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If You Listen Carefully, The Bankers Are Actually Telling Us What Is Going To Happen Next

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World From Space - Public DomainAre we on the verge of a major worldwide economic downturn?  Well, if recent warnings from prominent bankers all over the world are to be believed, that may be precisely what we are facing in the months ahead.  As you will read about below, the big banks are warning that the price of oil could soon drop as low as 20 dollars a barrel, that a Greek exit from the eurozone could push the EUR/USD down to 0.90, and that the global economy could shrink by more than 2 trillion dollars in 2015.  Most of the time, very few people ever actually read the things that the big banks write for their clients.  But in recent months, a lot of these bankers are issuing such ominous warnings that you would think that they have started to write for The Economic Collapse Blog.  Of course we have seen this happen before.  Just before the financial crisis of 2008, a lot of people at the big banks started to get spooked, and now we are beginning to see an atmosphere of fear spread on Wall Street once again.  Nobody is quite sure what is going to happen next, but an increasing number of experts are starting to agree that it won’t be good.

Let’s start with oil.  Over the past couple of weeks, we have seen a nice rally for the price of oil.  It has bounced back into the low 50s, which is still a catastrophically low level, but it has many hoping for a rebound to a range that will be healthy for the global economy.

Unfortunately, many of the experts at the big banks are now anticipating that the exact opposite will happen instead.  For example, Citibank says that we could see the price of oil go as low as 20 dollars this year…

The recent rally in crude prices looks more like a head-fake than a sustainable turning point — The drop in US rig count, continuing cuts in upstream capex, the reading of technical charts, and investor short position-covering sustained the end-January 8.1% jump in Brent and 5.8% jump in WTI into the first week of February.

Short-term market factors are more bearish, pointing to more price pressure for the next couple of months and beyond — Not only is the market oversupplied, but the consequent inventory build looks likely to continue toward storage tank tops. As on-land storage fills and covers the carry of the monthly spreads at ~$0.75/bbl, the forward curve has to steepen to accommodate a monthly carry closer to $1.20, putting downward pressure on prompt prices. As floating storage reaches its limits, there should be downward price pressure to shut in production.

The oil market should bottom sometime between the end of Q1 and beginning of Q2 at a significantly lower price level in the $40 range — after which markets should start to balance, first with an end to inventory builds and later on with a period of sustained inventory draws. It’s impossible to call a bottom point, which could, as a result of oversupply and the economics of storage, fall well below $40 a barrel for WTI, perhaps as low as the $20 range for a while.

Even though rigs are shutting down at a pace that we have not seen since the last recession, overall global supply still significantly exceeds overall global demand.  Barclays analyst Michael Cohen recently told CNBC that at this point the total amount of excess supply is still in the neighborhood of a million barrels per day…

“What we saw in the last couple weeks is rig count falling pretty precipitously by about 80 or 90 rigs per week, but we think there are more important things to be focused on and that rig count doesn’t tell the whole story.”

He expects to see some weakness going into the shoulder season for demand. In addition, there is an excess supply of about a million barrels of oil a day, he said.

And the truth is that many firms simply cannot afford to shut down their rigs.  Many are leveraged to the hilt and are really struggling just to service their debt payments.  They have to keep pumping so that they can have revenue to meet their financial obligations.  The following comes directly from the Bank for International Settlements

“Against this background of high debt, a fall in the price of oil weakens the balance sheets of producers and tightens credit conditions, potentially exacerbating the price drop as a result of sales of oil assets, for example, more production is sold forward,” BIS said.

“Second, in flow terms, a lower price of oil reduces cash flows and increases the risk of liquidity shortfalls in which firms are unable to meet interest payments. Debt service requirements may induce continued physical production of oil to maintain cash flows, delaying the reduction in supply in the market.”

In the end, a lot of these energy companies are going to go belly up if the price of oil does not rise significantly this year.  And any financial institutions that are exposed to the debt of these companies or to energy derivatives will likely be in a great deal of distress as well.

Meanwhile, the overall global economy continues to slow down.

On Monday, we learned that the Baltic Dry Index has dropped to the lowest level ever.  Not even during the darkest depths of the last recession did it drop this low.

And there are some at the big banks that are warning that this might just be the beginning.  For instance, David Kostin of Goldman Sachs is projecting that sales growth for S&P 500 companies will be zero percent for all of 2015…

“Consensus now forecasts 0% S&P 500 sales growth in 2015 following a 5% cut in revenue forecasts since October. Low oil prices along with FX headwinds and pension charges have weighed on 4Q EPS results and expectations for 2015.”

Others are even more pessimistic than that.  According to Bank of America, the global economy will actually shrink by 2.3 trillion dollars in 2015.

One thing that could greatly accelerate our economic problems is the crisis in Greece.  If there is no compromise and a new Greek debt deal is not reached, there is a very real possibility that Greece could leave the eurozone.

If Greece does leave the eurozone, the continued existence of the monetary union will be thrown into doubt and the euro will utterly collapse.

Of course I am not the only one saying these things.  Analysts at Morgan Stanley are even projecting that the EUR/USD could plummet to 0.90 if there is a “Grexit”…

The Greek Prime Minister has reaffirmed his government’s rejection of the country’s international bailout programme two days before an emergency meeting with the euro area’s finance ministers on Wednesday. His declaration suggested increasing minimum wages, restoring the income tax-free threshold and halting infrastructure privatisations. Should Greece stay firm on its current anti-bailout course and with the ECB not accepting Greek T-bills as collateral, the position of ex-Fed Chairman Greenspan will gain increasing credibility. He forecast the eurozone to break as private investors will withdraw from providing short-term funding to Greece. Greece leaving the currency union would convert the union into a club of fixed exchange rates, a type of ERM III, leading to further fragmentation. Greek Fin Min Varoufakis said the euro will collapse if Greece exits, calling Italian debt unsustainable. Markets may gain the impression that Greece may not opt for a compromise, instead opting for an all or nothing approach when negotiating on Wednesday. It seems the risk premium of Greece leaving EMU is rising. Our scenario analysis suggests a Greek exit taking EURUSD down to 0.90.

If that happens, we could see a massive implosion of the 26 trillion dollars in derivatives that are directly tied to the value of the euro.

We are moving into a time of great peril for global financial markets, and there are a whole host of signs that we are slowly heading into another major global economic crisis.

So don’t be fooled by all of the happy talk in the mainstream media.  They did not see the last crisis coming either.

 

  • T.

    WoW. Huge events world wide increasingly with rapid succession – that impact the Financial stability of U.S. all. 1.) The Collapse of the Oil price; 2.)Congress voted the new budget last December to put the American public on the hook for over 3 hundred trillion $ of Bankster Derivatives; 3.) Grexit potential foreboding the Collapse of the Euro and 26 trillion $ Derivative implosion; 4.) U.S. wanting to Arm the Kiev government against the Eastern pro Russian Ukrainians; 5.) Merkel & Hollande in private negotiations with Putin for 5 hours with (Absolutely No) MSM coverage; 6.) Cypress now providing Russia with access to their port for Naval use; Other than that – There really isn’t much happening in the World.

    • Bill

      TMETT

      • Mike Smithy

        Bill, what does TMETT stand for?

        • Bill

          Glad you asked. I coined it not long ago because it seems every day brings forward a “new event” or two that keeps the MSM a buzzin. Some events are serious and some are trash. Because of the wireless world we live in news is instantaneous and good or bad news can be destroyed by a new incoming (event) at any moment. It is my opinion that this ungoing rapid fire of events is by design to prevent discovery of the truth. In any case it is come to the point where there are

          Too Many Events To Track=TMETT

        • TC

          TMETT= To Many Events To Track

    • watchmanonthetower

      In general terms, what we’re witnessing here on many levels is a ‘quickening.’ It’s a description used in the course of a woman’s pregnancy and particularly relevant in Biblical prophecy as well…which is simply an observation…
      …your interpretation may vary.

      ~Watchman

    • GSOB

      Christ is building His Church.

  • kfilly

    Why the state propaganda MSM broadcast anything about the dire worldwide economic conditions? The state wants everyone to get wiped out financially so that the people become dependent upon the government. It will become an instant dictatorship as people will give up all of their liberties to feed themselves.

    • Mike Smithy

      Yep, it’s all part of the plan.

  • Kevin

    Recently I went to a local indoor flea market in a medium size city (Chattanooga, TN) to inquire about getting a booth. While walking around, I spoke to a gentleman who has been there for 12 years with 3 booths. He said it’s so bad that about 2 weeks ago he seriously considered leaving. He sells $5-$20 knives and in the past has sold as much as $1,200 a weekend. Now, he sometimes barely covers his booth costs. His across the aisle neighbor is a Chinese couple who drive up every weekend from Atlanta. About a year ago they would bring up a box truck with a load of import products to sell that weekend. Small, cheap ticket import items like purses, wallets, trinkets, etc. Now, they bring up their wares in a Camry.
    In his words, “You know it’s bad when people don’t even have $5 to $10 to spend on a pocket knife. They just don’t have it, even with local gas costing under $2.00.”

    I left there even more motivated to get my house in order. It’s coming my friends, and it’s coming fast.

    • Bill

      I went to an antique show in upstate NY yesterday, walked around for 2 hrs, checked prices like everyone was doing, saw one purchase going out the door the whole time. As I implied earlier if you want to know how deep the snow is, walk in it, don’t listen to the MSM.

      • tony

        I agree things are getting bad, However we went to the mall and out to dinner in Annapolis, Maryland this past weekend. Restaurants are always packed. Mall seems fine. Sometimes I think our area is different than the rest of the country. Of course the wife always looks at me and says wow dear, what did you say about the economy? Yeah, I can tell by the long lines.

        • IjustneedtosAy

          the mall closest to my home (Bristol Va) has been about half empty for four years or so. Now JcPenneys left and Belk leaves next month. The Rafio Shack Is leaving in the coming months as well. With a half dead mall those stores will make it a ghost town by leaving.

        • Bill

          You are close to the DC circle that never “enjoys” a recession!

          • sadnana

            It’s true. We have family in northern VA and it’s a boom town. Lots of construction, busy shops and restaurants, etc.

        • Duke6

          These are usually people that have their heads in the sand. Max the credit cards out and have a great time..

        • gryphonv8

          i hate it when people react the way your wife does.
          Next time tell her: when you go to a nice restaurant at what point does the bill come? before or after dinner?

        • I lived in the Annapolis area for 48 years so I still have a few (lots and lots) of friends there and I visit about 3 times a year. If you get down in the trenches with those that labor for a living, you smell an underlying stench of bad mojo in that area. Sure it looks fine at first glance but work is still hard to come by. I have a friend that runs a lawn service and he still hasn’t recovered from the 2008 recession and he says that calls for new service have dried up. Current customers are cutting back on optional services like leaf cleanups and mulching. Plumbers are still having trouble finding work.

          • Tim

            Hi Richard. It’s a small world! I lived across the Chesapeake Bay from Annapolis (on Kent Island) for 31 years. My father was from Annapolis, and my mother grew up in Severna Park. I moved away several years ago, and I haven’t been back for a few years.

        • quercus454

          There are bubbles of economic prosperity in. My daughter went to school in at a major Caliif university. After she graduated, she thought the rest of the country was like where she had spent her previous 4 years. Jobs aplenty, businesses busy etc. She soon realized that wasn’t the case when she started looking for employment. Affluent areas are usually the last to see the down turn. People who have job security, often have no clue as to what is happening in other areas.

          • Outtaworktoolong

            True. I have been underemployed since 2010 and see it worsening. Those who live in “prosperity bubbles” can not and WILL not see the danger signs, or the problems all around us.

            I have a brother in law who used to work in Ft Mac, Alberta, as a contractor on oil rigs. He was convinced the only reason why I was underemployed, with all my education and 2 decades of career experience, was because I was too lazy to work hard.

            He got his pink slip several weeks ago.

    • ItIsWell

      I feel that same need to get my house in order as well. Something’s going to happen. I can just feel it. I went to a discount warehouse where you buy bulk foods cheaper than Sams. I go there very often and I’m usually one of the only ones there. Last week the line to checkout was huge. People with multiple buggies and a serious expression. I have never seen that there and I have been buying from them since 2008. Creeped me out a bit. Are there others that have that but feeling burning inside?

      • ItIsWell

        Correction…. Gut feeling

        • rmc9

          …no, you had it right…our butts are hanging out now and with the winter upon us, the CHILL factor is really kicking in…but I don’t think our fearless leader is feeling it…yet.

          • XSANDIEGOCA

            The fearless leader will never feel it. Biggest Hoax ever.

          • Guest

            Hello. I’m curious. Who is that in your avatar?

          • XSANDIEGOCA

            General Nathan Bedford Forrest. Self made man. Entered the service of the Confederacy as a private and rose to the rank of Lt. General. Ferocious and Fearless. You may not agree with his methods but you had to respect him in battle. Sherman said he would trade the lives of 10K troops to capture him.

          • Mike Smithy

            If I recall correctly, wasn’t he related to Forrest Gump?

          • XSANDIEGOCA

            I would have to check on that. NBF was not a shy and retiring type.

          • AzDi

            I like that you are Xsandiegoca. I am also from San Diego…. born and raised in Pacific Beach but left in the 70’s. It was still good then, but now, CA is totally lost!

          • XSANDIEGOCA

            I am afraid so. Now, the word is Governor Brown may try and run for President. Pass the word that he would be a disaster.

          • tom tremaine

            bs

          • XSANDIEGOCA

            Please, tell me why?

          • tom tremaine

            your poulticing …

          • Orange Jean

            Hard to figure out who’d be worse, Brown or Hillary. Both nuts!

            I lived in San Diego County (in Alpine) for a number of years, bit left after the Cedar Fire. Still miss it though, the weather was a lot easier on my health issues and I still have friends there… but what’s been going on there since I left in 2004 (including Brown getting in as Governor) has me hesitate to try to return.

          • XSANDIEGOCA

            Brown’s big crusade is the “Crazy Train”. A high speed rail project costing 100s of billions, this when the state is in dire need of water.

          • T.

            Sadly, he let Lee down at Gettysburg – Did not report on enemy strengths as was so needed prior to the engagement. Lee underestimated the forces arrayed against him – Big blunder for the South.

          • XSANDIEGOCA

            I think you have him confused with Jeb Stewart, the noted calvary commander, who went MIA during those crucial days. Forrest to my knowledge never served at Gettysburg. He is noted for his role in the infamous Ft. Pillow massacre.

          • T.

            You are correct – my mistake.

          • Stewart’s Cavalry was at Hanover looting shoes, York demanding tribute, and then stopped on the West bank of the Susquehanna when the bridge was burned at Columbia in front of him. That was why the cavalry was late to Gettysburg. They went East instead of West.

          • Francisco Valiente

            No, that was J.E.B. Stuart.

          • Gay Veteran

            being from Tennessee I also know that Forrest is also remembered for the Battle of Fort Pillow when his troops massacred black soldiers following a Union surrender; and after the Civil War he served as the first grand wizard of the Ku Klux Klan.

          • XSANDIEGOCA

            All that and more.

          • mpfitz67

            Correct, and don’t forget to mention, he was a democrat as well

          • Gay Veteran

            most slave owners were.
            and don’t forget, racist southern democrats started becoming racist southern republicans after the Voting Rights Act of 1965

        • Rastus

          Thanks for the laugh

    • XSANDIEGOCA

      Well stated.

  • we_have_one_that_can_see

    the international monetary fund will be the only one who will be able to save the day after we go into this coming economic collapse,…

    and that my friends will be how the one world currency will be born,..a prelude to the mark of the beast

    • Oiger

      Does any one want to go with me to catch A evil spirit?

  • frankensteingovernment

    I feel somewhat certain that the value of my gold and silver will remain constant or rise. Are any of the bankers predicting 300 dollar gold and 5 dollar silver?

    • Guest

      Don’t measure the value of your gold and silver in dollar terms because the paper price is fraudulent. Look at your gold and silver as insurance. Gold and silver will always have value and will preserve your wealth, unlike fiat currencies.

      • quercus454

        Yes, but you can’t eat gold and silver. Unless you have an unlimited supply of precious metals and there is a supply of food available to purchase it will do you little good. The real way to secure your life is to have real goods and items that can be used to produce other items for barter. Seeds, tools, ammo and skills will serve people better then a pot of gold.

    • watchmanonthetower

      The value of your precious metals will remain constant; and may well ascend to beyond the top of the charts. But the emergency tax placed on any metals transaction due to some covert regulation will quite likely skyrocket as well, evening out any exorbitant profits you may be expecting.

      It’s unrealistic to think the PM controllers haven’t thought ahead on this subject, and have something heinous up their despicable collective sleeves.

      ~Watchman

      • Mike Smithy

        If the tax man can’t tax my silver if he doesn’t know that I have it and I am certainly not planning on spending it at some corporate big box retail store.

        • watchmanonthetower

          “…certainly not planning on spending it at some corporate big box retail store.”

          Of course not, Mike. They likely wouldn’t accept it as legal tender even if you tried.

          And that is our point; in order to spend the implied value of that silver on something you may need more than that pretty metal, you’ll have to convert it to the coin of the realm…and there may be a hidden levy on that transaction at some future date when things appear more grim than they are right now.

          And that gouge has nothing to do with the ‘tax man’…it will be legislated fiscal robbery to degrade your ability to gain and keep a profit from wise metals purchases. They’re not going to let us get away with it…

          Underground bartering with someone who can ‘smith’ that metal may be beneficial in some sense…otherwise; doubtful.

          Thanks for the reply-
          ~W

          • Slip Mahoney

            I Arizona gold is legal tender

          • watchmanonthetower

            Yeah; as of last week the State Leg finally succeeded. Brewer shot down the first attempt in ’13.

            This new bill is nice, but the CG tax remains…you’ll need a Federal okeedokee to amend that unpleasantness out. What are the odds of that happening before the apocalypse? :)

            Don’t mean to be argumentative, Slip; but our opponents are masterful chess players, and the metals angle has been locked down for decades because they can see farther ahead than we can presently.

            Exploit those metals while ye may, for the Elite will eventually have their way. (…with apologies to Robert Herrick)

            ~Watchman

          • Slip Mahoney

            True

          • Slip Mahoney

            I don’t own any myself, I gave it all away the the poor.

          • watchmanonthetower

            “…gave it all away the poor.”

            That, sir, may be the best action of all on some unseen level, if they are genuine poor…not really sure what ‘poor’ means…
            we all qualify on some very visible level inasmuch as our personal liberties are being ripped from us. That definitely makes us poorer.
            But the cost of reclamation will likely not be metals, but blood; and lots of it…

            ~W

          • Slip Mahoney

            I am armed

          • retired22

            Go to 47TH street in NYC,that’s where the Gold refiners are.If anyone can handle your gold for you & give you 90/95% of spot this is where their at!

          • watchmanonthetower

            Good tip.
            What caliber of insurance would you recommend? :)

            ~W

          • retired22

            What do you mean by insurance,you lost me there!
            You can find the spot price in troy ounces on a number of websites
            You can buy a small battery operated gram scale on the internet.
            And you would need to mess around with an acid kit to find out the Carats involved.
            If you are dealing with coins it is much easier,coins have a fixed value(approx.)
            I hope that helps as little!
            But I don’t know what sort of insurance you are speaking of!

          • robert h siddell, jr

            I have .45 caliber insurance. I guess in NYC they don’t even understand that.

          • jsmith

            However, if it gets to the point that the dollar is hyperinflated like the tribal central banksters did to the Germans in 1923, and a a loaf of bread costs $500.00 you can bet sure that maybe a silver quarter might be accepted as payment.
            I remember reading that with an ounce of gold you could buy a hotel or a whole block of houses in Berlin. Our dollar is only worth 4 or 5 cents now. What does that tell you? And it ain’t gonna get better as the Fed will probably start another quantitative easing.

          • watchmanonthetower

            “…an ounce of gold you could buy a hotel or a whole block…”

            Just so! You have underscored an important point. Precious metal’s strength is also it’s weakness.

            In our investigations of a future clandestine barter society that adapts to meet the needs of the forsaken, we found that gold and silver, as a metals commodity used for trade, was most valuable as a convenient transport item for uncommon value (or temporary wealth in a trade-exchange environment.)
            A bar or coin’s main value was in it’s portability and ‘buying power.’ As a life-level usable component (like nutritious food, clean water, tools, defense items etc.) metals were not judged as valuable as something as mundane as a decent fishing pole and tackle box, for instance (lead not withstanding.)

            In any case, is it a stretch to wonder if a metals confiscation bill could be initiated to ‘solve their problem?’ We’ve heard it postulated recently that the 1930’s are here again; and that we can sense an eerie echo of those days just before WW2…and that we are waltzing down the same path.
            EO 6260 09/28/1933

            Looks that way to us anyway. Wouldn’t mind being wrong.

            Appreciate the reply-
            ~Watchman

      • frankensteingovernment

        You are of course, correct. Except that- among free men- we simply won’t pay the tax.

  • ItIsWell

    The nightly news spent quite a bit of time tonight saying gas is now on the rise and will steadily rise to high prices and will be 2.70 something again by May. I don’t know what the future holds but I have a uneasy feeling that this year is going to be catastrophic.

    • I’m always wondering about the ability of newscasters to forecast the price of oil (or anything else for that matter) 4 months in advance in a Market with an unpredictable behaviour as such we know nowadays. Frankly, this Economy is so volatile that even casting lots and reading palm-hand would be more accurate…

      • Outtaworktoolong

        Over a year ago, the MSM and all the talking head “experts” failed to predict the sudden drop in the price of oil. These same people failed to predict the crash of ’08.

        My cat would do a better job predicting the future. Especially stoned on catnip.

  • Bill

    How bad is it? When the BDI canary is on life support things are desperate. MSM is selling roses that don’t smell like roses. Here in the NE one judges the economy like the snow depth-“seeing is believing”.

    Remember, TMETT.

    • Tim

      With the BDI being at its lowest ever, it’s amazing that things are as good as they are. I live in the south, and things are pretty good in my area. There is so much construction going on here, both residential and commercial. I can’t reconcile what I see with what I read. Strange.

      • Bill

        As strange as open borders.

      • jox

        The effects of all the debt-based investment and consumption are wonderful until the bubble breaks. Again and again.

      • I don’t think it is really that strange. Considering the size of the US it make sense that there will be pockets of well-being. The reason is psychological. People have a swarm tendency, so they will tend to go where things looks better and brighter and increase the well-being of that part even more.

        This is why I’m not surprised that some malls or area of the country are full of people, booming, etc, etc… It look more and more like Medieval Europe to me where some cities were extremely wealthy besides cities which were extremely poor… this fueled Feodality on the Old Continent…

        Which is why it is of real importance that we look at the big picture – the forest and not the trees. If not, the risk is, for us, to miss the fact that the Global Economy is really in deep trouble….

  • Andy

    All leading to maximum super-aggregation of industry, so the elite will have even more control and wealth, being the platform for the world government.

  • Peacein

    Our area is doing pretty well. Restaurants packed, movies packed, lots of traffic and my shop had a great day of sales last Saturday and I’m a speciality shop. I sell online and things are selling. I can’t complain. I tithe and give of myself-time-money and things. I’m learning that God has principles to live by and by giving I receive back, not always money, but things, peace, wisdom and joy. Of course, money because God has promised to supply all my needs according to His glorious riches. I get more than my needs. I’m lucky that I have a woman in my life and family nearby. God wants to bless us to bring glory to His name. That’s why he chose a loser like me. I seriously had no prospects for success. I was destined to live under a bridge as a homeless alcoholic or be dead by now. I was most likely to end up in prison. Now, here I am getting what I don’t deserve, all because of God’s wonderful grace which is for everyone. Don’t be afraid. Let go of your pride and let God bless you. Realizing that there is a Devil is paramount. Jesus even said that the Devil comes to kill, steal, and destroy. But Jesus came to bring abundant life, now and forever! I think changing our minds about God is the best thing we can do and I’m still learning how to trust one day at a time!

    • victor

      AMEN, brother, the power of the Cross to transform our lives, and the Holy Spirit guiding us to a deeper revelation of God’s great Love for us. All that You mentioned above, and more!!!

    • Tony

      So are all the poor Christians around the world just hidden sinners or has God just forgot about them?

      • apeiron

        Two divorces within a ten year period seriously set me back financially. I wanted neither of them. No fault divorce has done a lot of damage to the economics of a great many families in America. I’m thankful for the LORD’S presence with me throughout, but I’m certainly not prospering & will not be able to recover the lost ground barring some unlikely boon. I foresaw these bad times coming & I would’ve been debt free over a decade ago without the second divorce, now I’m at least a decade away from that & I’m 54 years old.

        • jsmith

          You are not thinking about getting married again, are you? I would have thought you learned your lesson from the first divorce. We live in a different world now apeiron, and women have changed into sharks. I took the advice from an uncle who told me that ” the intelligent man doesn’t marry” and ironically he married a gal that drained him economically, and saddled him with two kids that were not his. She literally drained him before divorcing him.

          • apeiron

            I don’t plan to marry again, & in the current legal & social climate I couldn’t advise it for most men, as much as I hate to say that. The risks simply out weigh the benefits. A man can lose everything as in the case of your uncle.

          • rentslave

            The key is not to marry a woman poorer than are you.

          • Revolt to save America

            KEY, key is find someone who contributes through labor or contributing to the family OVER ALL, my guy is much smarter than me with every subject but what I do for work. He is very wise, I am risky but did well over the years and it’s a gift that keeps on giving. If you date a woman with more than you, you may be looked down on. Find a woman who spends money well or is very frugal. PERIOD.

          • Revolt to save America

            shut up, speak for yourself. I am the primary bread winner here, I am smart enough to not marry so I don’t lose my stuff. Also I let my ex husband never pay child support because he did poorly after divorce and didn’t have drive to rise above. I’m very suceesful and self made and a man can be a big thorn in the side, many men are out of work and rely on women so double check yourself.

  • ItIsWell

    Amen. That’s great! Our area is not doing well but I’m glad there are places left in America that are still prospering.

  • Oiger

    Thoes fat cat oil company ceos will loose everything. I hope they do.

  • DJohn1

    The bankers are talking because they know it is going to be bad.
    Keynesian economics dictates they spend and spend and then spend again. That is the government yes men saying that. They have said it since the late 30s. The more we spend the more we get back in return. That is a pretty screwed up economics class.
    It works only because of the enormous funds involved. But even that can is only going to be kicked down the road a few more times before it all comes back in a rush.
    If they even had a clue as to how to bring back the prosperity not sure they would attempt it.
    The prosperity depends a lot on just how much money people are able to spend and not go broke. Discretionary income usable to purchase retail goods.
    So what have they done? They have reduced the Discretionary income of the average person to nothing.
    That is the money circulating to keep businesses running.

    If it is gone, then it is gone. So close all the retail businesses.
    The only way to change any of this is to figure out how to give it back to the common person enough so they have money to bring back into circulation and purchase retail goods.
    Instead the government is going to take it all with the Healthcare program supervised by the devil himself in the form of the IRS.
    WELCOME. You are now entering the largest depression this country has ever seen.

    • Outtaworktoolong

      People say that a long, severe depression can’t happen because, well, it just can’t, that’s why. I have some family members who are even downright delusional in their belief that things are just dandy and only getting better.

      I’m sure before the start of the Long Depression of the late 1800’s, and just before the start of the depression of 1929, people thought the same way.

  • Jim Clark

    As they say in the classic “Maverick” episode “Shady Deal at Sunny Acres”…if you can’t trust your banker, who can you trust?

  • Genada

    There was never a real recovery and we have been pretending all along that everything is getting better. There’s no way out of this mess without a reset of all debt.

    There’s no paying back what is owed. The promises made are lies. Hopefully we can learn from our mistakes and create a new system that works better for everyone.

    • Cyan

      By implying that we can create a new system, we also imply that the wealthy are just going to give up their wealth over night to become a part of that new system. Not going to happen, but it is part of the cure.

      • jsmith

        Yes, my sentiments. They will only reset with a new game. They always win, and if we are not prepared, we lose.

    • guest

      You’re in luck. The very same people that are working overtime to collapse our current system already have it’s replacement waiting in the wings !
      However, to ensure that you really, really WANT their new system, first we’ll have…… A days wages for a measure of wheat.

  • Priszilla

    The best thing to do now is to consolidate private life and businesses. Repair everything that deserves repairing – shoes, roof, teeth..
    give a raise to your employees. Get them paid sick leave, paid vacation. Give them time for their family. Protect your business and your customers from the viruses of people afraid of losing money or job.
    Getting loyal, well trained, and productive employees isn’t that difficult.

    With a better family life we might get lower youth delinquency.

    • Revolt to save America

      I gotta agree, I was looking for you regarding paying off my home in full, you mentioned the tax benefits, they aren’t needed, and also exhausting savings, I will have 60 percent left and so I wonder your view of paying off a mortgage, I’m at 4.38 but it’s costing me 1400 in interest and 600 goes to principle. I owe 368 , house worth 1.1m, southern California. I’m ready to just go for it, I know it’s not highest and best use, but what aabout the banks, what about rates being low for a long time, what about the tenants not paying me and being late always, even 3 tenants with me over 5 years struggle NOW, all of recent, it’s very bad out there, I can’t guarantee payments on properties I own out right, but I do know I can save if I blow out this primary home mortgage ! thoughts, you often make a good devils advocate Pris…lol

      • Priszilla

        Well, I bought my house from cash for EU 50, 000. No interest payment needed. I bought it for my parents so that they can save their rent.

  • Horiboyable .

    It is the same here in the UK. The talking heads from behind the curtain keep trying to convince us how positive the economy is but the jobs are rubbish and the economy stinks.
    I got my house in order back in 2012. When recession hit I knew this was the same as the other times. There is such a disconnect in the fundamentals that a major correction needs to take place. There also needs to be a massive change in government economic policy; they need to keep their hands off.
    The USA is doing what the UK did. A period of relatively free market policies and then they head down that socialist route. NHS = Obamacare, state education, welfare programmes etc etc. Restrictions on business and capital. The USA in in decline and China is rising fast. American’s need to change their direction yesterday but I suspect they will wait until you crash and burn and then change will come; left or right the choice will be yours. Those in power will not go quietly as you can observe in Brussels at the moment.

    • sharonsj

      Please don’t parrot nonsense. This is not a socialist country. Obamacare is PRIVATE health insurance, not government-run insurance. Free state education is what made America great. What you call restrictions are regulations to protect workers and consumers. China has no regulations, which is why chalk is in their milk, sawdust is in their food, and workers are treated like slaves. Chinese pollution is so bad that people walk around with masks and the elite have established private organic farms so they don’t eat the same toxic food as the peasants. If you think America should be more like China, then you are clueless.

      • Horiboyable .

        50% of the population on some form of benefit, looks socialist to me. Anyone in business having to deal with Sarbanes Oxley compliance well tell you about the increased costs of trying to implement that nonsense. Brought into stop another Enron… Madoff to that. Asset seizure if you are driving with certain quantity of cash in your motor vehicle. Compulsory vaccinations. Sounds very socialistic if you ask me, maybe bordering on communistic. America is becoming what it’s fore fathers tried so hard to prohibit. Politicians will always find away to play the system. The USA is another Empire that will decline into history like Rome, Athens & UK.

      • GSOB

        Give the AFA a few more years and walla,…
        We have been on the road called socialism for at least how many years now? anybody? I say at least 100 years.
        Look at the Department of VA, how it runs the ‘government health care system’ Look at what our nations veterans have to endure to get what they have earned. Look at it’s reputation. Study it’s history.
        Every hospital should be open to take care of our Veterans. Everyone of them. They have earned it.
        Originally, it was not the role of our Federal government to mandate the purchase of health insurance on it’s citizens… but that is what this great country has stooped to. In socialism, everyone becomes a Federal employee.
        Anything the Federal Government runs always increases the cost and decreases the quality and resources. That is why it is given power and authority by God to execute capital punishment against evil doers.
        That’s it.
        Soon we will have cameras at every stop sign.

      • Jerry C

        Stop drinking the KOOLaid. You’ve had way too much already.

  • Scared Economist

    We ran by a local mall this weekend to return an item. Middle of the day on Saturday and there were just a few people milling about. Then on the way home we went by the AmVets Thrift Store. The parking lot was packed! It was 50% off Saturday. It was so crowded in that store you could hardly move. My daughter got a pair of Lucky jeans (about $40 at the mall) for $3.75 — still had the tags in them. The other daughter got a Pink Brand sweatshirt (about $45 at the mall) for $4.25. My wife bought a pair of Columbia boots in great condition (about $100 at the mall) for $12. The best buy though was the Prana blouse my wife found that she ended up paying .29 cents! (they are like $65)

  • cory

    i lived and worked in Dubai as a chef for 6 years and spent most of that last year traveling and cooking in Europe. i have been back in the US for almost a year and i can’t wait to get out. the level of apathy, racism and stupidity in this country is astounding! i would recommend getting out of this country to anyone that has a skill. work for an international company? request a transfer. have a skill go and start a business. A lot of countries will give you visa just for opening a business.

    • jox

      The people on your country wont follow your advice. They think Europe is a socialist hell. :) Americans are always welcomed in Spain.

      • piccadillybabe

        50% unemployment in Spain. I would wager about now anyone wanting to contribute is welcome.

        • jox

          The actual figure is about 24%. But don’t believe everything you read on the news. The americans and british I know live very well and don’t want to return to their countries. They work mostly as english teachers.

  • Ryan

    Those living in the Heart of the Beast will not see the economic mess until the collapse. Unless they look “over the castle wall” at the peasants below. JUST like Siddhartha (Buddha) raised in a false reality they must open their eyes.

  • Flem

    As wealth becomes more concentrated in fewer and fewer hands of course the economy is going to slow down. The majority of people have less and less to spend. Trickle down was the biggest lie ever sold to the American people.

  • So… We need to have over priced oil, food, housing, etc. to support the derivatives monstrosity created by the money controllers?

  • The main stream media is Blind, Deaf and Can’t Hear either. A true case of the Blind Leading the Blind.
    When we are all blind who do we trust?
    Who do we go to for news when our world collapses?
    IF and when the Euro collapses what will be the top story on CNN then? I bet it will be about Madonna’s out fit on the Grammy’s or who won American idol without a mention about the Euro Collapse.
    In true CNN and government sensor fashion (NO NEWS IS GOOD NEWS) REMEMBER the people in the cattle cars in Germany thought they were going to re-location centers with jobs for the war effort, LOOK where they ended up – Auschwitz.
    I hope & I pray we are not led similarly into our own Auschwitz. But with Agenda 21, NDAA, Patriot Act etc. We who are NOT blind know they passed similar laws in Germany and they used these new laws so what makes you think they will NOT use these new laws here. Things are for a reason, nothing is ever by accident.
    I pray God keep you and yours!

    • autofixer

      We know that those in the media “you lie!” CNN (et al) will simply switch to the coming war. There is no critical thinking, everyone lives in their respective echo chamber, be it CNN, MSNBC or Fox. The media has accepted that #EveryThingIsAwesome and that is the echo chamber in which they and their sheepish followers live. If you rock that boat, you are to them, a kook.

  • Рашид Гаани

    Banksters dreams…

  • jsmith

    Thanks for the info Michael. It’s almost as if the insiders are warning their fellow termites to take action stealthily to protect themselves, as opposed to the main stream media keeping mum with us peasants that are expendable, and will take the brunt of the banksters bad investments and Wall Street’s plundering. What can you do but prepare yourself because these elites own the government and the media.

  • Kira00

    Oil price actually isn’t that low, it’s the dollar that is strong.

  • SodThat

    How much of those $26 trillion derivatives on the value of the Euro will cancel each other out?

  • Find em’, drag them out of their holes, and lynch them. (Bankers that is)

  • Horiboyable .

    Edward Snowden had to release the documents to the British Press because none of the media outlets in the USA would have touched it. So much for a free press.

  • Donald Wilson

    Let the Greek Exit party begin…lets party like its 1999. Let the economic collapse happen so we can then rid the world of all the useless banksters and worthless politicians. Good luck and Good night.

    Bravo Two Zero out…

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