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European Banks Have Their Worst Two Day Stretch EVER As The Global Financial Crisis Intensifies

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Stock Exchange Trading Floor - Public DomainOver the last two trading days, European banks have lost 23 percent of their value.  Let that number sink it for a bit.  In just a two day stretch, nearly a quarter of the value of all European banks has been wiped out.  I warned you that the Brexit vote “could change everything“, and that is precisely what has happened.  Meanwhile, the Dow was down another 260 points on Monday as U.S. markets continue to be shaken as well.  Overall, approximately three trillion dollars of global stock market wealth has been lost over the last two trading days.  That is an all-time record, and any doubt that we have entered a new global financial crisis has now been completely eliminated.

But of course the biggest news on Monday was what happened to European banks.  The Brexit vote has caused financial carnage for those institutions unlike anything that we have ever seen before.  Just check out this chart from Zero Hedge

European Banking Crash - Zero Hedge

I knew that things would be bad if the UK voted to leave the European Union, but I didn’t know that they would be this bad.

Prior to all of this, a whole bunch of “too big to fail” banks all over Europe were already in the process of imploding, and now this chaotic financial environment may push several of them into full-blown collapse mode simultaneously.  Just consider the following commentary from Wolf Richter

Healthy big banks would get over Brexit and the political turmoil it is spawning, particularly non-UK banks. But there are no healthy big banks in Europe. And non-UK banks are crashing just as hard, and some harder. This is about a banking crisis morphing into a financial crisis.

These bank stocks got crushed on Friday. And they got crushed again today. Italian banks have been reduced to penny stocks. Spanish banks are getting closer. Commerzbank, Germany’s second largest bank, and still partially owned by the German government as a consequence of the last bailout, is well on the way.

One institution that I have been warning about for months is German banking giant Deutsche Bank.  On Monday, their stock fell another 5.77 percent to a fresh all-time closing low of 13.87.  I have been convinced that Deutsche Bank is going to zero for a long time, but these days it seems in quite a hurry to get there.

Of course Deutsche Bank is far from alone.  The following are other “too big to fail” European banks that have lost at least one-fifth of their value over the past two trading days…

-Barclays
-Royal Bank of Scotland
-Lloyds Banking Group
-Credit Suisse
-BNP Paribas
-Societe Generale
-UniCredit
-Intesa SanPaolo
-Banca Monte dei Paschi di Siena
-Banco Santander
-CaixaBank

This is what a full-blown financial crisis looks like, and U.S. banks have been getting hit very hard too

The Brexit contagion is spreading as USD liquidity and counterparty risk in the interconnected global financial system has reached US banks with Goldman at 3 year lows and BofA and Citi plunging over 12%. This happens just two days after the Fed released its latest stress test results finding that none of the 33 banks tested would need additional capital in case of a “severe” financial crisis. That conclusion may be tested soon.

Meanwhile, the British pound continues to get absolutely pummeled.  As I write this, the GBP/USD is down to 1.32, and some are now warning that the British pound may hit parity with the U.S. dollar by the end of the year.

One of the reasons why I expect the British pound to continue to tumble is because the global elite have to show the British people that they made the wrong decision, and they need to scare off any other countries that would consider holding similar votes.

So it was no surprise that the elite had two of their major credit rating agencies downgrade the UK on Monday

Two major rating agencies downgraded the United Kingdom’s credit rating on Monday.

S&P Global Ratings lowered the UK to AA from AAA, with a “negative” outlook. And, Fitch cut its rating to AA from AA+, with a negative outlook as well.

And as I mentioned yesterday, Bank of America and Goldman Sachs have already projected that the UK economy is heading into recession.

As much economic and financial pain as possible will be inflicted upon the British people, and meanwhile they will be bombarded by mainstream news stories telling them that they made a stupid decision.

Hopefully the British people will stand strong and will not give in to the pressure.

But of course it isn’t just the British people that will be feeling the pain.  The Brexit vote has sent shockwaves all over the planet, and global investors are losing tremendous amounts of money.  For instance, here in the United States approximately 1.3 trillion dollars of stock market wealth has been wiped out so far…

Brexit isn’t just a European problem after all. The United Kingdom’s decision to quit the European Union is costing U.S. investors a pretty penny.

U.S.-based companies in the broad Russell 3000, including online advertising company Alphabet (GOOGL), software maker Microsoft (MSFT) and global bank JPMorgan Chase (JPM), have suffered a collective loss of $1.3 trillion since Friday’s shocker from the United Kingdom, according to a USA TODAY analysis of data from S&P Global Market Intelligence.

Hopefully tomorrow will be better.  It is very rare for global financial markets to crash for three days in a row, but it could happen.  More likely, however, is that we will see some kind of temporary bounce as long as some really negative event doesn’t hit the news.

But let there be no doubt about what has just happened.  The collapse of Lehman Brothers was the “trigger event” that really accelerated the crisis of 2008, and now it appears as though the Brexit vote will be the “trigger event” that greatly accelerates the crisis of 2016.

Global investors had already lost trillions over the past 12 months, and a full-blown financial implosion was going to happen no matter how the vote turned out, but thanks to British voters the fun and games have arrived early.

Unfortunately, only a very small fraction of the population understands just how bad things are going to get in the months ahead…

 
  • Bob

    Hi Michael:
    Another grand article! You have written excellent articles in the past about the middle class going away and how so many people experience poverty in this depression crisis. Can you write an excellent article about the end point of this economic lunacy–HOMELESSNESS? I saw a middle class, 30 year old, clean looking man today on a busy street corner carrying a sign stating “LAID OFF” “DOWN AND OUT” “DESPERATE” “WILL WORK FOR FOOD”.

    With alarming and increasing numbers of homeless people, soon the streets will crowd with Hoovervilles (should I say Obamavilles?). Write one splendid article showing readers how homelessness represents the horrible end point of many months and years of economic abuse and exploitation.

    • Jacynthia Read

      I’ve seen that, too.

      • jack nichols

        more rubbish

        • Jacynthia Read

          Ever more rubbish.

          • Jack

            Rubbish trash garbage and stuff

        • Paul Patriot

          Wow, please get help! One thing we all share is we never can be sure when we will die, we also can never say that we will never get sick…..we can also say, we will never be homeless……be careful about throwing your careless, sarcastic comments around, life may throw you a series of curveball and you could easily end up homeless.

          • jack nichols

            I regularly purchase food for homeless folk when I see them at the corner. they are always happy to get it. I usually get them fast food and a coke. I have been down on my luck and understand the plight of the homeless. I have never had one throw it back at me, that’s why I said rubbish

          • Joseph Vanchieri

            Absolutely. I refuse to give them money but a meal or coat, necessities. No on that hasn’t been there has a right to condemn these unfortunate people. Charity is a good way to make it to heaven. So help these poor people!

          • jack nichols

            drop dead fool, who are you to school me?

      • Mike Smithy

        I have witnessed the same thing. The only difference is the guy I saw drove away in a Cadillac Escalade.

        • Jacynthia Read

          What I saw was no a scam. It was real. Lots of people are finding themselves homeless.

    • MichaelfromTheEconomicCollapse

      If you could have gotten a photo of that I would have loved to use it in one of my articles. 🙂

      • GSOB

        ‘Let that number sink it for a bit’
        typo
        yet still a spot on article

    • Robert

      I never know if that sort of thing is legit or not. I give to good charities but not to street panhandlers. Friend where I lived tailed one several years back. Guy walked several blocks and drove off in a Mercedes. Hmmmmm.

      • jack nichols

        Rubbish

      • Survivor Kitty

        May I suggest you check out the “good” charities before you give to them. You will be shocked how most of the “good” charities dice up their money pie. I wouldn’t recommend giving panhandlers money. How about a new pair of socks and shoes? Or take them to a motel and let them take a shower and sleep in a bed for one night. I live in Colorado. Every year homeless are found frozen to death. And many lose parts or whole limbs due to frost bite. God judges us according to the motives of our hearts. Give from your heart, not your wallet. It’s not your money anyway…it’s the Lord’s. Unless you don’t believe in Him. He believes in you. Love one another.

        • Daddyotis

          Salvation Army’s a good outfit. I give to them often.

          • Lennie Pike

            They are the only charity that I give to and trust 100%.

      • Mike

        I had a guy last week while I was driving through Reno ask for $5.50 for some medication he said he needed. I gave him $5 and more importantly I gave him the gospel.

        • sistersoldier

          “Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.”

          • Mr. Jameson

            Wrong!!! It’s give a man a fish, feed him for a day. Teach a man to fish, and he will be arrested for illegal fishing.

          • Lennie Pike

            In Houston it’s illegal to feed the homeless so it’s just like illegal fishing – you will be arrested – that is unless you refuse to be arrested – then they will shoot and kill you.

        • SnohtBlossom

          The money was a lot more important.

        • Preacher62

          Amen, because without the Gospel, the 5 bucks was wasted.

          • ???

            really??? That’s your response? I thought judgement was to be left to your god, not you? You are just a man like every other man walking the face of this earth. You are no better than anyone else…simply because you believe you are better does not make it so. The problems riddling this world have been created by man…plain and simple. You say god created man? well that was a huge mistake on his/her/it’s part because man is hugely infallible and you would think that your god could do so much better. But no… mankind can suffer in order to prove they are worthy of a better afterlife…PULEEEEEEEZE!!! It’s all smoke and mirrors in order to indoctrinate millions of people into being docile and doing as they are told. If you CHOOSE to be a good person in this life simply because you feel innately that it is the right thing to do, then this speaks volumes for your character as a human being; rather that being told what is right and wrong and the reason for doing right is because it’s what your god wants. All I can do is shake my head at the ignorance of your judgemental comment!!!

          • Preacher62

            Apart from God, man is incapable of doing good. Feeding the hungry or whatever good work one might do is wasted if the one you help dies still in their sin. God created man for his own glory, not for man’s and God will be glorified regardless of your choices either way. If he saves you, he will be glorified for his mercy as none are worthy of saving. If he casts you into Hell then he will be glorified in his righteousness and justice. Repent and believe the Gospel and you may yet be saved.

      • Daddyotis

        Yeah, I never give $$ to cardboard-sign-carrying homeless people. They’ll almost certainly spend it on drugs/alcohol. Believe me, in my younger days I was part of that whole contingent…and that is exactly what we did with any $$$ gained this way (while demonizing those who had the audacity to suggest we were not spending it on food…. We weren’t). Nowadays I keep a case of Pringles minis and a case of bottled water in my truck, and hand one of each to any homeless dude waiting with a sign at an intersection. Many are appreciative, but many are also “offended” that they’re not getting cash money. I’ve even had them thrown back in my face before! Homeless snobs…now I’ve seen it all! 😀

    • Survivor Kitty

      Thanks Bob. Most people forget about the homeless. Not all homeless don’t want to work. It’s that they can’t find any. Many are disabled and or elderly. And many are vets. Most food pantries and even church shelves are already running on empty. Try paying $750.00 a month for rent when you only receive $733.00 a month social security. I won’t go on a full blown rant, but we need to remember these are human beings we’re talking about…not stray dogs. Hell, even stray dogs that are taken in by Humane Societies are treated better than the homeless. I see where I live how the poor, disabled and elderly are exploited. It’s an I, me, mine world. No one cares. Two people in this apartment complex where I’m stuck have been found dead the last 2 years. They found them because of the smell. They had been dead about 3 days. God help us all. Take care. IMHO…it’s just begun. SMH

    • Steeve Girard

      Wait until 2030… we will say today was part of the good old days.

  • Guest

    Today Alan Greenspan was interviewed by Bloomberg, and he stated that we’re in the early stages of a crisis that has a long way to go.

    Considering he’s 90 years old he might as well tell the truth since he won’t be around much longer.

    • Bob

      Early stages? What we see today represents the END STAGES of the economic crisis. Once the dollar starts losing value as a reserve currency, make sure your garden has enough food to store for a year.

  • Bill

    Turmoil, whether financial or political is the coming nemesis of America and without leadership now or in 6 months, turmoil will be a way of life for years to come. Unless we #DEFEATtheELITE and find real leadership.

    • Jacynthia Read

      Yes, we’ve got to do that. This is our last chance, if it is not too late already.

      • Tick Tock

        It’s not.

  • K

    While all the economic news is going on. Quiet talks of forming a pan european military are back. Already Holland has put part of their army under German command. And Germany has moved their sea battalion, under the command of the Dutch navy. Not a really big move. But this is what we know about. No telling how much more is going on, behind the scenes. Decision made earlier this year.

    • Hector Zampaion

      Who cares if the markets are collapsing?
      Do you have money invested in the markets?
      If the answer is NO then you should not give a damn to the fearporning.

      • Here we go

        Oh sweet Mr.Hector I see that you think you are unaffected because you don’t own stocks.There are those who wish to be deceived who am I to deny their wishes.

        • Konkolon

          Do you know what an economic collapse is all about?
          Americans DO NOT have a single clue of whay a real economic disruption is all about and millions will foolishly perish as a result of their idiocy…and guns, ammo, gold or silver won’t do any good to you during these extraordinary times.

          • Here we go

            That is the message i was getting at.Mr Hector thinks because he doesn’t own stocks that it doesn’t matter.I think some Mericans do know.Not every closed eye is sleeping and not every open eye is awake.Seems you missed my whole point Konkolon

          • jakartaman

            Hey here is some more fodder for the Fema Camps – sheep!

      • Robert

        There are people whose pension health is market dependent. They may not directly own shares but they are affected.

        • Konkolon

          Tough luck…those pensioners should have never allowed their retirement savings being invested in a casino called the stock market: they gambled and lose…thus no sympathy for those people

          • K

            James 2:13 For the man who has had no mercy will be judged without mercy, but mercy takes pride in overcoming judging.

          • Konkolon

            In times of economic upheaval placing your hopes on a book of astrology like the “Holy Bible” won’t give any sense of real security…is just like doing drugs: you feel relief, relaxation and peace but when effects are over your system starts to panick while demanding a higher dosage.

          • K

            God gave you free will. So you can believe whatever you like. But I assure you,the day will come. When you will wish you had used more wisdom, and less arrogance.

          • sistersoldier

            Well said!

          • SnohtBlossom

            There is no god

          • Mike

            You have no idea what is written in the Bible. Which you made even more evident by calling it a book of astrology when astrology is condemned in the Bible.

          • Steeve Girard

            Yes I do, sex, drugs and dominance.

          • sistersoldier

            The Bible is not astrology. It is the infallible and inerrant Word of God. There is no other publication that compares to its accuracy. It is history, prophecy, future and life to those who are perishing.

          • SnohtBlossom

            it is not astrology. It is fairytale.

          • Preacher62

            What if you’re wrong?

          • SnohtBlossom

            I’m not

          • Preacher62

            You exist which is proof that you are wrong.

          • algol2000

            The bible was written by men with agenda. And is still being revised by men with agenda. Yes there are truths contained therein, but 70% of the new testament is falsehood engineered by the ruling powers to lead the people astray. Focus on Jesus and his words. These are what is important. Pauline gospel is a dead end.

          • sistersoldier

            How can you know what Jesus said if you don’t believe in His word? Which is the Bible.

            First Peter 1:25 says: “But the word of the Lord endures for ever. And this is the Word which by the gospel is preached unto you.” No book has ever had as much opposition as the holy Bible. Mankind has laughed at it,
            scorned it, burned it, ridiculed it, and made laws against it and yet it remains til this day. The infallible and inerrant Word of God has survived.

            Even without the book the Word of God cannot be denied but the Bible is the only validated source of that word. The message of the cross is still the same even if you take away the book but it is a lamp post to your feet and I am not sure what other doctrine you would adhere to if not the gospel of Jesus Christ written by His apostles, prophets and scribes.

            You are free to read what you want but if its not the Bible then in all likelihood its a doctrine of demons.

          • algol2000

            Jesus is the truth, the way and the life. If you live the life, you will experience the truth, and the truth shall set you free. The truth, that is Jesus, is a universal truth, also spoken of by the “bible” as it were. But it is better to experience this truth. Only faith can bring about the experiencing of the truth. And faith is obedience to commandments.

            Action and reaction are equal and opposite. We try something out to gauge the reaction, and if it is pleasant, we hold on to it. This is the only way to find the truth.

            Not all that is written in the bible is false, but the gopel of and by Saul of Tarsus, who renamed himself Paul to hide his past, is full of outright contradictions and lies in complete opposition to the instructions of Jesus.

            I have tried the Pauline lies, and I find them empty, only shackling you to “pastors” and “reverends” who fleece you and keep you in a perpetual state of servitude.

            But I found the truth. Only the words of Jesus is life. Only the commandments of Jesus are sufficient for this life. I found the truth and I have wonderful experiences to show for it.

          • sistersoldier

            How can you find the truth without the truth? If you choose to believe that the Bible is not the actual Word of God then you are free to do as you wish. It is my sword and I will not deny its doctrine in any way, shape or form.

          • algol2000

            The truth is experienced. The bible is only a pointer.

          • CK

            I’ll like to know more about what you say. What do you mean by saying that you’ve wonderful experiences with jesus. Please share more about your experiences. Can you give concrete examples?

          • algol2000

            I have mainly examples of miraculous provisions, out of nowhere, just at the right moment, even in places I was not thinking about. In all these cases, it just so happened to be along my line of work. Once, a friend I hadn’t spoken to in a long time had a dream about me and offered to give me some money, just when I was going broke ( contacted him for that one but he confirmed that he was going to call me before I did).

            I have been through accidents. Someone just appears out of nowhere to help. First time, to tow the car; it was a policeman. Not a dime demanded (they are very corrupt over here). Second time, the car tumbled, damaging the roof, and a complete stranger drove it home for me from a distance of about 100km. And disappeared, after the act, I couldn’t even reach him on the number he gave me.

            These encounters are not coincidences. At the right moment, these things always happen, more than 10 times at my last count.

            I have therefore learned to simply concentrate on obeying the commandments. Everything else will fall into its rightful place. For God knows our needs.

          • CK

            Thanks mate but I must say that what you’ve talked about so far really wouldn’t satisfy a seeking heart. The experiences of your friends or strangers helping you out every now and then wouldn’t classify as experiences with jesus, especially for one with a seeking and open heart. Could you provide solid examples of your direct experiences with jesus, perhaps through some form of direct revelations, visions or other means?

          • algol2000

            I think you are looking beyond what is permitted by law. Yes I have dreams of things to happen ahead of time. No I do not have visions about Jesus. If that is what you are asking about.

            Jesus did not come to be the center of attention. He came to show us the way to live, so that we may experience the fullness of God on this earth. God is the center of attention not Jesus. And miraculous interventions point to the fact. Besides, I do not buy into that “Jesus Vision” thing. Jesus does not operate like that, for he has said, when he comes, all eyes shall see him. He means every word!

          • CK

            From what you have been saying, I can tell that you’re following a false Christ. You’ve been deceived by demons who have deceived you into following a false Christ. The Word of God tells us to test every spirit because many false prophets have gone into the world. It is only satan that calls the Word of God a lie like he did in the garden of Eden like you’ve been doing so it is quite definite that you’ve been deceived by demons. May the good Lord in his mercies deliver you amen. I know the truth is bitter but it must be said.

          • algol2000

            What IS the Word of God? Look at the back of your bible to see the name of the publisher. And answer me truthfully, does it say “God”? If God did not publish the bible that you hold in your hand, how then is it the word of god?

            The bible that you hold in your hand is sourced from different documents. It contains both truth and error, both intentional and unintentional. It is the word of God and I doubt if you will recognize it in its present form in 2030!

            In order to get the truth, you will need to weigh the evidence of witnesses. Paul witnesses of himself through Luke, but Jesus is witnessed by about 4 gospels. This is how you know the truth! Also when you consider it and try it out. Action and reaction are equal and opposite. Gold is expensive because it is scarce! Do you think that the powers that be will allow the truth to be freely accessible for your plucking? You have to dig to find it.

            Ah, well, they called Jesus a devil, why should I even argue with you?

          • CK

            “What we have received is not the spirit of the world, but the Spirit who is from God, so that we may understand what God has freely given us” 1 Cor2:12. God has freely given us His word contained in the bible for the benefit of His children

            Knowing this first, that no prophecy of the scripture is of any private interpretation. For the prophecy came not in old time by the will of man: but holy men of God spake as they were moved by the Holy Ghost 2 Peter 1:20-21

            The Spirit of God spoke through His holy prophets and apostles including apostle Paul, so you are in effect calling the Holy Spirit a liar. That is the work of satan. He has always been a liar and the father of it so without a shadow of doubt, I know that he speaks through you and that you’ve been having fellowship with demons. There are many false christs and you’re following one of them.

          • algol2000

            I have told you that Paul is a false prophet and you are still quoting him to me. We agree on Jesus, why not quote Jesus?

            Forget Paul. Tell me what Jesus has to say about the same issues. I want us to focus ONLY on Jesus.

            If you quote Paul again, I will not reply.

          • CK

            Yet again you’re very wrong. We don’t agree on your “jesus”. I explicitly explained to you that you’re following a false Christ and you still come back to say that we agree on Jesus? You couldn’t be more wrong. I have absolutely nothing to do with your “jesus”

            “But I fear, lest somehow, as the serpent deceived Eve by his craftiness, so your minds may be corrupted from the simplicity that is in Christ. 4 For if he who comes preaches another Jesus whom we have not preached, or if you receive a different spirit which you have not received, or a different gospel which you have not accepted—you may well put up with it!” 2 Cor 11:3-4

            In your case you’ve put up with another “jesus” which is nothing but a demon in disguise out to deceive you.

            And no wonder! For Satan himself transforms himself into an angel of light. 2 Cor 11:14

          • algol2000

            You will not agree because the Jesus speaking in the four gospels exposes your Paul for who he really is.

            If you will not quote Jesus “whom Paul preached”,then we have nothing in common. Good bye and take your Paul with you.

          • CK

            My Jesus whom Paul preached personally called Paul as an Apostle in Acts 9 and warned us that false christs will come out to deceive. A good example is the “jesus” that you worship. I’ll agree with you on one thing though. We have nothing in common. Absolutely nothing at all. You can stick to the false christ you’re following.

          • olde reb

            Oh good grief. And the world is flat, and the earth is the center of the universe, and the earth was created in 4856 B.C. on a clear spring day, and Noah built a boat 300 feet long without a saw or nails, aw, what the heck.

          • sistersoldier

            “Now Zillah also gave birth to Tubal-Cain, who heated metal and shaped all kinds of tools made of bronze and iron. The sister of Tubal-Cain was Naamah. ” Genesis 4:22 NET Bible, emphasis mine.

            Noah and his sons did have tools. Noah had three sons when he was 500 (Japheth), 502 (Shem) and probably 504 years old (Ham).

            The deluge came when Noah was 600 years old, so his sons were all adults, in their late 90’s. The work may have taken decades.

            After all, who told you that God was not able to miraculously make the ark secure with the pitch or tar to hold it together? If you assume that an almighty being exists, then you cannot impose limits on His power.

          • Jerry C

            Astrology is strictly forbidden in the Holy Bible. You. Are. Clueless. Try studying the God-breathed book more & get a clue.

          • Preacher62

            Our hopes, (those of like minded faith) are not based entirely on the Holy Bible but rather the promises written therein by the creator of all that is. Yes, you are correct, a book is just a book; UNLESS that book is accompanied by the spirit of God which breathed every word. Those effects are never over. Repent and believe the Gospel and you too can have hope.

          • Steeve Girard

            Mercy was never a right humans had. Each act of turning a cheek away, caused a weakness, and weak people are never rewarded by Nature.

          • algol2000

            Turning the cheek away is not weekness, because the battle is not yours. Men do not know how to fight to win. But God knows.

          • Jacynthia Read

            Some things people have no control over, but you know that. You just want to create drama for the sake of drama. Have fun.

          • SnohtBlossom

            Go away Jacynthia

          • Preacher62

            Job 40:8
            “Will you really annul My judgment? Will you condemn Me that you may be justified?

          • Jacynthia Read

            Ah, Snotty, how nice to see your beautiful face today. Have fun.

          • sistersoldier

            Some employers do not allow choice of pension plans. In those cases there is only one plan and its take it or leave it. If the employer, such as (a) state retirement system, fully funds your pension and it is in a guaranteed fund which denies access until separation of employment then you are exposed to the market.

          • algol2000

            The problem with people is that they put their hope in government. Never put your hope in another man. Men fail. Only God cannot fail.

          • sistersoldier

            That may be a problem for some but it is not a problem “for” me.

            “Now I know that the LORD saves His anointed; He will answer him from His holy heaven With the saving strength of His right hand. Some boast in chariots and some in horses, But we will boast in the name of the LORD, our God.”

        • sistersoldier

          I agree.

      • Brian

        Have you ever heard of the Great Depression? If the Global Financial Crises continues we could be facing the Second Great Depression!

        • Konkolon

          So?
          Have you taken precautionary measures?
          If not, then better start learning to live within your means.

          • Steeve Girard

            That is exactly what we must do. Live in our means.

        • Jack Frost

          We have been in the Second Great Depression since early 2008, seasonally adjusted BLS baloney and FED finagling not withstanding. Hey, hospitals could avoid many lawsuits by keeping many dead patients alive if they followed a similar path and made the monitors always beep and display a rhythm wave regardless of actual input.

        • Jerry C

          Great Depression 2.0 is already here. It’s even worse without our 75% manufacturing base we had in the 1930s.

  • MIchael in Chicago

    Having a Bear Sterns moment might just be a good thing. Central Planners/ Bankers can now have the time to put the pilots and equipment into place to ready the helicopters. The printing presses can be oiled and properly stocked to ready the 4-5 trillion USD necessary for the first drop. BOJ and the European Central Bank can also get the helicopter money ready for take off and distribution. Afterall, history has proven that these airdrops are not effective once the recession officially begins. Further more rate hikes in America can finally go negative indefinitely. Like the BOJ, the EU and US Fed can continue to buy stocks, bonds and everything but gold to keep the illusion of everything is awesome going. Banks can layoff tens of thousands of more people and do one last stock buy back. Anyway. Be seeing some of you looking for food out of the dumpster over the next few years. In my area that has already begun.

    • Steeve Girard

      I only agree with the part we need another Bear Sterns, Lehman moment.

  • greanfinisher .

    “It is very rare for global financial markets to crash for three days in a row, but it could happen”.

    Well, Deutsche Bank could fail overnight. If that occurred, I’m not sure that the Dow could even locate a bottom at the opening bell.

  • F Walker2016

    Rare for markets to CRASH three days in a row = ROFLMAO.

    Crash – is defined as a 30% decline.
    Three days in a row x 30% = 90% decline. Roflmao
    That sure would be rare.
    Correction = 10% decline
    Pull back = 3-6% decline.

    These terms have existed and been defined for centuries yet unknown to the author. Get a clue.

    • Creepy Pedro

      Hey walker…..We all know where this is headed. Lets Just declare martial law, ban the guns, collapse the dollar, chip us, and usher in the NWO already. This waiting sucks 😉

      • greanfinisher .

        Be patient as martial law will arrive soon enough.

        • Steeve Girard

          Yep, but it will be civil war after that declaration.

          • mtntrek3

            I hear you on the arrest of the cronies…….. but, we know that won’t happen. They’ll be in their safe place as they are now in earthly terms. They won’t be out in public when all hell breaks loose in the country. I’m quite sure all of them have their contingency plans in order to disappear in guarded shelters when the time comes…. and we the common people will be exposed to the chaos that is to come.

          • F Walker2016

            In an environment where Ratings agencies own raiding agencies the probability of such actions diminishes significantly

          • mtntrek3

            The larger weasels will eat the smaller weasels if need be.

          • greanfinisher .

            Under martial law, it won’t be a pretty sight at all. Thousands and thousands of political opponents and dissidents will find themselves imprisoned in FEMA camps, or simply executed. Expect to see universal rationing, travel restrictions, firearms confiscations, military checkpoints, curfews enforcement and property seizures. Of course, all liberties and freedoms will be obliterated. You see, with the Constitution tossed aside, the dictator-in-charge will have absolutely no constraints at all to do whatever he/she pleases.

          • mtntrek3

            I hear you. Horrible stuff on the way.

          • greanfinisher .

            The dictator Obama purged the military so you can be reasonably assured that the military will follow their orders.

      • Lennie Pike

        According to 2015 it’s headed to S+P 2,300 and never collapse.

    • K2

      Even michael knows this is not a real economic crash. The stock markets will bounce back by next week.

    • Lenni Pike

      F = Fool.

      2015 BS Faarooq or whatever name you’re calling yourself these days.

  • Diggin the Dirt

    Hard to believe these banks didn’t hedge for this Brexit possibility. They must be incredibly arrogant to assume the Brits would continue to be their slaves.

    • Jack

      Even Soros was long the pound before the vote.I really think they didn’t see this coming.

    • Steeve Girard

      And they will be their slaves, because they’ll make another Greek example with them.

  • VigilanteCaregiver

    Old wisdom says, “When you squeeze the rulers it’s the peasants that feel the pinch”.

    Seriously, why are any of these usurpers and insurrectionists paid? Why bother with them anymore?

    Is mankind so aroused by evil in these last days they won’t act for their own benefit anymore?

    • Steeve Girard

      How can they act, when they do not understand the fundamentals?

  • MaxRockatansky33

    Where is jazz now, the NYSE agent?

  • Tatiana Covington

    Chicxulub!

  • RCHeliFan

    Hey Michael,

    Long time no chat! I’ll get to the point. I do not dispute the amount of market loss in terms of monetary value and heading for a recession/light depression. Here is the issue, the amount of fear that everyone seems to be projecting on TV and around the globe. The problem is, I am not seeing my stocks that I bet against the market soar. The highest I have seen is upward of $6.00 per share bump. Sure is it a nice bump, but nowhere near $1500 per share back in 2013 or nearly 320k per share in 2007/2008. (UVXY if anyone asks) So, my point why are my fear stocks not soaring if there is a full blown financial meltdown? Frankly, I am not seeing it at this point. Sure, I get the national debt touching 22 trillion and we only have a few more trillion before our bonds explode. US Gov’t could default or cut 1/3 income of social security and welfare benefits to avoid default on the national debt. Like I said, I am not seeing it at this point in time. I would love to hear your feedback!

  • Mike Smithy

    Don’t worry, zombie banks rarely die, and this most certainly isn’t a headshot….All of these banks have had a negative real book value for years and nothing has happened. I suspect that the global central banks will merely double down on their failed monetary madness.

    • Lennie Pike

      They will lie about the losses and secretly bailout banks and buy stocks, tresuries, corporate debt, welfare to their hordes of recently invited immigrants etc. forcing us to pay for it through inflation and lying about the rate of inflation as they have been doing already.

      The SHTF when the rate of inflation increases to the point where all confidence in their fiat scam is gone at which point most of the world will accept going cashless and deny and betray God.

      I had most of you up till that last part right?

  • Bernie Bellew

    The seeds of WW3 have been planted for quite some time. It will ultimately end up as the lives of many, for the enrichment of a few.

    • Jerry C

      WW3 has already happened; it’s just small conventional arms right now, but all bets are off when a few nukes go off (like say in Syria).

  • mtntrek3

    How many more financial bounces in the world before we miss the trampoline? How much longer can the financial can be kicked further down the road? And, WW III (sixth trumpet war) looms in the near future. Like Michael has been warning…….. Faith in God first and foremost(spiritual), prepare as you can for needs of this world (food, water, clothing, shelter, first aid/ hygiene items, cash, silver, firearms/ammo, etc.). Mentally we must be aware of what is coming so that we aren’t caught like a deer in the headlights……. so that we aren’t blindsided. Prep as we can, and God is the ultimate answer.

    • Frank

      I think tptb will never miss the trampoline.
      Central bank intervention announced again.
      This will go on forever. One key stroke fixes all.
      I wish i was wrong.because reset would be best but
      it just.goes on and on. Brexit didnt crash anything.
      Good day all

      • Jacynthia Read

        Nothing goes on forever.

        • Preacher62

          Except the kingdom of God, but you already knew that.

          • Jacynthia Read

            Indeed.

    • Steeve Girard

      the trampoline is made of oil… once oil is gone, if we are in the air, the ground landing will be so hard. 2 more bounces with current projections of Limits to Growth.

      • mtntrek3

        Could be. Saudi flooding the world w/oil & gas to hurt our natural gas fields has come back around to bite them in the butt. Now they have to keep pumping oil at a heavy rate to keep their own heads above water financially speaking w/oil prices so low. Actually I believe the trampoline is made up of several things……. mostly all the money created out of nothing by the Fed and worldwide central banks. It’s amazing to me it’s all been propped up as long as it has. One day, sadly……… .

      • mtntrek3

        A p.s. to my earlier reply………. you’re right. Oil drives our economic engine. Very important indeed. One day…. oil will fail to flow. A finite supply of something cannot be relied upon forever of course. “Peak oil” as it’s stated has already come and gone I believe. We’re on the downhill slope and it’ll probably get steeper as time goes on. Unrest in the world will increase also.

  • Cal

    In recent times the EU has come up with their on Israel/Palestinian peace plan without the two adversaries participation. Eventually they will succeed and perhaps sooner than we think. When the peace accord is signed an immensely powerful EU leader will emerge from the shadows and confirm the covenant…probably Greek of Jewish descent. The EU has responded to Brexit by initiating the formation of a super state, militarily and financially replacing the rotting US as the preeminent superpower calling the shots in the west challenging China in the east and forcing their will on the Middle East peace process. To sum it all up the EU hierarchy views Brexit as an opportunity, first ridding themselves of America’s strongest ally on the continent and spreading their military and financial hegemony throughout a shaken world.

    • dawmast

      The New World Order will be an European affair. I think that the Brexit will lead to a significant rearrangement of the E.U. It could lead to the rise of a federation with 10 nations which will give power to the antichrist. 5 nations of the E.U. and 5 nations of the Middle-East, together they will form the Revived Roman Empire on the territory of the former one. The Statue of Daniel with two legs and each leg with 5 toes. One leg is the western part of the Revived Roman Empire, the other one the Eastern part.

      The Brexit has the prophetic developments put on a fast track. he threat of terrorist attacks by IS, taking measures against the ongoing migrant crisis, the threat of a financial collapse and a looming war between the NATO and Russia could also hasten the realignment of Europe and the integration with the Middle-East. Since the Brexit the E.U. has become much more vulnerable to IS terrorism, a war between Russia and the NATO and a new big financial crisis. All these things will lead to the rise of the antichrist in the next FEW years, especially because Israel exists exact 70 years in 2018. 70 is the number of fulfilment. Could it be that the false peace agreement with many between Israel and the antichrist and the temple rebuild are a kind of birthday gifts to Israel in 2018?

      • Jerry C

        The WEU (Western European Union) already has 10 Permanent Voting Members, so my interpretation is that the ten toes of Daniel & Revelation are already here. Interesting too is that three of them are facing an exit as well on schedule to fulfilling prophecy.

        • GSOB

          Fulfilled long ago

      • GSOB

        A rebuilt, physical temple is not necessary,… I hope you understand. In the new order, there is no such temple… The word ‘antichrist’ is not even in the book of Revelation.

        I agree with you about the vulnerabilities for terrorist attacks increase at a time of economic turbulence such as what we are seeing.

        However, Christ is and has been on the throne. We are in His kingdom now, reclaiming the earth for His return, by His strength.

      • Preacher62

        (Acts 7:48–50) “48 However, the Most High doesn’t live in temples made by human hands. As the prophet says, 49 ‘Heaven is my throne, and the earth is my footstool. Could you build me a temple as good as that?’ asks the LORD. ‘Could you build me such a resting place? 50 Didn’t my hands make both heaven and earth?’”

  • Bill

    Market expected to open up over 200. First quarter GDP .1 over expected 1%. All is better. Must be the attorney general’s love policy bull punky.

  • sistersoldier

    A noteworthy article indeed. It naturally sparks conversation at home as well as on the internet. Financial information is very impactful for the days in which we find ourselves living and the data is spot on! I believe that the “Brexit” was a trigger event as well that will have far reaching implications. Economic news affects all of us in one way or another. News that is current and relevant helps us crystallize loose intuitions that whispers something is wrong with our current financial system.

  • Priszilla

    My veggies grow like weed in the garden. Ripping up more paving to get more growing space.

  • Anton Ossa

    A TRILLION HERE, A TRILLION THERE, I HAVE $63 IN MY CHECKING ACCOUNT, DO YOU HEAR ME COMPLAINING?

    • F Walker2016

      Follow the ludicrous notions espoused by this site and you’ll have even less.

      • Bill G Wilminton NC

        Hey Faarooq Walker your camel needs water !

        • F Walker2016

          Don’t you know anything?? These new Tesla models don’t need water; just charge them up and hit the sands.

      • Steeve Girard

        Possession was never the goal of life, because you cannot bring it with you in you next existence, only experience and emotion is important.

        • Mark

          Boy Girard you sure are a strange fella. How much weed do you some in a day. Instead of buying weed you need to stock up on PMs.

  • Pete

    Is this the crisis for the predicted 4th Turning?

  • Lennie Pike

    Or the cashless standard. One must be able to exchange their cash for gold otherwise it is not a gold standard. During our “gold standard”, if everyone had all at once excanged their cash for gold or silver they would have been very dissapointed because it was almost as fraudulent as the fiat debt system we have now.

    Using actual physical precious metals for currency as the U.S. Constitution mandates (for good reason) does work and destructive (during and afterward) financial bubbles of phony wealth are not created resulting in much pain and suffering for the vast majority.

  • Lennie Pike

    MEXIT!!!!

  • df NJ

    “The U.S. economy will likely take a modest hit from the United Kingdom’s vote last week to leave the European Union, but the episode is expected to produce some winners as well as losers.

    The market turbulence generated by the referendum is already prompting some businesses to rethink hiring and investment plans. And manufacturers that were starting to stabilize after a prolonged slump face a new potential setback. But homebuyers may be dealt a favorable drop in mortgage rates, while U.S. business and property owners welcome a possible fresh stream of foreign investment diverted from the U.K.

    • Mark

      Won’t happen…The markets will tank by Fall. All economic indicators show entering a recession. With 100 million not working (LPR) UK money is not going to put a dent on improving the US economy. You need to create demand for goods and even if foreign money aka UK does trickle into US it will only modestly effect service jobs which pay jack squat. Did all that QE and manipulation create better jobs. NOOOOOO. Boy dfNJ you sure are a typical Jersey Democrat. I guess you like high taxes and big government.

  • Orac4Prez

    Yes, days after the Brexit, one person I know (Englishman in the UK) was told his job will end at the end of the year. Of course, we expect banks to suffer. They have bet big on banking matters in Europe and if there is less money in the EU to help failing economies then their fall with be hastened. A friend of mine was in Italy and there are quite decent apartments for sale in the heart of Rome for $30,000. (not $300,000) That’s an absolute steal, but it tells you a lot about the economy there.

  • Steeve Girard

    He actually do not need the party… His publicity is so high, he could go independent.

  • natxlaw

    We are, I call it the greater depression!

  • Preacher62

    It is not a preparation for anything; it is a continuation of the age old plan by the prince of this world to usurp the throne of God. There is nothing new here, the decision is as it has always been. One will choose to follow and serve God through Jesus Christ and for his glory or one will choose to follow and serve mammon (the things of the world) for your own fulfillment. The choice between the two that you made yesterday and today will be the same choice you will make on your final day unless you repent and believe the Gospel. Turn from your sin and turn to God before its too late and his offer is withdrawn. God Bless

  • greanfinisher .

    I don’t see a Trump presidency as long as his own party is bankrolling the Hillary monster.

  • A Dodgy Bloke

    The big question as I see it is how long can the EU and Fed keep the present system afloat? The EU Central Bank and I have no doubt the Fed are throwing massive amounts of money at the European banks. If the whole thing implodes before November the GOP will be able to run Michael and Meranda and win every state but California, New York and Illinois. The EU would be dead in a year then the real fun would start. The depression would make 1929 look like a two year olds birthday party. Remember between 1929 and 1945 70 million where dead, 1929 was the spark.

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