kids to college. Pretty soon, colleges will be offering degrees in how to bag groceries. Enough of this waste of time and money in order to prop up teacher labor unions.

    • Timbo

      Gunsmithing…trauma medicine…sanitation. Anything else would be a waste.

  • Snow White

    I can’t understand why the Greeks are mad at Merkel. They don’t HAVE to take Germany’s money or agree to Germany’s austerity measures. They can go it alone. Oh! That’s right, the Greeks don’t really produce much.

    • Eisenkreutz

      Maybe it has something to do with the NAZI vermin who decimated their country and destroyed and confiscated priceless antiquities during the war.

    • k

      One of the major reason that the entire global economy is slowing down, but every economist is ignoring or not too bothered to talk about is……………..market saturation.

      Of course there are other reasons too, but this reason is the least talked about.

      • k

        @snow white, they have to agree, you know why? because greece like many countries in the world is a debtor country and due to various factors is running out of money to pay interest to its loans and running out of money to run the country.

        So it needs to agree to conditions, to get more time to pay its loans(also known as debt restructuring) and some money to run the country.

      • k

        This is the reason exports worldwide are falling.And countries dependant on exports like US, germany, china are slowing down…..and these countries’ slowdown is affecting the exports and revenue of countries which export to US,germany, china such as australia, brazil etc.

    • Anon

      Greek people are as productive as any other peoples worldwide. Don’t blame the everyday people of Greece for their corrupt politicians.

      • McKinley Morganfield

        “Greek people are as productive as any other peoples worldwide. Don’t blame the everyday people of Greece for their corrupt politicians.”

        And who voted those corrupt politicians into office??? The greek people are as much, if not more, to blame as those politicians!!! We all reap what we sow.

      • Dave W

        Umm… Sure, they’re productive… until they retire at 50 and start sucking the gov’t nipple!!

      • Anon

        Greeks on average work more hours per week than many other countries in the EU, and in the States, but don’t let the facts get in the way of your bias.

        • Anon

          http://www.creditwritedowns.com/2012/01/greek-german-work-hours-compared.html

          This is just one of many articles disproving the “Lazy Greek” stereotype. Look for yourself and you will find plenty more. I feel for the everyday Greek people, screwed over and sold out by successive governments working in the interests of big banks, and now scorned by ignorant people worldwide for trying to take back their own country for themselves. Ever hear the saying “judge not lest you be judged”? Beware of judging the Greeks, this scenario is coming soon to a country near you, and you will be eating your words when you realise that it can and will happen to you.

        • Anon

          As for voting in the politicians, are you serious? What about the people who didn’t vote or didn’t vote for the parties in power? Should we blame 100% of a countries population for the choices of a narrow majority? I’m sure you would be crying foul if you were an American who voted Republican at the last election and kept getting told that the downward slide of your country is simply you reaping what you have sown. People are dying over there because of factors that are completely out of their control, but all you can do is point the finger and blame the victim.

      • Paul

        every people has the government they deserve

    • Alan

      My understand was that most of the bailout money that is going to Greece is paid to US banks that Greece owes money too. Kind of a back door bank bailout. Similar to the high speed train scam in Kalifornia.

      • Alvin

        But we need empty trains going nowhere, it’s good for California, Jerry Brown said so and he wouldn’t lie.

        • John W.

          Actually the train to Fresno was Arnies baby. Brown however should have pulled the plug on it.

  • http://Google Dale

    The government seems able to prolong the inevitable, but I think they are up against the proverbial wall this time. I hope all are prepping!!!!

  • tappedops

    Yes were close… but hyperinflation comes first… and ive said this before but— “when a box of mac-n-cheese is the size of a pac of cigs, and costs just as much”…then panic…

  • tappedops

    Dont post!

    Dont post!

    “I hope that you are ready” or

    “I hope that your ready”

    Last line

  • http://google conservanator

    If you think the outlook is bleak now, wait until
    Scumbama wins in Nov. Anyone who is skeptical of that happening needs to count up his faithful voting blocks. Black, Hispanic; Muslim; union; homosexual; food stamp; welfare; free cell phones; the Chevy Volt/wind mill crowd; the I don’t want to pay my student loan back crowd; the young, dumb and full of cum, useful idiots; the wine and cheese/San Fransicko/vegan/quiche vote.
    The block that puts it over the top will be the cemetary vote. No ID required.
    Upon His coronation, our King will rule by Executive Order, with no other branch of government in the mix. Do not doubt me.
    The Four Horsemen prepare to mount their fire breathing steeds.
    You’d better prepare.
    Hell is coming.

    • MvM

      I’ve read that more than few CEOs and owners of companies have warned that if “O” wins that they will be folding up and laying everybody off.

  • http://yahoo.com richard swank

    MICHAEL, COULD YOU TELL ME WHERE YOU GOT THE STATS FOR THE 100 MILLION PEOPLE ON WELFARE. THAT SOUNDS A TAD HIGH TO ME. THANKS

  • Mondobeyondo

    Ladies and gentlemen, thank you for watching the previews and trailers! (2008 banking crisis, etc.) Our feature presentation will be coming up momentarily… In advance, let me say the previews were right. This is one scary movie, and YOU are going to be a major participant in it! And you thought the Great Recession was scary! Here’s what some prominent VIP’s who have seen our feature presentation had to say:

    “I was so scared, I wet my pants” – Roger Ebert
    “I was terrified. I wet my pantyhose” – Barbara Walters
    “I can’t… I don’t think people can take this” – Gerald Celente
    “I’m, like, huh? What the hell happened?” – Britney Spears
    “*expletive* holy *expletive* this is *expletive* horrific!!” – Will.I.Am
    “It was boring. Slept through the whole thing.” – Ben Bernanke

    In the meantime, walk to the concession hall and grab yourselves some popcorn and Coke! ($7.00 for a large popcorn cup, and $7.00 for a medium Coke. Thank you, inflation!)

    Don’t want to be a part of this movie? Too bad. You already are. You are living it every day.

    • Alvin

      Forgot Joe Biden laughed his way all the way thru it

    • http://theeconomiccollapseblog.com Azgram

      Mondo, You just make my day every time I read your comments! As a small business owner it’s awfully hard lately to find something to smile about but you always come through for me!!

    • DB200

      Mondo, you have got humour.

      “You shouldn’t be scared, it is just a movie” – Wall Street Journal

    • Mondobeyondo

      Yikes! Someone (or something) has changed my avatar!!
      Trust me, I am NOT the young woman portrayed!

  • davidmpark

    “We are drowning in government debt, we are drowning in consumer debt, Wall Street has been transformed into a high risk casino where our largest financial institutions are putting it all on the line on a daily basis, we are consuming far more than we are producing, there are more than 100 million Americans on welfare and we are stealing more than 100 million dollars an hour from future generations to pay for it all.”

    And to top that off, we allowed our gov to over-regulate raw materials industries, and lock up plentiful resources under national parks declarations and BLM declarations. And then have audacity to claim the earth is running out of resources when it clearly is not.

    One of our best hopes to come out of this, and they locked it all up years ago and began print/tax/borrow claiming it’s real money!

    Unlock all the resources, stop the print/tax/borrow garbage and replace with a flat tax, and we MIGHT have a chance that we can have somewhat easier time before it all comes down; might buy us a few years of preparation and give our kids a better chance.

  • GSOB

    Roll call.

  • http://www.preparednessadvice.com/ Howard

    It is coming here in the near future. Whats going on in Europe is just the beginning.

  • chiller

    Our society is all about laws, rules and regulations designed to keep us safe. It seems suspiciously convenient that there no laws, rules or regulations worth mentioning, in place to prevent over extending ones self in finances. I remember my first bank loan for $300 40 yrs. ago. The bank was very cautious then because THEY would eat the bad loan if I defaulted. Today, individuals, cities, counties, states and nations can borrow themselves into oblivion, and have done so, as the banker/political cabal have stacked the deck against anyone from tampering with their financial plan of entrapment beginning with student loans.

  • jox

    “Yes, it turns out that QE3 is padding the profits of the big banks in the United States and making the wealthy even wealthier”. You make fun of Gary, but he is right actually. The wealthy are robbing you in the biggest wealth transfer of history, and in the meantime they have you distracted and busy pointing fingers at Spain or shouting ‘socialism’!

    • liberranter

      You make fun of Gary, but he is right actually.

      You know what they say about stopped clocks twice each day.

  • Econ101

    perhaps the greeks and other nations, whom dont produce much, take a page from iceland’s recovery playbook….page 1, says…purge the system of devilish central bank/NWO figures, page 2 reads…those that continue to mingle after the warning are imprisioned, page 3 reads, growth is flourishing, page 4 reads…sovereignty is restored

    but the central bank and their main stream media propoganda prefer withholding this from you…they want you to believe they’ve the solution when they’re the cause….this collapse is intentionally engineered supporting their depopulation and enslavement objectives.

    wake up people…the crusades of good vs evil are underway

    • McKinley Morganfield

      Iceland is the example that the rest of us need to follow. Just say no to bailing out the big banksters on the backs of the people and our children & grandchildren. Just day no!

  • Anon

    “Unfortunately, most Americans are not taking notice of it yet because most of the action is taking place overseas, and because U.S. financial markets are riding high.”

    And many Americans aren’t paying attention because they are caught up in the farce known as the general election. When you put all the data from all the different countries together you see how truly precarious our situation is, but how many people are seeing that whole picture? Not enough, clearly.

    • Darren

      I just wonder why there isn’t more of an outcry of high gas prices. Twice the price since Obama took office and I havent heard either canidate talk about how they would bring down the prices and it isn’t even on the news anymore except for the situation in California. People should be outraged that we are stuck at 3.50-4.00 per gallon and there is no sign prices are coming down anytime soon.

  • primrose

    Thank you for all the hard work you do to keep us on top of the latest financial happenings, not only here at home, but all over the globe. Forewarned is forearmed and I’d rather prepare and be wrong than ignore the warnings that seem to be irrefutably right. It’s not “if” but “when.”

    • MvM

      Yes, I wanted to say the same — thanks. This blog is one of my favourites to check out.

  • squodgy

    It wasn’t the Greek people who wanted the austerity measures. The EU insisted on it if the Greek debt was to be bailed out. We are all victims of the Friedman “growth” requirement. But the Banks have destroyed that on instructions from the elite.
    The Greek system is different from most and is riddled with fiddles and corruption as a norm which was a major contributory factor in the debt growth. The rich pay little or no tax….as is now the trend worldwide, so the ordinary Greek people are the first of many to start looking at the imbalance and wide diversity between the rich & poor together with the demise of the middle class, it worries them….as it will soon worry the rest of us.

  • JustanOguy

    Hey Michael,

    What’s the difference between going BK with $16 Trillion in Debt or going BK with $50 Trillion in Debt?

    Nothing.

    The inflection point for the debt spiral has already been reached. The Central Banks already know it and are just trying to make it last as long as possible before the inevitable happens. Over a Billion people are already screwed as it is and things are not going to get any better for them.

    Better get rid of that paper and buy things to survive the eventual collapse and have things to ride it out until the solution to start all over is created.

  • r.bitting

    Those 21 reasons are all the more reason to examine yourself to see if you are in the faith while there is time to.

    • Paul

      I went to the forest today to help the rangers laying new hedges.
      Very rewarding work.

  • Steve

    Most descriptive phrase for the current market> PUMP and DUMP just an observation not my quote.

  • john.s

    it is Fall and that is the most likely time for another BIG Downturn.

  • TimeHasCome

    The Central Banks created this debt out of thin air . So this debt should not be repaid to the Central Bankers . Remember the 100 year war was bankers using Countries to get repaid for their debts. The really scary part is that this is worldwide . Every fiat (paper) currency is becoming worthless . The only wealth that will have value is what you can stand in front of to defend .

    • Robert silva

      I just disagree in one point:
      The only wealth that will have value is your life and yhe life of ours (family/friends)

      forget about any other

    • Robert silva

      I wanted to say: forget about any other wealth

  • http://www.survive2balive.com GA

    Another 21 reasons why you should be prepping! It’s all being held up with smoke and mirrors and it is completely unsustainable. The vast majority does not care and will not care until its too late and they are standing in line waiting for a block of government cheese. Don’t be part of the herd! Learn skills and become more self sufficient. Time is growing short.

  • William

    Michael, you write as if you think most Americans actually have a brain!
    Americans have no concern for the Truth! Most Americans believe the LIES of 911, and most Americans want ANOTHER unnecessary war of choice based on LIES, this time against Iran!! Yet, it is these same BRAIN DEAD Americans who will be the FIRST to perish as the USA collapses.

  • Kevin2

    The only way to “potentially” make this plan work is to increase productivity in the developing world while making them take the USD for payment thereby increasing demand for all of that “stimulus”. What I have seen is the use of the US Military to keep the USD / oil peg post gold standard intact. I think they wish to expand it if for no other reason out of necessity.

    I’m assuming they have a plan regardless if it’s convoluted and this looks like it.

  • George

    Not that anyone really cares, but the purchase of mortgage backed securities by the Federal Reserve Banks with newly issued Federal Reserve notes, which are legal tender, could arguably be unconstitutional. Because you are an attorney, I thought you might find the following to be of interest, Michael.

    (1) Under Article 1 Section 8 of the United States Constitution, Congress can “borrow money on the credit of the United States”.
    (2) Under the Supreme Court’s decision in Juilliard v. Greenman, 110 U.S. 421 (1884), the “full faith and credit” obligations of the United States, which have been authorized by Congress, can be “monetized” (the “Juilliard Rule”).
    (3) Congress has delegated to the Federal Reserve Bank the authority to “monetize” United States debt by issuing Federal Reserve Notes as legal tender. The United States debt is held as an asset on the balance sheet of the Federal Reserve and the resulting Federal Reserve Notes (and their electronic equivalent) are a liability on the balance sheet.
    (4) Arguably, Congress cannot give the Federal Reserve the authority to “monetize” any debt instrument other than “full faith and credit” obligations of the United States under the Juilliard Rule. Congress and the Federal Reserve had scrupulously followed the Juilliard Rule until the 2008 crisis.
    (5) The Federal Reserve can, however, purchase other types of debt instruments (such as government agency debt and mortgage backed securities) with its bank capital. But, if the Juilliard Rule is still good law, the Federal Reserve cannot “monetize” these other debt instruments because they are not full faith and credit obligations of the United States.
    (6) Similarly, the Federal Reserve cannot engage in temporary loans or “swaps” if new Federal Reserve notes (or their electronic equivalent) are issued because, once again, debt instruments other than United States “full faith and credit” debt are being “monetized”. Only Federal Reserve bank capital can be used in such transactions. Federal Reserve bank capital is only about $60 billion, which is far less than the MBS porfolio.

    As far as I can tell, no one, however, has legal standing to challenge this practice, so we may never know.

  • Aper

    We need a completely new type of economic system. Our present system is not working. The jobs that we’ve lost due to outsourcing and automation are never coming back, and the younger generations will never be happy with a 40 hour work week working jobs that are tedious,pointless and unfulfilling. As a society, we’re basically transitioning towards something new, and as of now, the transition seems to be uncontrolled, and that’s what’s causing our society to crumble.

    • Darren

      Something new is coming but your not going to like it one bit, a New World Order and the Mark of the Beast.

    • GSOB

      It called being without hope in this world Aper.

      • Aper

        There’s no reason to be without hope. We’re moving in the right direction. I just don’t think many people can see the forest for the trees. We live relatively short lives, so a transition that will seem short to future generations looking back, seems long, drawn out and painful for the folks that are living through it. Most people can’t see a society without having to work, but that is where we are heading. Check out the books The End of Work and The Lights in the Tunnel. There’s just a delay in acknowledging it publicly, even though Goldman Sachs has spoken about it privately as well as other top financial firms.

    • MvM

      The young will be lucky if they can even find part time work. In Canada, a country supposedly doing “better”, most of the big cities (even Toronto!) are only offering part-time jobs for young people. It is hard to find full-time work if you have no real skills, and even with real skills there is still a lot of competition for jobs. In the USA, things are even worse, and with ObamaCare coming soon, it’s said that employers are thinking of cutting hours for jobs or even closing their businesses and retiring.

    • phelps

      Manufacturing jobs are not pointless, tedious and unfulfilling yes, but they produce the things we need. As the economy gets worse those fun jobs the kids are looking for now will disappear. People are cutting back on luxuries and purchasing second-hand goods, or just simply keeping the stuff they have now whether in style or not. Many are not even purchasing auto insurance as things get worse and using the money for food and other essentials.

      This new economy you speak of will be just like those of the past. Food, shelter and clothing are the fundamentals of any economy. Nothing new here.

      Thrift stores, pawn shops and other business that allow barter are seeing a major increase in sales. For example, many new Ruger rifles go for around $230 – $1,000 and you can buy that same $230 Ruger at a pawn shop for around $150. I sale to a pawn shop. The owner told me he used to make all his $ on loans, but is now selling more than ever.

      So give us an example of this new economy. I’ll let you know something. Auto insurers, coffee shops, book stores, tatoo parlors, tanning salons, anime stores, psychs, some restaurants, some types of medical services, etc. will go out of business as things get worse. Count on it.

      • Aper

        The manufacturing jobs are better done by machines than people. Food, shelter, and clothing can all be done through automation too. I hope those businesses you named do go out of business. In fact, I would like to see around 80% of the businesses in this country go out of business within the next 2 decades. Most businesses are nothing more than money schemes. You need money to live so you create a business and manufacture demand in order to get some money. People don’t want to work these jobs or start these businesses. They have to in order to live and feed their money addiction, and that’s the main thing that’s changing in our country. From the moment you were born, you were marketed to. You’re told that if you can’t afford to buy x,y and z then you’re happiness will decrease. The most important thing to humans is our happiness, so this creates all kinds of problems, and is the reason why our society has ballooned to the level that it has.

        We need to consolidate our society, automate as much as we can, make “entitlements” the norm and control the birth rate. We can start offering people lifelong (or cradle to grave if you like that term better) entitlements in exchange for only having 1 kid. Automate home production, automate farming (grains, fruits, vegetables, meat), automate transportation, and work towards automating healthcare. For the jobs that are still left, the market based system will stay the same in the short term. You would only want to enter the lifelong entitlement program if you would prefer a simple life of leisure, or if there is not a job available for you. You could still work a job on top of the program if you’d like, but the 1 kid policy would still stand once you make that decision. The government can perform hysterectomies. If you don’t agree to the one child policy, then you won’t be allowed food stamps or welfare. This plan isn’t perfect or even fully solid yet, but it’s a good start towards a brighter future. Most of my friends are dirt poor and have more than 2 kids each. Those kids have little to no chance of having a happy life and do nothing more than clog the system up and decrease the quality of life for everyone else. I’m confident that a large amount of people the world over would like the deal, including myself, even though I have a degree in economics and have succeeded in business.

  • Washington

    Published on Aug 23, 2012 William Binney is among a group of N.S.A. whistle-blowers, including Thomas A. Drake, who have each risked everything — their freedom, livelihoods and personal relationships — to warn Americans about the dangers of N.S.A. domestic spying; A top-secret program he says is broadly collecting Americans’ personal data.

    http://www.youtube.com/watch?v=OemwW60VxDY&feature=plcp

  • GodDoesNotExistDealWithIt

    You keep posting in the vein of “XX many signs that things are about to get significantly worse” and yet that never seems to happen… of course I don’t want it to, and I’m not saying it’s not going to (I have next to zero faith in any aspect of our government regardless of party), but I’m confused about all of these things that are described as imminent that don’t really seem to be.

    • Michael

      You don’t see how things are getting worse in all of those countries in the article?

      For example, the unemployment rate in Greece was at 11.8 percent in April 2010. Now it is up to an all-time high of 25.1 percent?

      Is that not getting worse?

      Just because everyone in your area may be lining up for an iPhone 5 does not mean that things are good for everyone else.

      Michael

    • slingshot

      Not knowing the exact time when it all goes down is the most insidious part about this adventure. At the point of commencement, things will begin to become, Hell on Earth for some of us. Those that wield the power, determine the time of collapse and those that can see it slowly happen are close to disbelief. Therein lies the danger of seeing the warning signs and doing nothing to lessen the impact upon our future everyday lives. I have been in this arena of financial destruction for some time and can tell you that many are just infactuated with the now and care less about the future. The Powers That Be, have cultivated this mind set for years by indoctrination within the Educational System. The forced fed implications of Political Correctness have morphed into dependence upon those, who wish to enslave us. If I am wrong, then why have WE failed to control the Legislative body of government that made it possible to send our jobs overseas and condemn our own people to destitution. An energy plan, forty years in the making and still no balance budget amendment. In essense we have nobody to blame but ourselves. As the price of gas will rise and so too the grocery store prices, those who have taken precautions against the storm, will thank thier lucky stars.

  • MvM

    I know there is always “that” group of people who say the economy is improving, etc., but they are usually those people who have not been laid off yet since the depression began in 2007 (it actually began then, not 2008). If you haven’t been affected by the depression, then how on earth can you feel skeptical about anything? It’s like being totally insulated from a problem that many other people are experiencing, yet not being able to empathise or relate at all. My mother used to be one of those people who thought things were improving until the school board starting doing layoffs and cutting hours. They cut her hours down to about 3.9, so she quit and retired early. Boy oh boy I tell you, does she see the truth now. She used to get angry at me for telling her the truth about the economy, and now she reads whatever I send her, and agrees with me. That’s all it takes folks, for these people to walk a mile in someone else’s shoes, and then they will believe it. She didn’t even believe me after both me and my husband lost our jobs and my sister and her boyfriend both got laid off. She didn’t believe it even when her own husband got laid off. Nope. It took having to lose her own job that she finally understood. So, if my own mother watched her family lose their jobs and did not believe things were “bad,” then I can totally understand why a certain group of people who are still employed and were never hurt by the economy feel the same way. When it happens to them personally though, they will finally begin to understand, but by that time, it will be too late. It’s already too late. I don’t even think prepping, etc. is going to save you. I believe we are in the End Times, so no matter what you do, nothing will help you. You need to get close to God right now more than ever before.

    • RainyDay

      Amen to that.

  • erheault

    Simply put WE ARE SCREWWED: enjoy the ride it will be highly educational.

  • Washington

    The New Corporate America Business Model Creating Foundations to Move Their Ideals…and Products By Pam Parker

    http://www.forces.org/News_Portal/news_viewer.php?id=2303

  • CharlesB

    Here are a couple of short Dr. Paul Craig Roberts interviews:

    News Not Revealing Real Reasons For Economic Collapse
    http://www.youtube.com/watch?v=0atsStjKyww

    The US is Now a Gestapo Police State
    http://www.youtube.com/watch?v=jANKqTcGlFM

  • Bryan

    dust your Bible off and read the book of revelation! God’s loves you! simple pray of forgiveness and you will be forgiven and made righteous for there is a righteousness made known apart from the law..a rightouesness that comes by FAITH! If you confess with you mouth Jesus is Lord and believe in your heart God raised him from the dead YOU WILL BE SAVED!! for it is with your heart you believe and are justified and with your mouth you confess and are saved. IN NO WAY! Will i turn away anyone who comes to me!

    • Darren

      True but there is more to it than just FAITH. Once you come to the Lord and confess your sins, ask for forgiveness and REPENT of your sins and accept Jesus Christ as your Lord and Savior then you have to live a Christian life, no longer living your old selfish life. Many believe that Faith alone will save you but that isn’t true. Jesus did not come to do away with the law but to fulfill the Law (Matthew 5:17,18,19).

      Unfortantly this teaching of Faith without works will save you is going to destroy a lot of souls and the teaching of once you are saved you are always saved is dangerous too (2 Peter 2:20-22).

  • markthetruth

    Lower Oil Prices Will Drive Casinos, Cruises Higher: But Which Ones?
    By Bill Edson – October 15, 2012 | Tickers: CCL, LVS, MGM, RCL, WYNN

    This is the mentality of wall street. People will finally have money for food, but no! they are going to convince you that there going to Las Vegas to gamble it away and have a good time with the money they where missing not found.

    the end.

  • Darren

    Whats taking so long for the market to crash and all hell to break loose? I am having to get rid of all my food (Donating it) I’ve stored up for the last couple of years because it is nearing the expiration date. I know that the economy will crash, the dollar will crash and society will break down because all the signs are there but when? It seems that the Governemts around the world just continue to post pone the event for as long as they can. I dont know whether I should stock up on food again or wait until things get even more dire.

    • Malcolm Reynolds

      “I am having to get rid of all my food … because it is nearing the expiration date.”

      You’re throwing away good food. If you’ve kept is in a cool dry place and is hasn’t been subjected to big temp fluctuations, it’s perfectly good food. Check the can for bulging and squeeze it to make sure it’s not leaking.

      Just last week, my family ate some Chunky soup that expired over 2 years ago.

      • Gay Veteran

        very true

    • Shawn

      The answer to that is…. keep buying the kind of food you normally consume. Then use it and rotate your stock! Always have fresh food, and keep your preps in stock at the same time.

  • http://www.surviving12-21-2012.blogspot.com doctor blue

    Yea my wife picked up the Bible the other day and I told her it was to late to start at the beginning, I told her to start with Revelations. It’s to late to start at the beginning she needed to start with our end. Hell On Earth Is Coming and you need to prepare for that, the best you can. Theft, Murder, Rape even Cannibalism such horrors mens hearts will fail them at the sight of it. Most of us will revert back to animals and our animal instict is to (eat) to survive and kill everything else that’s not useful. Yes HELL ON EARTH IS COMING and you better prepare.
    HELL IS COMING WITH A VENGEANCE!

  • THE WARNING
  • Denise

    It’s all Judenfetzen anyways. Let’s declare a Global Jubilee.

  • Newton

    It’s not that tough for the 150 Million people who’s second mortgage was nullified by BofA today.

    No paperwork necessary – the banisters just stroked a few keys on the Ole banister computers and Wallah !

    They zap it into existence out of thin air and just as easily zap it out of existence.

    Unless of course, it’s you or me and we’re 2 days late on a car payment.

    then the Goon squads come knocking.

  • SMASH THE CONTROL MACHINE

    Via Simon Black of SovereignMan blog,

    Let’s step away from the noise for a moment and look at the big picture. This isn’t about doom and gloom, or fear, but objective facts.

    Undoubtedly, the Western hierarchy dominated by the United States is in a completely unsustainable situation. Across the West, national governments have obligations they simply cannot meet—both to their citizens and their creditors.

    In the UK, national government borrowing is already 22% higher than at this same point last year, a record year for borrowing. Meanwhile, the UK’s budget deficit for August hit a record high.

    In France, the new government of Francois Hollande passed a ‘historic’ and ‘austere’ budget that is still posting a deficit of 3% of GDP. That’s including a 75% tax on incomes exceeding one million euros.

    In Japan, the government is mulling legislation that will fund 40% of the budget with ‘deficit-financing’ bonds.

    In the United States, the government recently hit $16 trillion in debt about six weeks ago, after reaching the $15 trillion mark last November. It took 200 years to accumulate the first trillion in debt and 286 days to accumulate the most recent trillion.

    Each of these countries has a debt level that exceeds 90% of GDP– the historic point of no return. More importantly, each of these countries also has to borrow money simply to pay interest on money they’ve already borrowed.

    This is important because it makes the problems multiple. At the beginning of the 1780s, the French monarchy was spending around 30% of tax revenue to service its debt. Eight years later when the revolution began, they were spending 62%.

    The next 26-years in France were filled with internal civil war, external war with Austria and Prussia, hyperinflation, crime, social unrest, and Robespierre’s genocidal dictatorship.

    In the 19th century, the Ottoman Empire faced an even steeper financial decline. In just 11-years, the Ottoman central government went from spending 17% of its tax revenue on interest payments to spending over 52% of its tax revenue on interest payments. Then came default, in just eleven years.

    In the US, debt service is also rising. According to the Government Accountability Office’s figures, the US government was spending 9% of revenue to service the debt in 2002. Throughout most of the last decade, in fact, the US government spent roughly 9% of its tax revenue on debt service.

    But in 2009, the figure hit 9.75%, then 10.5% in 2010, then 11.5% in 2011. For the fiscal year that just closed on September 30, the Bureau of Public Debt reported cumulative interest expense of $375.8 billion on income of $2.45 trillion. This is a rate of 15.3%. See the trend?

    But it’s not just debt burdens that are problematic. ‘Rich’ countries in the West are also rapidly debasing their currencies, spawning tomes of regulatory impediments, restricting the freedoms of their citizens, aggressively expanding the powers of the state, and engaging in absurd military folly from Libya to the South China Sea.

    Once again, this is not the first time history has seen such conditions. In our own lifetimes, we’ve seen the collapse of the Soviet Empire, the tragi-comical hyperinflation in Zimbabwe, and the unraveling of Argentina’s millennial crisis. Plus we can study what happened when empires from the past collapsed.

    The conditions are nearly identical. Is our civilization so different that we are immune to the consequences?

    Probably not. And the cycle that has befallen so many great powers before us– decline, collapse, turmoil, and reset– will likely happen in our time too.

    But it’s not the end of the world. Not by a long shot. It’s a complete reshuffling of the deck. A brand new game with brand new rules. And the old way of doing things (like printing money backed by nothing) will be resigned to history’s waste bin.

    One of the things that we see frequently in history is that this transition occurs gradually, then very rapidly.

    Think about the Soviet Union, which you may recall. One day, they were the greatest threat to the planet. The next day, the wall came down. It happened so quickly. It’s like what Hemingway said about bankruptcy– it happens slowly at first, then all at once.

    Unfortunately we don’t know where we are along this path. And we won’t know until we’re over the cliff on the way down. Everything will feel normal until then.

    Argentina’s millennial crisis is a great example of this. Argentines woke up in December 2001 and everything still felt normal. Within a few weeks, they had defaulted on their debt, the currency collapsed, and people were out in the streets doing battle with the police.

    But since we don’t know precisely when things may happen, it’s a sharp idea to take responsible action that makes sense no matter what, even if all of the world’s problems are miraculously solved. Things like:

    - Owning gold and silver (and storing it abroad)
    - Acquiring agricultural property overseas.
    - Holding savings in a strong, stable foreign bank
    - Looking at healthy economies for top quality investment and business opportunities
    - Improving tax efficiency and asset protection with proper foreign structures
    - Developing relationships with like-minded people
    - Learning valuable skills
    - Traveling a bit and exploring potential relocation options
    - Increasing your digital privacy
    - Considering dual residency and nationality options

    All of these steps make sense no matter what happens. Yet, should the thesis hold, and we indeed find ourselves on the precipice, then you and your family will be in the best possible position. And that too is a fact.

    • Paul

      in Thailand and China and the Philippines foreigners are not allowed to own agricultural property.
      Which is very sensible of those countries.

      Buy such things at home near your family. Then you also have a place where you can bury your gold and silver, instead of giving it to a bank. Participate your family. Then they will help you to look after the property. That’s how it is done in the philippines.

      A friend of mine provided the money, the family of his Philippine wife got the property, and it is owned by their son. The family is taking care of the plants and lifestock and keeps thieves out.

    • David

      Be very careful with “Simon Black”. My research shows that while there may be some good information on the web site, it appears to be a scam site. “Simon” was supposedly a CIA agent and military officer. And he travels all the time, from country to country. Ever hear of jet lag? Be careful of what he has to sell. His articles are cleverly designed to hook you. If you spend $345 for his newsletter, that’s a sign that you’ve got more to spend with him. Be careful! Over 20 countries in the past 3 months? Simon Black, graduate of West Point, ex-CIA operative, investment pro, and globe-trotter?

      http://www.youtube.com/watch?v=o8wcTTaaFcc&feature=related

      I would trust Fernando Ferfal Aguirre and Gerald Celente and Don McAlvany and JJ Luna more than “Simon Black”.

      https://mcalvanyintelligenceadvisor.com/preparedness

      http://blog.invisible-privacy.com/

      http://www.trendsresearch.com/gerald.php

      http://ferfal.blogspot.com/

  • Gary in Bali

    ow is te est time to BUY A NEW CAR….

    lets face it.. when the poo its the fan.. they wont be able to repossess everyone’s cars all at once.. so you just keep driving but stop paying..

  • god bless you

    qqqq

  • Paul

    Tell you what. My grandma didn’t go to school at all. She was working as a farmhand. My mom was the first in the family to finish secondary school, and besides working in the factory she did some school in the evening to become foreman/supervisor. I was the first one to finish university.

    We are not rich, but reasonably well off. I own a house but no car, my brother’s family has 3 kids, 2 cars, 3 motorbikes. All second hand, except the kids. :-) But his wife lost her job 20 years ago after the first child.

    All this prepping stuff and energy saving and recycling is how we grew up. Not because of being green or treehugging or preppers, just because it saved money and wasn’t wasteful. Why work, then buy something only to throw it away shortly after?

  • phelps

    I love music. I’ll quote Toby Knapp (did I spell that correctly?)…”this is it boys this is war…what are we waiting for”. I hate to say this, but will anyway and this comment will get removed. We should give those bankers and our corrupt pols what they have coming before it is too late. They are making economic warfare on us and we should take the fight to them while we still have a small chance of victory. I’m not talking about shooting, not yet anyway, but it is time those of us who have been hurt by their actions, get off our butts and into the streets just like those in Spain and Greece.

    Quit blaming the folks who use the system and place the blame upon those ultimatley respondsble. The bankers and pols wanted them to be in the system so they could stay in power and get very wealthy in the process. Blaming the poor schmuck in Greece who got a pension at 50 is missing the point and you are doing the bankers/pols bidding. You will be next on their list unless you quietly participate in their “hunger games”, just like a good little sheep.

    Our enemy is the bankers/pols and not blacky, whitey, Greece, Spain, welfare moms, or Honey boo boo, etc. Until we realize this, or if we never do, then we are all doomed, especially those of us who would like a just society.

    “These elites, and the corporate system they serve, have ruined the country. These elites cannot solve our problems. They have been trained to find “solutions”, such as the trillion dollar bailout of banks and financial firms, that sustain the system. They will feed the beast until it dies. Don’t expect them to save us. They don’t know how. And when it all collapses, when our rotten financial system with its trillions in worthless assests implode and our imperial wars end in humiliation and defeat, they will be exposed as being as helpless, and as stupid as the rest of us.” – Chris Hedges: The best and brightest lead America off a Cliff.

  • D.Gar

    10 Signs That You’re Fully Awake

    Isn’t it obvious that there is a significant global awakening happening? Just as the Mayans predicted so many years ago, the apocalypse would become apparent in 2012. But many misinterpret the apocalypse to be the end of the world, when in fact it actually means an “un-covering, a revelation of something hidden.”

    As many continue to argue the accuracy of the Mayan calendar, it can no longer be argued that a great many people are finally becoming aware of what has been hidden from them for so long. Of course this awakening is not an overnight process. It takes time to peel away the many layers of lies to get to the core of the ultimate truths.

    It would be beyond pretentious for us to claim to know all of the secrets of the universe. We don’t. Everyday we are humbled by what we don’t yet know.

    However, it is becoming clearer by the day what isn’t true. And by that measure alone, it is possible to determine if you’re one of the people beginning to wake up.

    Here are ten signs you may be fully awake:

    1. You know there’s no meaningful difference between major political parties (Democrats and Republicans): It’s so easy to get caught up the left-right debate and believe there’s a difference between the two major political parties. However, debate is one thing, while actions are another. By their deeds you shall know them, and it is indisputable that there is no significant difference between political parties when it comes to action on the most important issues. Even hardened ideologues like John Cusack are beginning to wake up.

    2. You understand that the Federal Reserve, or international central banking more broadly, is the engine of our economic problems: Debt slavery is the totalitarian force that threatens all of humanity, not some temporary political puppet or some greedy Wall Street trader. When a small group of people have the ability to create wealth out of nothing and charge interest on it, they have the ability to enslave the planet to their ownership despite what type of government a country claims to have.

    3. You know that preemptive war is never necessary: When we realize that self-defense is the only acceptable form of violence, then we become awakened human beings. To suggest war because someone is different from you, or they may pose a threat in the future is simply ludicrous. And when did the idea of bombing civilians become humanitarian? No one wants war except for the immoral creeps that benefit from it.

    4. You know that you’re being systematically poisoned, how, by whom, and why: Admittedly, there’s a lot to learn in terms of how we are secretly being poisoned. But the fact remains that we are being systematically poisoned, and it is likely for the deliberate purpose of dumbing us down and, ultimately, culling the population. Who could believe anyone is so evil to do that to innocent people, you may ask. Well, once you begin to seek the answer to that question, you’re one step closer to enlightenment.

    5. You understand that government can never legislate morality, nor should they: When you realize the role of government is only to protect your liberty and work for the well being of the citizens, you’re awakened. There should be one simple law regulating morality: Do no harm. Thus, it’s impossible for the government to enforce morality with guns, cages, and taxes because those clearly cause severe harm to your liberty and our well-being.

    6. You know that the mainstream media is wholly owned and manipulated by the ruling elite: A dwindling number of people still actually believe what they hear coming from the establishment media as if it’s gospel, even when they already accept that they are bought and paid for by the elite controllers. Yet, recognizing that they are nothing more than a propaganda machine and a form of mind control are the first steps in being able to critically think beyond the scientific messaging they broadcast.

    7. You know that your neighbors are not your enemy even if you have fierce ideological disagreements: This is perhaps the most difficult thing to overcome in the awakening process. But it’s vital to understand that your neighbors have been indoctrinated and hypnotized like the rest of the us, until someone helps shine a light on inconsistencies in our thoughts and beliefs. Most of their ideas are not their own. They are suffering just like the rest of us. It’s okay to condemn their actions if they’re harmful, but those who are awake will not give up on spreading information that can enlighten those who might still be in the dark. None of us were born “awake” and all of us can learn even more.

    8. You know that the endgame is one-world control of planet Earth: Once you understand that the endgame for the ruling elite is to have complete control of all vital facets of society through a global government, one-world currency, international armed forces, and so on, it is simple to see through the lies and propaganda surrounding even the most confusing world events. You will never go back to sleep when you fully accept this reality.

    9. You recognize that there are esoteric powers manipulating our physical world: Whether you’re a religious or spiritual person, scientific or just plain curious, there are many theories about an invisible force at play in all of this. Obviously it’s impossible to prove exactly what it is. You may not want to believe it, but the ruling elite takes their occult rituals deadly serious. And they likely know something we don’t. Just by keeping an open mind about this possibility, you’ll forever keep an open mind about the things we can actually see, hear, taste and touch. Current science has shown that we can only “see” what the visible light spectrum reveals, which amounts to the tiniest fraction of all that can theoretically be seen within the full spectrum of energy. Part of any awakening is realizing that there is much more that is possible than impossible.

    10. The power to change the world rests with you and you alone: For too long people have believed themselves to be weak, or relied on others to change the world for them. You’ll know that you’re fully awake when you realize that you have infinite power to change the world by simply living the change you want to see. First, you have to identify the principles that you believe in and then go out and live by them. If just a small minority took steps to do this, it would shake the establishment to its core.

    What kind of world do you want to live in?

    ~Our Own Government,is Our Own Enemy~

  • Washington

    Corn for Food, Not Fuel By COLIN A. CARTER and HENRY I. MILLER Published: July 30, 2012

    http://www.nytimes.com/2012/07/31/opinion/corn-for-food-not-fuel.html?_r=0

  • http://genreith.de TandemVipera

    Your number nine “#9 Back in the year 2000, the ratio of total debt to GDP in Spain was 192 percent. By 2011, it had reached 363 percent” is indeed a real heavy issue.

    It can be deducted from plain mathematics, you may read http://genreith.de/index.php?id=economics-of-growth-and-crisis

  • Washington

    Unleashing GMO Seeds: “Food is Power” Reviewing F. William Engdahl’s Seeds of Destruction, Part 3. By Stephen Lendman Global Research, January 19, 2008

    http://www.globalresearch.ca/unleashing-gmo-seeds-food-is-power/7849

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