The Beginning Of The End
The Beginning Of The End By Michael T. Snyder - Kindle Version

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Prophets Of Doom: 12 Shocking Quotes From Insiders About The Horrific Economic Crisis That Is Almost Here

We are getting so close to a financial collapse in Europe that you can almost hear the debt bubbles popping.  All across the western world, governments and major banks are rapidly becoming insolvent.  So far, the powers that be are keeping all of the balls in the air by throwing around lots of bailout money.  But now the political will for more bailouts is drying up and the number of troubled entities seems to grow by the day.  Right now the western world is facing a debt crisis that is absolutely unprecedented in world history.  Europe has had a tremendously difficult time just trying to keep Greece afloat, and several much larger European countries are now on the verge of a major financial crisis.  In addition, there is a growing number of very large financial institutions all over the western world that are also rapidly approaching a day of reckoning.  The global financial system is a sea or red ink, and when we get to the point where there are hundreds of ships going under how is it going to be possible to bail all of them out?  The quotes that you are about to read show that quite a few top financial and political insiders know that things cannot hold together much longer and that a horrific economic crisis is coming.  We built the global financial system on a foundation of debt, leverage and risk and now this house of cards that we have created is about to come tumbling down.

A lot of people in politics and in the financial world know what is about to happen.  Once in a while they will even be quite candid about it with the media.

As I have written about previously, Europe is on the verge of a financial collapse.  If things go really badly, things could totally fall apart in a few weeks.  But more likely it will be a few more months until the juggling act ends.

Right now, the banking system in Europe is coming apart at the seams.  Because the global financial system is so interconnected today, when major European banks start to fail it is going to have a cascading effect across the United States and Asia as well.

The financial crisis of 2008 plunged us into the deepest recession since the Great Depression.

The next financial crisis could potentially hit the world even harder.

The following are 12 shocking quotes from insiders that are warning about the horrific economic crisis that is almost here….

#1 George Soros: “Financial markets are driving the world towards another Great Depression with incalculable political consequences. The authorities, particularly in Europe, have lost control of the situation.”

#2 PIMCO CEO Mohammed El-Erian: “These are all signs of an institutional run on French banks. If it persists, the banks would have no choice but to delever their balance sheets in a very drastic and disorderly fashion. Retail depositors would get edgy and be tempted to follow trading and institutional clients through the exit doors. Europe would thus be thrown into a full-blown banking crisis that aggravates the sovereign debt trap, renders certain another economic recession, and significantly worsens the outlook for the global economy.”

#3 Attila Szalay-Berzeviczy, global head of securities services at UniCredit SpA (Italy’s largest bank): “The only remaining question is how many days the hopeless rearguard action of European governments and the European Central Bank can keep up Greece’s spirits.”

#4 Stefan Homburg, the head of Germany’s Institute for Public Finance: “The euro is nearing its ugly end. A collapse of monetary union now appears unavoidable.”

#5 EU Parliament Member Nigel Farage: “I think the worst in the financial system is yet to come, a possible cataclysm and if that happens the gold price could go (higher) to a number that we simply cannot, at this moment, even imagine.”

#6 Carl Weinberg, the chief economist at High Frequency Economics: “At this point, our base case is that Greece will default within weeks.”

#7 Goldman Sachs strategist Alan Brazil: “Solving a debt problem with more debt has not solved the underlying problem. In the US, Treasury debt growth financed the US consumer but has not had enough of an impact on job growth. Can the US continue to depreciate the world’s base currency?”

#8 International Labour Organization director general Juan Somavia recently stated that total unemployment could “increase by some 20m to a total of 40m in G20 countries” by the end of 2012.

#9 Deutsche Bank CEO Josef Ackerman: “It is an open secret that numerous European banks would not survive having to revalue sovereign debt held on the banking book at market levels.”

#10 Alastair Newton, a strategist for Nomura Securities in London: “We believe that we are just about to enter a critical period for the eurozone and that the threat of some sort of break-up between now and year-end is greater than it has been at any time since the start of the crisis”

#11 Ann Barnhardt, head of Barnhardt Capital Management, Inc.: “It’s over. There is no coming back from this. The only thing that can happen is a total and complete collapse of EVERYTHING we now know, and humanity starts from scratch. And if you think that this collapse is going to play out without one hell of a big hot war, you are sadly, sadly mistaken.”

#12 Lakshman Achuthan of ECRI: “When I call a recession…that means that process is starting to feed on itself, which means that you can yell and scream and you can write a big check, but it’s not going to stop.”


In my opinion, the epicenter of the “next wave” of the financial collapse is going to be in Europe.  But that does not mean that the United States is going to be okay.  The reality is that the United States never recovered from the last recession and there are already a lot of signs that we are getting ready to enter another major recession.  A major financial collapse in Europe would just accelerate our plunge into a new economic crisis.

If you want to read something that will really freak you out, you should check out what Dr. Philippa Malmgren is saying.  Dr. Philippa Malmgren is the President and founder of Principalis Asset Management.  She is also a former member of the Bush economic team. You can find her bio right here.

Malmgren is claiming that Germany is seriously considering bringing back the Deutschmark.  In fact, she claims that Germany is very busy printing new currency up.  In a list of things that we could see happen over the next few months, she included the following….

“The Germans announce they are re-introducing the Deutschmark. They have already ordered the new currency and asked that the printers hurry up.”

This is quite a claim for someone to be making.  You would think that someone that used to work in the White House would not make such a claim unless it was based on something solid.

If Germany did decide to leave the euro, you would see an implosion of the euro that would be truly historic.

But as I have written about previously, it should not surprise anyone that the end of the euro is being talked about because the euro simply does not work.

The only way that the euro would have had a chance of working is if all of the governments using the euro would have kept debt levels very low.

Unfortunately, the financial systems of the western world are designed to push governments into high levels of debt.

The truth is that the euro was doomed from the very beginning.

Now we are approaching a day of reckoning.  We have been living in the greatest debt bubble in the history of the world, but the bubble is ending.  There are several ways that the powers that be could handle this, but all of them will lead to greater financial instability.

In the end, we will see that the debt-fueled prosperity that the western world has been enjoying for decades was just an illusion.

Debt is a very cruel master.  It will almost always bring more pain and suffering than you anticipated.

It is easy to get into debt, but it can be very difficult to get out of debt.

There is no way that the western world can unwind this debt spiral easily.

The only way that another massive economic crisis can be put off for even a little while would be for the powers that be to “kick the can down the road” a little farther by creating even more debt.

But in the end, you can never solve a debt problem with more debt.

The next several years are going to be an incredibly clear illustration of why debt is bad.

When the dominoes start to fall, we are going to witness a financial avalanche which is going to destroy the finances of millions of people.

You might want to try to get out of the way while you still can.

  • http://economiccollapse alreadyGone

    When I Grew Up A OutHouse Was Not UnCommon, A Lot Of People Had Small WoodStoves To Keep Them Heated, No Problems of DisComfort, Saunas To Take Regular Bathes In. Candles And Kerosene Lamps If The Power Failed. Many Canned Meat And Vegtables For The Winter Months,Some Would Go As Far As To Cure There Own Hams And Make There
    Own Beef Jerky. Besides Ethanol Is Not That Hard To Make, It Just Takes knowHow And Materials. So People That Have The Skills To Develop A Answer To A problem Will Have No Trouble Adapting To Any Situation. Fox News Had A Interesting Segment On Last Week,” Environmentalists Vs The Economy” Some Of Obamas
    Biggest Money Donors Are People For The environment.Back In The Late Nineties Bush Would Not Sign The Kyoto Treaty Because Of The “Damage” It Would Do To The U.S. Well, Obama
    Did Not Sign One Either, But Then Again He Does Not Have To Because in His Mind He Is Going To Make Everybody Around The World Happy By Shutting This Country Down,Period. So All The Treehuggers And Woodsy Owl Lovers May Be Happy
    Now,But There Time Will Come Like To. There Is One More Solution, People Can Do Like Humungous
    Says,” just Walk Away, And There Will Be An End To The Horror And Pain, Just Walk Away.”

  • JD

    It was about 7:30 am Mountain time. I did Bing search for economic collapse and american dream. I clicked on the icons for your sites and the computer did absoulety nothing. It didnt redirect me like what happened to Smash but there was no response for over 3 hours. I went on Youtube for awhile then I tried again and it worked. Yesterday was weird too. There was no comments posted and when I tried to post the computer said to use a vaild email address. Every other time its worked fine. Thats why I thought I made someone angry when I posted that stuff on The Dream website. I hope no ones messing with you but maybe its says something like your ruffling the feathers of the establishment. Oh wish me luck at my first day at the new job tommorrow. Ive been praying like crazy that I can do it. I appreciate all of you and your wifes prayers. We will get through this storm together. Thank you.

    • Michael

      May your first day on your new job be blessed.

      If anyone else experiences problems getting on to the website please let me know. The recent reports of problems concern me very much.


  • Whateva

    What the ****** eva…so WHAT if we go into a next “Depression” maybe some of these rich basta*ds who caused this problem will lose all their hard earned cash and jump out of a few high story building windows like in 29.

    If or when it happens we pull together as a people as history has shown us.

    We will all be misserable for a while and re-start again. Our grandparents did it and we will also…look around…we are all still here.

    If you want to be stupid with your money keep buying Stocks, Bonds and phoney debt.

    Even the shorts will lose everything invested.

    Spread the word to the folk who have no idea what’s coming and protect your finances now by buying SILVER and GOLD!!!

    Re-Allocate now before its too late


  • Jon Roland

    Insiders have been saying such things to me in private for more than 40 years, and I have been issuing public warnings for more than 20 years. It is not that the problem has been unanticipated, but generations of elite decisionmakers thought they could push the day of reckoning past their watch, and “get theirs” in the meantime. Their attitude was that attributed to King Louis XV of France, who has been quoted, “Apres moi, le deluge.” He meant that his policies would cause disaster, but he didn’t care as long it the disaster struck after the was dead. As it happened, it struck his son, Louis XVI, who was beheaded.

  • Tom

    Oracle, your wrong! Conservitism is what stopped the great depression before it even began! Read history before you comment. Specifically the roaring twenties and who did it and how. Read first and learn liberal bot!

  • Tom

    That aside, whats done is done. BOTH parties are to blame. And with the majority here, its now time to prepare and ensure the family is taken care of. Better to have and not need it, which I hope is where it goes, than to need and not have it.

  • 007

    Wow, are you guys watching the treasury markets. The largest bubble in history is forming before our eyes and is fast reaching the bursting point. Treasury rates on 10 year bonds is 1.7% while inflation is churning along at a official rate of 3.5 (bull rate) and the real inflation rate is running at over 7%. This means investors are buying treasury bonds that they know will only return them 75% to 85% of their initial investment. People are investing in a panic stampede mode searching for safety in investments. People are just scared to death and are willing to accept only a partial return of their investment. Unbelievable! That should tell you how freaked really are of the economy.

    And what are they running to buy for safety, U.S. bonds of a bankrupt country with out of control spending,debt and money printing. A country with 15 trillion debt on the books and 50 trillion off the books. It resembles desperate people in a storm rushing into a burning house for safety.

    These bond markets are a very dangerous places to be invested. An increase in the interest rate to just 5 % will instantly crush those investors in the bond market. The place they are running for safety could crash by almost 50% of their iinvestment instantly. The worse news is that the effects of QE2 and QE1 have not even hit our economy yet. However, this inflation tsunami is headed our way and there is no hope of stopping it.

    This insanity of investing in bonds which are guaranteed to lose money is simply unsustainable. We are fast approaching a point where people will be just as happy taking their money out of the banks and hiding it in their matresses. This is the definition of a run on the bank.

    When inflation hits 10 %, no one in their right mind will buy these bonds that yield1.7%. . Therefore the markets will probably suddenly flee the treasury markets and the interest rates will go into a death spiral. Bernanke will also step in to buy the bonds by printing more money. This will further fan the flames of inflation.

    If you haven’t noticed every market anyone might consider in investing are all falling dramatically. Stocks, corporate bonds, real estate, municipal bonds, commercial property, commodities and even gold. The only place to hide is in treasuries which is like investing in the titanic.

    No one knows how much bigger this bubble can get before it bursts. But it is HUGE right now. Rising inflation continues to push more and more to the tipping point. Once investors grow tired of taking heavy losses on treasury bonds, they will flee to whatever appears to be a safer and stable investment sanctuary. Those places will likely be stable currencies in countries that are not monitizing their debt, Or a currency tied to the gold standard. Or just good old gold.

    If you are heavily invested in these treasury bond markets prepare to be crushed. If you can guess correcty where the stampede will flee to once they leave the treasury you can get rich.

    My guess is they will flee to cash in the matress, yes cash will be king while the markets crash, gold, silver, oil at $60.00 ppb and commodities. However, general commodities will substantially correct down further as the new recession is priced in. When commodities bottom, these will again be an excellent place to invest again. If things go real bad freeze dried food commodities may turn out to be good as gold.

    I am convinced this is how this next phase of the collapse will play out. Therefore, I hope anyone with any investments left will invest wisely.

  • 007

    Oh, one other thing. Keep an eye on what Soros invests in. He gets inside info from the white house. He made 7,000,000,000 last quarter. More than Apple. He is betting on a European and U.S. Collapse.

    • mvp

      UH, I think you have that backwards – the White House gets its info from GS – Sotero is his lap dog.

  • Chris

    Barnhardt Capital Management doesn’t qualify as an insider to me…Good article though.

  • jerry O

    The market is going to crash.
    It is just a matter of time.

    All countries go through this

    There are 7 stages that any
    major economy goes through.

    Those who know how it works
    profit and massive wealth
    is transferred to them.

    See what one millionaire
    has written about the 7
    stages we go through
    and how you can profit
    like the ultra rich
    during these times.

    For his free video go to:

  • jane

    The truth is very simple. The average American will have to lower their standard of living. That is not going to be easy and I am afraid that civil unrest will happen as soon as welfare or food stamps are no longer available. We are stocking up on food storage to prepare for what is surely to come. Check out The food is fantastic and the prices low (… for now). I’ve got car insurance, and home insurance…. food insurance is the logical next step. Even if things are getting better, which I doubt, we can always eat the food!

  • Republicae

    So, there are few questions asked and the questions that arise are based upon incomplete assumptions because the foundational structure of the economy is completely based upon a system that contains two divergent fault lines, which will, in time converge in disaster. The first fault line consist of the inherent terminal life span of all fiat monetary systems due to the systemic inflationary pressure, the second fault line consist of requirement of absolute widespread public confidence in fiat money itself.

    Eventually, these two fault lines converge and the system collapses. Such collapses are not preventable any more than the system itself is sustainable without massive government and central banking interventions. The system lends itself to those who require the benefits of inflationism, this trait, of course, is welcomed and enhanced by both government and central bankers who are all too eager to utilize such a trait to their best advantage. Unfortunately for the banksters, there comes a time when even the benefits are thrown out of balance with the risks associate with the collapse of the monetary system. One of the main risks for bankers, especially central bankers, as well as most of our politicians and their bureaucratic lapdogs is once the collapse is in full swing they run the very real risk **************************************************

  • Bernd1964

    I think this crisis will be a huge Malthusian nightmare and its real cause is peak oil and peak everything as depicted in Richard Heinberg’s latest book ‘The End of Growth’, although the financial crisis of 2008 and its extension up to now is caused in larger parts by greedy criminal Wall Street and City of London crony capitalism (the NWO finance terrorists).

    The modern industrial age is based on fast consumption of age old resources but this culture of depletion can only last so far. We have reached a point of overshoot long ago (1985) and now the inevitable collapse of modern civilization will occur. Homo Faber has produced a huge prosthetic carrying capacity for human life on our planet but this condition can’t be sustained forever, only for a few decades at best.

    We have globally reached a pre-collapse state in many aspects. That’s why I expect a terrible world wide die off quite soon (my estimation is the year 2017) that will consume huge parts of humanity. As usual the elites will be better off then the rest. They will present World Government as our savior but that will only serve their objective of total global control and elitist dominance.

    I would like to please all of you to not engage in antisocial behavior if we find ourselves in a broken civilization soon. We must create a new civilization that isn’t based upon exuberant consumption.

  • zep

    The bigger question I ask,if everyone lost their job tomorrow,would you be helpless?Or would you find a way to support yourself?

  • RCW

    For years the Federal Reserve has been weakening the dollar. A few weeks ago they reversed policy and began strengthening the dollar. Gold prices are collapsing daily, and those who invested into backing paper with gold will be faced with the coming collapse of gold prices. There’s an article on Timberline about the collapse recently: Your best option would be diversifying your portfolio as broadly as possible. Stocking all of your options into one/two assets maximizes your risk and dictates your finance according to the economic ups-and-downs.

  • May Day!
  • 4th Horseman

    You can put cash in your safe. You can buy gold coins. You can diversify your portfolio. All good things to do in a functional economy.

    You can’t, however, eat gold, cash or stocks. Bring a gold coin to your supermarket, and they’ll look at you like you’re a fool.

    If things get rough and nasty, all of the above will be worthless compared to a can of beans and a 22 rifle. It will cost you all of your gold for a rifle and 20 bullets, if you can find someone to sell them to you.

    Prepare for the worst and hope for the best. If you haven’t managed to stock up on 3 months of survival food, several rifles and ammo, a pure water source and fuel for heat…then do it now. It’s a sound idea whether you are preparing for an earthquake, flood, ice storm or breakdown of national authority.

  • James McNulty

    It’s too bad no one will just “nuke” us. That would be highly preferable to another 2 years of agonizing, horrific economic decline. America is already defeated and dead.

  • turretman1st

    reading the above
    as to manufacturing jobs and manufacturing returning to the US. look at all the empty factory buildings. as with the jobs all the factory equipment went overseas also.
    to rebuild we would have to just about start from scratch.
    im retired navy in san francisco, at hunters point which once was a naval shipyard the feds liquidated all the equipment to china and i do mean all of it.
    thats what has been done at closed factorys all across the nation. basicly nutering our manufactoring base.

  • robert

    read the ten planks of the communist manifesto

    and then you could wake up

    infowars com
    ronpaul2012 com
    henrymakow com canadian phd

    when will the world wake up

    i raised four children alone in poverty
    I KNOW we are just lazy
    we should walk one hour to the local wallmart everyday and get a job
    and then walk back everynight
    yeah all us single parents are just lazy

  • H. Levin

    With the recent severe downturn in the economy, the subject of unemployment has been getting a lot of attention in the corporate news. However, the true causes of unemployment–as well as the identities and motives of its influential proponents–are carefully avoided. Unemployment: The Shocking Truth… takes a refreshingly candid look at this vital national issue, its actual causes, and what can be done about it.

    This is a well-researched yet easy-to-read book. In it, the author documents the tenacious opposition of the most powerful business associations to full employment, describing the many lucrative other benefits they reap from keeping large numbers of the population unemployed. He shows how unemployment is created by the rising inequality in income and wealth, and the actions that big business takes to create millions of layoffs. Those actions include: introducing advanced technology, exporting of American jobs, merging of corporations and importing cheap labor.

    No less serious for working people are the periodic interest rate increases of the Federal Reserve Bank.

    Mr. Stone goes on to delineate unemployment’s many outrageous consequences for working people and their families, as well as for all other Americans.

    He also shows how the creation of a full employment society will require dealing with the bitter opposition to it by the business class. A variety of badly needed projects can then be carried out to create a vibrant and healthy society that could provide work to all the presently jobless millions. The funding for such a program can come from a steep reduction in the incredibly swollen and wasteful military budget, from the billions of tax dollars that corporations used to pay in the past but are no longer paying, and from the billions of tax dollars the jobless would pay once employed.
    Fifteen excellent cartoons illustrate some of the book’s more important points.

    This book is essential for an understanding of how and why unemployment is artificially maintained by the powers that be.

  • Joanne Renshaw

    why fight the inevitable? If you are one convinced that the “end” is very near, then why concern yourself with things of this earth? Why do you concern yourself with the taxing of the wealthy? why do you concern yourself with the “unfairness” of affirmative action, jobs, government policies and regulations? Why do you concern yourself with economic and political policies at all? Certain people certainly do not concern themselves with the health of the planet or the welfare or those whom they label as illegal or dregs of society. This confuses me?

  • http://VerizonYahooHomePage MK HAMPTON


  • JWN

    What is really catastrophic is that economies no longer rely on basic laws such as supply and demand, by rely on speculants that are betting on things going wrong to make money, like a perverse casino royal. Whether this prediction happens or not, some speculants think they can get away with it too. If this prediction is true “they” of all people should leave the ships like rats. As long as that does not happen, the ship will remain afloat, perhaps steerless or rudderless for a while, but remain afloat!

  • JWN2

    I the prediction is speculative, vote for Ron Paul! Only under drastic measures such like his can save the ASU… the “ars” of us!

  • JWN3

    Why? Conservative Americans no longer count on or believe in science, only in ideology and a helpless god, who is fed up with his name being used in vain!

  • http://.n/a al templeton

    i am hoarding guns i can get food if you have food get guns

  • stan at death bed

    i went to visit a toddler in the hospital who had terminal cancer and he asked me what its like to die. i said its probably alot like before you were born. he smiled and said oh. from the mouths of babes come wisdom

  • stan at death bed

    i am of the opinion that most of you doomsayers are in desperate need of help for you paranoa. if you want to know whats wrong with our economy look at were your sneakers are made better yet just go to walmart. oh and theve got the best price for ammo too. hold up a mirror and youl see. i cant wait to see all those hoarders thowing all there twenty year old canned food and mres into the land fill , turning their survival bunkers into septic tanks all the while the conmen who sold them on this bs laugh all the way to the bank. we need to be strong not weak minded fools that dont have a rational plan. right now that plan should be building for the future not hoarding food and guns to shoot your neighbor. you wont win anyway. the thing about a badass is theres always somebody badder than you. just my opinion

  • stan at death bed

    its nice to get the last word for a change

  • nina

    i believe that our falling economy along with earths own natural devestations is something that awaits us all in the future sense the start of human history there has been great rises and great falls in every civilization so why would we think were immune from something that was pre-writtin it is destine we can not run form it or hide there is nothing we can do about it except for mentally prepare ourselves for what is about to happen

  • stan at death bed

    thanku nina good to hear sanity

  • stan at death bed

    of all the bs imposed some of the smellyest is the global disaster predicted? by a s load of pre twenty morons that live in their parents basement. remember duck and cover? well just like a riverbank things find their level and we move farther up the bank so we dont get our feet wet life go on long after we are long gone. people can adapt . they will .they must its like prevailing winds or the rain iknow that i go to my grave with every confidence that the next gen will figure it out like i did

  • stan at death bed

    or rather we did

  • stan at death bed

    really thats all u got? would have that someone that would take the time to check out this site would have the staying power to keep the conversation going. alls well that ends in the well?

  • stan at death bed

    as i was reading today about the 20th anniversity of the rodney king affair it struck me that weve got it wrong its not about right and wrong or good or bad its how the free speech media can edit so called on the spot reporting and cause the death of at least 54 innocent people and nearly 1 billion u.s. and cash thier paychecks KNOWING that thier bs caused so much misery. read 4 24 12 sac bee. rodney got 3.8 mil guess what its all but gone. my point is the media does the same thing to incite paranoa in the general population. buy guns buy canned food. buy shelters cause the end is near! whata load of horse stuff. they should be ashamed but their not neither are prostitutes i have more respect for prostitutes at least they make an honest liveing.

  • Befee

    Above are the prophets of doom, and here is the doom of prophets, quote from outsiders about the greatest economic that is here everyday…”You either sit at home with no job and read this message, or you go back to work tomorrow and tell this message to everyone at work.”

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