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Four Reasons To Be Even Less Optimistic About The Global Financial System Than You Were Last Month

The cracks in the ice are getting bigger.  At this point it is really hard to have much confidence in the global financial system at all.  They told us that MF Global was an isolated incident.  Well, the horrific financial scandal over at PFGBest is essentially MF Global all over again.  They told us that we would not see a huge wave of municipal bankruptcies in the United States.  Well, three California cities have declared bankruptcy in less than a month.  They told us that we could have faith in the integrity of the global financial system.  Well, now we are finding out that global interest rates have been fixed by insiders for years.  They told us that Greece was an isolated problem and that none of the larger European nations would experience anything remotely similar.  Well, what is happening in Spain right now looks like an instant replay of exactly what happened in Greece.  So who are we supposed to believe?  Why does it seem like nearly everything that “the authorities” tell us turns out to be a lie?   What else haven’t they been telling us?

The following are four reasons to be even less optimistic about the global financial system than you were last month….

#1 PFGBest Is MF Global All Over Again

Do you remember that whole MF Global thing?

Do you remember how hundreds of millions of dollars of customer funds were “missing” due to “accounting irregularities”?

Well, it is happening again.

PFGBest is a brokerage firm in Cedar Falls, Iowa that mostly handles agricultural futures.

All hell broke loose when the National Futures Association discovered that a bank account that was supposed to be holding 225 million dollars of customer funds was only holding about 5 million dollars instead.

So where is the other 220 million dollars?

That is a very good question.

Of course it is not a promising sign that the head of PFGBest tried to commit suicide when this news came out.

A lot of PFGBest clients are going to be absolutely devastated by this scandal.  The following is from a recent Reuters article….

Farmers on Tuesday fumed at the prospect of financial losses, or at a minimum a lengthy wait for the return of frozen funds, due to alleged mismanagement at brokerage PFGBest, and some said they had been burned for the last time.

The U.S. futures industry reeled as regulators accused Iowa-based PFGBest of misappropriating more than $200 million in customer funds for more than two years, a new blow to trader trust just months after MF Global’s collapse.

Centered in the heart of farm belt, the firm handled agricultural futures accounts for a number of clients who grow corn, soybeans and cotton.

But it is not just PFGBest clients that are going to feel the pain of this scandal.

The truth is that this is going to deeply shake confidence in the entire global financial system.

Many dismissed what happened at MF Global as an “isolated incident”.

But now it is happening again.

Fool me once, shame on you.

Fool me twice, shame on me.

#2 A Third California City Goes Bankrupt In Less Than A Month

First it was Stockton.

Then it was Mammoth Lakes.

Now it is San Bernardino’s turn.

On Tuesday, the city council of San Bernardino, California voted to file for bankruptcy.

An article in the Los Angeles Times detailed the issues at the heart of San Bernardino’s financial problems….

The city’s fiscal crisis has been years in the making, compounded by the nation’s crushing recession and exacerbated by escalating pension costs, lucrative labor agreements, Sacramento’s raid on redevelopment funds and a city reserve that is tapped out, officials said.

While it would be easy to dump on the state of California (and that is something I have done quite often), the truth is that we are seeing municipal debt problems erupting all over the United States.

For example, the city of Scranton, Pennsylvania has such severe financial problems that the mayor of Scranton has ordered that all city employees be paid minimum wage until a solution to the crisis is found.

If this was television, Dwight Schrute would find a way to save the day for Scranton.

Unfortunately, this is real life and Dwight Schrute does not exist in real life.

#3 The Liborgate Scandal Keeps Getting Worse

We have been taught that we should all have faith in the integrity of the global financial system.

What a bunch of baloney that turned out to be.

It turns out that banksters have been colluding to fix global interest rates for years.

“Liborgate” is being called the biggest financial scandal in history.  Libor is important because it is one of the key benchmarks used to set prices for hundreds of trillions of dollars of loans, securities and derivatives.

British banking giant Barclays has already admitted that they were involved in manipulating Libor.

Barclays has already agreed to pay $453 million in fines to British and U.S. authorities.

But the truth is that it would have been totally impossible for Barclays to have manipulated Libor by themselves.

So who else was involved?

That was a question that was discussed in a recent article in The Economist….

Over the past week damning evidence has emerged, in documents detailing a settlement between Barclays and regulators in America and Britain, that employees at the bank and at several other unnamed banks tried to rig the number time and again over a period of at least five years. And worse is likely to emerge. Investigations by regulators in several countries, including Canada, America, Japan, the EU, Switzerland and Britain, are looking into allegations that LIBOR and similar rates were rigged by large numbers of banks. Corporations and lawyers, too, are examining whether they can sue Barclays or other banks for harm they have suffered. That could cost the banking industry tens of billions of dollars. “This is the banking industry’s tobacco moment,” says the chief executive of a multinational bank, referring to the lawsuits and settlements that cost America’s tobacco industry more than $200 billion in 1998. “It’s that big,” he says.

As many as 20 big banks have been named in various investigations or lawsuits alleging that LIBOR was rigged. The scandal also corrodes further what little remains of public trust in banks and those who run them.

So what does all of this mean?

The Wall Street Journal says that the credibility of the entire global financial system is at stake….

At stake is both the integrity of the world’s financial system and the credibility of the U.K. authorities to police it. Long before the current scandal, many European policy makers had concluded that London during the boom was the Wild West, whose loose standards are a threat to European financial stability. The Libor scandal suggests U.S. regulators have reached similar conclusions. The Commodities Futures Trading Commission, the U.S. regulatory body that first started investigating rate-fixing, left little doubt how seriously it regards the abuses it uncovered.

Once faith is shattered, it is incredibly difficult to rebuild.

And right now it is really hard to come up with a decent argument why anyone should trust their money to such a corrupt system.

#4 Spain Is Turning Into Greece

A central government drowning in debt?


A banking system on the verge of collapse?


Politicians pushing a forced austerity program that includes much higher taxes, much lower government spending and greatly reduced pay for government workers?


Wild rioting in the streets by protesters?


Let’s see….where have we seen this before?

Can anyone still possibly deny that Spain is going down the exact same road that Greece has gone?

Spanish Prime Minister Mariano Rajoy is proposing a huge slate of tough austerity measures including a 3 point increase in the Value Added Tax on goods and services.  If that 3 point hike is implemented, the Value Added Tax will rise to 21 percent.

Could you imagine going to the store and paying a 21 percent sales tax?


Rajoy is promising that these measures will get Spain back on the right track.

Of course we have already seen how well such austerity measures have worked in Greece.

The unemployment rate in Spain is already up to 24.4 percent, and now these austerity measures will slow the economy down even more.

No wonder there is rioting in the streets.  You can see high quality footage of the rioting that has been going on in Spain this week right here.  At one point police were seen firing rubber bullets at the protesters.

But of course the citizens of Spain could not live way above their means forever.  At some point every debt bubble ends, and when that happens the results are often incredibly painful.

This is a lesson that the United States has not learned either.  When we stop racking up more than a trillion dollars of additional government debt every year our “adjustment” will be exceedingly painful as well.

A little over a week ago, I wrote an article entitled “17 Reasons To Be EXTREMELY Concerned About The Second Half Of 2012“. I never imagined that things would get so much worse in just a week.

Everything seems to be accelerating these days.

That includes the decay that is happening in society.  A few days ago I made a list of 25 signs that society is falling apart, but then another story came along after I had finished my article that topped all of the examples in my list.  The following is how one man in West Virginia has been treating his wife….

During the conversation, according to the criminal complaint, Lizon’s wife told the woman that her husband had kept her chained up with metal padlocks and chains for about 10 years. The woman noticed scar tissue on the victim’s hands and ankles. Lizon’s wife told the woman that the scars were from the chains tearing into her skin.

Lizon’s wife told the woman that she and her husband were originally from Czechoslovakia, and that they live in Leroy, W.Va.

According to the complaint, the woman told investigators that the feet of Lizon’s wife were “mutilated and swollen,” one of which was missing a considerable amount of skin. Lizon’s wife told the woman that her husband smashed her foot with a bucket or scoop attachment of a farm tractor.

Lizon’s wife also told the woman Lizon called her his “slave,” and that whenever her husband entered the room she had to kneel down before him, according to the complaint.

Can you imagine anyone doing that?

Can you imagine any husband chaining his wife up for 10 years?

That is so sick that it is beyond words to describe it.

Unfortunately, that is not just one isolated incident of depravity in a world filled with goodness.

The truth is that the entire world system is saturated with depravity and corruption.

If anyone is willing to stand up for “the integrity of the global financial system”, I challenge you to leave a comment below explaining to the rest of us why we should still have blind faith in the system after everything that has happened.

I don’t imagine that too many people will even attempt to take me up on that challenge.

  • JR

    Let me take a WILD guess… the head of PFG Best is an Obama supporter, right? I would LOVE to lay money on that bet. Would be a much better way to make money that in the destroyed economy Jimmy Carter Obama has left us.

  • DEFCONStudios


    The question will be “Where were you when the system fell apart” 30 years from now. Policy makers will try everything to delay and stall the inevitable. As Nouriel Roubini said they will try and pull every ‘white rabbit’ from their hat. In the end all Debt returns to it’s original value. Here are some great quotes:

    “The problem with fiat money is that it rewards the minority that can handle money, but fools the generation that has worked and saved money.”

    – Adam Smith

    “At the end fiat money returns to its inner value—zero.”

    – Voltaire

    “If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered.”

    – Thomas Jefferson

    “The money power preys upon the nation in times of peace and conspires against it in times of adversity. It is more despotic than monarchy, more insolent than autocracy, more selfish than bureaucracy.”

    – Abraham Lincoln

    “Give me control of a nation’s money and I care not who makes the laws.”

    – Amschel Rothschild

    “I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. No longer a government by free opinion, no longer a government by conviction and vote of majority, but a government by the opinion and duress of a small group of dominant men.”

    – President Woodrow Wilson (regretting signing into law the Federal Reserve Act)

    “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before morning.”

    – Henry Ford

    “By this means (fractional reserve banking) government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft.”

    – John Maynard Keynes, The Economic Consequences of the Peace (1920)

    “The modern banking process manufactures currency out of nothing. The process is perhaps the most astounding piece of slight hand that was ever invented…If you want to be slaves of the bankers, and pay the cost of your own slavery, then let the banks create currency”.

    – Lord Josiah Stemp, Former Director of the Bank of England (1937)

    “If the governments devalue the currency in order to betray all creditors, you politely call this procedure “inflation.”

    – George Bernard Shaw

    “In the absence of the gold standard, there is no way to protect savings from confiscation through inflation […] Deficit spending is simply a scheme for the “hidden” confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights.”

    – Alan Greenspan, Gold and Economic Freedom (1968)

    • Andy in UK

      Great quotes!

  • Rodster

    A 34-year-old father was being held by authorities Wednesday in connection with the deaths of his three daughters, who were found inside his ex-wife’s Wisconsin home with the gas fireplace turned on, officials said.

  • Robert

    I’m waiting for this to be blamed on Bush…

    • Paul

      Nah, people have Obama now to lay the blame on.

      That’s the point of electing a scapegoat who is visible in the light. There is always someone to blame, while the puppeteers stay in the dark.

  • Evie

    The usa just gave 10 million to I think malaysia because of a natural disaster . Yet they will allow cities to go bankrupt and their workers not to be paid? Not the country I grew up in, why its,own citizens are last in line behind everyone and everything else our gov.pays for and our taxes are used to support.
    I think plenty of money is available but it is being mismanaged.
    The local govs. Have no power except to make their local citizens miserable. I bet the fed is trying to first transfer their obligations to the states who willstick it to the locals who will stick it to us. Global corporate agenda. The fed will then use our taxes and give the money to corporations for education and medical. Hah, a lot of people believed their taxes would go down when the pesky union workers disappeared. Just the opposite will be true.

  • Dave in TN

    “…the credibility of the entire global financial system is at stake.” ????

    Not hardly. The global financial system has NO credibility and probably never did. Get your money out NOW!

  • Keith

    If the world wakes up to what will happen, it will happen at that time.

    Keep it down and we can keep it going its better than the collapse, Buy seeds not silver, u will be able to swap extra seeds for silver :)

  • Andy in UK

    > Could you imagine going to the store and paying a 21 percent sales tax?

    Certainly. In Britain we have 20% sales tax. And a public health system. And no riots so far :-)

    • John W.

      Andy in wonderland,
      Your health system is a joke with people dying waiting on care. As for riots you know that is a lie and there are large parts of British cities where non Muslims especially women cannot go. So give the bull ***** a rest.

  • Mattyboy

    Paying 10% sales tax today. I can even pay more if I purchased deli foods as well. Go to Wal-mart and look at the receipt. Sometimes, I have tax 1, tax 2, and tax 3 to pay. The problem is that not many even care about the taxes, they just blindly pay and vote for new taxes. Most people act as though America can never end the spending. I am beginning to like Romney. I watched the NAACP speech. The guy has got some balls to go into the enemies camp and not try to sound black. Remember Obama trying to sound Irish? Romney is not perfect, but the guy is a man that uplifts America. Much better than what we have now.

    • Zedge Hero

      So your going to vote for the white guy that works for Goldman Sachs. I am going to vote for the intelligent and beatifully aged Dr. Jill Stein -Green Party now that she is on the ballot in Illinois and 40 other states she is on or pettioning to be. The Green is very proud to announce that Jill Stein is the first ever Green Party member, and as of July 1st, the only 2012 progressive presidential candidate, to secure the necessary public support to qualify for federal matching funds. Think about that for a second, the green party has now entered matching fund status with the other parties. Maybe the future can be green instead of this dust bowl we are ragging in to.

      She is a hail Mary in this end game. Spread the word, a woman is going to save us and her name is Jill Stein.

  • BFH

    Just wait for a few more months and you will be amazed at the shenanigans, lies and tyranny that comes about when they start the debt ceiling debate all over again. Sometime around election time we hit the existing 16.4 trillion dollar mark, we run out of credit! Remember all those automatic budget cuts that are supposed to kick in as part of the last debt ceiling increase? They are already talking about suspending those automatic cuts. Fireworks and entertainment is GUARANTEED to come about in just a few more months. Remember all those threats of this and that in the past that somehow never came to pass? Will this monkey show is GUARANTEED to happen and be a show stopper.

  • geezer

    You are judged by your deeds.

  • Ben in LBTS

    I have been watching all this for sometime, it is very apparent to me that we are headed for a financial disaster like we have never seen before, and what gets me really upset is know body is really paying attention. The media and thegovernment is sound a sleep. Wake Up!

  • 5158

    I wonder every day what our end game is going to be in America? We seem beyond the point of return from decades of arrogant and irresponsible fiscal and foreign policy. What happens when the day of reckoning comes for our once great nations arrogance? Revolution? Civil War? An epic financial depression? I want to know what all of you think will happen. It is clear that we are in deep deep trouble but what will be our specific tragedy?

  • Bob-o

    Absolutely off topic, however important as a once upon a time patriot. The story about the Olympic uniforms “Made in China.”. How could they really think nobody would notice or care, the people that really care about the Olympics are the few patriots we have left in this country. Its just another sign of where we are headed. It’s probably a mom and pop shop making these uniforms now since all the factories have shut down. I wish more people could see this is such an enormous part of our declining economy. I will admit I used to be the first one to go to Superstore China and buy low cost, low quality crap. If everyone even for one week decided that Made in the USA goods was all they would buy, we’d immediately create millions of jobs and begin to dig ourselves out of the worlds deepest debt hole(it’s nearly to China by now…odd). Cling to the sliver of hope…

  • luis

    damm i see a storm of big problems coming

  • geezer

    Two key words to remember are “adjustment” and “exceedingly painful” I think one day we will find ourselves eating rat meat on a stick sitting around a camp fire in our back yard to keep warm, or eating the neighbors cat and when the pets and rats are gone it will then be the neighbors kid.
    I’m not kidding, I think it’s gonna get EXTREMELY bad for us.
    The Bible talks of these days we are entering and it will be unbearble, “exceedingly painful” for us.
    Prep hard, prep fast, FOOD & WATER first and formost everything else takes a back seat for this ride…

  • Alan

    I think the general population has just mentally crawled in a hole and closed their eyes. My guess for what its worth is… we will resemble Mexico or Africa in the next 5 years. No big collapse, just everything will slowly shut down. However it would be interesting if a General stepped up and took over then we’d have a show!


    QUOTE FROM ZERO HEDGE HITTING THE NAIL ON THE HEAD!!the word evil was never mentioned, like the word ”corruption”, which is never mentioned in the controlled Press. Why? Is the omission there to tell of the influence and program damned people?

    …through the boob tube etc…, the reality of ill intent, meaning wilfull slaughter of others, be it financial and ultimately in the flesh, the spiritual ”mental” case is defined by chemical or some other bullshit excuse that does not hold human intelligence to account. Judgment is sealed upon action after it is birthed in the heart. If you want to hurt the bastards …divest bitchez and stop providing labor for an iron and clay heel kicking your own ass, and you will not be the image of the beast sealed in the black hole.

    In the name of the risen and sustaining Mercy, shall persons not fear the mirror image of contempt? The image of our Father in Christ is the revelation of at least the principle by which we agree in peace or suffer the offer(s) of temptation, saying, eat this hypothicated fruit, it will not abort labor”, yet people still buy sell and trade a Fed Fiat Debt Note with an Occult Pyramid 2012 Prophecy on it with the Eye of Horus and the name of some Masonic freak on it next to the words ”In God We Trust”, which so called non psychopaths place in an offering basket at their 501c3 churches in America. America, lol, land of the plumed serpent, lol, which is now a ”socialist Rosemary’s Baby Care State of Bailout Banker Bonus Bitchez hell bent on peace though Supreme Court Robot Citizen United With The Corporate Voice of economic failure, war, contempt for lilfe and labor, and preemptive Nobel Prizes for nuclear nonproliferation”, …as another nuclear plant goes online over a earthquake fault line and a new strand of two women and one man human hybrids are now risen from the lab, through the womb, and sneeze a new flu made from the same power and principalities of the psychopath air that made the stock pay off it’s short term gain derived from the flaming alter, where the (next human generation of labor is aborted) childrens ashes blow up with the sweet smell of success!!!SOUNDS LIKE MOLOCH!!!Moloch was one of the false gods that Israel would worship during its periods of apostasy. This false deity is associated with Ammon in 1 Kings 11:7, “Then Solomon built a high place for Chemosh the detestable idol of Moab, on the mountain which is east of Jerusalem, and for Molech the detestable idol of the sons of Ammon.”

    One of the practices of the cult that worshipped Moloch was to sacrifice their children. Of course, this was forbidden by God’s word: Lev. 18:21 says, “Neither shall you give any of your offspring to offer them to Molech, nor shall you profane the name of your God; I am the Lord.” (See also Lev. 18:21; 20:2-5; 2 Kings. 23:10; Jer. 32:35).

    In some passages the reference is clearly to a deity to whom human sacrifice was made, particularly in the Valley of Hinnom on the SW of the Jerusalem hill (2 Ki. 23:10; Je. 32:35) at a site known as Topheth (‘fire pit’ in Syriac).1

    The ancients would heat this idol up with fire until it was glowing, then they would take their newborn babies, place them on the arms of the idol, and watch them burn to death. I can’t help but compare today’s abortion massacre to the sacrifice of children by these ancient pagans. In both, innocent life is destroyed for the gain of the parent.AND THE BEAST AND THE HARLOT!!

    • therooster of Christ

      In 1971, the much desired real-time genie was set loose from the bottle in order to support real-time gold & currency valuations in order to reflect real-time market fundamentals. At the same time, however, the evil debt genie also escaped. The irony of all this is that the real-time genie holds the keys on how to get the debt genie back into the bottle.

      The floating USD’s role as a currency is but a stop-gap measure on route to fulfilling its ultimate role as a real-time measure and servant to real-time gold-as-money. Real-time is key to the understanding of this whole process because any kind of a fixed peg on gold could not allow gold to act as a proper currency. Gresham’s Law is now reversing as gold becomes monetized by the grass roots of the marketplace, via higher valuations. Bullion has never been a monetary problem when levied with the false reputation of being “deflationary”. The problem was the FIXED peg, not the weight. Real-time bullion is a new paradigm where new wine gets poured into a new wineskin.

      The elite set the real-time stage back in 1971 with the de-linking of the $35/oz dollar/gold price peg. This set gold free to float in purchasing power.
      Some evils are necessary in “the script” ….. follow it. The market must complete the task as gold-as-money cannot be reintroduced from a top-down process. This beast must rise from the grass roots for the sake of moderate rate of change and reasonable transition speed.

      Never forget the gifts of the Magi.

  • joe

    I am on the verge of losing hope that the USA or Europe can be righted. It seems that the majority of people are apathetic, uninformed by choice. Evil (and isn’t that really at the root of each of the four reasons discussed in the blog) is rampant in the government and the culture; Many (most?) people take no responsibility for taking care of themselves or for their actions. I know rational, educated people that are discussing the possibility of mass civil unrest, perhaps civil war, in the USA. A doctor we know just attended a seminar on medical care following an apocalypse ( OK, that’s scary stuff). I could go on, but, if you are reading this blog, you get it. I just don’t see anything on the horizon that can save us.

  • DB200

    Naples is flooded with big, red cockroaches. Thanks to a financial crisis and organized crime syndicates. And of course, we also see politicians who are downplaying everything. You could say someone is holding us a mirror with a reference to similarities in the global financial system.

  • Hey You

    Perhaps things are getting worse. But then, maybe things have always been “crazy” and people have always wanted things to be “more fair” for themselves. And maybe the Internet is the problem for providing more scrutiny of such selfishness.

  • Gary2

    Michael–did you do an article on the LIBOR scandal/the wells fargo scandal overcharging Black and Hispanic on interest, the puny fine they got while not admitting any wrong doing?? I can not see why they would pay a fine if there was no wrong doing. what a crock. How many rates based on libor were now false???

  • therooster of Christ

    No need for panic. The solution does not rest with the elite who reside near the top of the economic hierarchy. It rests with the rank & file of the real market …. us. We are all able to monetize personal gold & silver and thereby, increase liquidity without adding debt. The addition of debt-free liquidity will free up debt based currency to find the hands that need that currency for debt servicing. IOW, we are in a time where Gresham’s Law is reversing.

    Keep in mind that Gresham’s Law is/was predicated on FIXED values placed upon gold, such as what we saw during Bretton Woods @ $35/oz. Gold could never extinguish much in the way of debt at $35/oz, but since bullion values have been set free to float, the extinguishing of debt has been left to us …. the market , not the elite.

    The elite set the stage for the removal of debt and the return of bullion based currency in REAL-TIME when the fixed peg of $35/oz was severed in 1971.
    They cannot finish the job and implement bullion based currency by way of any top-down support, however. A top-down process would be too powerful and abrupt which would crash the dollar. The elite are simply relegated to their prescribed role of “carrying the stick” at this point. It’s up to a market driven , organic process to monetize gold …. bottom-up. Follow the script. The bankers have done well playing out the roles of the “necessary evils”.

  • therooster of Christ

    Just how long do you guys want to hold my comments in “moderation” …..? Am I gonna see the second coming before this last post (at about 7:22 am) gets displayed ?

  • McHail

    We should all appear to have “blind faith” in the system, whilst setting up connections with like-minded people

  • Peter

    Hi-ya. Thanks for keeping it real. I live in Melbourne, Australia and whilst we Aussies live in strong economic conditions, Im quite sure we will not be immune from the Fallout of a Collapse. Even though Preparing & storing for such harsh economic times that will inevitable reach us all,is really not spoken about or really practiced with any urgency here I for one are following your advice & preparing suitably for whatever the future holds. Thanks again & keep up the great work. Yours simcerely. Peter in Melbourne.

  • enrico fermi

    Let me tell you story. Stick with my story until the end as its not about what it appears to be about specifically. I live in Ireland. Going back all the way to 1996 house prices in ireland started to rise rapidly. By 2004 i was convinced about the unsustainaabilty of it. I got out of property and sat on the sidelines. But house prices continued to go up. One of my friends acquired 18 properties another had 8 and they are just an ordinary Joes. I told them to get and they laughed. Property prices continued to rise. I couldn’t believe it (actually a but angry that i was more cautious than greedy). My friends became paper multimillionaires and i was living in a rented house because i knew 100% that it couldn’t continue. However, even though i knew 100% that the housing market was going to implode, the timing was in the lap of the gods. I felt i had a duty to help my friends. whilst reading this you have to keep in mind the dellussion that existed at the time. I said to him ok tell me what you think will happen to the property market – he said things will continue as they are!!! What 20% a year increases?? Of course he said why not! Because a house that cost 300 thousand today would cost …. wait for it…. 3 Trillion in 50 years time (True). He couldn’t accept the implausibility if at all and so between then and the collapse, he took on another few properties at ridiculous prices. When this kind of thing was going on you don’t have to wonder how so many of the irish banks got into trouble and are for all intents and purposes insolvent. Never mind that wasn’t the point of my story.

    The point is this… Some people know, because it is as plane as day, that the global economic system is unsustainable. Some people know it because they understand the dire economics. Yet others feel it. They know that something isn’t right in the world. Others cant accept it, so they literally block it out. But on some level every one knows how bad things are, if some people can’t deal with it let them do it their own way. Most of all, something that surprised me about the obviously unsustainable property market is this – not only did this thing go on so much longer than i thought it could, it actually accelerated near the and at the point of maximum velocity it literally fell off a cliff. Thats they way it will be again. Look for sudden surges in the market and then run for the hills!

  • Rodster
  • Dan O’Beirne

    Hello from Spain, Wondering how long do you guys want to hold my comments in “moderation”? best, D

  • Dan O’Beirne

    Micheal, thanks for your wise thoughts and work here.

    As an American expat and biz owner and Spain, I can add some Iberian insight and make a big prediction here;postID=3640537992573530384

    best from Madrid,

    Dan O’Beirne partner –

  • MichaelPK

    Hi my name is also Michael but I live in Australia, I understand what you are saying and know you will be entering into a total collapse of your economy. It will of course depend on the Central Bank of Europe as the EU needs to reform, but that information later. Russia and China has not the control nor the incentive to do so I see the problem with your information of the facts that we know here.

    I will state facts, don’t blame me im just the messenger.

    The information as we know it that Obarma was rushed in as to be the fall guy.
    Now im not going to argue the facts with anyone over the information for it speak for itself.

    Australia should not in anyway be made a triple AAA nation but it has, there are reason for that. Our politics are a joke but our sphere of the world places us as a safe self supporting nation if need be, this allows Australia and its small population to sustain growth with now limiting natural resources and conserving energy so in other words creating a controlled self containing depression now then waiting for when it hits the entire world economy while the rest of world goes into break down, it will course effect all Australians but it will be contained as the populus are not likely to rebel to bring down there Government here, unlike there in the US.

    What we gather from the information here is that Obarma was born in Kenya Africa and that his parents are of the Muslim faith, as long as Obarma has not publicly rejected the Muslim faith then he is still a Muslim, and therefore your greatest enemy to every American, Jew and Christen, marrying a Christen woman will and does not change his religion or belief. He was picked and promoted for the job and like moths to a flame you fell for the bait. You know he will not feel any compassion for him to kill you as in his belief you are infidels, so this allows him to enact marshal laws with orders to shoot to kill any citizen bearing arms which in direct violation and looters will be shot on sight no trial, no lock up. Unarmed people in the street will be rounded up even just protesting and placed into the many hundreds of camps already pre-built around the country for processing and perhaps more likely termination as traitors, and revolutionaries against the government.

    It’s a pity that the ordinary US citizen think they are better than anyone else when they cant even see what is happening and what has been prepared for them.

    You have the worst reputation around the world and its among the people of the nations but not of the governments of the nations, not one nation is going to come to your aid, your on your own, but any that do will be UN troops, yes that’s right foreign troops in America herding you, control you, and even killing you. Sorry its not a movie, its for real, and you will be fighting for your very lives for survival.

    You were all fooled when Kennedy was killed, you were all fooled again by 9/11 and your fooled by the ambush by Bush and now the Obarma coo. Its called the third time lucky on there side not yours. I am sorry for you all, but your own blindness has and will destroy you. What is worst there is no time left, no matter what you do America is out of game. The sacrifice goat to save Europe, allow the Muslims to attack Israel, you all played right into the hands of the New World Order you even funded it, housed it, armed it. Did you know we found the answer to the word who is MABUS by Nostradamus well even your best interpreters were misled the name for it was really MABVS old English spelling you see in the year 1555 the v was used not the u, so you were misled again so its over, its done, its completed. No its not Obarma he is just a puppet.

    I could tell you so much how, why, and who, you see the answer are found just before the dominos start to begin to fall, it was planned simple that’s why it cant fail, it takes a genus to find it, but everyone can understand it because it was simple. The Kiss principle Keep it simple stupid. But this is the Kiss of death for the America people and your way of life.
    Sorry. its all I can say. Over 21 years to complete, do you know why the number 21 it’s the three 7s 777 and do you know what it means completion. Occult, lets see Bush was a skull and bones man an occult organisation., but then how can you believe your mainly atheists. Misled by the churches, misled by your Government and now killed by a Muslim in power over you all.

  • AgreeToDisagree

    Nonsense. USA could simply distribute all unused land , and tell the people to grow their own crops and build their own houses, raise their own livestock, make their own leather or fur goods, compost their own sewage, collect their own rainwater or dig their own wells. End of problem, everyone gets a few acres and high-density living ‘hellholes’, will be quite empty without people who have their own land.

    BTW there is no such thing as money. There is no such thing as economy or collapse. Too bad for the plutocracy or corporatocracy though! Even if education was free now, citizens will return to 1400s settler-era America! Citizens please elect ONLY a President or Governor with the above intent. Executive Order 0 (Zero) for land distribution will be that reset button America needs. Now THAT would be something to be optimistic about.

    People have lived since man learnt to walk upright without electricity or petrol. BTW there is no such thing as poor people, jobs, concept of money much less a petro-dollar or a Global Financial System or a recession or depression. Alright ‘chicken little(s)’ I’m not posting anymore. If America can’t think what to do or apply what I posted, then the American voters deserve what they get. Simply vote for non-GLC or millionaire Joe Public types who sign statuary declarations to do the above suggested!

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