The Beginning Of The End Ad
Gold Buying Guide: Golden Eagle Coins

Recent Posts

The Preppers Blueprint Economic Collapse Blog Get Prepared Now Ad

Enter your email to subscribe to The Economic Collapse Blog:

Delivered by FeedBurner

22 Signs That We Are On The Verge Of A Devastating Global Recession

Share on FacebookTweet about this on TwitterPin on PinterestShare on Google+Share on LinkedInShare on StumbleUponEmail this to someone

2012 is shaping up to be a very tough year for the global economy.  All over the world there are signs that economic activity is significantly slowing down.  Many of these signs are detailed later on in this article.  But most people don’t understand what is happening because they don’t put all of the pieces together.  If you just look at one or two pieces of data, it may not seem that impressive.  But when you examine all of the pieces of evidence that we are on the verge of a devastating global recession all at once, it paints a very frightening picture.  Asia is slowing down, Europe is slowing down and there are lots of trouble signs for the U.S. economy.  It has gotten to a point where the global debt crisis is almost ready to boil over, and nobody is quite sure what is going to happen next.  The last global recession was absolutely nightmarish, and we should all hope that we don’t see another one like that any time soon.  Unfortunately, things do not look good at this point.

The following are 22 signs that we are on the verge of a devastating global recession….

#1 On Thursday it was announced that U.S. jobless claims had soared to a six-week high.

#2 Hostess Brands, the maker of Twinkies and Wonder Bread, has filed for bankruptcy protection.

#3 Sears recently announced that somewhere between 100 and 120 Sears and Kmart stores will be closing, and Sears stock has fallen nearly 60% in just the past year.

#4 Over the past 12 months, dozens of prominent retailers have closed stores all over America, and one consulting firm is projecting that there will be more than 5,000 more store closings in 2012.

#5 Richard Bove, an analyst at Rochdale Securities, is projecting that the global financial industry will lose approximately 150,000 jobs over the next 12 to 18 months.

#6 Investors are pulling money out of the stock market at a rapid pace right now.  In fact, as an article posted on CNBC recently noted, investors pulled more money out of mutual funds than they put into mutual funds for 9 weeks in a row.  Are there some people out there that are quietly repositioning their money for tough times ahead?….

Investors yanked money out of U.S. equity mutual funds for a ninth-consecutive week despite a bullish 2012 outlook from Wall Street and a December rally that’s carried over into the New Year.

#7 There are signs that the Chinese economy is seriously slowing down.  The following comes from a recent article in the Guardian….

Growth had slowed to an annual rate of 1.5% in the second and third quarters of 2011, below the “stall speed” that historically led to recession.

#8 The Bank of Japan says that the economic recovery in that country “has paused“.

#9 Manufacturing activity in the euro zone has fallen for five months in a row.

#10 Germany’s economy actually contracted during the 4th quarter of 2011.  At this point many economists believe that Germany is already experiencing a recession.

#11 According to a recent article by Bloomberg, it is being projected that the French economy is heading into a recession….

The French economy will shrink this quarter and next, suggesting the nation is in a recession as investment and consumer spending stagnate, national statistics office Insee said.

#12 There are a multitude of statistics that indicate that the UK economy is definitely slowing down.

#13 The credit ratings of Italy, Spain, Portugal, France and Austria all just got downgraded.

#14 It is being reported that the Spanish economy contracted during the 4th quarter of 2011.

#15 Bad loans in Spain recently hit a 17-year high and the unemployment rate is at a 15-year high.

#16 According to a recent article in the Telegraph, the Italian government is forecasting that there will be a recession for the Italian economy in 2012….

The Italian government predicts GDP will contract 0.4pc next year, but many economists fear the figure is optimistic.

“We can say without mincing words that we have already slipped into recession,” said Intesa Sanpaolo analyst Paolo Mameli. “We expect GDP to keep contracting for the next 3-4 quarters.”

#17 Italy’s youth unemployment rate has hit the highest level ever.

#18 The unemployment rate in Greece for those under the age of 24 is now at 39 percent.

#19 Greece is already experiencing a full-blown economic depression.  About a third of the country is now living in poverty and extreme medicine shortages are being reported.  Things have gotten so bad that entire families are being ripped apart.  According to the Daily Mail, hundreds of Greek children are being abandoned because the economy has gotten so bad that their parents simply cannot afford to take care of them anymore.  The note that one mother left with her child was absolutely heartbreaking….

One mother, it said, ran away after handing over her two-year-old daughter Natasha.

Four-year-old Anna was found by a teacher clutching a note that read: ‘I will not be coming to pick up Anna today because I cannot afford to look after her. Please take good care of her. Sorry.’

#20 In Greece, large numbers of people are simply giving up on life.  Sadly, the number of suicides in Greece has increased by 40 percent in just the past year.

#21 In many European countries, the money supply continues to contract rapidly.  The following comes from a recent article in the Telegraph….

Simon Ward from Henderson Global Investors said “narrow” M1 money – which includes cash and overnight deposits, and signals short-term spending plans – shows an alarming split between North and South.

While real M1 deposits are still holding up in the German bloc, the rate of fall over the last six months (annualised) has been 20.7pc in Greece, 16.3pc in Portugal, 11.8pc in Ireland, and 8.1pc in Spain, and 6.7pc in Italy. The pace of decline in Italy has been accelerating, partly due to capital flight. “This rate of contraction is greater than in early 2008 and implies an even deeper recession, both for Italy and the whole periphery,” said Mr Ward.

#22 The major industrialized nations of the world must roll over trillions upon trillions of dollars in debt during 2012.  At a time when credit is becoming much tighter, this is going to be quite a challenge.  The following list compiled by Bloomberg shows the amount of debt that some large nations must roll over in 2012….

Japan: 3,000 billion
U.S.: 2,783 billion
Italy: 428 billion
France: 367 billion
Germany: 285 billion
Canada: 221 billion
Brazil: 169 billion
U.K.: 165 billion
China: 121 billion
India: 57 billion
Russia: 13 billion

Keep in mind that those numbers do not include any new borrowing.  Those are just old debts that must be refinanced.

As I mentioned at the top of this article, things do not look good.

The last thing that we need is another devastating global recession.

As I wrote about yesterday, the U.S. economy is in the midst of a nightmarish long-term decline.  The last major global recession helped to significantly accelerate that decline.

So what will happen if this next global recession is worse than the last one?

Sadly, the people that will get hurt the most by another recession will not be the wealthy.

The people that will get hurt the most will be the poor and the middle class.

So what should all of us be doing about this?

We should use the time during this “calm before the storm” to prepare for the hard times that are coming.

As always, let us hope for the best and let us prepare for the worst.

But things certainly do not look promising for the global economy in 2012.

  • Rodster

    Michael, this is not the total economic collapse you have referred to? Is this one of many precursors before the final global collapse?

    • Michael


      The economic collapse is going to play out over time.

      What is coming next will be very bad.

      What will happen after that will be even worse.


      • Annette

        I agree with Michael!

  • mondobeyondo

    “But the recession is over, isn’t it? It officially ended in July of 2009”, you say.


    • Tim

      Yeah. Don’t you love how the spinmeisters (government and mainstream media) contradict themselves?

  • Rancher

    #6 rings true. We just closed our next to last annuity in the stock market. One left and I am hoping for one more upward gasp in the NYSE and S&P to net another 20k or so before we close that one down as well.

    Bye Bye stocks and all that stuff.

    • 007

      Good idea, it’s amazing to me the market has not crashed yet.

    • bongstar

      Be careful holding out too long many major hedge funds and investors belive the S&P is set to begin a 20 to 80% loss in the 2nd quarter. good luck and be careful.

  • Gay Veteran

    people really should read the articles by Paul Craig Roberts (he served in Reagan’s Treasury Dept.):

    The Dismal Economic Outlook For The New Year

    also his website:

    Off topic, but interesting article regarding “personhood” and abortions by Karl Denninger (helped found the Tea Party movement):

    • Tapper P.

      Paul is a brilliant man who ‘retired’ after being disgusted at how apathetic and lazy the 98% were at making any effort to understand the corruption around them.

      He cares enough to still author some of the best articles out there. Surely he is disgusted that ten years later a majority of deluded people still buy into the ridiculous official 9/11 story.

      • Annette

        Dude, I lived in Las Vegas and right next door to the 911 pilots. For those of you of low iq, you will believe that the Gov did it and there were no pilots. You don’t know radical Islam!!! You don’t know hate until you sit across a table from these guys. Go watch James Wood’s interview of his experience with them. He knew. James figured it out! James was on one of the dry run flights. These pilots were living in Vegas and training at the North Las Vegas airport at a flying school. The gov knew that they were there. The gov is stupid. Because of the governments stupidity, it allowed the high jackers to do what they did. The gov is not smart enough to plan it. But they did not get in the way of stopping it.

    • justadad

      Karl Denninger – Pro-choice tripe.
      He conveniently leaves the Author of All Rights out of his arguments. If we abuse our freedoms we will lose our freedoms. The very reason this nation is in the economic/political/immoral slimepit we find ourselves in is because we have rejected the Author-of-Life’s commands on how life is to be lived.

    • Luis

      That was an excellent article by Mr. Roberts. Thanks for sharing that link!

    • highspeedloafer

      That was a great article. Thanks for sharing.

  • BenjiK

    Sadly, one of the biggest factors in this crisis will be gasoline/oil prices. For the second time in the last 4 years, we will personally see our gasoline budget at the top of our monthly expenditures, just to be able to go to work. Few people realize that every product sold in this country is delivered to the store on a truck. Having worked in logistics, I have seen first hand the “invisible tax” on all consumer goods known as a “fuel surcharge”, which range from $200 to over $1000 on each truckload, which is passed on in the price of goods. All refrigerated/frozen food is transported in a refrigerated trailer known as a “reefer”, and the stand-alone refrigeration system also runs on diesel fuel. So the next you’re in the store and find yourself simply amazed at the skyrocketing price of food, remember a large part of that price increase is in fuel/transportation alone. This country will NEVER be able to have any sort of significant recovery on $4/gal(+/-) fuel. And may God have mercy on those that continue to heat their homes with fuel-oil. We’re rapidly approaching the quagmire where people will once again be forced to choose to fill their gas tanks or pay their mortgage, although rarely discussed, that was a very big part of the last housing crisis. Continued instability in the Middle-East will only fuel rising commodity prices, so hang on to your hats folks, it’s going to get real ugly this year…….

    • nowwthen

      You are absolutely right when you report that increased fuel prices translate to increased prices across the board.

      One solution that seems to get very little media attention is to convert the engines of our diesel trucking fleets along with many of our personal vehicles to run on natural gas. Gas burns cleaner BTU for BTU than petroleum products. Gas has become ridiculously cheap and continues to get cheaper because recent technologies have made it more readily accessible and recoverable. There are objections to the fracking process that releases the gas from the shale in which it is trapped but new and waterless technologies are helping to reduce fears over the contamination of water associated with the process.

      Vehicles have run on Compressed Natural Gas and Liquefied Natural Gas for over 60 years. There are fleets of service vehicles running on gas now, here in the U.S. as well as in the rest of the world. The technology is nothing new and vehicle manufacturers could produce these engines with very little R&D involved.

      Over half of our huge 2010 ($497 billion) trade deficit results from the $256 billion in imported oil.

      We’ve discovered enough natural gas in the shale beneath the surface here in the U.S. to last over one hundred years. This could serve as a transitional fuel leaving our legacy plenty of time to perfect the wind, solar, and biofuel solutions that so many incorrectly believe are affordably available today. Think there’d be a few jobs for Americans in there somewhere?

      But we have the Democrats fighting with the Republicans who are incapacitated by the Tea Party and the President has a veto pen so there is no reason to expect anything other than $5 to $10 / gallon gasoline. Meanwhile, we’ll continue to stupidly buy much of our oil from foreigners – some friendly and many who are not.

      • Kathy Smith

        It is truely sad that alot of solutions to our problems are within our reach but our oil,bankster owned government will not allow these solutions to proceed.

      • Timothy Lee

        I used to think the same thing, then I realized that the smartest player in the Gloabl game might just be the con artist that can take everyone else’s resources for fake money and then keep the tribes own untapped resources to themselves. It reminds me of the blazzing saddles scene where the GOV. William Je. Le Peteme (mel brooks) is sitting there talking about taking 200,000 acres from the Indians and says what will cost man? what will cost? And his assistant Hedley (not hedy) Lamar says a box of these, and hands him the pong pattles. Here is that video clip.

        Anyway, as long as we can print- borrow – buy- borrow and print and they are willing to literally give us something for nothing(petrol dollar), we have to be very happy. It’s a total scam and ponzi scheme, but no one is going to stop the merry go round. When the reset happens, your fututre generations will be very happy we left all of this oil and gas here when the technology is 200 mile a gallon vehicles or whatever, you get the picture. They won’t be happy about the debt, but below I ahve a solution. Don’t get me wrong, it’s immoral as all hell, but I’m glad I’m on the Madoff team and not the idiots, I mean lendors of this debt ponzi scheme.

        Peter Schiff explains the ponzi debt scheme in Schiffography- must watch video.

        I have always wondered whats stopping us from telling the FED to get out and then print all the debt we owe in Fed notes as quick as posssible, even if it be not really from the FED, hell we actually print this crap anyway(Us Treasury), so then we print 15 trillion pay off the debt and then boom, ( oh yeah we must electronically transfer because we don’t want to waste the trees, similiar to what the FED does)we print our own US greenback DOLLAR backed by the US government and maybe even sound things like gold and silver. I know the foreign debt holders would be pissed, but we would then say sorry, you were dealing with private stockholders of that private bank (FED) and they are the ones responsible, not us.
        And then give them the home phone number of Ben Bernanke. I’m sorry for the rant, I’ just trying to figure a way out of this BS!

        PS Even if we had to print Patriot dollars to pay off the debt, then switch to greenbacks the next day, I don’t know, I’m trying to find an equal opprtunity way to srew the FED back. Maybe pay them back in bad money and then pay our foreign debt in sound money some way. Any ideas or thoughts?

        • Zach

          So you refute oil depletion with evidence from a Mel Brooks movie? The US already peaked their oil production in the 70’s and now the world has peaked its oil production too. Sure there’s oil left but many of these new finds are under 3 miles of water or the energy returned on energy invested (EROEI) ratio is way too low to sustain current needs. Oil, coal, and uranium are all going to see declines in production and cost much more energy to get to. That means the cost is going to shoot up ridiculously. Our economy is built on these fossil fuels, and since we have to grow in order for it to work (thanks to fractional reserve lending and debt money from the FED to other private banks) our economy is going to start to shrink. Even with a better monetary system like you mention we’ll have serious trouble rebuilding a complex society with a high population in just a short time to not need anywhere near the level of fossil fuel energy use. I don’t think you may know how much energy it takes to maintain a system of roads, (let alone money) or to just build and ship vehicles across the globe. What we’re doing now though is far from trying to leave energy here for future generations, but we are drawing down on earth’s fossil fuel energy sources at an alarming rate and now even seeking things like tar sand oil. A very costly way to manufacture oil and very environmentally harmful. Check out The End of Growth by Richard Heingberg

          • Timothy Lee

            Ah how cute we have a Peak oil boy in Zach, I was there in 2008, wow how four years have changed so much. Ok Zach, would you agree that 200mile a gallon car would solve the peak oil crisis that you are engulfed in? Exactly. Now if I told you that all the big car companies have those designs for decades then you would be pretty pissed that you have been studying for years ( if you were like myself)and be disappointed. Peak oil is driven by the oil companies, How much money would oil compainies make if gas could go 200 miles a gallon- it would destroy them, think abput it. I have actually corresponded with Heinberg back in 2009 for a few months and he just like you, is correct in the supply of resources and there depletion, the only problem is FUEL is relative. Supply is irrevelant if demand becomes the same. The movie fuel I believe does wonders about Algae and it’s fuel capacity. Also there is another documentary out there (can’t think of it, if someone else knows please say it) that shows how the fuel and car companies destroyed all plans and patents for 100 miles plus vehicles that have risen throughout the last 50 years. It’s ok Zach, I was fooled too. The reality is energy is everywhere and it’s uses are endless on how to gather it. Think steam and alcohol cars for starters, the model T ran off alcholol that was brewed on every german farm in the US or in Germany. And Zach, the most important lesson you can learn, is that all can be explained by Blazzing Saddles sir. All. Now I’m going to have to knock you a days pay for napping on the job!

            “Oh how I miss peak oil, economic collapse is so much more to comprehend.”

        • nowwthen

          One solution that would probably take winning a world war to implement is to tell the Fed “It’s been real guys but we’re going to issue our own currency from now on.” Don’t get me wrong, I think we should pay back what we owe but in a way that is realistic. I think the debt amortized over 200 years with a reasonable interest rate – say 1/4 % the current interest on 2 year T-bills – might be manageable.

          I tend to think of our debt to the Fed the way my old neighbor might have. When he was 52 years old his wife went in for surgery and died on the operating table. The hospital bill for $27,000 was in his mailbox practically before the poor woman was in the ground. My neighbor, being a man of principle, knew he had to pay his debt to those doctors who unsuccessfully worked so hard for 5 hours. Every month until his death twenty three years later he religiously mailed in a check for $3.

          BTW, the Blazing Saddles clip is great. My wife and I were just talking about that movie a few weeks ago wondering if it could even be made in today’s culture of politically correctness. The loss of our collective sense of humor and feigned outrage wherever outrage seems feignable? is another problem but way off topic and one for another day.

        • Lennie Pike

          We could put up a toll booth out in the middle of the desert.

        • bongstar

          I dont know if you have but if you havent do your self a great favor and read The Creature From Jekell Island by Ed Griffen. It is a book that takesa very deep look into the Federal reserve, and explains the mechanics of there policys. It has gave a complete understanding of our monitary system. It explaian the conections of the european banks the Fed the IMF and our and other govornments subserviance to there monitary rule. this is suggested reading material for all that want a better understanding of how this all happend and how we got here.

      • No need for complexity. Every deisel engine will run very well on liquid vegetable oil – that is the fuel they are designed for.

        How the hydrobarbon people got involved is obscure but we really do not need them.

        Public companies may be obliged by their debt=masters to use petroleum products but we do not have to follow willy-nilly.

    • Harley

      Fuel surcharge right now is 38 cents per mile. The only reason it is so low is because of the recent drop in fuel prices. I saw 51 cents earlier in the summer when prices were high. At that time the surcharge was the same as some of the frieght I was hauling. Good times are coming, folks.

    • Sid Davis

      Yes, it is quite true that the energy to fuel our economy is at the root of economic contraction. Price is the mechanism that communicates to the market that there are energy constraints.

      The energy expended to acquire oil has risen since 1930 at somewhere around 3% annually. This means this loss of energy as cost doubles every 23 years. It started out at only 1% so when it doubled to 2% who really noticed. Who noticed when it went to 4%. Currently we are around 12% leaving 88% of each barrel of oil to use to fuel the economy. At the end of the next 23 years we will have only 76% of a barrel of oil to fuel the economy and by mid century only 50% will be available, the remainder being used up to get oil. Before the end of the century the oil age will be over for all practical purposes. Of course the devastation is already occurring and will only increase as we ratchet down to lower and lower levels of economic activity.

      This simple progression of cost will alone end life as we know it since oil is our most important source of energy and no known alternative can hold a candle to oil. But there is the additional problem that we have over the past 30 years been pumping oil out of existing fields faster than we have been finding new fields. Soon the rate of pumping will begin to decline so this additional factor will add to the rate of long term economic contraction.

      Now consider that the monetary system that we have had imposed on us since 1913 allows banks to create checking account balances out of thin air and loan them into circulation at interest. This is the source of the huge growth in debt we have seen, as individuals, businesses and governments become indentured servants of the banks.

      This debt based monetary system was predicated on continual economic expansion with the effect that most of the expanded wealth would go to the banks and related financial interests. Is it no wonder that this house of cards financial system is crumbling as there is insufficient energy to fuel continued economic expansion, and we instead face long term economic contraction.

      Not pretty folks.

      I not only expect financial collapse, but I expect most governments to be swept away by the resulting desperation of the citizenry. The lesson to be learned is to position one’s self where you are independent of this collapsing system, and in the middle of dependent cities and suburbs is not a good place to be. This is not a matter of economic survival, but of life and death.

      Anyone expecting continued economic growth should consider that a growth rate of 3.5% would double the economy in 20 years. When we are already at the limits of several major resources, where would the resources come from to feed a world economy twice the present size?

  • mondobeyondo

    Don’t worry. Everything is just fine. The economy is recovering, and soon it will be stronger than ever! The rate of foreclosures is slowing down.

    America is back, bigger and stronger than ever!

    You’re welcome.
    Sincerely, Ben Bernanke.

    (hey, how much are they selling that Brooklyn Bridge for these days?)

  • madbuilder

    if anyone has knowledge of The Republic of Jefferson concept, please just throw me a comment such as ‘it exists’ or whatever. i would rather not wastes my time. thanks michael for being honest

    • Orange Jean

      I have heard that there is a bit of a movement in Northern CA (north of San Francisco) to succeed from the rest of the state and call the new state Jeffersonia or something like that so it may be what those guys are referring to. The rumor’s been going around for years, don’t know if anyone has actively tried to do anything about it.

      A similar concept was recently running around about Southern CA (& parts of central) MINUS LA. A newer idea, I think a good one and I would go for it if an option and I’m ever living back there.

  • r.bitting

    It will be the darkest hour in human history, but the follower of Jesus Christ can draw strength from the promise that eye has not seen, nor ear heard, nor has entered into the heart of man the things that God has prepared for those who love him.. 1 Corin. 2:9. So I will pray that you will all remain faithful to the end, so that you will recieve the crown of life. To those who have not as of yet placed their faith in Jesus Christ’s sacrificial death on the cross as attonement for their sin, I would beg you to please reconsider the claims of Christ in the New Testament because you cannot afford to be wrong on this, the greatest, most important question in all of life, that being, is Jesus Christ who he claims to be? If he is ( and he is ) and you reject him as your Lord and savior, you will have died in your sins without the only possible means of attoning for your sins, which God himself provided for you through his only begotten Son’s death on the cross ” God demonstrates his love for us in that while we were still sinners, Christ died for us “.. Romans 5:8. ” There is therefore now no condemnation to those who are in Christ Jesus ” Romans 8:1.. Please don’t reject God’s only way of salvation. No one is righteous enough to stand before God without the righteousness of Jesus Christ to atone for their sins. May God bless you with eyes to see the truth in his word.

    • Rancher

      Do you ever have a personal opinion or do you just quote the Bible?/

      • highspeedloafer

        I’ll answer for him. Yes he has a personal opinion, I’ve read it here many times, however, the scriptures he quotes surpass any words he, you or I could ever utter.

      • r.bitting

        Rancher…Yes I do have a personal opinion, I personally think that it’s far more important FOR ME to point the unsaved to the savior, and to encourage the saved to hang on, than to advise them on how many guns they will need to hold off their neighbors after the collapse, or how much food it will take to survive the next year or how to cash in my stocks before the dollar loses it’s value. I will continue to invest GODS TIME on reaching the lost… but no matter, let God judge between you and me as to which is more important, i’m confident that i’m on the right track.

        • Reality

          Sir, you have my respect!


    • Tapper P.

      Snooze …

    • As a species, we will never achieve anything worthwhile unless and until we abandon the false and harmful religion of Christian belief.

      • justadad

        Christ taught self-sacrifice for others, compassion for the poor, moral responsiblilty and the sanctity of human life. Without these our ‘species’ is doomed.

    • N. Daniels

      Thank you for your remarks each day. We don’t need personal opinions we need the truth and the Bible is the only place that truth can be found. God Bless you.

      • Here in NC

        Amen my friend, for that is the only thing that will see us through.

      • Tim


      • Lennie Pike

        r.bitting is a believer, the scriptures are his opinion. He’s right – nothing else any one can say about the economy matters very much comparatively speaking.

  • This is interesting, but as I am already convinced. I have put my money where my mouth is and invested heavily in creating self-sufficiency in the areas of food, water, shelter, and security. If you have not already done so, start today.

  • gary2

    Tax the rich and spread the wealth. We really need to tax the wealthy to keep us healthy. I mean healthy in both financial and regular health.

    way too few have way too much and way to many have way too little. Thanks repubes for your sickening funnel the wealth to the top policies.

    You and your morally babnkrupt policies of tax cuts for the rich and screw the poor/middle class have caused the decline of the USA.

    You are the problem. The left is the solution. We need to be much more like Norway and the other Scandavian countries. That means we need to tax the rich hard. Also need to tax the heck out of the walmarts of the world and other scum bag corporations who privatize gains and socialize their losses/expenses.

    • SamColt

      Shared Sacrifice.
      Soak the rich.
      Redistribution of wealth.

      Call it what they will, it still is Government theft.

    • 007

      When will Gary 2 ever have the guts to explain this video and answer how taxing the will ever solve or national debt crisis.

      • gary2

        I have-this is right wing trash on the level of AM hate radio

    • Paul

      Tax the rich? Forget it.

      Tax the poor! It doesn’t work? Does it matter? You get applause from the rich. And if the poor don’t have enough money, import more of them. They will fight with those already in the country for the lowest acceptable wage.

      Still not enough money? Borrow some. Print some. Ask people to sell their gold teeth for some cash, no need to rip it out anymore in the crematorium like the nazis did.

      Let’s sit back and watch them.
      Some more champaigne anyone?

    • Kevin2


      A test case is coming. Greece will implement your ideas so lets see how it works in the long run.

      What is needed is value adding, self sustaining employment. The third world now manufactures and they do not make sufficient wages to consume. They cannot but their own goods let alone goods made by us. As we buy more things manufactured by labor making 50 cents per hour (considered a good wage in parts of the world) the less people here are employed making $25 per hour. This is the method being used to not “share the wealth”.

    • Syrin

      Tell us Gary, how does taxing the rich more make the poor wealthier. I’ve asked you this no less than a dozen times. Show me a SINGLE study that shows that’s the case.

      See, I have DOZENS of studies showing the reverse, but you are fact allergic. So raising taxes more makes the gov’t bigger which means more regulations, more taxes and an even more hostile business environment. That means the costs of all goods and services go up, businesses relocate overseas, businesses stop hiring, cut back hours, benefits and wages while also not putting any capital into expanding or researching.


      Seriously, you and your ilk are the reason we have come to this precipice because YOU morons keep feeding the beast that is DESTROYING this country MORON.

      Defend the Obamugabe $16,000,000,000,000 debt Gary. Our debt is now 100.3% of GDP, moron. NO NATION has EVER recovered from a debt greater than 90% of GDP.

      Hey Gary, 51% of this country pays NO federal income tax, so the solution is to take MORE from the MINORITY that is paying for EVERYTHING ?!?!?!

      Seriously, tell us ghow many times you failed econ 101. I bet the over/under HAS to be a dozen.

      • gary2

        If you give the poor money taxed from the rich they are better off as they have more money. I should not need to explain the obvious to you.

        That you need an explaination also means that you will not be able to understand any explanation.

        • Syrin

          Exactly, you HAVE NO EVIDENCE. To you, it just makes “sense” when ACTUAL STUDIES SHOW THE REVERESE.

          Hey Gary, know which country did EXACTLY what you propose? You are so allergic to history and facts I know I have to educate you.

          Zimbabwe. They took EVERYTHING from the rich whiote farmers out of what I call “Gary greed and envy” and gave it to the poor blacks. They literally destroyed all the farm equipment and ruined the land so now the nation that USED to be the “Breadbasket of Africa” is now a desolate waste land of poverty and misery.

          You should NOT be allowed to vote. People like you don’t look at the bastions of liberalism such as Soviet Russia, Zimbabwe, Detroit and see the OBVIOUS misery, suffering and rampant poverty. Oh no, YOU think it should just some how work out.

          Conservatives live in the REAL WORLD and adapt their actions based on the real world. You regressives think the world must be forced to adapt to how you think things “should be” and FORCE others to adopt. That’s why more people have been killed during PEACE TIME under socialist regimes than ALL WORLD WARS COMBINED.

          Seig Heil mein Fuhrer Gary.

          Love that Brown Shirt.

    • Syrin

      Wow, do you even KNOW what those nations are doiong or have? A HUGE amount of oil, AND they’ve had to cut taxes DRASTICALLY MORON!

      Know the single biggest export from the Scandinavian countries? Intellectual capital, Gary. They can’t keep their best and brightest because they LEAVE the country Gary. Wow, you keep showing us how dumb you are DAILY!

      Liberalism and your big gov’t solutions are KILLING

      etc etc etc etc

      So you choose the area that has a huge oil supply as your shining examople and ignore what they’ve actually had to do AND ignoring what your favorite policies have done to every nation that has ever tried your FAILED liberal keynesian based economic policies.

      Please Gary. Don’t vote. There should be an intellectual criteria for voting, and you don’t even come CLOSE to meeting it.

    • Syrin

      Cute little phrase

      How about this? Make the poor contribute more. Stop the welfare, it’s unfair.

      I love the way you covet your neighbor’s property. How many Brown shirts do you own Gary.

      Hey Gary! Go start a business! Your boy has made it SO easy for businesses in this country. All you need to do is find a bank willing to lend you $500,000, but not to worry. Businesses and the rich take NO risks so it’s a gurantee you’ll be rich, then you can hate yourself even more than you hate America!

      I even know what your business should be. Make bumper stickers!

      -Stalin is my home boy

      -Give me all your stuff for the good of America

      -$16,000,000,000,000 of debt. Good for America, supported by me

      -Greece has it right

      -Defend freedom, report your welathy neighbor

      DO IT GARY!

    • The Marxist ideology which you are espousing is uninformed by practical reality and is destructive to any form of advanced human society and to people who know how to take care of themselves. Worse than that, it is based on the idea that theft is good.

    • Syrin

      Looks like your boys have been busy.

      Another sticker for you

      -If you paid no taxes, take someone’s property!

    • Larry

      Even taxing the top 1% at a 100% rate, you still wouldn’t close the budget deficit. According to IRS data for 2007, there were about 391,000 households with income greater than $1 million, and they had aggregate taxable income of about $1 trillion. That would not close the annual budget deficit. And if the government did tax them 100%, the following year there would be no income to tax.

  • DM

    We need to come up with a list of demands for leaders to adopt to change things. Currently, no one is demanding change from our leaders. They gloss over the problems with not intention of fixing anything. They expect us to vote for them without lifting a finger to fix anything.

    I say meet the requirements or don’t even think about getting my vote or the votes of Americans who care about this country.

    Congress, the President, put up or get out!

    • The only change we really need if for ourselves to realize that “leaders” do not function in ways that are beneficial to our needs, that they gain their power by appealing to people’s basist motives, including the desire to subsist without effort, and that they produce little or nothing of value.

  • Douglas

    On The Today Show this morning they proclaimed the Home Foreclure crisis is coming to an end and “things” in the economy are looking better. So what spin factory turned this out some Broadcasting CEO’s having lunch with some pals from Wall Street banks. Yes keep the masses watching their rediculous TV program. They would rather show you Brad Pitt walking with a cane at an awards ceremony versus telling us why the US keeps losing jobs. Oh that’s right the economy is growing at the speed of light this week. Things are getting better.

  • yhung

    All those you mentioned, coupled with the increasing number of natural disasters and earthquakes throughout the world over the past few years, pointing to high likelihood we are very near to tribulation period mentioned in Bible. Maybe a war will act as a trigger point for the start of worldwide economy depression- Iran/Syria war?

  • Toomanyfakeconservatives

    Meanwhile, in a heartwarming human interest story, wealthy British families are adopting Greek donkeys, whose owners can no longer provide food or medical care for them. How about adopting Greek humans instead? Seriously folks, if you value animal life over human life, you are a self-loathing, suicidal, PETA freak.

    • Paul

      You can’t adopt humans easily.

      Let’s say you want to foster for children? This takes at least a year for the approval process.

      While anyone can make as many children with as many woman as he likes, and then dump them without any punishment on the taxpayer if he doesn’t care for them – and doesn’t need any approval, or training or qualification –

      if you go and think hard about having kids and provide some financial security and get a job, to provide some stability and security to kids, there come dozens of people sneeking into your cabinets and under the bed and asking questions and requiring you to have a Nobel price in child care and 40 years experience in foster care before you get the approval.

      Society makes it far easier to kill and damage humans than to help them.

  • A Citizen

    Why do we keep having a perpetual recession? When will we have a economic depression/collapse?

    • Michael

      This “perpetual recession” is just part of our long-term economic decline.

      But someday we will look back on these days with great fondness. As things collapse they will just get worse and worse.

      Enjoy this brief period of stability because it will not last.


      • Rodster

        And what kind of time frame are we looking at?

        • Michael

          It depends on what you are talking about.

          Along the way we are going to hit all kinds of important landmarks.

          And what will be happening soon will feel like an “economic collapse” to some people while for others it will not feel like an “economic collapse” until later.


          • Scott

            Michael I seem to recall that you’re a saved, Bible-believing, born-again Christian guy. I hope mymeory hasn’t failed me but that being the case (and I am one, too), I think economic collapse will end with the Antichrist being revealed. Starving global masses will gratefully take his biometric ID chip (The Mark) in order to avoid starvation, and those who do not will be branded as “terrorists” and jailed/tortured/executed.

            Just my opinion, but yeah. That’s how I see it.

          • Michael


            Yes, I most definitely am a Bible-believing Christian.

            It will be interesting to see how things play out as we move forward. I think that our understanding of the last days will become a lot clearer as the years move along.


      • Colin

        The stages to a major collapse emerge slowly and are cumulative. The American Civil War was the culmination of events that began many decades earlier. The destruction of the Western Roman Empire was the culmination of events that began many centuries earlier.

        Our empire is coming to an end. It is inevitable.

      • JJ

        How long-term are you thinking? 5 years, 20 years, 100 years?

        • Michael

          Definitely not 100 years.


          • Gary2

            so that leave between 1-99? Your answer of not 100 was not very helpful!

        • mondobeyondo

          We’ll be lucky if we can make it to 2016.

      • Tapper P.

        Exactly. Think of the elite banker families as a blood tic hanging on slowly for every last drop before falling off emaciated host as opposed to a ravenous lion.

      • justamom

        Michael, you always bring important economic issues, news, and events to this blog. You have gathered quite a community here by faithfully scouring world news articles and providing links, quotes, and information here in timely fashion. Thanks for your hard work!

        Is a possible “landmark” along the road to collapse the collapse of the US dollar? Do you think it is imminent? What are the indicators that we should be watching? Do you personally believe that the US would issue a new currency? Is it possible that the currency would be a global currency or more likely specific to the US?

        Wow! That’s lots of questions, but I think there is genuine interest here–not just me. Thanks for all you do!

        • Michael


          I have gone back and forth on these things. At some point I think they are going to use a “moment of crisis” to try to introduce a North American currency. I don’t know how successful they will be.


          • BenjiK

            I’ve been following the “Amero” theory for a few years. Though it appears the feds are working to meld our economies, simultaneously it seems they are making travel between Mexico, Canada and the U.S. increasingly difficult for legal, law-abiding citizens.

            Here’s a link to anyone wanting more info regarding the “Amero” currency…..


            This is just one source with a quick description, use Google to find out much more.

    • McKinley Morganfield

      Take my opinion with a bag of salt….

      Soon (6 to no more than 12 months) the first large bank in Europe will collapse, This will in turn collapse other banks, and swiftly sovereign governments will default. Once that process begins it will sweep around the globe in a matter of hours and the greatest global depression of all times will bring down national economies around the world. Logic & proportion have “fallen soggy dead”. Game over time approaches.


      Turning and turning in the widening gyre
      The falcon cannot hear the falconer;
      Things fall apart; the centre cannot hold;
      Mere anarchy is loosed upon the world,
      The blood-dimmed tide is loosed, and everywhere
      The ceremony of innocence is drowned;
      The best lack all conviction, while the worst
      Are full of passionate intensity.

      Surely some revelation is at hand;
      Surely the Second Coming is at hand.
      The Second Coming! Hardly are those words out
      When a vast image out of Spiritus Mundi
      Troubles my sight: a waste of desert sand;
      A shape with lion body and the head of a man,
      A gaze blank and pitiless as the sun,
      Is moving its slow thighs, while all about it
      Wind shadows of the indignant desert birds.

      The darkness drops again but now I know
      That twenty centuries of stony sleep
      Were vexed to nightmare by a rocking cradle,
      And what rough beast, its hour come round at last,
      Slouches towards Bethlehem to be born?

      -W.B. Yeats

  • Imaplaneiac

    Related to No.1 above, the parent company of Food Lion ( supermarket ), Delhaize of Brussels, Belgium, today announced the closing of 113 ” underperforming stores ” ; in several states. A reported 4900 employees will be shown the door – to the Unemployment Office!! In my surrounding areas, four Food Lion Stores will soon close!

    • Kevin2

      As more food is grown in backyards this will continue to happen. I assume that has an impact upon Food Lion because they generally do not cater to the upper end.

  • jaybird

    things will get worse and worse, but we will look back on it fondly?????????????

    sounds crappy for anyone with less than a 20 year timeline for happiness.

    get yourself some silver, gold, food water and appreciate your good common sense.

  • Gutter Economist

    2012 is shaping up to be a very tough year for the global economy.

    But 2012 is an election year so take your pick:

    (1) Inflate the economy.

    (2) Report bogus economic data.

    (3) Start a new major war (Iran) to divert attention from the economy.

    (4) Implement a false flag event, martial law, and cancel the elections.

    • Kevin2

      (5) Make sure that both the Republican and Democrat on the ballot will we under control.

    • Good observation! I think i will use this and repost on my FB!

    • Syrin

      1 and 2 are already being done.

      LOTS of signs that #3 is coming (go to

      4 – Many of us believe the Tyrant will implement it, all endorsed and supported by the media and gary, all of whom hate america and freedom. We can’t get 6 hour long lines for gov’t issued bread fast enough for Gary

      • gary2

        you need to stop drinking your bath water now.

        • Syrin

          You need to stop snorting your hopium and coveting everyone else’s property.

    • 007

      Yep they are already screwing with the government statistics. Inflation, GDP, growth, and the unemployment rate are all being distorted. It’s amazing how you can fake all sorts of statistics by simply understating inflation

      The unemployment rate is so distorted, this government statistic should be discarded.

      • BenjiK

        Exactly. Here is a link from the U.S. Dept of Labor that shows exactly how the unemployment rate is figured.

        I bet most people would be surprised that the fed government actually uses a monthly “sample survey” to calculate the official unemployment rate, in which the Census Bureau decides which parts of the country to survey. In other words, the numbers can be very easily manipulated by choosing who and where to conduct the survey.

  • davidmpark

    I got word that an old friend from Greece (came here as an exchange student in 1997; was my lab partner for 2 years), a friend to me and my wife; a guy who loved to be happy all the time and said life is a great party – “party like a Greek, Dave – you too serious!”… he just committed suicide.

    In fact, his is another in a long line of folks I know and relatives that believe that either they have no way out, or that people would profit from their death.

    No one’s replaceable or expendable – that’s how socialists and demon’s think.

    Yasou, Manolis – Rest in peace, my old friend.

    • Michael

      That is very, very sad to hear.


      • davidmpark

        Thanks Mike.

        Don’t give up, everyone – I mean it. And I mean don’t give up ‘any one’ also. Keep your mates close, your ladies supplied, and the kiddies cared for.

        First signs of despair and hopelessness, call out a “MAN DOWN” to all your mates – and all of you come through.

    • 007

      Suicide rate in Greece has increased 40%. How socialistic and progressive.

    • Paul

      Sad to hear.

      The motto of my very capitalist boss is:
      “Everyone is replaceable.

      You don’t like this job? There are hundreds out there who would like to work for half of what I pay you. So shut up and stay here, I need that finished tomorrow morning.”

      In socialism you tell the boss to shut up if he only thinks about money. “We workers fought hard for our 8 hour day”.

    • Michael

      I feel for you, Dave. Did he commit suicide because of the Greek economy? (I hate to sound nosy, but I was just wondering.)

    • justamom

      I am sorry about your friend, davidmpark.

  • quasar

    When would you consider us in a depression orcollapsed economy?

    • mondobeyondo

      Umm… we’re in one right now.

    • Tapper P.

      When the value of the dollar is falling like a rock, when gas is $10+ a gallon, when 30%+ are unemployed, when people are panicking to pull their paper money out of the banks, when they find out there ETFs are worthless and panic buy into precious metals, when the banksters are covering their tracks with staged (larger scale) wars, when you are offered a glass of milk and sandwich at Fema, when you cannot walk down the street or open your door anywhere for fear of being assaulted and robbed, when the grocery shelves are near empty and prices have skyrocketed, when the banker media starts talking about problems with debt derivatives, when a scapegoat like Iran is blamed for our scripted collapse, when a large percentage of Americans are starving to death, when all cities are like Detroit.

      When? Without very short years; my researched best guess is 2-3. Not looking forward to it and no one should be because there will be NO recovery. Only peasant handouts, new fiat currency, draconian super-state laws and persecutions. Fun times!

  • callmecordelia1

    As a mother of a 4-year-old, that note written by Anna’s mother horrifies me! I have been through some tough economic times, but I can’t even begin to imagine circumstances where I would entertain the thought for even a SECOND to abandon my child. Ugh. I pray that I never encounter such a situation. 🙁 So sad.

    • justamom

      Our church took a mission trip to Haiti recently. Conditions were so poor and deplorable that a mother urged one of our team members to take her daughter back to America so that the daughter could live and have a better life. Heartbreaking story! May God have mercy upon us all.

      • callmecordelia1

        I think that illustrates just how good I’ve had it my whole life. I really can’t imagine the circumstances that would lead to that. I know it’s real and I know people get to that point, I just can’t even think up how bad that must be. It is so, so very sad. So heartbreaking!

  • Bring it on! All this talk about recession and depression does not bother me at all,Got my book on how to make ethanlol,if the germans could run there vechiles on it during WW2 with no problems then I do not see any problems because I Do not believe any propaganda that comes from environmental groups,oil companies,
    and the government that it is bad for the environnment.

  • Gary2

    Four-year-old Anna was found by a teacher clutching a note that read: ‘I will not be coming to pick up Anna today because I cannot afford to look after her. Please take good care of her. Sorry.’

    As a parent I would do ANYTHING before doing this to my children. Nothing would be off limits. Is this really true???

    • callmecordelia1

      Wow Gary! For once I agree with you! 😀 I think I would do just about anything before I abandoned my child.

    • Paul

      What do you mean by “anything”?

      Giving her a warm home in a teacher’s house or taking her with you to sleep under the bridge?

  • mondobeyondo

    Just saw a TV commercial by Sears, announcing their “4-day Martin Luther King event”.

    That’s no joke. I’m dead serious.

    I guess it was inevitable, that it would come down to this. Every other holiday has been commercialized, so why not MLK Day?! Sears and KMart must be getting desperate. You know it must be bad when they’re promoting products for the MLK Day holiday.

    • mondobeyondo

      What the heck, why not print out a flyer saying, “Free at last, free at last! Our appliances are free at last!”

      Ugh. Ewwww. Is nothing sacred anymore?

      • highspeedloafer

        I don’t care what anybody says, that was funny.

  • JR

    And the problem with “Rochdale Securities projecting that the global financial industry will lose approximately 150,000 jobs over the next 12 to 18 months” IS?????

    Seems to me if we could add a couple zeros to this number, it would be even better!


  • JR

    More joys of Obama socialism….

    How long would the line be, if the 46 million currently on food stamps under Jimmy Carter Obama, were all lined up, allowing 2 feet per person? According to 5 Min. Forecast, Jan 12, the answer is ***17,424 miles***. The circumference of the Earth is 24,901.55 miles, meaning the number of people on food stamps under Obama would reach just a hair under 70% of the way around the whole earth at the equator.

    Anyone for a mindless round of “Yes we can” or (better) “Yes, we have no bananas?”

  • Regarding #2, I remember when I was a kid in the 1960’s, that Hostess cupcakes were 10 cents! It said 10 cents right on the package. Today Hostess cupcakes at Kroger’s are $1.00 and also Hostess cherry pies are $1.00. They are even more at convenience stores.

    I’d like to ask a more serious question. Why is nearly everyone in the media and every politician aligned against the middle class in America? Rush Limbaugh only defends the elite republicans–not the middle class. Same for Shawn Hannity. Same for Mark Levin. Same for Bill ORielly. Same for Drudge on Drudge Report. Same for Mitt Romney. Same for Newt Gingrich–he thought Occupy Wall Street were just hippy scum. In fact all of the aforementioned though Occupy Wall Street were just hippy scum. Now I was watching Pat Robertson on the 700 Club tonight, and he attacked Rick Perry and Newt Gingrich for calling out Mitt Romney on his vulture capitalim operation which left thousands of middle class Americans out of work and sent a lot of them to poverty status. I hate to say this, but Pat Robertson is also an elitist and doesn’t care about the middle class. Robertson was saying that Romney took over sick companies, but that isn’t the case at all. These companies were healthy and profitable before they were raided and destroyed. What is so sacred about this corrput capitalism that would even force Pat Robertson, of all people, to lie about it? And the democrats only pretend to care about the middle class because they want their votes. We can create government programs for the middle class (paper pusher jobs), but eventually the U.S. federal government is going to run out of money, and I think it is going to be in a few years or less.

    Is anybody with me on this? Can anybody relate. I mean I’ve been an electronic technician all my life, and I have worked in manufacturing, and my best year was 40.5K for that year. Why doesn’t anybody talk about the 20 million middle class jobs that have been shipped to China, India & Mexico by the elitist (people like Romney) in this country? Why is there no voice for the middle class? Can anybody relate to what I’m saying? Thanks.

    • gary2

      the repubes are the party of the rich. They do not even try to hide this fact.

      Their ideas are as old and stale as the hostess products at the local store. I think they expired in 2008 and are still on the shelf-no mold but still-check exp dates.

      • Syrin

        So despite the fact that the uber rich OVERWHELMINGLY vote democrat, you still rty to portray these falsehoods eh? Propagandize much? I bet you think the eartrh is flat too.

        Know what’s stale? Keynesian economics based on regressive ideals that have literally decomated DOZENS and soon to be scores of nations.

        Keep posting Gary. I am not going to relent because I consider those like you to be the greatest threat to this nation. You America hating, fact devoid morons will violently take away everyone else’s rights and property all the while singing “Happy Days are Here Again” while your neighbor is being led to a concentration camp. The contrast is going to be enlightnening for EVERYONE else. You’re too strung out on hopium and envy to see facts. It’s fopr the rest who have an ability to think.

  • Whens Dinner?

    I stil will never leave America. This Country is awesome.

  • Hostess cherry pie for 15 cents in the 1960s.

    King of Bain video – 27 minutes long:

  • Lazy Ike

    As Republican candidates for the presidential nomination continually adulate President Ronald Reagan, they fail to realize that he was the modern day version of Carlo Ponzi. He left the nation with a 200% increase in the national debt when he left office, a debt which was used to pay for tax cuts for the very wealthiest in our society and defense spending. The one area where fiscal responsibility was exercised was is the area of the social security payroll tax which was raised in 1983 to care for future baby boomers’ retirement. But even those funds were expropriated by the greedy politicians for more tax cuts and the expenses of wars, so it too is gone, replaced by IOU’s. Thereafter there appeared a new generalation of draft avoiding politicians who rationalized that federal deficits didn’t matter. So here we are, the country is essentially insolvent while the deficit rationalizers ,Ronald Reagan, Arthur Laffer, Jim Thompson, and the economists at the College of Commerce at the U of Ill are nowhere to be seen. I find it instructive that Reaganites, Dr Paul Craig Roberts, the father of Reaganomics, and David Stockman essentially agree.

  • Gutter Economist

    Sears suffered a blow this morning when finance company CIT said it would no longer finance Sears suppliers awaiting payment from the troubled retailer.

    CIT is the biggest company that finances receivables, a practice called “factoring.” It pays Sears’ suppliers upfront, while they await payment from Sears.

  • 007

    There is no recovery. We are already in the crapper.

    By deliberately understating inflation our GDP is being overstated.

    The Department of labor plays with the birth/death model and the business start up/ business close calculation to understate the unemployment rate by 1 million workers a year.

    Take away the deficit spending and there is nothing to prop up the economy.

  • 007

    I hope something does seriously crack in the economy before the election. Many people are starting to wakeup to our economic crisis. However, many people are just oblivious.

  • tappedops

    Lets not get all warm and fuzzy… if you die durring this GFC/WW3/Ml/bank-food run/bio attack/pop-red party… yes more than 100…

  • MisterC

    March 12 Greece has to refinance it’s debt. I wonder if that will be the first domino of a series of bad/worse events. Who would be dumb enough to buy bonds from a country that will default? Maybe we will be distracted by a war with Iran to boot. Ugh.

  • Mohanned Abdelhameed

    Hey Michael there is an article on cnn I read about the leaders of the EU (Europian union) referencing the American dollar as being a safe haven for investors. They didn’t sound too excited about that factions believe its only a matter of time before everyone starts pointing fingers and up till now we are the ones with the biggest debt in the history of world. The time is coming quickly everyone must start preparing even a little at a time will be worth it, other nations will be waking as well!

    • BenjiK

      I agree, with the U.S. dollar being the “safe haven”, it is only a matter of time before investors and economists start really digging into our troubled financial system. It’s a safe bet to say as the rest of the world holds the magnifying glass over our system, there will be many “hidden” truths that will emerge, none of which will be positive…..

  • luis

    Damm the U.S.A is about to collapse people here why
    1: unemployment
    2:store closing around the u.s
    3:welfare problems
    4:senseless wars
    5:fuel prices going up
    6:homeless people
    8:forclosure all over homes
    9:u.s.a debt crisis
    10:food prices about to get higher
    11:banks all over u.s about to go bankrutcy
    12:manufactured companies are going over seas
    13:obama taking vacation $$$ he is a puppet
    14:Middle east hate the u.s.a
    15:iran china cuba venesuela russian hate u,s
    16:Martial law WTF obama
    17:illuminati freemason an more secret societies
    18:satanic symbols on are money
    20:education is a failure in the u.s
    21:high mortage payment
    22:car sales dont more then 70%
    23:california breaking apart jobless people
    24:Detroit is death no matter what people say
    25las vegas house market is about to collapse
    26:Arizona running out of money plus racist people there so good luck arizona
    27: miami florida going broke
    28:americans are buying more guns
    29:CIA warns the president about a economy collapse
    30: antichrist soon coming to start wars with all the nations
    31:gang members are taking control in the u.s
    32:haarps weapons
    33:u.s.a world police about to go broke
    34: firefighter getting layoffs around u.s
    35:depress people stealing

  • luis


  • Bill

    Alot of fantastic comments but, NOTHING will change until we all have the Courage to do something. No better example of the same ole same ole than the dude living at 1600 Pa Ave “telling” Congress to raise the debt ceiling $1.2T. Did credit card companies just raise there limits? Or if they did would it really help?

    The courage we need comes in the form of showing barry what real change is! It is not electing another establishment selected candidate from the opposite party. We need conservative principles from a maverick like Ron Paul.

    It is time for this blog to take some action and as I have been saying “FLUSH THE TOILET”.

    How about a Pledge of Action from all of us.

    Please understand I am not employed by Ron Paul. I see him as a person that can make a difference. We must have the courage to walk a new path.

    • Paul

      Does George W have kids?

      How about electing them into Presidency to replace Obama?

      Seriously, Democrats and Republicans are so alike that America has basically a 1-Party-System. It’s like China where sometimes the Guys on the top have their power basis in Beijing and sometimes in Shanghai.

      Why are people so afraid to choose something new? When was the last time you chose something different in the supermarkert? Something unknown? Something unfamiliar?

      When was the last time you walked a street you never walked before?
      When was the last time you walked?

  • chiller

    Devastating recessions are more commonly refereed to as “Depressions”.

  • Momof4

    I like your articles, I really do. However, if we are headed into a devasting global recession with one of the signs being the bankruptcy of Twinkies/Hostess, we need to put the tin foil hat away.

    • Michael


      I like your point. 🙂


  • Michael

    Very good article. From my part, I think the US dollar will continue to fall until the final collapse in 2013-2014…..

    I am in France, We will probaly keep the Euro, but the socio-economical won’t be easy like we can already see in Greece. The US dollar is like a 60 years old NFL QB, the Euro has “only” a genetic disease….. , but more potential, from my part.

    in Asia, countries are working to mitigate the effects on theirs own economies. there are now close economical relationships between Japan and China. … for example!!! Japan has a big Debt, but 95% are hold by…. Japanese people.

    in my view, in 2015, a “desert” in north america (the US collapse will be painful for canada also), many local problems in central and south america , a VERY STRESSFUL EUROPE with xenophobic parties , a big disorder in muslim and african world and an ASIA which will be the pillar of the new era. the center of the world will be Bejing, but it will be a true but weak leader, because of many problems inside china

    i think we will see the “Atlas Shrugged” !!!

  • ScoutMotto

    Redeem the time. Now is the time to fortify ones’ personal position. Make the most of the opportunity while we have it.

  • We need to be honest with ourselves and recognize a number of things. Politicians are not smart and seek public office primarily for power. They don’t know how to fix things, they created the problem in the first place, and they only make the situation worse. One thing that is really bad is that politicians cannot tell the truth, they have neither the courage nor the good will to do so. One problem that makes the current economic difficulty likely to get much worse is that for the past sixty years the US has been supported economically by the people born in the reproductive frenzy that followed WWII. These people felt special and believed they should have everything. Therefore they bought like crazy. Now they are retiring. Soon they will die. There is nobody to take their place. Those born after them tend to be less prone to spend, less well educated in practical terms, and therefore more prone to failure and delusion. These the politicians will manipulate like taffy. Our only real hope is that a significant number of people will realize that all governments are necessarily incompetent in many ways and that they themselves must take responsibility for their own well being. By itself, this will make government become smaller, and that is what we need the most.

  • Tim

    The price for fuel in the UK has dropped down almost 2 dollars since that article you qoute from Feb. 2011.

    UK Petrol Prices for Thursday 12th January 2012

    Priced in Pence 100 pence equals a $1.50 as of Jan, 13th 2012.

    UNLEADED- 133.24p(pence) = $2.04 per litre X 3.78(litres to gallons) = $7.71 Gallon

    DIESEL- 141.54p = $2.17 per L X 3.78 = $8.20 gallon

    SUPER UNLEADED 140.82p = $2.16/L X 3.78 = $8.16

    PREMIUM DIESEL 149.36p = $2.29/L X 3.78 = $8.65

    Still high, but a little lower than $9.67 that you have used and I know you are a stickler for stats Michael. Your articles are always spot on sir, I have read them for years and this is the first crack I have found, and it’s a tiny one at that, but nobody is perfect, and I know you and your readers appreciate your credibility. Keep up the good work!

    • Michael


      Good catch – I apologize for the one. I did not take a close look at the date on the article.


  • Barn Cat

    If you adjust US GDP for real inflation numbers from you’ll find that the US economy has been contracting for at least 3 quarters. You can’t have 400,000 job losses week after week with monthly job gains of 100,000 without having a contracting economy.

  • Justin O’Buddy

    Some things you can start doing right now.
    1. Grow some of your own food even if it is just a balcony or window garden. Go to your city council and suggest an open area shared garden and keep suggesting it until they’re sick of seeing your face.
    2. Go to your neighbors and talk to them about how much money they could save, activities to share with friends and family and so on, by doing #1 above with you. This way you can get others involved without them thinking you’re some conspiracy nut.
    3. Visit/buy from local farmers markets. Try to talk to the farmers about the economic realities (they already know much more than you think) and see if you can get them involved in helping to set up local economies.

    Sooner or later (with or withour money as we know it) all economies will have to become local if we are going to survive. It will be REQUIRED that we do more for ourselves and our neighbors. We will either band together or perish.

    • Barn Cat

      A tiny garden isn’t going to help much. Even if you have a huge garden capable of feeding yourself and your family, it won’t do you much good if you can’t defend it from hungry people. I think it’s much more important to have at least a year’s supply of food and water stored. Along with guns and ammo, a way of cooking your food and heating your home, a camp toilet (5 gallon bucket with a toilet seat and kitty litter to cover the smell), and of course enough dry pet food if you have pets.

  • Lennie Pike

    All of the “signs” are totally irrelevant due to on FACT.

    There is no rule of law! None of the signs are going to change for the better unless the criminals who are responsible for the signs are jailed.

    What people in the Financial Industry are doing now is literally theft.

    Markets are fraudulent. Although we all knew the CME was a criminal enterprise, now with MF Global it has been proven as fact. There are countless other MF Globals. The financial industry now does absolutely nothing to advance society – they only steal from the ignorant suckers who do not realize they are dealing with a pack of wolves.

    All of the regulators, lawmakers, military and police are now under the control of the Criminal Mafia that is in charge of the world.

    They know the life of this fiat system is up, so they are stealing everything they can while some people still have faith in it. They would do the same while a fiat system still had some life left in it if they thought they could get away with it, but people would either stop working and paying taxes, or sooner or later arrest these criminals. Our work and taxes are the main thing these criminal want – it is the reason their fiat system exists.

    With honest money, economic growth although slower, is steady and more evenly distributed. No one can use it by turning the credit spigot on and off for the purpose of stealing, and the bribery of politicians, regulators, etc. can not get out of control.

    If a Mob was destroying Main Street, the National Guard would be deployed.

    Main Street has been economically destroyed by The Mob, where are the troops? They will only show up on Main Street when the American People go crazy and begin to physically destroy Main Street. When this happens, the logical response would be for the troops to head to Wall Street and D.C. instead since that’s where the rioting originated.

    The American People do not have a National Guard to help them.

  • Discusted

    The story about Greek parents dumping their kids on the street makes me sick
    The parents should have thought about that before having kids

  • N. Daniels

    Putting our trust in silver and gold and politics and the things of this world is what has gotten us to the point we are at now. Jesus said “seek ye first the kingdom of God and his righteousness and whatever you need will be provided for you”. Economic collapse or not, there will come a day when every person on this planet will stand before God and give account for what we held most dear. “For me to live is Christ and to die is gain”, God will take care of the rest! Thanks for the warnings, I am transitioning to wood heat, and gardening and such to assist my family with God’s help, but the souls of mankind are a much more pressing need. Better that I survive one year and bring one soul to Christ than to live a hundred and accomplish nought. Hopefully your writings will inspire others to consider their own spiritual situation as well. God Bless.

    • r.bitting

      Well said my freind, God bless you and your family…

  • Ironvic

    If you look past the decay and graffiti of once vibrant retail store walls, you can see the “writing on the wall.” I may live paycheck to paycheck, but something, no matter how small, gets put into needful things every week. Yesterday it was 2 boxes of .223 and 9mm ammo, some toiletries and food for the larder, and a silver American Eagle because no matter how little I have left in the bank at the end of the paycheck, even that needs to be put into real money.

    Because, sooner or later I’m sure most of us will be living from no paycheck to no paycheck. Prepare now and avoid the panic that’s sure to come.

  • With the wealthy class they are withdrawing money from all investments, fearing its loss through inflation. We might take note of the money movers. My personal policy has been to restock the house with hard goods-all new such as refrigerators, freezers, fixtures etc. This stocking up is paid for following a Dave and common sense stay out of debt.

    This approach has taken some years and I mention this as hard goods are sure to inflate beyond reason. This is stocking up in addition to seeds, garden tillers, fuel tanks etc.

    Consider yourself lucky you are not wealthy as they as a group are worried to death what to do to keep their mionies safe in some kind of interest bearing investments – which are few anymore.

    I remember when bank holidays and even saving stamps were frozen. Safes are one of the top commodies these days but what you are hoarding is paper based on promises that might not have value in the market place. One has to be prudent but not go off the deep end as much of the FEAR promugated is by the governmemnt media and insecure parrots to keep you focused on unrealistic issues.

    Keep your nose to the grindstone, have some cash reserves, spend on hard goods for the home. Become mortgage free. Eat and live and love healthy.

    Old Timer

  • Don Levit

    I assume the annuities you closed out were variable annuities.
    Have you looked into fixed-index annuities?
    These annuities vary with a particular index, such as the S&P.
    If the index goes down, you lose nothing, and start from a lower base in which to capture a percentage of the gains.
    While the S&P is about where it was 10 years ago, these annuities have returned about 6% a year.
    Don Levit

    • Rancher

      The annuities were now paying with our own money. I fear any exposure in the stocks in anything. Thus many years ago we bailed with no loses. These last two have been going sour and we just got out before Europe got kicked between the legs today. Hoping for one more spike and dump the last one. No one can temp s back in…period.

  • Robert424

    Notwithstanding, the justified pessimism in your observations, Michael, there is one that should give us hope. We are at a historical turning point.
    The “We are the 99%” movement is not just about a group of individuals reacting to a sense of inequity, marching to protest Wall Street greed or camping in city parks. This movement is the result of a change in human consciousness that has been slowly developing in the world. This awakened awareness and vision is empowering people to change the status quo in response to a feudalistic and tyrannical system that at this time in history is taking the form of corporate greed and power, and governmental totalitarianism.
    This shift in awareness expresses itself as a deeper democratic understanding similar in nature to the change in perspective that occurred during the Enlightenment and the French Revolution. This deeper democratic understanding is still about gaining freedom from oppressive structures–but rather than being just a local change in consciousness, this shift is global and expresses itself differently in other parts of the world. Today, the issue in the US is corporate dictatorship, while the expression of the same thing in the Arab world is governmental dictatorship –both oppressive structures that serve to eliminate the power of the people.
    Historically, times of change in human consciousness–when we re-evaluate the rights and responsibilities that we as people and as nations have to one another–have been complex periods when our core values are tested. This is such a moment in time.
    It would be a pity to let a movement go to waste.I would hope that today, all of our efforts would be directed to building and strengthening the Occupy Movement,

    • BenjiK

      I think the OWS movement would gain more credibility and awareness if it would also acknowledge that along with tyrannical corporations we are also suffering from a tyrannical government. As it stands, the OWS movement is akin to being pro-milk but anti-cheese. The cheese(corrupt corporations) wouldn’t be able to flourish without the obvious ingredient of milk(corrupt government). However, without a conscious decision to include tyrannical milk in their message, I’m not sure if OWS can salvage any sort of relevance or legitimacy at this point.

  • Patriot Alice

    A Devastating Global Recession? Still no sign of a Great Depression II? Is this article meant to save us from worring about a coming Depression? Are you forbidden from mentioning Depression by some Federal Agency? Talk about beating around the bush…

  • Antonio Gonzalez

    The global recession is coming, and the americans will kill iranians
    for that. Why not the bankers.

  • Gabrial Singh

    you must be talking about rich white people. Brown, black, yellow and poor white people have been in a terrible depression FOREVER…you right wingers are getting more funny, by the day.

  • Pupmom

    I have been reading the most interesting and inspiring articles that I want to share with all of you. I hear fear very much in all comments. I was full of fear.
    I had never considered alien beings associated with God. Surely, I thought God made other beings, not just Adam. That is like having a glazed donut and only a glazed donuts. Would not the baker try chocolate frosted and jelly filled also? I played with the thought of other civilizations. Then, with very little knowledge I had about the Antichrist, second comng, Obama’s actions since taking office, how darn near every single thing on this planet including Earth is in decay or being destroyed and getting worse everyday, consistantly now. I wanted answers yet, didn’t really know to word the questions. I was scared.
    I have to say, first read article of IMMEDIATE INTEREST and then move on, and you will!
    I am not scared. We are all going to hurt but our entire world is on the edge of something so huge. Something so wonderous, I want to spread the word, just in case, you find, you believe.
    Try this out, see if it fits. I’m not scared any more. It feels so much better not being so scared. God bless…

  • BenjiK

    Looming credit-rating downgrades for major European countries, eroding dollar-to-euro rate, severe bank contraction, Greece SERIOUSLY on the verge of default…….and you know what the most repetitive story on CNBC was today? The Tim Tebow/Jockey Underwear collaboration. I could see this coming from one of the other MSM cable channels, but this was CNBC, the self-proclaimed leader in world-markets and analysis. Talk about public distraction……..

  • It’s all coming apart

    You forgot to mention that Novartis is laying off thousands and A&P and Pathmark supermarkets are shuttering 5 of their stores in New Jersey.
    The news calls it restructuring but we know better. The economy is collapsing all around us.

  • MK

    finally people will sart getting enough exercise- at least those who choose to survive.

    • Believer

      Hehe, sad but true

  • mondobeyondo

    Just remember, the recession officially ended in July of 2009.

    Now, go out and get yourselves some jobs, you lazy bums.

    (hey, it didn’t work for me either. I’m still unemployed.)

    • Annette

      Yeah, let’s tell “fat-boy Gingrich” to push away from the lard in his life!

  • gary2

    If conservative ideas were that much more virtuous than liberal ideas, then conservative parts of the country would have fewer social pathologies than the liberal parts of the country. They don’t. They are actually worse in that the “family values” red states have HIGHER rates of divorce and teen pregnancy than the liberal blue states.

    Not only have conservative ideas with respect to morality failed but the most conservative states in the country are also the poorest.

    This is data anyone can google and see forthemselves this is true. Sorry right wingers-your policies are a failure.

    Some of this was taken from an article by David Brooks in the NYT.

    • Syrin

      Typical lazy ass regressive. Make a statement as if factual, provide NO evidence, but then expect OTHERS to do the WORK for them. Wonderful.

      So you mean those bations of morality like Detroit, Chicago, Memphis and California, eh?

      Hey Gary, when you look at Detroit, what makes you think to yourself, “The whole country should be just like this”? That’s what you’re pushing for.

    • I agree with all of your observations but you never ask the most important question – why? So let me help you. The reason that divorce rates are higher in the conservative parts of the country when compared to the liberal parts is because most liberals don’t get married – so they don’t have to get divorced. The reason that teen pregnancies are higher in conservative states when compared to liberal ones is that in conservative states, the parents are still trying to hold on to some semblence of family and morality. Liberals don’t believe in family or morals so they just put their kids on birth control to begin with. And the reason that conservative states are poorer than liberal ones is that many more liberals work in government and confiscate their prosperity by voting in government officials who given them what they want and let the taxpayer be damned.

      So what you say is true but the reasons do count.

    • Annette

      That does not surprise me that conservative states are poor. The states that are more liberal, California for example, have industries that cater to pedophiles, sex-freaks, sex trafficking and houses the porn business’s film making. California has terrible unemployment now. The liberals have shut off the water to the farms, due to some small animal that would be overrun or killed. So, the smart liberals that they are, (they are making money, right?), they kill an industry and put most of the people out of work. See 60 Minutes for that report. I would rather be farming and without a lot of the luxuries that the liberal states promise you. I would rather do without the politics of letting my state be overrun with illegal aliens. They don’t and have never upgraded the place. California looks horrible! Why illegals paint their businesses such garish colors amazes me. Do they want to retain what they left? Yup! They dont’ want to fit it. Their businesses have scarred the West Los Angeles area and not upgraded the area.

      Yeah, I would rather live in a white populated area. The culture there is one that I understand. There are no language barriers amongst us. No one speaking another language in front of us, rudely. No one with their hand-out. Are all white area like that? No. I just prefer to be with my people, as the black and the brown have stated that they want to be with their people, too. Let’s all surround ourselves with our own cultures. We can be tolerant of others, but we don’t have to live with them.

      What a rant. If you read this and post that I must be a Natzi, you are wrong. I am a 50’s kid who was raised in an all white area and that is what I want. People around me like me! People I can understand!

      • heard_it_all_b4

        Annette, I feel bad when I read comments like yours but I can understand it. I am Black and I live in a white neighborhood. Most of my neighbors are glad to have me and my wife as neighbors and they have learned from us as we have learned from them. There are a lot of Blacks that aren’t interested in assimilating because they have faced so much resistance that they feel “why should I try to get along with them when they keep treating me like this”. I’m sure those are the type of people you encounter that reinforce the feelings you have. However, after so many decades of observing that most people just want the basics in life, I realized that we spend a awful lot of time focusing on our differences instead of our similarities. There is another thing that you aren’t considering, Annette (I read one of your later posts)…you can’t just have yours and let others worry about getting theirs. The damage that has been done to the Black race is not as simple as “that’s done now so get over it”. It will take a lot of understanding, nuturing and financial assistence and education to get some to normalcy and it is taking so much longer because there are a lot of people with an attitude like yours. What puzzles me is that those with similar attitudes will tout themselves as moral and Christian. I also realized why our neighbors enjoy our presence…it gives them an opportunity to understand some of our differences which makes us all more ‘whole’ as people. There was some discomfort at first but when they realized we were not those Blacks that are easily offended (I admit that is a problem with some Blacks) we all get along just great now and that’s what it’s all about. The opportunity to live alongside and understand each other is essential to a better world. You will never be able to run far enough. I hope that some day you will open your heart but I’m not too optimistic being that you are a child of the 50s. I am too…but I have learned as I’ve grown older.

    • Kat

      I think the difference may be that some liberals don’t bother to get married. They just live together. Thus the lower divorce rate. Plus, many liberals appear to have less of a problem with the moral questions surrounding abortion. Thus more abortions; less teen pregnancy. It is important to look at all the facts, not just isolated statistical information.

  • Venkat

    The mankind will soon be forced to go back to basics, farming, hunting and gathering in that order! Just move your clock 80 years back and you will realize that mankind had been surviving with almost the same lifestyle for more than 2000 years by just doing farming, hunting (includes fishing) and gathering. Everything changed with the advent of oil, machines and computers. This crazyness will stop when the cost of oil becomes unbearable. A time will come when mankind will realise that they will need only three basic necessities in life which is food, shelter and clothing and not Iphone, Ipad and a car. It’s high time the governments take up initiatives to encourage these basic economic activities. Fortunately for you guys America is a huge continent, there is a lot of land, water and resources for all the unemployed youth of your country. And finally the youth must be taught to take care of the old which was how things were a century ago!

  • Alan

    How about replacing all this gloom with a list of simple practical ways of turning this mess around, or are you happier to be a latter day Job? We are talking ourselves into a depression.

    • Annette

      There might be ways to turn this around, but no one in public office will listen. So, we are watching the decline of America. Get yourself prepared. There is still time to do that. We don’t know when that time will run out, so be careful. Take care of you, cause I won’t. I will be taking care of me and mine. You need to take care of you and yours!

    • Kevin

      Agreed Alan. Problem is these are stated facts, and who are we going to get to listen to our practical suggestions? Maybe we can buy some ad time on American Idol or even the Super Bowl?

  • Fred

    I believe the first crisis for 2012 will be Greece defaulting on their debt. After that, the gradual breakup of the Euro Zone. The various European countries will end the Euro as a common currency and each country will return to their original currency. It will probably take a year to complete.

    • heard_it_all_b4

      Fred, have you heard of the Bancor? If not, look it up.

  • Kevin

    Can someone please explain to me how the maker of Twinkies goes bankrupt in this country?

  • I can’t believe that there will be no more Twinkies. But what really hurts is the demise of the Chocodiles. It is time to check out “”..The times and the half times are at an end and the time for the changes is at hand. (Edgar Cayce)

  • jobs

    well i know i have not had a job for more than a year. took me a year to get a job and then it was making 20 less than the one i had previously. so here i am at 40 working for 1/2 the pay i did 3 years ago, but mind you i am glad i found something. they keep trying to paint a picture of recovery and … i jsut dont see it. i have 2 BS degrees and I have friends that are out of work and been looking etc, theres just nothing there. and everyone is depressed. my best friend lost his home and moved back in with with father and mother at 41. his wife lost her job and they couldnt afford their mortgage payment (3 years ago she was making 80 k a year and after a year of looking landed a job for 24. talk about a pay cut..). the bank wouldnt let them refinance. my cousin has been out of work for 3 years. just working part time as a cable guy (4 years ago he made right at 35 a year). I could go on for hours.

  • Wayne

    It is a shame to see what so many people are going through and I really trace our demise back to all the (alleged) free trade agreements that moved millions of factory jobs offshore and along with it all the support jobs that depended on those factories.

    The factor I remember from back in the debates on free trade was that one factory job supported appx. 4-6 other jobs when considering all the white collar positions as well as small businesses in the community that depended on those factory workers.

    I can still remember the sneering, derisive comments made by the politicians (who sold out) about how we unwashed, stupid Americans were clueless when it came to the global economy.

    I wish Ross Perot would make a 10 sec. commercial where he bellows: ‘How you like me now!!!’

  • Jeff

    “#1 On Thursday it was announced that U.S. jobless claims had soared to a six-week high.”

    Today the jobless claims fell to an almost 4 year low! Why dont you write a blog about this? Instead of picking every negative story out there and blogging about it!

    Be a little more balanced!

  • Sexy California

    Its simple…you do not need an economist or a rocket scientist to explain whats going on..its a “HOUSE OF CARDS” that’s COLLAPSING. So the collapse of one card leads to the collapse of the next…until finally all cards have collapsed. This will take time…like a couple of more years. In economic terms, what it really means is that layoffs in one business, industry or factory is leading to more layoffs in other businesses and industries. Until finally we have a huge population of young, skilled workers/college graduates who are unemployed and without a secure job over the working period of their lives. Just like what happens in third world countries.



  • Kurt

    We all need to remember that we are all in this together. I for one, do mind shareing. Ill also stop a thief in a heartbeat. We are going to be forced to work together and set aside the petty crap. Like it or not

  • Ciccio

    The reason of decline is plain and simple, however it is not something that is allowed to be discussed rationally. It starts and ends with the letter N. In other words, the falling apart of the USA and countries like the UK and France is almost entirely demographic, neither economical, nor political IMO.

  • and explain the concept of Peak Oil and how Sustainability is the only way to unscrew ourselves. Permaculture vs. our throw-away high-maintenance society. Frugalists and lovers of DIY are awesome 🙂

  • Barney Rubble

    This blog has been around since 2008. I remember finding it right after the 2008 financial crisis. When the next crash and subsequent financial collapse comes, what will you report about? How to grow your own food? Surviving in the wilderness?

  • Heather


  • Landau

    This article sucks balls. None of this means we are on the verge of a global recession.

Finca Bayano

Panama Relocation Tours



Facebook Twitter More...