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Guess What Happened The Last Time The Chinese Stock Market Crashed Like This?

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Question Button - Public DomainThe second largest stock market in the entire world is collapsing right in front of our eyes.  Since hitting a peak in June, the most important Chinese stock market index has plummeted by well over 20 percent, and more than 3 trillion dollars of “paper wealth” has been wiped out.  Of course the Shanghai Composite Index is still way above the level it was sitting at exactly one year ago, but what is so disturbing about this current crash is that it is so similar to what we witnessed just prior to the great financial crisis of 2008 in the United States.  From October 2006 to October 2007, the Shanghai Composite Index more than tripled in value.  It was the greatest stock market surge in Chinese history.  But after hitting a peak, it began to fall dramatically.  From October 2007 to October 2008, the Shanghai Composite Index absolutely crashed.  In the end, more than two-thirds of all wealth in the market was completely wiped out.  You can see all of this on a chart that you can find right here.  What makes this so important to U.S. investors is the fact that Chinese stocks started crashing well before U.S. stocks started crashing during the last financial crisis, and now it is happening again.  Is this yet another sign that a U.S. stock market crash is imminent?

Over the past several months, I have been trying to hammer home the comparisons between what we are experiencing right now and the lead up to the U.S. financial crisis in the second half of 2008.  Today, I want to share with you an excerpt from a New York Times article that was published in April 2008.  At that time, the Chinese stock market crash was already well underway, but U.S. stocks were still in great shape…

The Shanghai composite index has plunged 45 percent from its high, reached last October. The first quarter of this year, which ended Monday with a huge sell-off, was the worst ever for the market.

Suddenly, millions of small investors who were crowding into brokerage houses, spending the entire day there playing cards, trading stocks, eating noodles and cheering on the markets with other day traders and retirees, are feeling depressed and angry.

This sounds almost exactly like what is happening in China right now.  First we witnessed a ridiculous Chinese stock market bubble form, and now we are watching a nightmarish sell off take place.  This next excerpt is from a Reuters article that was just published…

Shanghai’s benchmark share index crashed below 4,000 points for the first time since April – a key support level that analysts said had been seen as a line in the sand that Beijing had to defend, below which more conservative investors would start ejecting from their leveraged positions, widening the rout.

Chinese markets, which had risen as much as 110 percent from November to a peak in June, have collapsed at an incredibly rapid pace in since June 12, losing more than 20 percent in jaw-dropping volatility as money surges in and out of the market.

That drop has wiped out nearly $3 trillion in market capitalization, more than the GDP of Brazil.

Did you catch that last part?

The amount of wealth that has been wiped out during this Chinese stock market crash is already greater than the entire yearly GDP of Brazil.

To me, that is absolutely incredible.

And now that the global financial system is more interconnected than ever, what goes on over in China has a greater impact on the rest of the globe than ever before.  Today, China has the largest economy on the planet on a purchasing power basis, and the Chinese stock market “is the second largest in the world in terms of market capitalization”

Just as in 1929, flighty retail investors make up the bulk of China’s stock market and, just as in 1929 in the U.S., they have heavily margined their accounts. The Financial Times puts the number of retail investors in the Chinese stock market at 80 to 90 percent of the total market. Retail investors, unlike sophisticated institutional investors, are prone to panic selling, which explains the wild intraday swings in the Shanghai Composite over the past week.

Last night, the Shanghai Composite broke a key technical support level, closing below 4,000 at 3,912.77. The index is now down 24 percent since it peaked earlier this month and has wiped out more than $2.4 trillion in value. China’s stock market is the second largest in the world in terms of market capitalization, with the U.S. ranking number one.

Making world markets even more worried about the situation in China, its regulators are showing a similar brand of leadership as Mario Draghi. After previously pledging to trim back risky margin lending, they have now done a complete flip flop and are permitting individual brokerage firms to avoid selling out accounts that miss margin calls by setting their own guidelines on the amount of collateral needed.

I know that a lot of Americans don’t really care about what happens over in Asia, but when the second largest stock market in the entire world crashes, it is a very big deal.

The great financial crisis of 2015 has now begun, and it is just going to get much, much worse.  On Thursday, Ron Paul declared that “the day of reckoning is at hand“, and I agree with him.

So what comes next?

The following is what Phoenix Capital Research is anticipating…

By the time it’s all over, I expect:

1)   Numerous emerging market countries to default and most emerging market stocks to lose 50% of their value.

2)   The Euro to break below parity before the Eurozone is broken up (eventually some new version of the Euro to be introduced and remain below parity with the US Dollar).

3)   Japan to have defaulted and very likely enter hyperinflation.

4)   US stocks to lose at least 50% of their value and possibly fall as far as 400 on the S&P 500.

5)   Numerous “bail-ins” in which deposits are frozen and used to prop up insolvent banks.

I tend to agree with most of that. I don’t agree that the euro is going to go away, but I do agree that the eurozone is going to break up and be reconstituted in a new form eventually.  And yes, we are going to see tremendous inflation all over the world down the road, but I wouldn’t say that it is imminent in Japan or anywhere else.  But overall, I think that is a pretty good list.

So what do you think is coming?  Please feel free to join the discussion by posting a comment below…

  • RandPaul

    If you think these markets are not rigged…think again. Greece is collapsing, Puerto Rico, a disaster….and The stock market holds firm…Gold and Silver is going down, while it should be through the roof. Please people…buy as much Silver as you can afford. This card house can NOT hold on. Michael, sure appreciate your site. Read it every day. I have given up on trying to warn people…I am ready. After you are prepared…just keep enjoying your life. When it will all go down….could be tomorrow….could be years from now…but it will happen.

    • AMERICANorMURRI-CANoil?

      Don’t buy silver! Buy bullets and guns and survival! Anything that is not edible nor can kill will be worth sh$t! Markets will flatline like a guy with a heart attack!

    • AMERICANorMURRI-CANoil?

      Don’t buy silver! Buy bullets and guns and survival equipment! Anything that is not edible nor can kill will be worth as much as the sh$t that comes out your a$$! a Markets will flatline like a guy with a massive heart attack!

      • MichaelfromTheEconomicCollapse

        Actually once someone has a sufficient emergency fund and sufficient food and supplies, I think that physical silver is a good investment. At less than 16 dollars an ounce, it is ridiculously underpriced right now.

        • AMERICANorMURRI-CANoil?

          Listen, you can throw silver at a swat officer when martial law has been declared, see what that will do! Cause if you think about it, with little food to go around and no jobs for money! People are going riot and you know what government response is to rioting! Rioting we All across America if the dollar collapses! And if a currency collapse in happens, it would take decades to fix meaning decades of chaos! Maybe not, if enough bow down to a gov dictatorship! Still, Silver won’t save you in a gun fight friend nor when you are fighting for that last can of food on that store shelf! Gun can keep you alive way longer than silver!

          • Avner

            You gotta have more than one gameplan there chief.. No, you don’t throw silver at an enforcer more than you would throw a bible. However, even in chaos, people try to make some order out of it. You need more than just weapons and ammo.

          • none

            Hi yes silver can save you. It can be melted down and made into bullets. Or buy a farm for a penny on the dollar. If someone doesn’t have tax money.

            IN

          • Flippah

            When the collapse occurs they will go immediately to the Mark of the Beast. You will throw your gold and silver into the streets.

          • Jerry C

            Amen.

          • EgbertThrockmorton1

            When the dollar collapses, SWAT officers will not be able to be paid, nor will firefighters or other essential municipal, county , and state services. There won’t be any regulatory officers of any kind in any numbers to even present a “presence” or illusion that the societal framework is in existence.

          • Deb Curt

            No your wrong! The Banksters will collapse the dollar and start a new currency. They have to a “viable” currancy to pay the thugs on their side to keep their order!!

            c.mon think man!

          • EgbertThrockmorton1

            Since I cannot by birth “think” like any European resident, I do know that any attempt at a “viable currency” takes FAR more time then the conspiracy theorists “think”. Ergo, you are giving the banksters and Federal employees far too much credit for being able to “think” that far outside of their own little insular world. Which is exactly what caused the Greek collapse and that insolvency in the first place. The US “powers” will not be able to adequately create, then distribute or get banks, stores, etc,. to “accept” the “new viable currency” in an efficient manner or time enough to “take over”. You obviously have enough information to get yourself into serious trouble, “thinking” about how the current economic system actually is conducted. Time is our best friend, and their worst problem. Time is on OUR side and gives us the capability to see their moves far longer than being merely HUA and making Greek “assumptions”.

          • Timothy Cariveau

            THATS GOOD!

          • gfmucci

            I’m a believer in diversification of all sorts:

            Silver: junk, Eagles and a couple of others

            Guns: that take several kinds of ammo
            Food: canned, freeze dried, and grown
            Meds: save up a variety

            Power/light: batteries, solar, candles, propane, gas, kero, alchohol
            Transportation: bikes, electric/solar

            We won’t know exactly what we need until we need it.

          • Gay Veteran

            don’t forget goods to barter, like booze, sugar, tobacco, etc.

          • Wayne McIntosh

            Somebody that gets it!

        • AMERICANorMURRI-CANoil?

          It is a good investment! But, what happens if the stock market go into free fall and America has currency collapse? What happens if we cannot recover from this?

          • FortuneSeek3rz

            The dollar is not going to collapse. It is too big of a cog in the global order. If you want to see a true collapse visit Syria.

          • AMERICANorMURRI-CANoil?

            Wrong! All fiat currencies have collapsed! First by devaluation, followed by collapse! Why, because all of them let the printing press run wild!

          • FortuneSeek3rz

            Those wild printing presses have not stopped America from being a haven for economic activity. Look at how strong the dollar has become in the last year. America’s portfolio is very strong whether it’s natural resources, technological innovation or intellectual property. Now, if you live in Venezuela, Syria, Greece, or Zimbabwe, then you have a problem.

          • M.Smith

            Agreed. I think the end state for the US will be a mix of Brazilian socioeconomic “classes” and Balkans style ethnic enclaves.

          • DANA

            That may be, but only after the complete and total collapse of the way things have been done. What you describe is a best case scenario after the inevitable worse case scenario.

          • M.Smith

            Yes, there will be a “total collapse of the way things have been done” but that isn’t the worse case scenario. It isn’t going to be Mad Max. Will there be higher levels of crime? Yep. Will there be some localized, possibly even regionalized breakdowns/interruptions in basic infrastructure? Highly likely. But I think you are underestimating the resiliency of people. There are plenty of examples, from the 20th (and even 21st) century where economic and infrastructure collapse happened on a vast scale and even during the chaos/readjustment people maintained.
            If the US dollar goes down people will swith to a different currency. If that currency goes down something else will move in and take its place. Even barter is still economic activity.
            The point I was agreeing with out of FortuneSeek3rz comment is that the United States is a VAST land area with an incredible amount of tapped and untapped tangible wealth.
            I think we, as Americans, sometimes forget how vast this country really is. Think about it. The lower 48 stretch from Seattle to Miami, from Bangor to San Diego. Texas alone is almost 2x as big as Germany, which is the undisputed economic powerhouse of Europe. This gives us an incredible advantage over most other nations on the planet.

          • Gay Veteran

            strong dollar is killing our exports

          • Andre

            I agree, but the Problem WILL come here also. This is going to be a world depression…. Yes, the dollar did strengthen, but not to where it should be. I remember when it was at 1.25, to 1.45, and once I saw it in the 1.50. The government has been lying to us from the truth of the danger our economy really is in. Those deriverdives are really going to ad fuel to the fire. And Oil went from 61 to 56 in a week…

          • Native Respect

            its always the “college” types that think they know it all. theyll figure it out… hopefully before its all too late.

          • Native Respect

            HAH, you keep “banking” on that opinion and youll lose everything invested in dollars. good luck in those dollars for all our sakes we hope it dont but all us history buffs know history doesnt repeat, but it does rhyme. mean while, enjoy the FRN sammich after it all goes down.

          • Dan

            Timothy Geither, then Sec of Treasury, told Kyle Bass, “we will crash the dollar”

          • TR

            We’re Americans! This could never happen to US.

          • The Facts

            Sorry, you are dreaming… the dollar will crash. It is just waiting it’s turn while the even worse economys/currencies collapse first. do you really think the USA can cover $200 TRILLION of unfunded liabilities… ever? And with China and Russia and even Japan unloading their T-bonds… and not buying more… the writing is on the wall. Why do you think the Fed’s balance sheet is exploding?

          • gfmucci

            If Rome can collapse and every known civilization throughout ancient history has collapsed at one time or other, we are on the insane side of arrogant to believe it will never happen to the US.

          • alan

            Rome kind of faded away and that’s how we will go down. We’ll be like Africa with nukes.

          • John

            excellent humor!

          • Timothy Cariveau

            OH YES. THE DOLLAR WILL CRASH. PROBABLY GO TO CREDIT, AND HERE COMES THAT WONDERFUL CHIP IDEA, NOOOOOT MEEEEEEE

          • Oklahoma Girl

            There is a story out that the USA used the Federal Parks for calateral for China. Could be?

          • The Facts

            Several of our ports too… as the rumor goes… but remember… some say thousands of Chinese troops are hiding in out sewers waiting to attack for the Martial Law thing too!

          • DANA

            Let me guess? America isn’t exceptional in any way, shape or form; except when it comes to the laws of economics.Those laws just don’t apply to us, right?

          • gibbon

            or the usa end of year

          • alan

            True, it may not be worth much but it not going away. Remember we have a debt/paper based economy, and we have plenty of paper to keep this baby fueled for awhile. You have 200 million people oblivious to this disaster and they won’t want the music to stop. 401k’s is another trap to keep people on board with any paper shenanigans.

          • Individual

            My concern is that in the event of collapse, private ownership of gold and silver may become illegal. At that point, being on record as “hoarding” either one may get you noticed and searched, not a position I would like to find myself in.

        • piccadillybabe

          Having a stash of silver coins is a good hedge. Buying it now is the right time. Come here daily to learn what is going on. You hear very little in the news about China’s collapse. Thank you!

        • uncensoredfreespeechdotcom

          silver is only good against werewolves

      • tom

        we will have a recession nothing more. Some people will see injustice from looters and some elderly will be meet their maker b/c no one will care to help anyone. But The recession will end and we will have a real recovery.

    • MichaelfromTheEconomicCollapse

      Thank you for those kind words. I am humbled by how many loyal readers make my site a part of their daily routine. I wish that I could thank each and every one of you personally. Without people like you, I wouldn’t be able to do what I do.

      • Mike Smithy

        We should throw a beer bash at your place and party like it’s 1999.

        • Kim

          Haha. That’d be fun.

          • Timothy Cariveau

            OHHH!YEAH.

        • Dani Mascort

          Uruguay might be a good choice to scape from all this turmoil. 2-year temporary residence permit might be obtained in just a week and a definitive one in about 2 years.

          Advice: Uruguay is not a cheap country, but have quite a good standard of living. With a monthly income of USD 3000 you can live quite well. Desired monthy income USD 4000, a 3 member family can be considered high income class.

          danimascort@hotmail.com

          • ticktock

            Dani
            I have given thought and researched leaving the US. It is literally impossible for americans to live in a third world country. Most ex-pats have left some time ago. Unless it’s a job transfer or your wealthy, IF you could manage it, one must move to the first world nations. If only for sanitary reasons.

            We are now seen as a ‘aggressor nation’, therefore much of the world don’t want us. Period.
            Most countries won’t bank with US citizens due to harsh regulations imposed by the US gov’t cartel.
            One must have a ‘big lump sum’ on deposit (?) Or ‘x’ amount of dollars over and above the cost of living.
            Free health care for non-citizens is a myth.
            People who do manage to get out are now saying they are Canadian or live in Canada first giving themselves a Canadian passport (big effort).

            As the US sticks it’s nose in everyone’s business but it’s own, the more dangerous it is to live abroad.

        • rainaWoodGasBoat

          Philippine’s a lot better. have a few american friends here and they swear they’ll never go back to america. just a dollar a day, you’d survive, Aka, Bear Grill style.

    • tom

      get back on the campaign trail.

    • ticktock

      Yep, I don’t warn anyone either due to a few things. First, attention spans are about 10-15 seconds, then there is fear someone might say I was down-talking the gov’t. Also, I don’t trust the younger people, there is something wrong with their attitude towards older folks, you can see/feel it, and the big reason is no one seems to care anyway or, it’s just normalcy bias gone wild.

      Yes, “propping it all”. I wonder how long it took for any nation [even Rome] that has collapsed, to get to that point? But then again, “any nation” is not the U.S…

  • rmc9

    …this will end badly…

    • MichaelfromTheEconomicCollapse

      Indeed.

    • FortuneSeek3rz

      Not if you live in the United States. If you want to see a true collapse visit Syria. The U.S. will have recessions and depressions like most developed economies but a “collapse” is over and above any predictable time horizon.

      • DANA

        However you want to describe it, bottom line, things are about to change in this country and the world, and the “leaders” and recipients of this Ponzi scheme won’t go quietly into the night.

  • Alwaystomorrow

    The Economic Collapse Blog Has Issued A RED ALERT For The Last Six Months Of 2015

    Published 6/25/2015
    183 days until 12/31/2015.

    For fun, lets do a count down every day until the end of 2015 and see just what happens.

    • loseryouare

      Good you keep counting while I’m getting ready.

      • MichaelfromTheEconomicCollapse

        That made me smile. :)

        • that guy

          So on 1 Jan 2016 when the world hasn’t ended what will your article be titled?

          • Bill

            Michael, got any fly spray?

          • You must be an idiot. When did Michael ever said that the world would end?
            Is warning about the Economic Collapse not about the end of the world.

          • MichaelfromTheEconomicCollapse

            Yes, the world is definitely not going to end in 2015. That is something that I can absolutely guarantee.

    • A Friend

      Oh good grief. You again.

      • Flippah

        Ha!

    • Avner

      When it happens, will you at least buy Michael and his family a nice night on the town? I mean, if you are gonna pee on his carpet…

  • Mike Smithy

    Sum Ting Wong, Wi Tu Lo, Ho Lee Puk.

    • A Friend

      That’s funny!

  • Bill

    As the greatest democracy on earth celebrates it’s independence a false flag attack will show what jade helm is about and why foreigners have been setting up camp across the country. Our country will not take credit for the crash. Blame will fall on the shoulders of others, but after the “house cleaning”, America will show proof of it’s greatness again.

    • That guy

      So…if July 5th happens and there is no attack then what? You need to stop with the Alex Jones crap for real.

      • Bill

        For now America still has freedom of expression. For all of us let’s hope it stays that way. If Alex Jones agrees with me that’s ok.

        • that guy

          You have to be one of those guys who believes everything is a false flag and conspiracy. Foreigners on our soil? Jade Helm? take off the tin foil hat and worry about what you can control. You have zero ties to the SO community and have no idea what you are writing about. Worry about something you can control.

          • Sam

            Bill has got a point. There are foreign troops training on U.S. soil and Dave Hodges has proof of that. There is more to Jade Helm than we’re being told. It’s not only about what you can control, but what you know as well. Many people will be blindsided because they chose to be among the ignorant sheep.

          • Bill

            Thanks

      • PotHead69

        Christmas is coming.

  • Paul

    Michael,
    Thanks for writing these informative articles. It is important to see these patterns. History has a way of repeating itself.
    The June BLS numbers were very poor. It is mind boggling that the number of Americans not in the labor force increased by 640K in June.

    • Avner

      They don’t count…

      You and I know they do. However, the con men who run the system don’t. Yet some believe the con men. Our gain, right?

    • Mike Smithy

      Here is a little known tidbit that the corrupt media cheerleaders never tell you. The eligible workforce in the USA expands by approximately 237,000 each month. Therefore, if the USA can’t generate this many jobs each and every month, then they are not even treading water. Now you know why we have 93 million capable and eligible American’s not in the workforce.

      • PotHead69

        Oh yeah, that’s right. The 2008 collapse was all Obamas fault.

        • Mike Smithy

          I never said the 2008 crash was President Zero’s fault. However, Zero owns this crappy economy because his economic policies have been an abysmal failure. Now place that little nugget of truth in your bong and smoke it.

  • larrythelogger

    Yeah, and the IMF just shot itself in the foot with their latest Greeport concluding Greek debt and not the Greek citizens would have to take a haircut because any other solution is… wait for it, wait for it…unsustainable. Yes, after Draghi and Merkel have been, according to Bloomberg, “Showing Greece who’s boss”, lowering the amount Greece owes on its debt is very possible. So…Immediately after the IMF “conclusion”, every PIIG in the poke reared its fat little heads and demanded debt reduction as well. The IMF, Merkel, Draghi, and “When things get serious you have to lie” Juncker, et al are all screaming, “WORDS!!! COME BAAAACK!” knowing that a debt reduction for Spain, Italy, Portugal and Ireland all with MUCH higher debt than Greece, will afterburn an end to the EU on Merkel’s watch and much worse, trigger a big bag of derivative defaults worldwide. What’s a few hundred trillion among friends, right?

    Now my money’s on a big YES vote this Sunday in Greece since their haircuts and their taxes probably won’t be going up because the IMF’s only answer for Greece is to lower their debt. The toothpaste is out of the tube. This might be Rickards’ snow flake.

    And now with China getting hit with reality dust, pass the popcorn; the bugout farm is just about ready. It has real good site lines too should the FSA’s SNAP cards stop working and they need to extend their riots from Walmart to VERY remote and rural places.

    • df NJ

      Nothing is worse than being effed by a bunch of Greeks!

      • larrythelogger

        Well, if Greece was an alcoholic, the troika has been sending them liquor stores since 2012 and demanding that Greece stop drinking so it’s a chicken or the egg deal about who is screwing who. Monty Python couldn’t write this stuff.

    • Nemnor

      larrythelogger, regardless to what “solution” they come up with for Greece, even if it is a total debt ‘forgiveness”, the economic situation in Greece will be worse than it is today 2 or 3 years from now.

      The real (permanent) solution can NOT be found within the current decadent Capitalist economic system in Greece and the rest of the EU.

      • larrythelogger

        No kidding. I thought my sarcasm came through a little clearer. You’re right but this is the first time the troika has ever hinted that bond holders (which would place higher taxes on the flush countries who have supported Greece for years; mainly Germany and France) would take the hit instead of extending and pretending; printing and giving with useless demands from Merkel and Draghi. A No vote would force a Grexit in a few months then onto the Drachma, which to me is the best decision albeit it’s the cleanest filthy shirt in the hamper. A Yes vote will force the PIIGS to demand and get the same treatment as Greece. All the debt backed derivatives will collapse the EU’s economy most ricky tick. Either way, everybody’s screwed but less screwed with a No vote. BTW, there hasn’t been a real capitalist economy since 1913 when the Fed was established then locking the pretend capitalism in concrete at Brighton Woods with the establishment of world reserve currency. Unless you trade your garden vegetables directly with your auto repairman to fix your mufflers, there isn’t a real free market. 1913 made that happen.

        • Nemnor

          But the decadent system can NOT go back to the “free market” Capitalism you believe existed before 1913 (or so).

          What many failed to realize is that the Capitalist system became decadent more so as a natural and inevitable transformation of the system. That the actions (or inaction) of Governments and other elite groups, might simply help to aggravate (OR give temporary relief to) an already naturally decaying Capitalist economic system. .

        • socalbeachdude

          Nope, dude.

      • socalbeachdude

        No debt from Greece is going to be “forgiven” at all. Get real.

        • larrythelogger

          So, if you bold your type, does that make you righter?

          No Greek debt will ever be paid. That’s why they’re in default. And yes, the IMF is discussing 30 percent haircuts for the bond holders just like the ECB is talking about stealing money from Greek bank accounts. That IS real…dude..

          • socalbeachdude

            Those are totally false and stupid assertions. Greece MUST REPAY ITS DEBT as scheduled and due and they will NOT BE GETTING ANY “HAIRCUTS” on it at all from the Institutions.

            You must not be aware that ALL OF THE GREEK BANKS ARE CLOSED AND CANNOT REOPEN WITHOUT FURTHER ASSISTANCE FROM THE ECB’S ELA and that their default with the IMF renders them ineligible for any further ECB ELA funding to the banks.

            Without repayments on their debt GREECE WILL BE CUT OFF FOREVER FROM ANY FURTHER FUNDING AND THEIR BANKS WILL REMAIN FOREVER CLOSED. I assume from your comments that is just hunky dory with you.

            As to the banks there, they would have been shut down long ago without the ECB providing more than $86 billion in funding through the ECB’S ELA program. Are you somehow not aware of that?

          • larrythelogger

            Firm grasp of the obvious info doesn’t change the fact that Greece, by themselves cannot pay back their debt plus ad hominems and well known info puked on a post doesn’t address the issue.. It’s simple math.The troika has been printing and paying for Greece’s debt since before 2012. Did you even read the ZH article and have you never heard of Ambrose Evans Pritchard who also wrote about the leaked IMF study and what those implications mean? Also, my guess is they’ll vote yes to remain a bit longer in the extend and pretend troika pretzel knowing the ECB will displace tsipras with some IMF oligarchy. Either way, the only way Greece can pay is if troika gives them the money. Limiting ATM’s to 50 EU’s per day and pulling a Cyprus won’t come close, ever. A Yes vote with yet another ECB SNAP card infusion will open up their banks in EU’s along with confiscations above 8,000 and more Merkel demands for austerity. That’s my guess. I doubt there’ll be a No vote. The world’s Free S*** Armies can’t handle even a hint of self reliance.

    • socalbeachdude

      False. The IMF did no such thing at all.

  • K

    Time is truly getting short. If you have prepared in every other way. Getting some silver is indeed a good idea. Just remember there is a good bit of phony silver out there. So be careful who you deal with.

    • Gay Veteran

      only buy pre-1965 silver coins

      • K

        even phonies of such coins have been showing up. So far only dimes do not seem to be counterfeited.

        • Gay Veteran

          silver coins make a very distinctive sound when you drop them on a desk

  • Nicholas Fowler

    an excellent article, I do think hyperinflation will probably hit Japan and the rest if the world in some measure and do tend to think the Euro will go away eventually, but there is no certainty as yet as to how the collapse will occur. china is the wild card and whilst we are watching Europe, China may be the joker or ace if you like.. and is their not a saying the joker is running wild??

    • socalbeachdude

      False. What is hitting the world markets is DEPRESSION and a huge side down in asset prices. Helllooooo?

  • VigilanteCaregiver

    A couple years ago, I said the Chinese were in worse trouble than we are – despite the unconfirmed gold reserves, land purchases, ghost cities, etc. And most folks here gave me an earful of how wrong they said I am, and how the Chinese will take us over.

    Well, ta-da!

    • Nemnor

      VigilanteCaregiver, please keep in mind that China, with it’s form of “state/collective/directed Capitalism”, seemed to have “weathered” the deepened economic crisis of 2007-2008 better than the USA.

      With a major world-wide economic “crash” (like 2007-2008 or worse), I believe the USA, with it’s form of mixed “welfare/selective-free-market Capitalism”, is likely to suffer worse than China, for the similar reasons China seemed to have done better than the USA following the 2007-2008 “crash”.

      However, both China and the USA (and virtually the rest of the World) are in a general state of decline (though China might ironically be relatively on the “rise”), as they are all part of the decadent world-wide Capitalist system that, in general is now NOT able to generate long-term recovery by economic means alone.

      • VigilanteCaregiver

        Well… okay, yeah! The focus was too specific on my part. Need to consider the larger picture in this climate.

        • Nemnor

          Mmm? What “larger” picture could there be more than the world-wide socioeconomic system we ALL live under?

          The “larger” picture IS the world-wide Capitalist economic system. It is that “larger” (wider) picture that is the main root cause of the major issues facing the China, the USA and the rest of the World.

          AND, I posit that the real (permanent) solution for China, the USA and anywhere in the World, can NOT be found without a fundamental change away from the current (“larger”) world-wide Capitalist economic system.

          • Flippah

            I know lets go to a cashless system that just requires a microchip in your right hand or forehead, in order to buy or sell!

    • piccadillybabe

      Maybe those “ghost Cities” are the Chinese version of US FEMA camps.

      • Jerry C

        No. China kept building to keep people employed and their economy going; similar to our government union workers getting paid to demolish & rebuild a perfectly good road they did the previous year. Smoke & mirrors.

  • Nemnor

    Michael you asked – “…So what do you think is coming?…”.

    What is coming in the next few months and a year or 2 from now is that, the socioeconomic issues like stagnant wages, low wages, illegal immigrants, high unemployment (the real figure) and underemployment, would ALL generally get worse, and will continue to get worse, with NO permanent solution in sight. Any “improvements” can only be TEMPORARY and would hardly last for even 12 months or so.

    The reason things will relentlessly get worse in general (as the months as years go by), is because US Capitalism is now decadent and is NOT able to generate long-term recovery by economic means alone.

    There is NO permanent solution to the major socioeconomic issues in the USA within the decadent US Capitalist economic system. The real (permanent) solution begins with a fundamental change away from US Capitalism, to a superior and sustainable socioeconomic system, that addresses the abundant needs of the “rational” individual (and not just of “the 1%”).

  • rat28

    Only Fed can create a perpetual bull market, China should just to slave manufacturing!

    • socalbeachdude

      Absolutey false. The Federal Reserve has NOTHING WHATSOEVER to do with stock markets.

      • larrythelogger

        Paul Craig Roberts in his article, “Financial Market Manipulation is the New Trend” written last December and pretty much everything David Stockman has written about the Fed would disagree with you and also provide evidence without the bold type and no seven second sound bites…dude.

        • socalbeachdude

          While not nearly as dim-witted as David Stockman, Paul Craig Roberts is showing signs of increasing senility and hasn’t got the slight clue about what the Federal Reserve is or does. Once again, the Federal Reserve has NOTHING WHATSOEVER to do with stock markets.

          • larrythelogger

            So is Chris Martenson, Mike Shedlock and Naomi Prinz also senile and clueless as well? They too claim that the Fed keeping rates at zero since 2007 is why the stock prices are inflated and in a huge bubble. They certainly disagree with you too. Know what? I’m going to go ahead and go with what they prove with data, okay? You be warm and be fed with whatever you want to believe. Keep the bold type coming though. All part of the “dude” entertainment package.

          • socalbeachdude

            The Federal Reserve has NOTHING WHATSOEVER TO DO WITH THE STOCK MARKETS AND NEVER HAS HAD ANYTHING TO DO WITH THE STOCK MARKETS.

            Not a single penny of funds from the Federal Reserve ever went into the stock markets or ever goes into the stock markets.

            QE HAS ABSOLUTELY NOTHING TO DO WITH THE STOCK MARKETS and it effectively ended LAST DECEMBER.

            You obviously have no comprehension as to what the Federal Reserve versions of QE were and what they were not at all.

            FEDERAL RESERVE VERSION OF QE EXPLAINED:

            1) Federal Reserve buys securities from banks

            2) Federal Reserve deposits cash proceeds in excess reserves accounts of those banks at the Federal Reserve

            3) Securities stay parked on assets side of Federal Reserve GL

            4) Proceeds funds stay parked on liabilities side of Federal Reserve GL in the excess reserves accounts of the banks at the Federal Reserve

            The process is an ENTIRELY CLOSED LOOP just as if it were done inside a VACUUM.

            How many times does this have to be stated before it actually sinks in, folks?

            The QE funds are sitting parked in the excess reserves accounts of the banks and none of them ever got into the economy at all as is clearly established y the evidence on that matter. The total amounts in those excess reserves accounts now exceeds $3.5 trillion.

          • socalbeachdude

            Stocks are inflated nearly entirely DUE TO CORPORATE STOCK BUYBACKS and dividend payments and corporations are now spending more than 100% of their earnings on those buybacks and dividends.

            Approximately 95% of all US corporate profits were being spent on CORPORATE SHARE BUYBACKS AND DIVIDENDS TO SHAREHOLDERS over that period since 2009. Now nearly 102% of corporate profits are being spent on buybacks and dividends in July 2015.

            What is driving share prices far higher than reasonable fundamental levels is CORPORATE STOCK BUYBACKS WHICH ARE ESSENTIALLY THE MAJORITY OF EQUITIES MARKETS TRANSACTIONS THESE DAYS and that has been the case for the entire run up period from March 2009 to present. Nearly 95% of corporate earnings have been going to DIVIDENDS AND STOCK BUYBACKS over that 6 year period.

            The main reason that corporations have borrowed trillions of dollars is for STOCK BUYBACKS and the vast majority of the money coming into the stock markets in the US and globally since 2008 has been from corporations plowing back more than 100% of their earnings along with vast trillions of borrowed money in order to pump up the prices of their own stocks.

  • Bob332

    Pride goeth before the fall/destruction. Michael, they can’t say you did not give factual INFO & INFORMATIVE WARNINGS all these years.. THE COLLAPSE WILL COME LIKE A THEIF IN THE NIGHT….SILENT BUT DEADLY!

  • liberalmenlickobamacock

    read an article on this blog from 3 years ago. same exact commentary, just a different date on top

  • Al

    Michael interesting Article to say the least, can you advise everyone on a couple of things? 1/ How much $ / rembimbi do you think the Chinese Gov spent to prop up their market in the last week, as if their lost that much, surely to keep it propped up the numbers must be staggering!, 2/ could it be assumed that a lot of US/ Europeans dumped and ran from their Chinese stock portfolios thus ensuring a run?, as it would appear that the Chinese Gov are looking for scapegoats? 3/ When does the Chinese Gov start to blame the Imperialist west for the current carnage in there stock market Now and as you have indicted in the future? and thus start the now moot sabre rattling?

  • Chilller

    I believe, before the year is out…late December perhaps… that Santa will arrive. And even though he has been stockpiling coal for numerous deserving stockings…he’s decided to keep all the coal. He believes some may consider it a gift for home heating and that’s not the message he’s trying to send. We’re talking some seriously naughty SOB’s….

  • Patriot Alice

    Hope for the best, and prepare for the worse. Interesting article even if Financial Science Fiction. It’s equivalent to a huge meteor headed our way in the next few months. Che sara, sara,… whatever will be, will be,…. the future’s not our to see,….. che sara, sara….

  • DAvid

    I think it’s important to remember that while the NWO is orchestrating all of the above and more, there is a random quality with respect to specific outcomes. In other words they can set the device but they don’t actually know where all the shrapnel will go when the fan is turned on. They are event driven, not time driven as in 3:00 on Friday but there seems to be a time constraint driving them with an urgency at this moment. Literally these self proclaimed gods are showing human (or maybe not) signs of panic. One grain of sand in an engine can shut down 450 horse power so find a way to become that grain of sand. God’s speed all.

  • Patriot Alice

    Hope for the best, and prepare for the worse. Interesting article even
    if Financial Science Fiction. It’s equivalent to a huge meteor headed
    our way in the next few months. Che sara, sara,… whatever will be,
    will be,…. the future’s not ours to see,….. che sara, sara….

  • DJohn1

    I think people are running from the Chinese Economy because of the military intention to create a war with the United States sometime this year.
    That means anyone caught in the middle loses.
    It is called nationalization of all property held by foreigners in China.
    That means all these corporate fools that have taken their labor overseas might end up losing everything they have invested in China.
    I am not certain if the same will happen in India.
    Russian investments by American Companies are also in jeopardy.
    I am not sure what comes first. But the result will be a crash of the Chinese currency like the world has never seen before as investors lose confidence and retreat.
    The implications for our economy will mean a complete halt of trade between the two countries. So things costing a dollar here will more than likely cost 5 or even 10 dollars after the crash. They will have to come from somewhere else.
    That is what we get for extending the hand of friendship to foreign countries. It worked big time with Japan. But eventually even Japan has major financial problems using a Keynesian Economics system. And that is the real problem.
    The entire system is based on economic growth by counterfeiting the currency. As things expand it costs more and more money to produce the goods.
    The greatest economic enemy we currently have is stores dependent on foreign goods cheaply made that no local industry can touch the price competively.
    That involves everything from the car you own to the dollar type stores down the road.
    We get no taxes from labor overseas. Yet we destroy labor here when they compete for our business. Corporate greed and bought off politicians have sold the America we know down the river.
    Labor here pays the taxes that keep the government running. Right now they are running it with counterfeit currency chasing goods that eventually means massive inflation when the crash occurs world wide.
    Our forefathers were right to place tariffs on our goods to keep our nation competitive. I think it is too late to do that now.
    Is a crash like Michael describes going to happen? I think it is only a matter of time before the whole house of cards comes crashing down.

    • socalbeachdude

      China has zero interest in any “war” with the US and the US is its largest single country trading partner. Helllooooo?

      • DJohn1

        Then why is China building an Army to do just that?
        Why are they negotiating a deal by which Russia allows them across their territory to potentially attack Alaska?
        Why are they ready to attack and take over Taiwan?
        They are building a missile base capable of reaching our shores, why?
        That “zero interest in any war” seems like the actions speak a lot more than words.
        I also think the entire thing is crazy.

  • HELL ON EARTH IS COMING

    • FortuneSeek3rz

      Nonsense…

  • Richard O. Mann

    Giving that I am out of work, again, and trying to find a job, again, and that I just did the early 62 retirement and am waiting for baited breath for that first SS check next month, the only option I have right now is a bullet to the head. Or something close to that. I know all of this is going to crash and burn in the very near future. I agree that the second half of 2015 is going to be one wild ride. It may well be the end of America as we know it. So, I’m just going to have to read the reports, pray, and see what happens next. It’s all just rock and roll.

    • Flippah

      Why would you hurt yourself? Why did you even play this game, this reaching for the brass ring, this snake chasing it’s tail? This society, and system, has always been satanic. Christ exhorts “Come out of her”.

  • Antonio Ossa

    THE DOMINOS ARE STARTING TO FALL!

  • Just_Bubba

    The time is getting very near for our preps to pay off; no dumpster diving here. Those who laughed will be getting just what they deserve…nothing. We just got another round of preps in this week and the sweet irony is that the USPS delivered it.
    The Obamanation thinks he has won and all he will inherit is the wind of change that buries his empire. His destiny is to be relegated to the dustbin of history as a failed dictator. Just like his idols Hitler and Stalin.
    Puny little god.

  • Mondobeyondo

    That radio broadcast of the Hindenburg crash keeps going through my mind… “What a terrific crash, ladies and gentlemen! Oh, the humanity, and all the passengers…”

    By the way, we’re all passengers. Enjoy the ride. Gonna be a bumpy one.

  • Sam Jones

    PLEASE stop writing blog posts that tell us all what you think is going to happen and instead, try offering some concrete suggestions of what you think your readers might do to prepare. Thanks!

    • American Apocolypse

      If you don’t already know, it’s too late for you and your Darwin Award awaits.

      • Flippah

        When it goes down you may last a little while longer than most but you will still face a choice. Mark of the Beast or death. There is no prepping for Apocalypse.

  • American Apocolypse

    Awesome! Bring it on!

    • GSOB

      dreamer

  • Oct 20th of this year, the IMF is expected to announce a reserve currency alternative to the U.S. dollar, which will send hundreds of billions of dollars moving around the world, literally overnight

    • socalbeachdude

      False. There is no currency alternative whatsoever to the US dollar. Hellllooooooooooooooooo?

    • Flippah

      The implantable microchip Mark of the Beast 666?

  • st777

    We can count down to 13 september… the markets gettin worse by the day…
    The day of nullification is near…elul29, 13 september….a sunday..
    Shemitah is for the jews and also the greek…
    Stefan from Holland

    • PotHead69

      Smoke some more grass dutchy.

  • Richard Chiu

    The Chinese downturn leading the 2008 crash was natural (or rather, unintentional), but this one is a blatant Reichstag Fire, deliberately instigated by the central government so that they can blame it on Western manipulation (while pretending to heroically fight it).

    Aside from the natural (and, in this case, very intentional) consequences of market contagion (which will be worse than many think, due to the heavy role that stockpiles of basic industrial resource commodities e.g. non-precious metals and such have been playing as stores of value underwriting other investments in Asian markets), the Chinese government is probably planning to engage in a certain amount of international bluster about the supposed economic sabotage by America and Europe (and probably Japan). This will be a prelude to ‘measured’ economic retaliatory actions which will supposedly be ‘justified’ by the accusations of market manipulation.

    This will escalate into a war of narratives, in which the Chinese will refuse to accept placation or responsibility, until they pull out their trump cards, probably damning and irrefutable revelations about the actual manipulation of precious metal markets by Western governments, possibly including proof that the actual physical inventories of the gold reserves of America and Europe do not match what is claimed (whether or not this proof will involve admitting how much physical gold the Chinese have managed to amass is an open question, I’d think that revelation might undermine their own narrative to an extent they’d prefer to avoid for now).

    The effect of those revelations, on top of the deliberate economic ‘punishments’ and market contagion, will collapse the global economic order centered on Western fiat currency instruments faster and more violently than almost anyone currently imagines possible, I have no doubt that the Chinese themselves will be impressed (I have more doubts as to whether it will catch them off-guard).

    The only question-mark is whether the U.S. will attempt a conventional military response to this deliberate act of global economic warfare. My sense is that the Chinese will find a way to goad the Japanese into demonstrating the futility of any such attempt, all the while making noises about a vast Western power conspiracy. I also doubt that the existing national regime in the U.S. has any real interest in avenging the final destruction of free markets world-wide, since it is dominated and led by doctrinaire Marxists who regard such destruction as the ultimate goal of all their own efforts. But things are going to be completely nuts, so elements of the American military acting independently to try and ‘defend’ a nation that no longer functionally exists is at least possible.

  • GetReal4U2

    sadly…obummer has weakened the military and is trying to purge it of Christians…God help us all…

    • PotHead69

      Hahahahahhahahahahha

  • Sean Stout

    This news hasn’t affected the American stock market because it’s all being held up by lies, fraud, and deceit. These greedy corporations and banks want to milk every last penny from the American people before they bail on everyone. It’s all being artificially propped up by the Fed. Hell, even WWIII could literally happen. Cities could be nuked off the map and that damn Wall Street would still close up that day, because it’s fueled by greed and corruption. It’s truly an evil market in an evil country. The US has morphed into the NWO full of evil. This gay marriage decision and Confederate flag BS is just the latest proof of the evil we have become.

    • df NJ

      Gay marriage seems like a typical smokescreen issue to me. I think the World has much bigger problems than gay marriage. Gay marriage is just a distraction.

    • PotHead69

      So let me get this straight. Letting people who love each other have legal rights and removing the traitor klan flag is evil? I really can’t wrap my head around the logic.

  • socalbeachdude

    China’s stocks are preposterously overvalued and need to fall another 80% to get back to anything resembling reasonable valuations.

  • socalbeachdude

    Just as expected, and just as predicted, the epicenter of the GRAND GLOBAL STOCK CRASH OF 2015 is China. The PE multiples on their exchanges are in the range of 85 to 256 with many much higher, whereas PE multiple of 10 to 20 are in the normal range. The Chinese stock indices are headed to enormous price crashes that will bring the Shanghai Composite down to 1500 or lower from its present level of more than 4000 and that will all happen very rapidly with global markets following the lead of China.

  • socalbeachdude

    The SSEC index fell 5.8 percent on Friday to end at 3,684 points.

  • BHill

    If we cant trust J EWs to properly run our financial markets, who can we trust?

    • df NJ

      Casino’s manage self governance in a atmosphere of unadulterated greed. Most of the cameras are watching the money changers. Maybe this something to be learned here. But the bigger problem is the central banks having monopolies on currency. But it looks like that may be coming to an end hopefully.

  • mark

    The Euro will eventually break up and end up with 12 main countries!

    • socalbeachdude

      Nope. The EU and EZ are stronger than ever and are now the largest economy in the world. There are 28 countries in the EU and 19 in the EZ. Hellloooooo?

  • Josef

    And the (CAD)Dollar in all this turmoil!what is your prediction?

  • abinico

    The Chinese business person is the most crooked, greedy, and immoral beast on this planet. This is no surprise.

    • df NJ

      I’ve done business with the Chinese for years. They don’t easily trust anyone but they are good people. I deal with about 20 companies. I’ve only met one a hole and he as from Taiwan so I don’t know if that counts.

      • abinico

        My experience is dated – from at least 20 years ago, and all my dealings back then were with Taiwanese. So yeah, it does count.

        • df NJ

          The Chinese overall are very good to do business with. We also buy products from a company in Kansas. But because the Yuan pegged 6 to 1 against the dollar the company in Kansas cannot compete. The Chinese currency manipulation is really bad.

  • DJohn1

    I wish you well with that business.

  • Marco

    Michael, you must have done something to pi$$ off the powers that be. I regularly visit your site off my mobile device and in Google I search for “economic collapse.” Your site is always the first one that comes up. Now, it’s not even on the first few pages. Even when I search for “economic collapse blog” you still aren’t top hit. You must have posted something that hit a nerve with someone in a higher position. I also noticed a few days ago that your site went down completely for a few hours. Anyway, keep on bringing it. Love your site.

    • Marco

      And now today it’s all back to normal. Weird. Must have been a blip.

  • DavidVR

    The shelves at the local CVS have gone NEARLY BARE over the weekend, I kid you not. Thank God I was able to get some canned food, oatmeal and water. I haven’t checked Kroger’s or Wal Mart but I fear the situation there might be similar.

    I can’t believe I’m typing this but this might be the real deal. I’m scared as hell and I don’t know what’s coming. For God’s sake, get CANNED FOOD, WATER, FIRST AID, AMMO AND SUPPLIES.

    • df NJ

      The CVS in New Jersey is packed.

    • socalbeachdude

      It sounds like that particular CVS is closing. They are closing a number of their stores this year.

  • df NJ

    Some weird quotes from our founding fathers. I never heard these before:

    “Lighthouses are more useful than churches.” Benjamin Franklin

    “This would be the best of all possible worlds if there were no religion in it!” John Adams

    “Christianity is the most perverted system that ever shone on man.” Thomas Jefferson

    • Flippah

      All three of these cats were Luciferians. Besides that, you don’t get into positions of power unless you bow to the Lord of this world.

  • Timothy Cariveau

    I DON’T THINK IT’S GOING TO BE LONG AND WE WON’T BE USING MONEY ANYMORE. THIS MATCHSTICK WORLD IS GOING TO FALL DOWN.

    • socalbeachdude

      Nope.

  • GSOB

    All that and no Christ?
    How off can one be?

  • LIZ THE SHIZ

    beware of Greeks bearing gifts, this morning a ECB Bankster woke up with a Trojan horse’s head in his bed

  • socalbeachdude

    Oh, no, not more stupidity from the dolts at ZeroBrains.

  • AEP31

    Can anyone tell me plainly how the stock market crash will impact someone who is not monetarily invested in the stock market? I just need help understanding how it will impact me. Thank you.

    • Donald Wilson

      Even though you may not have a penny invested in the proverbial stock market, you will still feel the impact. When the proverbial s**t hits the fan take a trip to your local market and take a long look at the prices of food. Remember Weimar Republic, inflation will eventually go through the roof. The cost of food will eventually sky rocket…where a dozen eggs might cost 7 to 10 dollars, loaf of bread 5 to 7 dollars or a gallon of milk might hit 6 dollars. So in the end we will all be affected by the crash…The End.

      • AEP31

        Thank you Donald. I am wondering how soon after a market crash might those prices be felt? Immediately? Or might it take a few days???

        • Donald Wilson

          From talks with my father and grand father based on their experiences during the Great Depression of 1929 it’s just a matter of days. When items become scarce that’s when the prices begin to escalate. That’s why it’s important to start stocking up on non-perishable goods while the prices are still fairly stable. Hope this helps. The End…

  • Jack Oliver

    I think the Chinese are doing this intentionally – better to take a haircut now than later – This will usher in a gold backed trade currency and possibly lead to a Rothschild’s exit from China – Nothing happens by chance ! Considering the GFC was FAKE allowing the FED to crank up the Weimar presses perpetually – This will spell the end of the US dollar !

  • Donald Wilson

    Let the party begin. Get your money out of banks and cash in your investments while you can. If you wait to long, you could very well be left holding worthless pieces of garbage…toilet paper would have great value than worthless stocks etc…The End.

  • Lucretia Allen Eisenreich

    Look at the 7 year cycle. Many agree that this fall there will be a crash in the economy. Rabbi Jonathan Cahn has been talking about this for a while…

  • Suzanne Stavely

    What’s coming is Elul 29. The end of this Shemita and judgement upon the world superpowers. Sept 2015

  • Ignacio Lopez

    China and Russia to try to Stabilize their fall will start dumping USA DEBT BONDS, like Greece’s and Europe. China will Assume the world currency spot driving our dollar, banks and investment’s to crash. Money will be worthless, Gold and silver too (for a few months or a few years. Our inter – structure will shut down. What will you do with out lights, power ? You’ll be sitting in the dark … light your lanterns, or crank up your portable generator. Some one will be just waiting for that mistake … night scope, pop, pop your dead your silver, gold, guns ammo and food ,water are theirs. (3 days or more before any government can react) Think is your bug out place solar powered and hidden??

  • JustAnotherJoe10

    A crash is coming to the United States. There is no getting around the massive debt America is holding, and all the people who are currently dependent on ”the system”-from food stamps, to other, government entitlements. And, if people are freaking out now because of race relations-type issues that are taking place, what are they going to do when SHTF for real?

  • David Cher

    Good Day Michael…Thanks so much for your contribution, dedication & great effort for enlightening me with your precious analysis & information…Appreciated <3 (",)

    By the way, may i learn from you is it advisable to buy & keep "Bit Coin" besides the Gold & Silver while US Dollars & other countries' currency are facing crisis? Thank You : )

  • ticktock

    open..your..eyes

    I can’t really comment on China’s this or that..or the Great Greece Comedy..or… but, I will say that you guys had better watch your own country and the sky-rocketing cost of food/ pet food. Case in point: I buy frozen fruit bars [ frutare] LAST WEEKI bought 2 boxes @ $3 EACH. THIS WEEK I bought 0 @ $3.88 each! The previous price was not a sale price. Come on! Really? Although this is a huge spike in one item, I havenoticed food inching up daily, especially brand name/organic.
    I believe 2 things are causing this: FOOD as a STOCK MARKET COMMODITY and global weather anomalies. We are being priced out of the food market.

    The article asks “so what comes next”? On a global level I don’t much care as my own house is burning down…

  • Clumpner_Archives

    In reading so many of these comments, I’ve come to believe we are like the several blind men attempting to describe an elephant.
    There are several ‘black swans’ up above in the clouds and one or more are about to swoop down with a humongous ‘DUMP’!
    The only thing that I’m reasonable certain of is an imminent stock market collapse in Sept…Oct at the latest.
    The Dollar could actually keep on soaring, way on past 100 which it’s very close to at this point.
    ‘Broken Clock Harry’ Dent has been way off in his timing prediction for gold to plummet to $700 or lower awa the Dollar soaring. Things have finally turned in his direction and the stocks plummeting to 6000 could be the next leg.
    Research Harry Dent, Mark Biltz, and Jonathan Cahn.
    Buy stock option PUTS before Sept…
    Excellent cheap insurance!

  • K

    Why all the pessimism? Ever heard of Karen hudes? We will have a smooth transition

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