Rapture verdict ad 1
The Beginning Of The End Ad
Gold Buying Guide: Golden Eagle Coins
Lear Capital: The Best Source for Buying Gold & Precious Metal Investing

Recent Posts

Archives

Michael and Meranda's New Show

Michael & Meranda’s New Show

Food for liberty
Economic Collapse DVD The Preppers Blueprint Economic Collapse Blog Get Prepared Now Ad

It Is About To Get Ugly: Oil Is Crashing And So Is Greece

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

Hindenburg Disaster - Public DomainThe price of oil collapsed by more than 8 percent on Wednesday, and a decision by the European Central Bank has Greece at the precipice of a complete and total financial meltdown.  What a difference 24 hours can make.  On Tuesday, things really seemed like they were actually starting to get better.  The price of oil had rallied by more than 20 percent since last Thursday, things in Europe seemed like they were settling down, and there appeared to be a good deal of optimism about how global financial markets would perform this month.  But now fear is back in a big way.  Of course nobody should get too caught up in how the markets behave on any single day.  The key is to take a longer term point of view.  And the fact that the markets have been on such a roller coaster ride over the past few months is a really, really bad sign.  When things are calm, markets tend to steadily go up.  But when the waters start really getting choppy, that is usually a sign that a big move down in on the horizon.  So the huge ups and the huge downs that we have witnessed in recent days are likely an indicator that rough seas are ahead.

A stunning decision that the European Central Bank has just made has set the stage for a major showdown in Europe.  The ECB has decided that it will no longer accept Greek government bonds as collateral from Greek banks.  This gives the European Union a tremendous amount of leverage in negotiations with the new Greek government.  But in the short-term, this could mean some significant pain for the Greek financial system.  The following is how a CNBC article described what just happened…

“The European Central Bank is telling the Greek banking system that it will no longer accept Greek bonds as collateral for any repurchase agreement the Greek banks want to conduct,” said Peter Boockvar, chief market analyst at The Lindsey Group, said in a note.

“This is because the ECB only accepts investment grade paper and up until today gave Greece a waiver to this clause. That waiver has now been taken away and Greek banks now have to go to the Greek Central Bank and tap their Emergency Liquidity Assistance facility for funding,” he said.

And it certainly didn’t take long for global financial markets to respond to this news

The Greek stock market closed hours ago, but the exchange-traded fund that tracks Greek stocks, GREK, crashed during the final minutes of trading in the US markets.

The euro is also getting walloped, falling 1.3% against the US dollar.

The EUR/USD, which had recovered to almost 1.15, fell to nearly 1.13 on news of the action taken by the ECB.

But this is just the beginning.

In coming months, I fully expect the euro to head toward parity with the U.S. dollar.

And if the new Greek government will not submit to the demands of the EU, and Greece ultimately ends up leaving the common currency, it could potentially mean the end of the eurozone in the configuration that we see it today.

Meanwhile, the oil crash has taken a dangerous new turn.

Over the past week, we have seen the price of oil go from $43.58 to $54.24 to less than 48 dollars before rebounding just a bit at the end of the day on Wednesday.

This kind of erratic behavior is the exact opposite of what a healthy market would look like.

What we really need is a slow, steady climb which would take the price of oil back to at least the $80 level.  In the current range in which it has been fluctuating, the price of oil is going to be absolutely catastrophic for the global economy, and the longer it stays in this current range the more damage that it is going to do.

But of course the problems that we are facing are not just limited to the oil price crash and the crisis in Greece.  The truth is that there are birth pangs of the next great financial collapse all over the place.  We just have to be honest with ourselves and realize what all of these signs are telling us.

And it isn’t just in the western world where people are sounding the alarm.  All over the world, highly educated professionals are warning that a great storm is on the horizon.  The other day, I had an economist in Germany write to me with his concerns.  And in China, the head of the Dagong Rating Agency is declaring that we are going to have to face “a new world financial crisis in the next few years”

The world economy may slip into a new global financial crisis in the next few years, China’s Dagong Rating Agency Head Guan Jianzhong said in an interview with TASS news agency on Wednesday.

“I believe we’ll have to face a new world financial crisis in the next few years. It is difficult to give the exact time but all the signs are present, such as the growing volume of debts and the unsteady development of the economies of the US, the EU, China and some other developing countries,” he said, adding the situation is even worse than ahead of 2008.

For a long time, I have been pointing at the year 2015.  But this year is not going to be the end of anything.  Rather, it is just going to be the beginning of the end.

During the past few years, we have experienced a temporary bubble of false stability fueled by reckless money printing and an unprecedented accumulation of debt.  But instead of fixing anything, those measures have just made the eventual crash even worse.

Now a day of reckoning is fast approaching.

Life as we know it is about to change dramatically, and most people are completely and totally unprepared for it.

  • K

    As far as oil goes. Nine U.S. refineries are out on strike. Yet no increase in gasoline prices? That tells you something right there. As I have stated before, I believe the Greeks will leave the E.U. at some point. What I will say, is if I were the top Greek officials. I would not all fly, on one airplane. A sad thing to say, but none the less true.

  • RICHARD

    I am surprised you didn’t mention the 6 banks in the E.U. that had their credit rating down graded by Standard and Poor’s. It sound like we are closer to the end than we thing. Last call for guns and Ammo and food and water. You might want to buy some back up gas to.

  • Guest

    I’ve never understood why gasoline prices change so quickly in response to changes in the price of oil. Yesterday afternoon as I was driving home from work I looked at the price of regular unleaded gas at a gas station close to where I live. It was $1.799. This morning as I was driving to work the price of regular unleaded at the same gas station was $1.899. Doesn’t it take time to refine crude oil into gasoline?

    • K

      Let me explain it. How it was explained to me. When oil is declining, you are paying for what the gasoline cost them, plus their percentage. When oil is going up. You are paying for what their best guess, at the future price to replace that gasoline, plus percentage. In the case you sight. Gas probably bumped up on the Israel, Hamas tensions. Then understanding, that oil prices would not be impacted by that. They put the price back down.

    • quercus454

      That happen in my area too. It went from $1.87 to $1.99 even though oil prices are down. Diesel never did drop near as much even though there is less cost in making it.

    • Orange Jean

      Hey all I have to do is drive down the road about 10 miles (along my normal commuting route) to see a difference of about 15 cents in the price of regular…. even from the same company. Not crossing any state lines either!

  • Mike Smithy

    I can almost hear Putin preparing the following statement: “The pipeline to the EU will be built through Greece”. “Hahahahaha, Suck on that western central banksters”.

    • The new Greece government is a sell out….Please Google…they all are bunch of freemasons….just the new crop of soul sell outs coming from Europe :)

      • jsmith

        You might be right in that there’s change so that things will remain the same. In other words the elite will give the Greeks “change we can believe in.” That way they cover themselves. But the difference is that Greeks are not pendejos like Americans. They will notice the sell out, and instantly head to the streets and bring down the government. That you can believe in!

        • nekksys

          Kinda like South Koreans???

        • alan

          Come to power on change and then do the same thing., looks like they already sold out to the bankers.

      • nick

        Greek. not “Greece”

      • Mike Smithy

        Sell-outs? Maybe or maybe not pursuant to where their allegiances are. Putin just might make them a much better offer to walk away from the EU. We’ll just have to wait and see.

  • Ian Beattie

    I wish we had more small diesel pickup trucks in the states. Takes less energy to refine crude into diesel than gasoline, more fuel efficient, and the engines last longer.

    • nekksys

      I’m sure automakers won’t proceed with manufacturing more diesel vehicles because a resourceful individual can build a very inexpensive biomass reactor. This reactor can produce biodiesel quite easily and inexpensively. Burning B-100 biodiesel in a modern diesel engine will reduce fuel efficiency somewhat. However, due to the clean burning nature of B-100, the engine would last even longer due to lower internal stresses and fewer cylinder deposits. Greater vehicle longevity leads to fewer autos sold and lower profits for the automakers. We all know that angry stockholders are a BAD thing…

    • alan

      In Korea and the Philippines, seems like everything is diesel.
      Makes you wonder.

    • quercus454

      Yet in my area diesel is more expensive then gas.

    • robert h siddell, jr

      Me too. No trouble with my diesel tractor but very tired of all the damage to my quarter ton truck being caused by burning water in the gas. Also, 50# corn used to cost about $3 and I kept about 125 head but now costs $8 and I’m down to 20 and will go to two. Same with chickens but I’m keeping about 10.

    • iamcurious

      True, yet diesel fuel is higher in price than gasoline.

  • Guest

    Did anyone notice yesterday that the DOW closed at 17,666?

    • itIswell

      I did notice that and it made me think of the future if it wil hit 17,777. In 2001 and 2008 it fell 7% with 2008 day of horror Dow dumping by 777. Makes a mind wonder.

      • XSANDIEGOCA

        Pump….and Dump. Nothing like a little QE. One of the biggest transfers of wealth ever from the proles to the elites. Obama is the 1%ers guy!

        • Dave

          There is such an unprecedented level of financial engineering going on along with extreme monetary accommodation that it’s nearly impossible for real price discovery to exist. It’s really not even a consideration anymore and is really useless. Consider the amount of share buy backs taking place to inflate stock appreciation by shrinking the float. You get enough of this happening (which is the case) and that move alone is good enough for a considerable rise in the market and prices..yet it has nothing to do with a companies real value and likely it would not exist if not for extreme monetary accommodation (namely ZIRP) which makes the rich richer and everyone else poorer.

          • Liberty First

            I agree, this freaks me out – no longer do we have a true market economy. There is so much distortion going on.

          • XSANDIEGOCA

            Very well stated. Just put in my application to refi. 30 year money at 3.625%!! I see even better deals for new purchases. My first mortgage was 12% back in the day and I considered myself lucky to get it! Never seen anything like this. The 10 yr note is at 1.75% this AM. There is talk it could get down to 1%.

    • kfilly

      I don’t watch the MSM. I wish others would quit watching as well. It would be wonderful to see all of their ratings fall so low that they cancel their government propaganda sessions. I never really did pay attention to the DOW either. The DOW is effected by only a few companies. I believe there are under twenty of them that are so large that they essentially are the DOW. I want to see how the entire economy is doing and not just view the the results of players like GE, Disney, 3M, etc.

    • Annette Smith

      Oh, I love that!

  • Behind the economic scenes are huge battles going on to keep the price of gold/silver down, the stock market up, etc, but eventually the world economy is going to crash.

    The world took on another $57T of debt which makes it officially over $200T right now (official estimate). It can’t go on much longer.

  • Don’t be fooled. The new Greek government is a tool of the elite..They are all Freemasons and royal bloodlines. Its just another sham that something will change in Greece due to New government.

    The script is already written before it comes to lame stream. Please do more research on the new government, they are as sold out as all others, just playing the part of destroying Greece further.

    • nekksys

      Even so, that still doesn’t mean this economic charade can go on indefinitely. A “correction” will come and it will be HORRENDOUS.

  • Oil Price will never go up, because of a tiny island in the pacific called Philippines…The elites are already buying up islands there plus the condo, casino, economy is thriving in Philippines.

    The country that benefits the most from fall in Oil price is Philippines…wow…What a co-incidence that the elites are already there and brought up much of the place. Google it..

    • Crash

      Not true at all. Only natural born Philippine citizens can own land or business. I tried. They are suffering terribly. Begging my family all the time to sponsor them and bring them over.

    • The Philippines a “tiny” island? In what world do you live in?

      First it is not an island, it is an archipelago – made up of more than 7000 islands of different sizes, the main ones being Luzon (north) – Visaya (central) – Mindanao (south).

      Secondly, the length of the Philippines is nearly the same as Japan.

      Third, the population is around 100 millions.

      Fourth, as Crash said, no foreigner can buy lands in the Philippines, even less an island. This being said, I will be the first to admit there are ways to go around that when you are rich considering that the Philippines is ranked as one having a high corruption.

      As for benefiting the going down in Oil, it remain to be seen. The average income here is way way down the ladder compare to the USA or the EU. A public servant I know only get 20,000 pesos salary per month (after 14 years experience), and as a public servant that person is part of those who have the best salary in the country.

      20,000 pesos seems big, until you divide it by the Dollar… Google it…

      • Leave it to Beaver

        Philippines gets slammed by monster Typhoons quite regularly. I wouldn’t build anything there.

        • I agree with that :-)
          Make sense… what rich in his right mind will build in an Earthquake prone country, with low building standard of construction, enjoying typhoon upon typhoon, the yearly flooding of monsoon, Muslim extremism in some part (Aby Sayyaf, Moro Front,…), communist radical in other (NPA,…) – if people wants to find a safe place to put their wealth, the Philippines will NOT be that one…

          • Mike Smithy

            What part of Luzon do you now reside?

          • Mike, I live in the South Part of the Philippines, in Mindanao – Davao City. It is not a specific choice of me, it’s just that my wife is from Davao :-)

  • GSOB

    In the days of His flesh, He offered up both prayers and supplications with loud crying and tears to the One able to save Him from death, and He was heard because of His piety.

    Although He was a Son, He learned obedience from the things which He suffered. And having been made perfect, He became to all those who obey Him the source of eternal salvation,…

    Are not all angels ministering spirits sent to serve those who will inherit salvation?

    • nick

      Why do you post random bible verses? (spam)
      I ask this as a Christian.

    • WelshFarmer

      The Bible isn’t to be used like the I Ching. Or are you trying to discredit religion ?

      • Religion=Evil

        Religion discredits itself..

        • airedale

          If religion=evil, then Stalin built a paradise…

          • Son of a gary

            So did pol pot, Mao, hitler…etc…etc…

    • Ian Beattie

      Remember, there are fallen angels too…..

      “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)

  • Mondobeyondo

    That classic phrase that’s in every “Star Wars” movie:

    “I’ve got a bad feeling about this”

    • Bill

      So appropriate.

    • T.

      “Life as we know it is about to change dramatically and most people are completely and totally unprepared for it.” Especially n America. Why? Cause the Crash of the Oil price and Greece with their accompanying Consequences – Are NOT explained by the American news media. So, as the World stares into the Financial abyss – The American public SLEEPS. To their own demise.

    • XSANDIEGOCA

      Something Bad this way comes!

  • Bill

    Amazing what some have figured out.

  • Guest

    Diversification is the key, 7.62×39, .22, 5.55, 12g, .40 s&W

    • Avner

      Don’t forget 7.62 x 51 NATO

      • robert h siddell, jr

        Rule 308…or 7.62X54.

    • Leave it to Beaver

      When it gets that time all you can do is hide in your hole. Fall on us rocks and hide us from God for the day of his great wrath has come and who will be able to stand? Answer: no one

      • dill

        WOW you must work for big oil…we are lost

  • GSOB

    The last enemy to be destroyed is death.

    • WelshFarmer

      No, the very last enemy to be destroyed are religious trolls who spam good blogs.

      • dill

        ‘FIRST’
        I really believe religion to be a a form of mental illness.

  • Rocketman

    Before I comment, let me just say that I don’t possess the same macro economic views as Michael, and several of the blog posters. All I know is what I see on a daily basis. Recently, I mad a small food shopping trip to my local Walmart. I purchased a box of their store brand waffles. When I arrived home, I opened the box, and placed the two inside bags in my freezer. What I then saw made me laugh. The waffles were roughly three quarters the size of the same store brand waffles I purchased several weeks ago, If you purchase a box of Ritz Crackers, you will find a smaller amount for the same money. This is really amazing!

    • dill

      i woud like to see them do that to TAMPONS haha .

      • Yuck..

        Not if you have females in the house! LOL

    • You know it is clear, for anyone who wants to see, that something is going wrong in our day to day economy.

      Lately, my wife and I were drinking some caffe latte in our usual snackbar in the Philippines (where I live). Although the price stayed the same, my wife – as well as me – right away saw that the quantity served was smaller, and the mug were not the same as before (a little bit smaller). It was not huge, but visible anyway.

      It made me smile in a sense. But, for many people who do not pay attention, they don’t realize that it is what we call “cheating”

      This kind of behaviour from a business tell me that they are being careful with their own expenses and work on finding a right balance to keep overall cost as low as possible without losing customers with an increase in price…

      I think what we saw with our caffe, and you with your waffel, is a tell tell sign that business work some ways to circumvent effect of bad economy…

      • Mike Smithy

        I can relate Joel. About twice a month, I typically stop at the Village Inn for breakfast. I always order the California Skillet with pancakes. However, when the waitress brought me the meal, I noticed that the plate had shrunk and the portions were much smaller. Due to my inquisitive nature, I asked the waiter why my plate doesn’t look like the one depicted in the menu? Without hesitation,the waiter was candidly honest and acknowledged that the price of food commodities has spiked and the cost of creating a new menu was an expensive proposition.

    • Tom

      I have seen this with toilet paper. Still has 1000 sheets but when you put rolls next to each other, the older ones are wider than newer rolls I have purchased.

      • alan

        This can lead to a finger poking through. There should be a warning posted on the side of the package for that.

        • lol

        • iamcurious

          I think they expect you to have your own internal sense of how much to use.

      • JF

        Started buying Lustre brand at Save-a-Lot. 1250 sheets per roll and just as good – and cheaper – than Scott.

        • iamcurious

          I’ve never thought of Scott as a good value on tissue or paper towels. Very good deals can be had at Sam’s, in large bulk packs. Other places like Costco may be as good or better.

    • XSANDIEGOCA

      Work more, pay more, get less. Just the beginning.

    • kfilly

      This has been going on for a long, long time. Just pick a few products like you did and watch them over time. Things like toilet paper and paper towels really come to mind. The rolls have been getting smaller and narrower over the years. However, they advertise better cleaning/more absorbent (at least for paper towels) so we should be ok :-(. Also, take note of package weights/quantities. Manufacturers hide inflation by using the same size box and decreasing the interior bag size (extra air space). Another trick done by things like peanut butter makers is going from a flat bottom jar to one that points inward. These people are using all kinds of tricks like that to give you less for the same or even more.

      • Liberty First

        I have noted the same. Kind of like how they treat employees.

      • JF

        Switch to the unknown brands at some one of those bargain supermarkets like Save-a-Lot here in FL. Shelves are stocked with brands you never heard of. The volume may be the same as the name brands, but the prices are no where near what you are paying for pay more/get less brands. For those who are stuck on name brands only – get over it! You’ll be shocked at how good many of the off brands are.

        • kfilly

          I do buy the off brand stuff. Prices on the no name brands are still rising because of inflation.

          • iamcurious

            That is true but usually the price differential remains. One has to be careful to watch for when the price difference dwindles to the point it becomes insignificant. Of course, paying attention at the store is always important. Just because X was the best deal last week doesn’t mean it will be this week, even among the same brand of products, in their various sizes. I can’t imagine not being able to tell the better buy, by recognizing the per ounce cost, etc. and weighing that against my use of it. The pricing mechanism at the stores is rigged to take advantage of those who aren’t awake!

        • iamcurious

          You are very right. Many times, the difference between an off brand and a name brand is the large sum of money spent to create the name brand recognition, over the years. I find many “off” brands to be very acceptable.

          • And often they come of the same production lines – just change the labels – in mid-run.

          • iamcurious

            That is fact! I once had a sister-in-law that worked for a large drug store chain. At one point, her job was to remove a name brand wrapper from paper towels and apply the “house wrapper”. Wix makes oil filters for many of the manufacturers out there. In many cases, the same filter is sold under lots of names. The same story goes on and on, under different variations.

      • iamcurious

        Note how many packages of ice cream have changed from 1/2 gal to 1.5 qts.

        • And the five pound bag of sugar is four pounds even after all of the commercial manufacturers and bottlers went to corn syrup.

          • iamcurious

            The 5 pound bag was created to deceive and it did at first. We caught on quickly. I often buy 4 lb bags now, when they’re priced below 4/5th of the price of a 5 lb bag!

    • Liberty First

      I am hooked on a diet orange drink that Walmart sells. For the past year or so I could buy it for $1.00, so I would buy 5 at a time. Just yesterday they jacked the price up to $1.45, lol! I laughed and kept walking. Looks like it is cheap tea for me from here out. Btw, I have noted the same thing about Coke, they are seriously jacking the prices there. And meat. And cheese.

      • David

        Please dont drink diet anything its poison

        • iamcurious

          Yea, the “sweetner” is highly suspect of not being good for us.

        • FreeMann9

          All the things i see people griping about on food are junk and not fit to eat.
          No wonder the nation is so full of overweight people worshipping at the alter of “medicine”

    • iamcurious

      I have watched WalMart prices on food go from very good to so so on quite a lot of items, over the past 15 years, especially in the last 3-4. Aldi’s and Sav A Lot are my stops now before WalMart. Be very careful at WalMart also as regards pricing on the shelf and at the checkout counter. Virtually every trip there, I find the checkout price on 1 or more items to be different, sometimes by a pretty good margin. I think WalMart is in decline. Also, half their customers are uncivilized.

  • nekksys

    AND… Consider that China has just lowered the reserve ratio for banking institutions meaning China’s banks can now become even more highly leveraged. Is this what we want to happen in the manufacturing center of the world? Do we want their banks to become even more overextended and less stable? NO!

    Just like here in the US, we should want the Chinese to demand less leverage (increased reserve ratio) while placing more precious metals (real, commodity-backed money) up for collateral as a percentage of reserve or even as the whole reserve. That could begin the process of restoring some sanity to the markets by underpinning fiat currencies and government issued securities with real money rather than a signature and a molecule of oxygen.

    So far, the trend charts I’ve been keeping are showing two possible outcomes:

    1) Volatility declines and stability returns after a pronounced market decline somewhere around the beginning of July this year, OR;

    2) Volatility continues to increase while the market decline continues within the same peak-trough bounds, reaching the 7% decline mark sometime in early September. (I chose 7% as a reference point because it’s the 1st tier Circuit Breaker for the NYSE.)

    This is an either-or situation. It will be one or the other. Unfortunately, historical data says volatility isn’t going to decline any time soon. History does support continued volatility leading to a collapse.

  • Joker

    The next few years….then the next few years,.
    It’s not gonna collapse.
    Many said it was over back in 2012,
    I say 1st quarter 2051. So buy pasta and silver
    2051 is gonna be ugly!!

    • Enjoy your naive mindset and normalcy bias…

    • WelshFarmer

      I think it will be over by 5210. That’s why I am a prepper.

  • Q

    Michael, how is this drop in oil prices engineered? Is the use of oil declining?
    Have certain governments accumulated large strategic reserves over the years they are now dumping on the markets now?

    • kfilly

      Saudi Arabia has opened the flood gates which has caused the price of all oil to decrease. It has to do with simple supply and demand. There is way too much supply for demand which is driving the price of oil down. Saudi Arabia is killing two birds with this action (the U.S. shale mining and the Russian economy which is heavily dependent on oil).

  • dill

    Thats the problem nothing is declining…..7.5 billion of us .
    Only money does not grow , so as it gets thinner [less to go around]
    The poor grows, the rich grows…fewer and fewer can live the middle class…credit and gov made phony money.
    Beside as things run out they become more expensive , a snake eating his tail….one big crash into a rock wall.
    Yes i made it seam all so simple.

  • chilller

    Now which is it…. do we want & need a total economic system reset or do want things like the corruption, fraud and lawlessness to “stabilize” so we can continue the status quo? I’m getting mixed signals from you Michael and now you’re making predictions about when the crash is coming or not coming…dangerous ground and smacks of some of these cheesy so called financial expert. Take a stand on one side of the fence or the other. We all want stability in our lives…that’s a given. But we also must discard the mill stone of this hideously corrupt financial system from around our neck. If you want stability then stop complaining about the way things are now. If you want real change, make a stand, call out the perpetrators and prepare for the carnage any change worth fighting for produces.
    Stable corruption or an earth quaking reset…which do you want?

  • Whoever “Babylon” refers to is open to opinion. But Revelation 18 makes it clear that a big crash is coming …
    Revelation 18:
    9And the kings of the earth, who have committed fornication and lived in luxury with her, shall bewail her, and lament for her, when they shall see the smoke of her burning,
    10Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is your judgment come.
    11And the merchants of the earth shall weep and mourn over her; for no man buys their merchandise any more:
    12The merchandise of gold, and silver, and precious stones, and of pearls, and fine linen, and purple, and silk, and scarlet, and all citron wood, and all manner of vessels of ivory, and all manner of vessels of most precious wood, and of bronze, and iron, and marble,
    13And cinnamon, and incense, and myrrh, and frankincense, and wine, and oil, and fine flour, and wheat, and cattle, and sheep, and horses, and chariots, and slaves, and souls of men.
    14And the fruits that your soul lusted after are departed from you, and all things which were luxurious and splendid are departed from you, and you shall find them no more at all.
    15The merchants of these things, who were made rich by her, shall stand afar off for the fear of her torment, weeping and wailing,
    16And saying, Alas, alas, that great city, that was clothed in fine linen, and purple, and scarlet, and adorned with gold, and precious stones, and pearls!
    17For in one hour such great riches is come to nothing. And every shipmaster, and all seafarers, and sailors, and as many as trade by sea, stood afar off,
    18And cried when they saw the smoke of her burning, saying, What city is like unto this great city!
    19And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas, that great city, in which were made rich all that had ships in the sea by reason of her wealth! for in one hour is she made desolate.

  • NoDebt

    One thing that almost everyone is ignorant about is how money is created. You go to the bank ask for a $1000 loan and now you owe the bank $1000 plus interest. The banker may have given you $1000 in cash but in fact all they did was put on the books that you now owe $1000 of new money. You just created a thousand dollars of new money out of nothing. What kind of a system is this? Why are people asked to pay back something created from nothing? And don’t forget, what is money? Money equals labour. You work to make money so when you owe money you owe labour, or if you can invest like a banker, the labour of others. This system makes no sense to me. The Rothschild’s are not gods and only a god can create something from nothing. We are going back to the days of Kings and peasants as governments go bankrupt they sell of public assets to private individuals. You may find one day your community belongs to some Saudi Sheik and you may be given squatters rights until they decide to kick you off their land. People that care only about who won the Superbowl deserve the future they let happen.

    • kfilly

      Perhaps, that is why the bible is against usuary/interest.

      • robert h siddell, jr

        I was shocked by Matt 25:27 which has Jesus saying one should get usury.

        • FreeMann9

          Jesus said that?…not at all. what he said was, “since you did nothing to invest that money and make more in return, you could have at least put it in the bank for interest”…in so many words.
          Now interest used to be simple instead of this heinous fraudulent system that uses compound interests and fractional reserve banking.
          There’s a major difference.
          It’s smarter (over 30 years) to borrow $100k at 100% simple interest than $100k at 5% …
          Do the math.

          • robert h siddell, jr

            A 30 year mortgage is a bankster trap because over 30 years there will be many recessions and people losing jobs. The banksters will then take many mortgaged homes for pennys in the dollar.

      • FreeMann9

        Incidentally, so is the koran….

    • bob

      the money they ‘create out of thin air’ is actually borrowed out of other peoples money in the bank, so when you owe the bank you really owe that person(s) money. The interest however goes towards the funding of the bank, so when you put money in the bank it will be traded and is not really in the bank, they have more money loaned out to people than they do in the bank so if every customer was to withdraw all there money at the same time then they would not get all the money they have put into the bank as it is loaned out to people. So your theory that money come out of thin air is no where near correct, however I do agree with the other things you mentioned.

      • iamcurious

        Actually, you are the uninformed person here. That’s the way it used to be and is no more. If there was no debt, there would be no currency. Loans and credit purchases cause money to be created out of thin air and/or as bookkeeping entries. It’s a giant Ponzi scheme.

        • Outtaworktoolong

          Agreed.

          The “velocity of money” among other terms, comes into play. Money is literally created out of thin air.

          Almost all “money” exists as electronic debits and credits. How many people still pay with cash or use cash?

  • XSANDIEGOCA

    The Road to Hades is paved with Good Intentions. How did we get here? Some dates (by no means meant to be comprehensive) come to mind.
    *
    1865 The Republic died. DC assumed control.
    1913 Fed created. Income Tax. Direct election of Senators
    1917 Woodrow Wilson told us we would fight the War to End all Wars. WWI would set the stage for the Roaring Twenties and the Bust.
    1932 FDR was elected. Nuff said.
    1933 FDR outlaws Gold so he can engage in early version of QE.
    1964 LBJ was elected. Nuff said.
    1970 Nixon took us off the Gold Standard.
    1974 Nixon resigned due to Watergate leading to…
    1975 Collapse of Vietnam, the effects of which live with us still.
    1976 Carter elected. Nuff said.
    1998 LTC bailed out.
    1999 Clinton gutted Glass-Steagall setting up the future housing crisis.
    2001 Twin Towers Fall.
    2003 Bush invaded Iraq instead of Saudi Arabia. Wrong Call. Right up there with Carroll’s call in the Super Bowl. Would ignore the mounting housing debacle to pursue his precious War and give Jeffersonian Democracy to the Middle East.
    2008 The Housing Crash. Freddie/Fannie Crash. AIG crash. TARP.
    2008 Obama elected to transform America. QE introduced. ACA introduced.
    2012 Obama reelected. Nuff said.
    2014 Isis has risen. Our ME policy is a complete disaster.
    2016 ? Iran gets the Bomb and the World changes forever leading to Gold Panic and the dumping of the dollar as the Reserve Currency.
    2016 ? Martial Law Declared. Obama suspends elections. Suspends the 2nd Amendment. Outlaws Gold ownership. Internet brought firmly under government control and censorship.

  • DJohn1

    Mankind worships money.
    It is easy to see why.
    Everything in your life depends on your ability to produce enough money to pay for your basic needs.
    Even romantics see this. I bet an overweight wealthy man has no problem attracting women. I bet a physically fit, handsome man who has nothing will have a lot more trouble attracting a permanent mate. Maybe, and maybe not. Depending on how wealthy the potential mate is. Females also have money. Sometimes much more than the male of the species.
    So let us say that we have a basic plan and we have an infinite number of years in which to make that plan work. This plan involves the collapse of the entire financial system.
    We saw an early preview of this plan in Germany after World War I. The entire currency collapsed around them. The result? The rise to power of Adolph HItler.
    The rise to power of FDR in the USA that lasted the entire rest of his life.
    The third devil in this plan was Joseph Stalin.
    FDR made a deal with the devil. The result was the destruction of Adolph Hitler’s Germany. After the war, Joseph Stalin collected his fee which was all of Eastern Europe. The deal concluded.
    The undercurrent of that deal was the ascendancy of the U.S. Dollar as a world currency that everyone dealt in.
    Men have one thing in common. Men and women all die in a finite amount of time. Now, over 100 years later, the cycle is likely to begin again with a different generation. Nothing is said about people that live extremely long lives. Those people we never hear about because if they exist they are completely out of sight controlling things behind the scenes. It is a pet guess on my part that something like that is going on. No real evidence past long term planning on someone’s part that extends over generations.
    The collapse of the US dollar is only stage one in this cycle. The collapse may or may not happen. What the result will likely be is a new group of people making a deal with the devil. And this devil will collect his fee right on time.
    Will the USA and USSR make another devil’s deal? I think they will because the two other players in this deal are Saudi Arabia and Red China. Red China has ambitions to take over Canada and the United States. Russia has ambitions to take over Alaska.
    Saudi Arabia wants to take over the entire world. China might make a deal to help them do it.
    Russia may already have made a devil’s deal with Red China towards the conquering of the planet. I don’t know for sure. If they have they will use the massive human population of China in a blood bath the world has never before seen.
    All of this depends on the collapse of the financial system of the entire planet. All of it depends on wealth saying what is about to happen.
    It also depends on talking away the financial security of everyone in this country. When the checks no longer come in people are willing to make deals with whatever devil is offering deals.
    All because everyone’s survival basically depends on money.

    • goldminer

      The only countries that have made deals with the “devil” or whatever it is you call it. Are the US and Europe. The rest of the world is just protecting themselves from the “One world order” That we have embraced and promote all over this planet. If you do not think that is Satanic then your head in in a dark place.

    • jakartaman

      Two words – Nuclear bombs

  • A Dodgy Bloke

    There are allot of things happening and most of them bad. Most of the major powers are in economic trouble in one form or another. Washington is making one stupid move after another, blinded by political ideology. I’ve come to the conclusion there is not much you can do to stop what’s coming. The system is to corrupt to many people are blinded by the foolish chase to create a utopia. The only thing you can do is prepare for what’s coming.

  • jimha

    It’s time to hunker down by region. Stop all foreign involvement, bring manufacturing back to North America, etc. There are tough times ahead and survival is the issue.

  • Jim Clark

    There is no economic crisis. If there were, President Obama would not be wasting time with a photo op with the Los Angeles Kings.

  • Donald Christie

    Why do we need a slow steady climb in Oil prices back to $80.00?
    Cheap gas is supposed to be good for everyone.

  • Liberty First

    To be happy in the upcoming years is going to require a huge spiritual inventory and retake for many people. Whether your God is Yaweh and Christ, as in my case, or of another religion, to have peace of mind spiritually is going to be huge. You CAN have fun on less. Our parents and especially grandparents did. Reading, exercise, living frugally, can be interesting and engaging. I just hope that the part of our population that is going to turn seriously savage does not make adjusting to the crash all that much more difficult.

  • quercus454

    Wonder why wages are stagnant?
    Read today that since 2009, the Obama administration has issued 5.5 million work permits above the legal limit.

    According to the CIS report authored by Jessica Vaughan:

    Approximately
    1.8 million new work permits were issued to aliens with temporary visas
    or who entered under the visa waiver program. Of these, about 1.2
    million (67%) had a visa status for which employment is not authorized
    by law, such as foreign students and dependents of guest workers.

    About
    982,000 new work permits were issued to illegal aliens or aliens
    unqualified for admission. Of these, 957,000 were aliens who crossed the
    border illegally (Entered Without Inspection). Inexplicably, 1,200 new
    work permits were issued to aliens who were denied asylum, were
    suspected of using fraudulent documents, were stowaways, or were refused
    at a port of entry.

    About 1.7 million, were issued to aliens
    whose status was unknown, not recorded by the adjudicator, or not
    disclosed by U.S. Citizenship and Immigration Services (USCIS), the
    agency that processes the applications.

  • ManAboutDallas

    The Euro is not going to parity against the US$. The Euro is slowly being transformed into The New Deutsche Mark, because when all the marginal participants have either exited on their own or been thrown out, the Euro will be the purview of Germany and those Germany deems worthy of inclusion. At that point, the US$ will be on its way to its well-deserved collapse. Germany has been engineering this manoeuvre all along to set the stage for a powerful German-led European recovery. Ask this one simple question : Who benefits most from a ( temporarily ) weak Euro? A: German exporters.

  • Greeks didn’t care! Socialist government is blaming Europe and U.S., ridiculous attitude from Mr. TSPIRAS. In United States, nobody cares.

Rapture Verdict Ad1
Ready Made Resources 2015
New Self Defense Tool
High Blood Pressure?

Silver.com

MHSale_micheal
Lifestraw
Economic Collapse Investing
Lifesilver
Panama Relocation Tours
The 1 Must Own Gold Stock
The Babylon Code
180x350
Marzulli Gift Offer
Coach David
Solar Wholesale
Karatbars
Credible Warning
theeconomiccollapseblog_160x160_01
ProphecyHour
Facebook Twitter More...