The Beginning Of The End
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If You Are Waiting For An “Economic Collapse”, Just Look At What Is Happening To Europe

European UnionIf you are anxiously awaiting the arrival of the "economic collapse", just open up your eyes and look at what is happening in Europe.  The entire continent is a giant economic mess right now.  Unemployment and poverty levels are setting record highs, car sales are setting record lows, and there is an ocean of bad loans and red ink everywhere you look.  Over the past several years, most of the attention has been on the economic struggles of Greece, Spain and Portugal and without a doubt things continue to get even worse in those nations.  But in 2014 and 2015, Italy and France will start to take center stage.  France has the 5th largest economy on the planet, and Italy has the 9th largest economy on the planet, and at this point both of those economies are rapidly falling to pieces.  Expect both France and Italy to make major headlines throughout the rest of 2014.  I have always maintained that the next major wave of the economic collapse would begin in Europe, and that is exactly what is happening.  The following are just a few of the statistics that show that an "economic collapse" is happening in Europe right now...

-The unemployment rate in the eurozone as a whole is still sitting at an all-time record high of 12.1 percent.

-It Italy, the unemployment rate has soared to a brand new all-time record high of 12.7 percent.

-The youth unemployment rate in Italy has jumped up to 41.6 percent.

-The level of poverty in Italy is now the highest that has ever been recorded.

-Many analysts expect major economic trouble in Italy over the next couple of years.  The President of Italy is openly warning of "widespread social tension and unrest" in his nation in 2014.

-Citigroup is projecting that Italy's debt to GDP ratio will surpass 140 percent by the year 2016.

-Citigroup is projecting that Greece's debt to GDP ratio will surpass 200 percent by the year 2016.

-Citigroup is projecting that the unemployment rate in Greece will reach 32 percent in 2015.

-The unemployment rate in Spain is still sitting at an all-time record high of 26.7 percent.

-The youth unemployment rate in Spain is now up to 57.7 percent - even higher than in Greece.

-The percentage of bad loans in Spain has risen for eight straight months and recently hit a brand new all-time record high of 13 percent.

-The number of mortgage applications in Spain has fallen by 90 percent since the peak of the housing boom.

-The unemployment rate in France has risen for 9 quarters in a row and recently soared to a new 16 year high.

-For 2013, car sales in Europe were on pace to hit the lowest yearly level ever recorded.

-Deutsche Bank, probably the most important bank in Germany, is the most highly leveraged bank in Europe (60 to 1) and it has approximately 70 trillion dollars worth of exposure to derivatives.

Europe truly is experiencing an economic nightmare, and it is only going to get worse.

It would be hard to put into words the extreme desperation that unemployed workers throughout Europe are feeling right now.  When you can't feed your family and you can't find work no matter how hard you try, it can be absolutely soul crushing.

To get an idea of the level of desperation in Spain, check out the following anecdote from a recent NPR article...

Having trouble wrapping your head around southern Europe's staggering unemployment problem?

Look no further than a single Ikea furniture store on Spain's Mediterranean coast.

The plans to open a new megastore next summer near Valencia. On Monday, Ikea's started taking applications for 400 jobs at the new store.

The company wasn't prepared for what came next.

Within 48 hours, more than 20,000 people had applied online for those 400 jobs. The volume crashed Ikea's computer servers in Spain.

Of course that should kind of remind you of what I wrote about yesterday.  We are starting to see this kind of intense competition for low paying jobs in the United States as well.

As global economic conditions continue to deteriorate, things are going to get even tougher for those on the low end of the economic food chain.  Poverty rates are going to soar, even in areas where you might not expect it to happen.  In fact, one new report discovered that poverty has already been rising steadily in Germany, which is supposed to be the strongest economy in the entire eurozone...

A few days before the Christmas holidays, the Joint Welfare Association published a report on the regional development of poverty in Germany in 2013 titled “Between prosperity and poverty—a test to breaking point”. The report refutes the official propaganda that Germany has remained largely unaffected by the crisis and is a haven of prosperity in Europe.

According to the report, poverty in Germany has “reached a sad record high”. Entire cities and regions have been plunged into ever deeper economic and social crisis. “The social and regional centrifugal forces, as measured by the spread of incomes, have increased dramatically in Germany since 2006,” it says. Germany faces “a test to breaking point.”

Of course poverty continues to explode on this side of the Atlantic Ocean as well.  In the United States, the poverty rate has been at 15 percent or above for three years in a row.  That is the first time that this has happened since the 1960s.

And this is just the beginning.  The extreme recklessness of European banks such as Deutsche Bank and U.S. banks such as JPMorgan Chase, Citibank and Goldman Sachs is eventually going to cause a financial catastrophe far worse than what we experienced back in 2008.

When that crisis arrives, the flow of credit is going to freeze up dramatically and economic activity will grind to a standstill.  Unemployment, poverty and all of our current economic problems will become much, much worse.

So as bad as things are right now, the truth is that this is nothing compared to what is coming.

I hope that you are getting prepared for the coming storm while you still can.

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  • Sandbagger

    “When that crisis arrives, the flow of credit is going to freeze up
    dramatically and economic activity will grind to a standstill.”

    It’s easy to read this quickly and not ABSORB the full force of what you’re saying.

    I read it over twice, and felt my heart sink. :(

    This means production of most goods (and services) in this country will cease. And since businesses rely upon credit to purchase materials, based on projected and actual orders, and also to pay their employees, etc. it is only going to be like a giant snowball that wipes out the jobs of those who support businesses-banking, suppliers, etc. Then it will wipe out restaurants, retail establishments, schools…

    We’re in for some SERIOUSLY dire times.

    I feel most sorry for the kids who are going to grow up (if they don’t starve) in the NWO economy.

  • libsarescum

    time for a new article so we can continue laughing at gary the communist pos

  • ConcernedAmerican

    What if every working class person refused to work until they were paid in line with the cost of living? I guess all of those skilled executives would have to come down from their ivory towers and actually work for their multi-million dollar salaries?

    • DiscouragedOne

      So don’t work and do what instead?

  • TtT Engine

    Grotesque, Gargantuan, Growing Godless Government crowding out the private sector like an obese person fills a subway car or overloads a sofa. You lefties, including You CINO scribes and pharisees, have replaced God with Government. Enjoy the crushing ride towards a Government take all and a Godless nation. Feed the monster with taxes until it eats the host alive. While you enjoy your Narco Marxist train ride, think about the 55 million dead babies murdered via abortion, the welfare state, our busted out cities, the chronically unemployed, the $17 trillion in national debt and the $127 trillion in long term promises that are unfunded. God will answer justly in His time. May the faithful be spared. Christi Fidelis !

  • Mondobeyondo

    It’s tough out there.
    For those of you who say “just get over it” -
    I say to you: “You have the flu. Just get over it”.

    “But I can’t”, you say.
    You may have a point there.

  • Mondobeyondo

    Things I Sometimes Ask Myself:

    - Why am I up past 12:39 am
    - Oh no, let’s wait…

  • mike

    Look for example to the country “Bosnia and Herzegovina”, which is not part of the EU, but is geographically located on the European continent: the unemployment rate is astounding 44% and youth unemployment even as high as 60%. And did anything spectacular happen there?, any riots, any public unrest? In fact, nothing special happened. People are getting used to poverty (not that they were used to a particular high living standard, but in the good days almost every family could afford a car, a house, etc…). They did suffer a lot through last 30 years (as a result of the war there) and they maybe come to be immune to economic downturns, but what makes you think that nations around the western world haven’t already become immune to economic downturn as well?

  • pRIMrose7

    And the ones that are left are putting our credit at risk.

  • enough already

    almost there I guess

  • Keith Belair

    There is no big surprise here at all. What you need to look at is the root cause(s) of their current conditions. There are two separate primary causes that have brought these conditions about. Both are not necessarily the cause in all cases, but both are present in large measure. First is socialist programs that wind up forcing the government to continually pay out more and more to keep the programs afloat. This is a root cause in Spain, Greece and to a lesser degree Italy. The second is that their financial institutions (like Deutsche Bank and others) operate worldwide just like the US major financial institutions do and they are all in the same situation. Between their leverage ratios and derivatives obligations and exposures in combination with the horrid lack of oversight by the appropriate regulatory agencies (the SEC for example) they have ventured so far out on the ice that it’s paper thin beneath them and they are all jointly hoping for a miracle that they don’t fall through. The current condition of the financial markets are just a huge house of cards and they are all scared to death that the first cards is going to fall.

  • enough already

    i don’t think any type of collapse will happen but it sure is fun to talk about

  • Mondobeyondo

    “Mondo, do you think things are rapidly spinning out of control?”

    No, I think things are slowly spinning out of control.

  • Diane Ryan

    Yes, America is right behind Europe. Folks, you know it in your hearts. America is bleeding out. But like Oath Keeper’s Chaplain Chuck Baldwin
    says, “There is hope!” Something will rise from the ashes of this once-great nation. With God’s grace we may mold it and pass liberty on to our children.

  • Jimbo

    The US is not the worlds top oil supplier. It is a net importer of Oil requiring 17 mbpd and producing 10 mbpd (a shortfall of 7 mbpd). .

  • Mondobeyondo

    It’s going to get harder, a lot harder.
    What, you thought life was easy?

    “I beg your pardon, I never promised you a rose garden”*

    I’m starting to get it now. You can’t play the blues unless you’ve lived the blues. Fake it all you want, but you can tell who’s really lived it.

    * Linda Ronstadt

  • Mondobeyondo

    It’s hard to watch a country fall apart before your eyes. I really hope I’m wrong.

    “Ein, Zwei, Drei, now Die”?

    No, not Germany, The U.S.
    The raging of the furies, in the streets, are set to explode.

    • tunafisheater

      i think the people will go like sheep, not like lions

    • Mondobeyondo

      Maybe a bit melodramatic – but I don’t think I’m too far off the mark

  • Mondobeyondo

    We’re sitting on top of a bomb. It’s a time bomb.
    When will it go off? That’s anyone’s guess.
    It’s a time bomb. When it explodes, you’ll know.

  • eddiestale

    scared, worried, nervous, can’t believe I should buy 50 libs of rice

  • paparatso1

    When have you eben in Europe for the Last time? Every time I’ going to fly down to Greece from Germany I’ m afraid to find poor people looking for food in the rubbish, that’s because of the news in TV and newspapers like yours. And every time I’m surprised to stay in frond of restaurants and bars fool of fashion dressed people who look to enjoy live better than people in Germany do where i live. German cars stay everywhere, the prices are high, don’t go down and people can afford it. I know nobody without a car and noddy who can’t pay his drinks. The same in Spain where we were last summer. So, what are you speaking about? A High level crisis?
    At least. Look at America. Henry Miller once wrote. “it’s gonna destroy the whole world”. And, that’s the biggest problem.

  • prasoon kalantri

    Dear Writer

    its great to read your article

    but now i pretty much

    confused as i read your previous article” who is controlling the world economy” where in you mentioned that its all controlled by Big Banks including above banks goldman sachs . who got big individuals to fund them or would say stand as a backbone .. okey …now here you stated that ” JPMorgan Chase, Citibank and Goldman Sachs is eventually going to cause a financial catastrophe far worse than what we experienced back in 2008″… please clear the inference

  • nekksys

    True, however, with the media-hypnotized masses a picture is all they need.

    “If it looks like gold it must be, right?”

  • mzinertz

    We live in Belgium and come from The Netherlands. These two countries show increasing unemployment and poverty. Although problems are not as big as in France,Spain and Italy Problems are getting more louder. In The Netherlands more and more peoople have payback mortage problems. One of the other problems are the loans of students of both Netherlands and Belgium. A large amount of students can´t payback their loans when they leave school and so a new sort of bubble is building up. Another problem is the retirement generation. Who is going to pay all this. So I can imagine that big probelms for the EU are ahead of us.

  • Dietl

    I thought Mercedes-Benz recently announced record breaking sales.

  • Abdur Rehman

    16
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    made $64,000 so far this year working online and I’m a full time student. Im
    using an online business opportunity I heard about and I’ve made such great
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    it. Heres what I dowww.bar29.ℂom

  • 0jr

    take a good look at what happened after they invested in amerika bonds real estate ect further more look what happened to multi tons of german gold that was only stored in gangster amerika.its going down the crapper and taking the world with .misery likes company

  • wroooomneridiket

    What happens when you let bankers run the world?

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