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This Is The Beginning Of The End For The Euro

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The Euro - A Woman Rides The BeastThe long-anticipated collapse of the euro is here. When European Central Bank president Mario Draghi unveiled an open-ended quantitative easing program worth at least 60 billion euros a month on Thursday, stocks soared but the euro plummeted like a rock.  It hit an 11 year low of $1.13, and many analysts believe that it is going much, much lower than this.  The speed at which the euro has been falling in recent months has been absolutely stunning.  Less than a year ago it was hovering near $1.40.  But since that time the crippling economic problems in southern Europe have gone from bad to worse, and no amount of money printing is going to avert the financial nightmare that is slowly unfolding right before our eyes.  Yes, there may be some temporary euphoria for a few days, but it is important to remember that reckless money printing worked for the Weimar Republic for a little while too before it turned into an utter disaster.  Now that the ECB has decided to go this route, it is essentially out of ammunition.  The only thing that it could potentially do beyond this is to print even larger quantities of money.  As the global financial crisis begins to unfold over the next couple of years, the ECB is pretty much going to be powerless to do anything about it.  Over the next couple of months, we can expect the euro to continue to head toward parity with the U.S. dollar, and eventually it is going to go to all-time lows.  Meanwhile, the future of the eurozone itself is very much in doubt.  If it does break up, the elite of Europe will probably try to put it back together in some sort of new configuration, but the damage will already have been done.

Over the next 18 months, the European Central bank will create more than a trillion euros out of thin air and will use that money to buy debt.  The following is how this new QE program for Europe was described by the Telegraph

“The combined monthly purchases of public and private sector securities will amount to €60bn euros,” said Mr Draghi at a press conference following a meeting of the ECB’s governing council.

“They are intended to be carried out until end-September 2016 and will in any case be conducted until we see a sustained adjustment in the path of inflation,” he added, meaning the package will amount to at least €1.1 trillion.

Mr Draghi’s package of asset purchases, including bonds issued by national governments and EU institutions such as the European Commission, is intended to boost the eurozone’s flagging economy and to ward off the spectre of deflation.

When you print more money, you drive down the value of your currency.  And the euro has already been crashing for months as you can see from the chart below…

The Euro Is Collapsing

As I write this, the euro is down to $1.13.  And most analysts seem to agree that it is likely heading even lower.

How low could it ultimately go?

One prominent currency strategist recently told CNBC that he believes that it is actually heading beneath parity with the U.S. dollar…

The euro plunged to an 11-year low on Thursday, after the European Central Bank announced that it would begin a 60-euro monthly asset purchasing program. But it could still have a ways to fall.

Brown Brothers Harriman global head of currency strategy Marc Chandler predicts that the euro, which fell as low as 1.1362 on Thursday after trading near 1.4000 in May, is heading below 1.0. That widely watched level is the point at which it will just take a single U.S. dollar to purchase a euro, a condition known in the currency markets as “parity.”

I totally agree with Chandler.

In fact, I believe that the euro is ultimately going to break the all-time record low against the dollar.

I also believe that the current configuration of the eurozone is eventually going to fall to pieces.  The euro may survive as a currency, but Europe is ultimately going to look a whole lot different than it does right now.

In fact, we could see things start to come apart for the eurozone as soon as Sunday.  If Syriza wins a decisive victory in the upcoming Greek elections, it could create all sorts of chaos

The polls put Alexis Tsipras and Syriza ahead of the ruling New Democracy party of Greek Prime Minister Antonis Samaras.

Tsipras has vowed to convince the ECB and euro zone to write down the value of their Greek debt holdings to allow him to increase public spending and stimulate job growth.

“There is a good chance they could win, and if they begin moving away from fiscal austerity, other members of the EU are going to say: ‘No more lending, no more life support.’ On Monday morning you’ll know,” De Clue said.

But of course Europe is far from alone.  Financial problems are erupting all over the planet, and central banks are getting desperate.

Over the past week, seven major central banks have made moves to fight deflation.  But the more that they cut interest rates and print money, the less effect that it has.  And eventually, the people of the world are going to seriously lose confidence in these central banks as they realize what a sham the system really is.

I think that these recent words from Marc Faber are very wise…

My belief is that the big surprise this year is that investor confidence in central banks collapses. And when that happens — I can’t short central banks, although I’d really like to, and the only way to short them is to go long gold, silver and platinum,” he said. “That’s the only way. That’s something I will do.”

So what do you think?

Do you agree with Marc Faber?

And what do you think is next for the euro?

Do you agree with me that it is going to record lows?

Please feel free to share what you think by posting a comment below…

  • true

    every paper money which been printed out of thin air will eventually lost its value. Only god can make something valuable out of nothing

  • T.

    Marc Faber is right. Go long Gold & Silver. The Euro & Dollar will Both lose tremendous value in 2015 – Especially as measured against sound Money – Gold & Silver. Protect yourself (your currency purchasing power) before G&S spike higher – much, much higher.

    • Tim

      Well said.

    • cateye

      Gold is hard to buy now with it being over $1000.00 an ounce, but silver is a bargain. I would buy “junk” silver as it is called; rolls of silver dimes, quarters, half dollars. Even Morgan or Peace dollars are cheap as long as they are not graded.

      • T.

        See my response below to bumpercrop.

        • cateye

          I did; I advise any and all that will listen to load up on” junk” silver. Not at the expense of food, water and other essential supplies, but buy a few rolls every month and soon you got a fair amount.

          • T.

            Yes. That is my advice exactly for the AVERAGE person (wealth wise).

  • Hillbilly

    You can’t eat gold and you can’t kill a squirrel with silver. Glad I invested in brass and lead!!

    • goldminer

      True! I cant eat gold. But I can buy a gun with gold, and ammo with silver. Just go to a gun show and whip out a bag full of silver and see what you can buy. Sellers will be eagar to make you a good trade.
      Paper on the other hand is worthless. It doesn’t taste good. No matter how much ketchup you put on it

      • Southern Legion

        Gold does not taste very good with ketchup either. No different to paper money, gold & silver and other PM’s only hold the value people believe it to. we are steadily seeing the Fall of paper money, which will no doubt be replaced with PM’s if we dont all anihilate each other in the fall out from the collapse of our current financial system. Question though- who holds the vast majority of the worlds gold and other PM’s? could it be the very same people who have been behind the rigged financial system we endure now? So if we survive a collapse and revert to an economy of precious metals,Would those who hold the vast majority of this ‘New’ wealth not be in a position of dominance over the rest of us, just as the shadowy figures who currently rule us through the present financial system are? I think a true solution to our perdicament will have to go futher than merely changing ammunition, but firing the same gun, so to speak

    • MadAsHellYankee

      Brass andn lead is the best investment imo

    • Lennie Pike

      You can’t eat an FRN either.

    • SodThat

      Wherever you go this silly comment is always spouted parrot fashion. Gold is money, it will enable you to buy whatever you want during the bad times, yes you still should store food and water and yes you should still keep currency at home as it will still have value in the immediate aftermath of a collapse whilst the dumb masses are waking up to reality. The nonsense about ‘you can’t eat gold’ suggest that those who are buying gold are only buying gold and doing nothing else, people are not buying gold to the exclusion of buying food etc, it’s not a one or the other type deal. Oh and a lot of people are buying bitcoin too whilst also buying gold and food etc.

    • stephen

      Throughout the history of gold and silver, they have never failed. It should be noted that during wars, recessions, depressions, military coups, etc the price of precious metals keeps its worth and even goes up during these hard times.

      BTW there are only so many squirrels – if your totally depending on hunting to provide for you and your family, then your going to be in trouble.

      • bumpercrop

        Stephen, I hope all can help me on this dilemma. I am with ya’ll as I do believe a big crash is coming. We have been storing food, water and supplies, and reaching out to our neighbors, although ignorant on how to hunt or use weaponry. This is my concern, I remember learning in school, that during the great depression, FDR confiscated all gold holdings of the people. Who is to say this would not be done again?Executive order: By virtue of the
        authority vested in me by Section 5(B) of
        The Act of Oct. 6,
        1917, as amended by section 2 of
        the Act of March 9, 1933, in which
        Congress declared that
        a serious emergency exists, I as
        President, do declare that the national
        emergency still exists;
        That the continued private hoarding
        of gold and silver by subjects of the United
        States poses a
        grave threat to the peace, equal
        justice, and well-being of the United
        States; and that appropriate
        measures must be taken immediately
        to protect the interests of our people.”Therefore, pursuant to the above
        authority, I herby proclaim that such gold
        and silver holdings
        are prohibited, and that all such
        coin, bullion or other possessions of gold
        and silver be tendered within fourteen days
        to agents of the Government of the United
        States for compensation at the
        official price, in the legal tender of
        the Government. All safe deposit boxes in
        banks or financial
        institutions have been sealed,
        pending action in the due course of the
        law. All sales or purchases
        or movements of such gold and
        silver within the borders of the United
        States and its territories,
        and all foreign exchange
        transactions or movements of such metals
        across the border are herby prohibited.

        “Your possession of these
        proscribed metals and/or your maintenance
        of a safe-deposit box to
        store them is known to the
        Government from bank and insurance
        records. Therefore, be advised
        that your vault box must remain
        sealed, and may only be opened in the
        presence of an agent of
        The Internal Revenue Service.

        “By lawful Order given this day,
        the President of the United States.” Thanks and don’t forget the new preppers, we are all learning. Peace to all.

        • Megalon

          I think they are going to go straight to people’s bank accounts this time,why bother with their gold when they can just liquidate your money directly ala Cyprus. Then, they will make people turn in their gold/jewels/ for food stamps when the dollar is no more.

        • old fart

          The USA has been in a state of emergency since WW1 The next step is Martial Law that is when Obooboo becomes king.

        • Orange Jean

          Whew… I never heard about that. Thanks for sharing!

          • K

            Only gold has ever been confiscated in the U.S. Through the 1950’s you could still go into a bank, and get silver dollars. My Grandparents used to give me one every birthday, until 1960. Silver coins would have not still been in circulation. If silver had been confiscated.

          • Orange Jean

            My dad did that also, he lived through the depression.

          • HLee

            The rest of the world has been on life support for years that is why we have not seen chaos here yet. However, when the Welfare Checks stop coming then we will see the real situation that has been covered over for years. All hell will break loose as the preview from New Orleans, Ferguson and other Cities have shown. It will get real ugly real fast. That is the cue for the crackdown to begin. In the meantime they will keep it going by pillaging the private savings as the Congress discussed in 2008. Over 21Trillion is available. We will all cheer when the give us a GRA to replace our savings. That was the Failsafe when they initiated IRA and 401K Accts. Thet were planning for this day many years ago. Enjoy! Safe and Warm.

          • T.

            Orange Jean please see my response above to bumpercrop.

          • Orange Jean

            Yes I read it, thanks for that information! I used to have silver dollars (that would be pre-1964 mostly) that my father gave us kids a few every year for occasions like birthdays or in our Christmas stockings. I didn’t really appreciate it at the time, and most likely have traded them in for the paper thing years ago… but you never know. I have a problem with clutter, they may still be hidden away in some of my crap!

        • T.

          As the response in previous articles on this blog – Probably the single best place to preserve your Money and its purchasing POWER is to BUY pre 1965 silver dimes, quarters and half dollars from your local coin dealer or any of the many reputable dealers across the nation. Until 1965, these coins were 90% silver. Today I can take a 1964 minted U.S. quarter and exchange for (at a coin dealer) $3.31 federal reserve notes and change – That is today’s market value for its silver content. Then, I can take the $3.31 and go to the gas station (Chevron) and BUY 1 gallon of gas and get $1.31 back in change. As a young man in 1964 – I could buy a gallon of gas for 25 cents at the local gas station and have nothing left over. DO YOU SEE NOW? HOW SILVER (AND GOLD) NOT ONLY HOLD THEIR PURCHASING POWER BUT ACTUALLY INCREASE IT AS THE DOLLAR IS DEBAUCHED. I could make the same example with a McDonald’s hamburger. In 1964 I could buy 2 and 1/2 hamburgers for a silver 1964 quarter @ 10 cents apiece. Today a person can still buy 2 1/2 original McDonalds hamburgers for $3.31. THINK about IT.

        • cateye

          Buy “junk” silver…rolls of silver dimes and quarters. They are available and cheap..if nothing else you can use them on the black market that is sure to spring up everywhere.

      • Jack Listerio

        Not when you poach King Obamas deer you don’t!

    • watchmanonthetower

      “…can’t kill a squirrel with silver.”

      Well, just re-purpose your Wolfman bullets.

      OK, JK. Couldn’t resist. :)

      ~W

    • A rabbit would taste better!

      • Jack Listerio

        I always told mom Im going for meat,because you never know what the good lord will put in front of your sights that day!

    • Jack Listerio

      Same here hillbilly…………..Kentucky boy here too!

  • Json90

    The financial crisis has sheen getting bigger and bigger like a snow ball coming down a mountain. The more this crisis gets outta control the closer we will move to war. War keeps the population on the brink of starvation thus making mass population control simpler. Mr snider has been on the dot with his blog the world is becoming more and more unstable based upon the current global activity…

    • shawn

      yeah yeah yeah. every year they say its more unstable.
      then the blogs say “within the next few years,collapse coming” ‘cant say exact date but within the next 100 years its all changing”
      i want reset, but at this point it aint coming. yes change but not collapse.
      michael writes great articles, but over and over and over tptb find a way out.

      • Matt thomas

        I know this site is always exciting everyone but the promised freedom never comes. By the time the fun starts ill be too old to enjoy it.

        • fadestyle

          you cant promise anything let alone freedom. its happening now forget too old. pick a side.

          • Matt thomas

            Well until the economy fails and the government is gone there isnt anything to pick a side over. Hopeing the economy collapses is all we can do. But knowing my luck ill be old or dead before that happens im 45 . ill bet when i turn 65 and qualify for my entitlement welfare is when it happens. Oh well , hopefully sooner than later,

      • junktex

        Naw,it will be collapse and DC knows it and is getting prepared.Why do you think they are militarizing the police and getting ISraeli training for them?We’ll soon be Palestinians.

        • watchmanonthetower

          “and getting Israeli training for them?”

          Yikes! You ever see a Krav Maga fighter go at an opponent?

          Time to finish that Kevlar Codpiece…

          ~Watchman

        • whitez

          “We’ll soon be Palestinians…”

          Lol…should I buy a rag for my head?

          • George Reichel

            Naw,you’ll have one soon enough after one of the Green Beret wannabes clubs your head.

          • CharlesH

            Nah – any table cloth will do, just cut it down to size and oh yeah – make sure you wear a small fan belt to keep it in place. 😉

      • Annette Smith

        Shawn, it is a 7 year cycle…and this year, 2015, is the next crash. How bad? I don’t know. Now, go back 7 years, and you have 2008, minus 7 and you have the crash of 2001, do the math and you see a 7 year cycle in play, always. Some people call it a “business cycle”…others say it is connected to the Shemitah. Google that. Amazing! It will be this year. and then the cycle starts all over again.

        • PeterLalic

          Let’s hope so.

      • fadestyle

        shawn is a toad… he says the same thing all the rest of those that have gov jobs… blah blah blah. go back to your gov fed or state job and lick the boots that feed you for now, it wont last long.

        • George Reichel

          Those cushy 8-hour loafs will be among the first to go along with their ridiculous pensions

        • RICH99

          Shawn is right but your too DOOMheaded to see it

    • Nope

      If there was a major risk of nuclear war, all the government bureaucrats and feds would leave the cities and populated regions in a hurry, the system would break down swiftly.

      As Putin stated, they have built their castles in sand.

  • riftcliff

    I like your fine writing…and many ideas you share with…the world. For the moment just let me acknowledge the nice subtle design of the Euro you have depicted here. And…I make a question, who is or who are the ones you must identify with the deceiving bull is carrying Europe to the rape bed? Is it not the same is driving USA to alleged collapse? Is not USA more European than American? My sincere respect.

  • watchmanonthetower

    Could the recently-announced death of Saudi Arabia’s King Abdullah be tied somehow to the plunge in oil prices, Swiss currency decision, and now the demise of the Euro as a result of the EUQE?

    Just wondering in advance…

    ~Watchman

    • alan

      Same here, strange bunch of news in the past couple days. I wonder if the King died a several days ago and it wasn’t made public. Maybe some behind the scenes power struggle before the announcement of his death.

      • Mike Smithy

        I wonder if a nail gun was involved?

      • watchmanonthetower

        “…wonder if the King died a several days ago…”

        We neglected to research further due to other events at the time, but we heard that Nelson Mandela, back in Dec. 2013, passed away 6 months or so before the actual announcement, in order to time it with a movie about his life. It would come as no surprise if Abdullah was handled the same way.

        “…behind the scenes power struggle…”

        When aren’t the Saudis involved in a power struggle? The old man had to be a caterpillar in the buttermilk of all the younger Saud Princes and wannabes. Oil is thinker than blood.

        Their gene pool must be a nasty mess.

        Thanks for the reply, alan.
        ~W

      • Annette Smith

        Alan, the King groomed a few people to take over his throne, and two died, and so his half-bro was the next person to be groomed for the spot. No power struggle yet, but I bet there will be. What an amazing time we live in, huh?

  • Bill

    It is a crap shoot as to what event will break the bank so to speak. As I’ve said, too many events to comprehend. Politics here at home will distract attention from overseas events in the coming months. The passing of King Abdullah could be a game changer. At this time I think Euro issue will be a slow grind issue unless Greece pours gas on the fire. Wouldn’t it be nice if NY’s corruption probe spread to the DC sewer–

  • FortuneSeek3rz

    The “dollar is dying” crowd got another rude awakening today as the dollar index hit 94 for the first time in a LONG time. The Yen, Euro and Pound can’t compete with king dollar! And the world knows it!

    • alan

      That index is Dollar against Euro, your comparing two turds against each other. It could go to 10,000 and not mean anything.

  • stroea

    ssdd

  • Bob332

    Memo from Fed Reserve to ECB….pssssssst, do the same insane thing we did, so we can all sink together.

    • alan

      When they sink together everything looks fine.

    • Annette Smith

      hahahahahaha….love this comment!

  • K

    Will most likely just pump up the European stock market. Making the rich even richer. When the Swiss pull back, and go into defensive mode. History teaches, bad things usually follow. And that is what happened a few days ago. The Swiss went defensive.

    • John Byde

      True, K. The Swiss have their faults, but they do have this peasant canniness that senses when things are about to go belly up. I believe them rather than the ECB.

  • im4truth4all

    Paper money always reverts to its intrinsic value which is 0. Gold and silver have always been used as money because there is no counter party risk.

  • tacoma

    Mike asks what do we think. Here’s mine:

    “When you print more money, you drive down the value of your currency.” – quote

    Not quite. When you print money to finance the economy and the economy does not produce more, then you drive down the value of the currency.

    First lets recap what happened to the US printing of money. We all know the Fed did 3 rounds of QE. What is the purpose? The purpose is NOT to finance or stimulate the economy. The purpose is to pay off and zero out structural and unpayable debt leftover by the banking and real estate collapse. Bail out the big guys, to put it simply. The regular people, well, they file for bankruptcy or foreclosure. They use up their savings.

    But ECB just announced massive QE over 18 months is to directly finance and stimulate the economy. That’s because the EU has taken a different path than the US – they have paid off their debt through considerable suffering on the entire economy. Nobody, big guys and regular folks, got bailed out. The ECB and EU banks balance sheets today reflect reality. They are not pretty, but they are not loaded with debt. So the ECB decides that the financial mess have been fixed and now can afford to do QE stimulation. This $1 trillion stimulation is actual money pumped into loans to kick start all kinds of projects. If it works, the increase in wealth will more than offset the dilution of the currency. If it does not work, the Euro will be debased accordingly. This is the time executives at the European Central Banks and member state financial institutions earn they considerably compensation.

    So:

    US – Print money to bail out the ‘big guys’, left with $17 trillion of debt. No tax increase and expects corporate boss to kick start the economy from the tax savings.

    EU – Everybody work to fix their own mess, no bailout but lots of suffering. Now print money and offer as loans to kick start the economy.

    • JerseyJoe

      that’s funny that you believe that.

    • Jack Listerio

      Good lord their austerity plan failed completely so everyone sold bonds to cover their debts now the ECB is going to buy up 20% of that debt and tell the member states to find their own way out for the other 80% of debt they incurred. The EURO experiment failed and this is life support for what another year maybe! Greece will be the first out as soon as the next election happens and they will also break every treaty they signed with the UN and others just so they can get their own house back in order and go bankrupt with pride!
      The southern EU countries are welfare states and always will be,thats just how it is and now France joins their ranks then slowly Germany gets sucked under after the EU courts took over the german monetary system and merkel could care less as shes just as big a EUCRAT as Obama is and the one world douce bag order they all want…………..its game over and they all know it.

  • Priszilla

    So American products will become more expensive in Europe. And European products will become cheaper in the world.
    Romania has oil. German technology replaces rare earth materials. German passivhaus technology brings down energy consumption in buildings. German renewable technology enables independence from fossil fuel imports. This qe forces Europe to buy from Germany. Siemens just announced a half billion research centre in Germany. There is no immigration law in Germany. You only need a job or apply for asylum. German industry favours cheap labour from all over the world.

  • Paul

    Obama’s state of the Union was the worst speech I ever heard. The “Shadow of Crisis” has not passed. It has quite large and is spreading like a cancer.

    Obama boasted that the U.S has created more jobs than Europe, Japan, and the rest of the modern world combined? This tells me that job growth in many areas of the world is anemic and non-existent. Countries like Greece and Spain have unemployment rates of over 20%

    • Megalon

      Totally man. His speech was delusional in the extreme. What I am seeing is massive job cuts in every industry,20% unemployment where I live. People are working 2-3 part time jobs just to stay afloat and the majority of full time jobs are temp work. Unless you can get a govt job, there is little hope of finding stable,long term employment.

      • watchmanonthetower

        Meg; citing Barry’s speeches as delusional..is almost redundant.

        Even a government gig is no guarantee of continued employment; unless you’re at what we call “the Lerner Level” – then it’s just re-assignment and oblivion.

        With employment opportunities dwindling, pay grades stagnant, and a lying authoritarian system crafted for failure, finding a decent job becomes a horrific Hobson’s choice of subsistence toiling for a low wage vs. a job with a governmental system designed to eventually oppress and trap its victims in a Winston Smith-like existence.

        ~Watchman

        • Megalon

          Scary thing is that those low wage jobs are getting scarce,esp.full time. Basically it is getting to the point that if you can get ANY employment at all you are doing good.

          As far as being redundant about Oblama-you’re right but I did think he was being especially clownish in the SOTU speech. I also think he was stoned out of his mind.

    • George Reichel

      More government jobs maybe.lol

    • Gay Veteran

      produced a lot of LOW paying jobs

    • Rsonist

      where I live in,eastern Europe,ex-Yugoslavia,try 40% unemployment,with median age of 26.7,the median annual salary here is 7000$,it has been like this for a decade and a half,since after the war,so I don’t except to change things too much..
      Usually things can go from bad to worse,here has been bottom of the slums for many years..

      • Orange Jean

        Sounds pretty dreadful… but I do appreciate hearing from someone who’s experienced something and willing to share that information.

        How are most people surviving and coping with those hardships where you are?

    • Jack Listerio

      try like 45% among the youth

    • Douglas M. Green

      Obama created part time jobs. Due to his bad economic policies and Obamacare, someone making $50 k lost their fulltime job. Now they have two part time jobs making $25 k per year. Voila, he created 2 jobs!

  • alan

    I am sure at some point the US will take a turn and devalue too.

    The Dollar and Euro will look like two turds in a toilet swirling around under a pile of paper.

  • Bob

    It surprises me that hyperinflation has not occurred yet. Europe and the United States has printed money for years, but hyperinflation has not happened. I wonder how much longer we will wait before it happens.

    • Leprechaun

      The reason why the US has not experienced hyperinflation yet is because the US dollar is backed implicitly by a hard asset, oil.
      The fact that oil is priced and traded in US dollars means that there is a constant demand for US dollars …. this is known as the Petrodollar Scheme.
      Once there becomes widespread payment for oil in non-US dollars, say gold, yuan, etc., the value of the US dollar plummets, then you will see hyperinflation.

      • watchmanonthetower

        Quite right. The decoupling from the PetroDollar is now in progress. Standby for the consequences.

        ~Watchman

        • cateye

          I am on the wall with you, the hoards are coming.

      • retired22

        All of those reserve dollars that no longer need to be held overseas come flooding back to America.When that happens we will really see inflation!

      • retired22

        I don’t believe that we will get hyperinflation.There will be massive business contraction & default.We will get a massive dose of deflation as business activity collapses across the boards!

      • NowAlive

        Another factor is that people in the upper crust who earn an “irrationally exuberant” income, tend to keep more of their dollars than spend it, thus keeping circulation down. If the 35 richest Americans (another article from this week) dumped their trillions in assets into the economy all at once, there would be two results: 1) immediate economic boom as the many circulated 2) increase in prices (hyperinflation) as more people have more money to make purchases, thereby causing constraint on available items, thereby driving up those product prices.

    • Mike Smithy

      The banks took the free fed money and bought stawks with it and it many cases, well established credit worthy companies borrowed money from the banks at historically low interest rates, and used the proceeds to buy back their own stawks. This is where the accounting gimmicks took over with creative and contrived PE ratios. Now that this trick pony has run it’s course, the banksters are reinventing the subprime loan scam with real estate and autos. Why? Because traditional borrowers are nervous and justifiably have a crisis in confidence.

    • Jack Listerio

      Its because its mouse click dollars were for wall st not main street or even the alleyway! In 1929 they had to print real money today they just create it out of thin air on computers and they say overnite they are worth xxxx and the FED goes ok! Then they tell banksters at the cash window heres another cool 50 billion now go buy my buddy obamas cousins stock and pump it up then dump it in 2 weeks and let the vultures feast. Then we tax the heck out of them on gains at the end of the year and get it back making the revenue stream look real to all the rest of the idiots.

  • Ian Beattie

    When we print money they call it counterfeit, when governments print money they call it stimulus….

    • NowAlive

      Fantastic!

    • nekksys

      Oh!, The IRONY!!!!

    • none

      Ian Beattie:
      It’s called the Mamba dance!
      .
      How low can you go!
      .
      The one where they have a pole, and everybody dances under it. until somebody falls over backward.

      • Limbo

        Limbo, the dance is the Limbo.

    • Priszilla

      Online banking doesn’t allow withdrawal and print at home yet.

    • Mondobeyondo

      And it’s funny how government officials and bureaucrats never go to jail. If I tried printing my own money, the Secret Service would come knocking at my door in no time. (For those who don’t know, the Secret Service investigates counterfeiting, as well as protecting the President and his family)

      • Jack Listerio

        They should fail and quickly at all their tasks..

    • RageHard84

      The government is the only one with the legal right to print money. Of course, the government was the one who decided that.

  • SunnyFlaSnotress

    But didn’t Peter Schiff say in so many words that the Euro was the Borg that was going to take over the Universe?

    • Robert C.

      Yes, he did say that and he was wrong several times especially when he ran for Senate.

  • Disagreeable

    I think it would be helpful if we stopped using terms like “buy debt” or “issue bonds”, and instead call this thing what it really is; “lend money”.

  • WETWORK

    You’ll notice a woman rides the beast (See Revelation 13 & 17).
    Hope to see you all at the post-apocalyptic mixer!

    • watchmanonthetower

      Shorts and a T-shirt should be sufficient. It’s likely to be a tad warm. :)
      ~W

    • Annette Smith

      Isn’t that interesting?

  • Eric

    burn burn burn.

  • Musivick

    I doubt that grocery stores will trade gold or silver for groceries, that would make the local bi-lo or Kroger a prime target and they don’t have any security or bank type of infrastructure to trade in PMs…
    I imagine PM trading for goods will be very secretive and with the in-crowd only…so plan accordingly for your future lifestyle of resource procurement

    • Mike Smithy

      When this monstrosity collapses in earnest, the Kroger shelves will be empty and the dollar worthless. Having a stash of silver will allow you to barter with others who have preps already stowed away. Nobody will want to trade you provisions for worthless fiat USD’s.

  • Raymond Jensen

    You can short banks. Just buy puts on BAC, C, GS, etc.

    • esterc

      The problem with that strategy is your gains will be denominated in fiat.

      • JasonD

        And you will be taxed on the “gains”

  • Silbershark110

    RIP €, keep calm & buy silber phyzz

    • cateye

      yea man!

  • DJohn1

    A paper currency’s main purpose is to allow commerce to occur.
    Let us say you have a checking account at the local bank.
    We deposit money, pay the bills with checks, then start over again.
    Well the Euro and the Dollar are the same thing as a check. Only the check is beginning to bounce for lack of funds.
    That is what happens when you print money.
    So the banks seek overdraft insurance so that the check bounces and a loan is given to pay for the check.
    Only the amount of the loan is now so big that no currency can pay it back.

    The whole idea is buy goods with a loan, then devalue the currency so it is only worth 50 cents on the dollar.
    Now this same currency bought a whole lot more in the way of weapons and war materials.
    When the loan comes due they either pay on the loan or they have no where else to go. So they pay back the loan on dollars worth half what it was when they overdrafted. On paper at least they are paying back the loan with freshly printed dollars that are now worth much less than when they bought with it.
    The reason there will be chaos is everyone is doing it.
    So when the overdraft comes due, they have nothing to pay it off with.
    That is when the banks get nervous and rightly so. That is why rich people that know the score have quietly gotten out over the last year or two.
    They knew the loan was due and there are no funds to pay it.
    That is why the Swiss backed off when they did. Precise timing on their part.
    WE have been fighting a war against several countries in the Middle East and the funds for that war have never really been tacked onto the taxes so that the money can be paid back.
    So they print more money to pay on the loan. The money is really worthless and the banks and the government both know it.
    Eventually the government will come down and give you 30-60 days to turn in all your money to the banks. They will then produce a new checking account with new currency. More likely than not the bank will give you one dollar for every ten that we turn in. The new currency will be touted as stable.
    Meantime everyone loses their financial stability.
    In time the same thing will happen all over again.

    • retired22

      It’s called extreme leverage.

  • Justme

    Why doesn’t anyone suggest prayer? Are we Faithless? Now that is something for us to worry about ! Michael your knowledge is awesome, but you know better ,tell the people how to REALLY put their soul to rest

    • Mike Smithy

      God already has a plan that he prophesied long ago. Although you may not like what the book of Revelation has to say, it’s God’s plan and no amount of praying is going to get him to change his mind. On the micro level, all you can really do is try to live an honorable and faithful existence and ask god to give you the power and strength to persevere. Asking God to change his plan on the macro level is folly.

      • Justme

        Jesus said he who faith as little as a mustard seed but believing ,shall say to this mountain move and it shall be moved ! Never say prayer won’t help at the very least it will help people who are exposed to these potential problems without resources . As far as Revelations goes… I’m honored to meet someone who has the ability to interpret so confidently what God has chosen to keep secret .

        • goldminer

          You are confusing Prayer with Faith. When you pray you are asking for divine intervention and showing your weakness.
          If you have Faith you are strong and can simply bend reality by your own will. Jesus tried to show us a way out of this mess but very few hear his words.
          Did not he say something like ” This is why I speak to them in parables: “Though seeing, they do not see; though hearing, they do not hear or understand.
          Salvation comes from within. Being one with the Lord. If you think Jesus is going to come out of some cloud with his host of angles to save your sorry AZZ. Good luck! Its up to you and me, Thru Faith, to save us.

    • A satirical piece I found which explains what is the best course of action:

      ———–

      There was once a man who constantly prayed that he would win the lottery, placing his trust in God to win it. He never did win anything. One fine day, after many years of praying to win the lottery, the man passed away in his sleep and ascended to Heaven. After some time, he found God and confronted Him over never having won the lottery.

      “God, why did I never win the lottery? I prayed and prayed everyday that I would do so.”

      “You idiot? Why didn’t you at least buy a ticket!” was the reply.

      ————

      To make a long story short – if you want God to help you you need to take the requisite steps yourself.

  • Robert

    Let me summarize the speech recently made to the congress and to America.

    “Life is a tale told by an idiot
    Full of storm and fury
    and signifying nothing.”

    Macbeth

  • Mike Smithy

    My Delorean time machine with the flux capacitor and I just returned from a trip 50 years into the future. While I was there, I came across the following Wikipedia posting.

    Quantitative Easing (QE): An archaic Keynesian term fabricated to mislead the uninformed populaces about the perils of unrestrained currency printing by central banks. Despite widespread signals, and an irrational fear of deflation, it pushed world central banks into an uncontrolled expansion of fiat currencies. This in turn caused massive economic problems to include market distortions and mal-investments that lead to continuous bubble cycles, which ultimately lead to the collapse of western Democracies and a catalyst for WW3. This further proved the level of incompetence and corruption inherently present in Socialist and Crony Capitalist political systems and the urgent need to arrest the banksters and rotten politicians. This in turn lead to a new economic enlightenment of how wealth is actually created backed by precious metal currencies.

    • Quantitative easing is nothing more than free money for banks, creating liquidity for them to create ten times that money or more and still have enough to clear daily transactions between themselves. Inflation is its long-term outcome and is disastrous for ordinary people who do not get to loan money into existence.

      I still cannot agree with precious metals. They create a very inelastic money supply and create financial deflation, which unlike technology-driven deflation is harmful because it negatively affects the serviceability of loans. Zero long-term inflation is an ideal neutral condition which does not disadvantage savers or borrowers relative to each other, and can be created with a sovereign Treasury-based money system.

      • Jack Listerio

        I just FLUXED-GASMED myself…………..

        • stroea

          yeah, well don’t do it too much, you’ll go blind.

  • James Hixson

    What is the dollar actually worth? It seems that everyone is trying to keep up with the dollar when we don’t even know what it is worth. I think it is worthless because it isn’t backed by anythng.

    • cateye

      It is backed by “faith”…that is it.

  • jakartaman

    All I can say is wow!
    Is this original or copied from another source?

  • Maneb

    We’re all turning into Japan! What a success! It’s the debt, stupid.

  • kathy k

    I am glad to see this way of posting again. I like to see people respond to each other directly.

  • rennipithicous

    This site censors badly.

  • GSOB

    The book of the revelation of Jesus Christ is not at all about the roman, catholic church.
    The great tribulation has already come and went.
    Christianity is the New Jerusalem coming down out of heaven from God to the earth and will transform sinners into Sons of God.
    The Church today is the Israel of God, based on faith and not on race.
    When Jesus Christ comes back, that’s it.
    Until He does, His kingdom will continue to expand and influence the world, all by His grace.
    He reigns now and believers reign with Him, … and as we seek out His will and His Kingdom and righteousness, things are added to us, all according to His plan.
    It’s the Master’s plan. It is a merciful act on His part that
    anyone of us can be save from our sins and His wrath.
    Even our good works are predestined, so that we may walk in them as new creatures in Christ Jesus.
    There is every reason to be optimistic. Not of this world per say – humanism, or the unregenerated man’s world.
    Dispensational theology, a 20 century false teaching which is very popular today in Christiandome, a grid of erroneous, unhealthy doctrines forced upon scripture – actually disarms – the church – of her calling to serve, which is to serve the King by applying His Word to every aspect of our lives, preach the Gospel.
    Most professing believers expect things to get worse before they get better,… according to dispensational theo…. and the late date of AD 90 or so, provided to believers of when John wrote the apocalypse is by far one of the best lies Satan that has spewed through many ‘teachers’ to convince the laity that Christians will be deliverd., raptured before TSHTF.
    Most can’t even site the 10 commandments in order….
    ‘because we are not under law but grace’ has been the unhealthy, twisted sentiment that is corrosive to the high calling of the victorious Christ and His Church.
    We are in the 1000 year Kingdom now. Satan has been bound by the person and work of Jesus,….. to undo the works of the devil and to give us the light.
    I am the way the truth and the life… noone come to the Father except through Him.
    The Revelation of Jesus Christ was written by John before the destruction of Jerusalem, telling of it’s pending doom before it happen.
    It has happened already!. No antichrist furher to come on the scene today. No future temple is required, believers are the temple and the earths’ is the Lord’s and we are His.
    We have been bought with a price, a high price…. the blood of the Lamb.
    Again, Christ reigns now and will continue to do so invisibly until He makes the last enemy – DEATH – go away forever.
    Those of us whom are ‘born again’ are part of the first resurrection,…..
    Stay focused on the commission given to us by the King.
    Not on escapism or disengageing from the decay world.
    We have the answers, the Word and the Spirit!
    So when you pray, to it in this framework….
    ‘Thy Kingdom come and thy will be done on ERATH as it is in heaven.’
    Man shall not live on bread alone but by every Word that proceeds out from the mouth of God.
    Use the Bible to interpret the Bible and not the news paper.
    If we would just realize, try to understand… that all we need has been given to us by a loving, merciful and faithful God.
    Faith Hope and Love remains until He comes back….and His coming back probably will still be awhile…..
    Come Lord Jesus. Be filled with the Spirit. He is with us now by His Spirit and will continue to be with us until He says it’s time.
    Things will get better, better and better overall, despite the calamitous stock market type of it…. the Kingdom of is like yeast and will spread and more people will be praising Him.
    He is Faithful.

    • Ian Beattie

      Preterism? I respectfully disagree. I do not believe we have seen the end times Tribulation yet…What about the seals and the trumpets? The revelation of the Antichrist? The stinging locusts? A third part of the sea becoming blood? We haven’t even seen the worst of it yet….

      “Beloved, do not believe every spirit, but test the spirits to see
      whether they are from God, for many false prophets have gone out into
      the world.”
      1 John 4:1 (ESV)

      • A third part of the sea becoming blood? What with all the oil spills, collapse of fisheries, trash islands in the Pacific, ocean acidification from our relentless carbon pumping, etc.

        From what I’ve seen we are bringing the end times upon ourselves.

        • GSOB

          What verses are you referring to?

      • GSOB

        Antichrist is a term used by John describing the apostasy of the Christian Church prior to the Fall of Jerusalem.

        The great apostasy happened in the first century.

        No reason to expect increasing apostasy as history progresses.

        We should expect the increasing Christianization of the world.

        The Book of Revelation is not to be interpreted ‘futuristically’ because for its first century readers, the time was ‘at hand’.

        The eschatology of dominion is the historic position of the Church.

        What about the trumpets and seals? You asked…. what are you asking… what verses?

        Also, stinging locust? What verse are you referring to?

        Thanks.

        • Ian Beattie

          Google “preterist” and “seven seals trumpets.” Read the pages by “gotquestions.” If you’re really interested in my opinion. I tried posting the links in the reply but got flagged.

  • stroea

    Remember all the talk about the year 2000? Many were “preparing” for that year,. too.. Nothing happened. Some of the folks who spoke out about Y2K are talking about “prepping” to this day. Nothing happened then, nothing will happen to the economy now>

    • Orange Jean

      You never know what is coming down the line for you personally… and prepping can help with that also.

      Back in 1974 I was living in Maine, quit my job (due to sexual harassment from my boss, which wasn’t considered sexual harassment back then so nothing I could do about it but quit). I then spent a year looking for another with no luck and it wasn’t easy because I had a child and no car. But during that year I managed to survive on a combination of welfare (horrible, but I had a child to raise) … a grand total of $95 a month (no housing assistance, food stamps or surplus food then or in that state). It was my food storage that kept us alive… along with scratching up mussels and seaweed on the shore! With no car, difficult to figure out what to do.

      Eventually I had a friend who was moving to another state and offered to take us with her so I got out and found a job elsewhere.

  • Dave of OK

    I just wonder what the Germans are now planning behind closed doors. When the euro collapses they know there will be rioting throughout the Union. In the name of bringing order to the Union the German Army will move into the various countries to take control. In a few weeks the Germans will have accomplished what the two World Wars could not without firing a shot. Very cleaver. Maybe this is why they never agreed to more than a monetary union without united sovereignty and debt control. Maybe this was all planned in the closing days of the last war by the general staff. As Colonel Klink would say, “Ver-r-ry Interesting!”

    • Mike Smithy

      At present, Germany does not have much in the way of a viable military force. More importantly, I suspect that Germany is a reluctant participant in the EU QE charade and in exchange for their cooperation, they have been allowed to repatriate their gold. This might explain how they recently managed to to get a large amount of gold that allegedly came out of the NY Fed vault.

  • John E

    In 2004 at the end of my MBA program the global economics professor made a statement. He said, ” if you get nothing else from this class remember this, the European Union and Euro will collapse in ten years.”

    It has come to pass and exactly on schedule. The fact that central banks have been keeping the patient alive with transfusions of funny money, has not changed that prediction one iota. The European Union and Euro as envisioned proposed by its globalist founders is already dead.

  • CharlesH

    I’ve read the comments on here. Anyone who actually wants, desires for the U.S. government to collapse along with our entire economy is a certifiable idiot. THINK!

  • Simon

    The EU QE will now kick the can down the road for 2 years. The bubbles will continue to grow over these next 2 years but no collapse in 2015 or 2016. When the system does collapse though, it will be nasty!

  • jhowell882

    so what is all this printed money backed by? by someones good word? by IOU’s? if there is nothing backing it(gold, silver, etc) then it’s a house of cards. just like the dollar.. next up a world war( god i hope not)

    at some point you might be able to trade your euro for geraniums. :)

    • Gold and silver are nothing more than financial assets themselves that serve very little industrial purpose relative to the amount they are bought. The reason for inflation is that most money is created as debt by private banks; interest on that debt can only be paid with ever-more money (debt).

      Currency should be unbacked in order to elastically meet the demands of the economy. If the economy expands, new money can be created to maintain prices at their existing levels. In case of a contraction, existing money can be taxed and wiped from existence. Overall price levels would remain stable.

  • Mike Adams

    That’s you my friend.

  • dux

    x22 report must listen daily

  • john

    M Sandler is spot on, it seems to me we have now all the ingredients for a next crisis now that I predict for August-September 2015 and this crisis won’t be a small crisis like 2001, but something big. very big. WW3?

  • chilller

    At least if we printed the money…we’d put it to good use…

  • Jorge Vasquez

    I hate to say this, but QE is deflationary, not inflationary.

  • Sandbagger

    “If it does break up, the elite of Europe will probably try to put it
    back together in some sort of new configuration, but the damage will
    already have been done.”

    I think the elite are behind this break up (and of the eventual break up of all currencies) in order to bring in a cashless society.

    Pastor Lindsey Williams said years ago that when you see the Euro fail, the dollar has maybe two weeks until it collapses.

    Get your gold and silver. It’s obvious since countries the world over are stockpiling and “asking for the U.S. to send back their gold” that is the ONLY real money.

  • goldminer

    Sure seems strange to me that a few days after de-pegging the franc from the euro the Swiss announce that the Swiss National Bank in Zurich announced It will be a Renminbi (Yuan) . Switzerland’s status as a “renminbi hub“ will give Swiss commercial traders the ability to make and clear direct trades with their Chinese counterparts in China. Seems like the Swiss got out while the getting was good.
    If there is one thing the Swiss Know about, its Gold. China most likely has the largest gold reserves on the planet.
    The Swiss do what is good for the Swiss.
    To quote a great Wizard ” Strange things are afoot.”

  • krinks

    A charismatic leader who solves the world’s economic problem while simultaneously helping to repel a Russian/Islamic invasion of Israel that will result on the world following him as God is slowly falling into place.
    The world’s economies must all collapse at once and Israel must undercut Arab Oil through fracking for this to all fall into place perfectly.

    • What does this even mean?

      • jakartaman

        a progressive atheist would not understand

        • I’m not an atheist or progressive.

          • jakartaman

            I guess just stupid – my apology

  • The Euro is another debt-backed currency just like the US dollar, Chinese yuan, Pound Sterling, etc. Nearly every euro is a creation of private banks, created out of thin air when banks lend money they don’t have.

    The only way to keep pace with the interest payments on this money is to perpetually create more money, which must be paid back using future loans. This creates not only inflation, but more debt in an ever-rising vicious cycle that addicts us to perpetual growth. That right there is the mechanism by which bankers and their friends the industrialists enslave us.

    In the long run we need to have a single debt-free currency for international trade, coupled with debt-free national currencies for local transactions. All free and democratic nations should be invited to participate in such a system.

  • Southernfink

    Complex problem requires simple solution.

    Tax the financial elite — properly — be sure not to borrow from them again.

  • steve

    I agree that war is coming, or is technically already here. It looks like it will be set on familiar grounds as well: Europe, Middle East, and North Africa. Maybe even SE Asia. I also believe the U.S. wIll not escape its horrors this time around.

  • PSA

    I could say that you would never return and see the worst very soon because you’re cursed. Go and continue hitting and taking on the muslims in your country as much as you can.

  • jakartaman

    Rumor has it that the pentagon has been requested to draw up plans for a attack on Israel. – just kid din but whih our Muslim leader its possible

  • Rsonist

    Brother I’m from Banana Republic of Kosovo,hell is set to break loose,we had a riot 2 days ago,another very big one is going to happen in wednsday,they want to sell Trepca mine,it’s the 5th largest lignite mine in the world,damn hypocrite politicians are trying to sell all states valuable assets,it sucks man.
    Back in the days when my father was alive may he rest in peace,he always talked to me about Slovenia,he loved the country,what happend now ?!

    • Evil_shadow

      demoralized people who lost all hope in beter future , that happened :( .Misleading and lying govt officials, orruption and greed nailed last nail in coffin.Im doing my best to inspire people to fight for our rights, for our cultural and moral legacy, but as you know well it can be near to impossible to do that sometimes. Good luck my fiend, take care ;).

      • Rsonist

        identically the same here,people are moving from the country like hell,almost 100k in just the last 2 months

  • Rene Von Rentzell

    Isn´t it ironic that the politicians and bankers are now touting the merit of a falling Euro…. the same people that kept telling us that taking away the option to devalue their currencies from the PIIG countries by locking them into the Euro did not matter, because exchange rates don´t matter? So now, they admit exchange rates matter… except where deflating the currency is essentially important (e.g. Greek currency vs German currency) it is impossible within this system, no matter how much they trash the Euro. Geniuses…

  • Carl

    Mind you, it isn’t our government that’s printing money. It’s the federal reserve bank, which is in no way federal, has no reserves and really isn’t a bank. It’s a global group of “banksters” who care nothing about national sovereignty, including ours. End the fed!

  • Rsonist

    it’s bad man,i hope i’m wrong butI think this is going to go from bad to worse,greed is killing humanity,inequality,and the inner desire to be more powerful,damn..
    No matter of religion,race,country etc etc..,I think we all must stand together and we shall not divide against evil !
    I hope the war will end soon there,peace brother !

  • gr8risrael

    And yet, there are still those that loudly disclaim the existence of the “New World Order”. Perhaps more will see how the President of the U.S.A. is working hand-in-glove with the European countries to “level the playing field, reduce the world population and establish one world government.

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