The 11th Hour: 8 Examples Of Mainstream Media Sources Warning Us Of Imminent Economic Disaster

Are we on the verge of another great financial crisis, a devastating recession and a horrific implosion of the global debt bubble?  On my website I have been relentlessly warning my readers about the inevitable consequences of our very foolish actions, but now the mainstream media is beginning to sound just like The Economic Collapse Blog.  The coming crisis is so close now that a lot of them are starting to see it, and of course economic disaster is already a reality for much of the rest of the planet.  For years, the mainstream media told us that things would get better, and in a lot of ways we did see some improvement.  But now the tone of the mainstream media has become quite ominous, and that is definitely not a positive sign.  The following are 8 examples of mainstream media sources warning us of imminent economic disaster…

#1 Forbes: “Disaster Is Inevitable When America’s Stock Market Bubble Bursts”

As shown in this report, the U.S. stock market is currently trading at extremely precarious levels and it won’t take much to topple the whole house of cards. Once again, the Federal Reserve, which was responsible for creating the disastrous Dot-com bubble and housing bubble, has inflated yet another extremely dangerous bubble in its attempt to force the economy to grow after the Great Recession. History has proven time and time again that market meddling by central banks leads to massive market distortions and eventual crises. As a society, we have not learned the lessons that we were supposed to learn from 1999 and 2008, therefore we are doomed to repeat them.

The purpose of this report is to warn society of the path that we are on and the risks that we are facing.

#2 CNBC: “Tech stock sell-off could be just beginning if trade war with China worsens”

Congressional scrutiny of social media companies and fears of new regulation pummeled their stocks, but other tech names could also soon be vulnerable to a new round of selling pressure if President Donald Trump goes through with new tariffs on Chinese goods.

#3 Bloomberg: “Emerging-market rout is longest since 2008 as confidence cracks”

For stocks, it’s 222 days. For currencies, 155 days. For local government bonds, 240 days.

This year’s rout in emerging markets has lasted so long that it’s taken even the most ardent bears by surprise. Not one of the seven biggest selloffs since the financial crisis — including the so-called taper tantrum — inflicted such pain for so long on the developing world.

#4 CNN: “Emerging Markets Look Sick. Will They Infect Wall Street?”

Chinese stocks are is in a bear market. Turkey’s currency has collapsed. South Africa has stumbled into a recession. Not even an IMF bailout has stemmed the bleeding in Argentina.

The storm rocking emerging markets has its origins in Washington. Vulnerable currencies plunged as the US Federal Reserve steadily raised interest rates. And President Donald Trump’s trade crackdown added gasoline to the fire.

The trouble could spread, infecting other emerging markets or even Wall Street.

#5 The Motley Fool: “6 signs the next recession might be closer than we realize”

To be perfectly clear, trying to predict when recessions will occur is pure guesswork. Top market analysts have called for pullbacks in the market, unsuccessfully, in pretty much every year since the Great Recession ended. But the economic cycle doesn’t lie: recessions are inevitable. And in my estimation, we’re probably closer to the next recession than you realize.

How can I be so certain? Well, I can’t. Remember, I just noted there’s virtually no certainty when it comes to predicting when recessions will occur. There are, however, six warning signs that suggest a recession could be, in relative terms, around the corner.

#6 Forbes: “U.S. Household Wealth Is Experiencing An Unsustainable Bubble”

Since the dark days of the Great Recession in 2009, America has experienced one of the most powerful household wealth booms in its history. Household wealth has ballooned by approximately $46 trillion or 83% to an all-time high of $100.8 trillion. While most people welcome and applaud a wealth boom like this, my research shows that it is actually another dangerous bubble that is similar to the U.S. housing bubble of the mid-2000s. In this piece, I will explain why America’s wealth boom is artificial and heading for a devastating bust.

#7 Savannah Now: “Global debt soars, along with fears of crisis ahead”

“We were supposed to correct a debt bubble,” said David Rosenberg, chief economist at Gluskin Sheff, a wealth-management firm. “What we did instead was create more debt.”

#8 CNBC: “The emerging market crisis is back. And this time it’s serious”

But markets are feeling a sense of deja vu. Blame it on a stronger dollar, escalating tensions since President Donald Trump came to power, worries over a full-fledged trade war with China or rising interest rates in the U.S., this time around the crisis seems to have entered a new phase.

The damage is far more widespread. The crisis has engulfed countries across the globe — from economies in South America, to Turkey, South Africa and some of the bigger economies in Asia, such as India and China. A number of these countries are seeing their currency fall to record levels, high inflation and unemployment, and in some cases, escalating tensions with the United States.

I don’t think that we have seen such ominous declarations from the mainstream media since the last global financial crisis in 2008.

And the mainstream media is not alone.  Yesterday, I discussed the fact that tech executives on the west coast are setting up luxury survival bunkers in New Zealand in order to prepare for what is ahead.

They all know what is coming, and they also know that it is approaching very rapidly.

This chapter in American history is not going to end well.  On some level, all of us understand this.  Storm clouds have been building on the horizon for quite some time and the warning signs are all around us.

Our day of reckoning may have been delayed, but it was not canceled.  America has a date with destiny, and it is going to be exceedingly painful.

This article originally appeared on The Economic Collapse Blog.  About the author: Michael Snyder is a nationally syndicated writer, media personality and political activist. He is publisher of The Most Important News and the author of four books including The Beginning Of The End and Living A Life That Really Matters.

Bankers And Tech Executives Know The Collapse Of Society Is Coming And Are Feverishly Prepping For It

While most of the general population has been lulled into a false sense of security, bankers and tech executives are spending millions upon millions of dollars to prepare for the collapse of society.  Do they know something that the rest of us do not?  Apparently talk of doomsday scenarios has become very popular at Silicon Valley dinner parties, and as you will see below, having a plan to escape to New Zealand appears to be a very popular “Plan B” among the tech elite.  Of course this is not just a west coast phenomenon.  Many bankers on the east coast have similar concerns and have also been developing contingency plans.  Ladies and gentlemen, they know what is coming and they are feverishly getting prepared for it.  In fact, J.P. Morgan Chase’s head quant just publicly declared that the next financial crisis is going to result in “social unrest not seen in the U.S. in half a century”.  The following comes from CNBC

Sudden, severe stock sell-offs sparked by lightning-fast machines. Unprecedented actions by central banks to shore up asset prices. Social unrest not seen in the U.S. in half a century.

That’s how J.P. Morgan Chase‘s head quant, Marko Kolanovic, envisions the next financial crisis. The forces that have transformed markets in the last decade, namely the rise of computerized trading and passive investing, are setting up conditions for potentially violent moves once the current bull market ends, according to a report from Kolanovic sent to the bank’s clients on Tuesday. His note is part of a 168-page mega-report, written for the 10th anniversary of the 2008 financial crisis, with perspectives from 48 of the bank’s analysts and economists.

If you visit my website on a regular basis, you already know that I have been warning that rising levels of anger and frustration are rapidly eroding the thin veneer of civilization that we all take for granted on a daily basis.

Back in 1968, the Vietnam war was in full swing, a presidential election was approaching and two of the most prominent leaders in America had just been assassinated.  Chaos erupted in the streets as a result, and Kolanovic is absolutely convinced that we will see a similar eruption soon

Kolanovic closes his report on an ominous note: “The next crisis is also likely to result in social tensions similar to those witnessed 50 years ago in 1968.”

That year saw the peak of both the Vietnam War and anti-war movement and the assassinations of Martin Luther King Jr. and Sen. Robert F. Kennedy. Today, the internet and social media are helping to polarize groups, and events including the U.S. election and Brexit show tensions that will probably worsen in the next crisis, he said.

When society begins to come apart at the seams, many among the elite do not plan to stick around for the day of reckoning.

A Bloomberg article that was just published entitled “The Super Rich of Silicon Valley Have a Doomsday Escape Plan” has some amazing revelations.  According to the article, over the past two years seven “Silicon Valley entrepreneurs” have purchased survival bunkers from a company in Texas and shipped them to locations in New Zealand…

In recent months, two 150-ton survival bunkers journeyed by land and sea from a Texas warehouse to the shores of New Zealand, where they’re buried 11 feet underground.

Seven Silicon Valley entrepreneurs have purchased bunkers from Rising S Co. and planted them in New Zealand in the past two years, said Gary Lynch, the manufacturer’s general manager. At the first sign of an apocalypse — nuclear war, a killer germ, a French Revolution-style uprising targeting the 1 percent — the Californians plan to hop on a private jet and hunker down, he said.

It would be weird enough if one wealthy individual did this, but the count is now up to seven.

So why have they chosen New Zealand?

Well, it is because New Zealand doesn’t have any enemies, English is spoken there, it is very stable, and it is very far away from everything else.

Plus, the country allows wealthy individuals “to essentially buy residency”

The nation allows emigres to essentially buy residency through investor visas, and rich Americans have poured a fortune into the country, often by acquiring palatial estates.

Billionaire hedge-fund honcho Julian Robertson owns a lodge overlooking Lake Wakatipu in Queenstown, the South Island’s luxury resort destination. Fidelity National Financial Inc. Chairman Bill Foley has a homestead in the Wairarapa region, north of Wellington, and Titanic director James Cameron bought a mansion nearby at Lake Pounui.

There has been a significant exodus of wealthy Americans to New Zealand in recent years, and once things start getting really bad there will be a steady stream of private jets taking off from locations in the U.S. and landing in that beautiful nation.

Of course not everyone plans to leave.  Luxury survival bunkers are also being constructed all over the heartland of America, but they aren’t cheap.

For example, it was being reported that a “penthouse” inside the Survival Condo in Kansas was selling for more than four million dollars

Another shelter for the ultra-wealthy is the Survival Condo in Kansas.

It was designed to withstand a nuclear blast or nature’s worst, but is far cry from what you might expect an underground shelter to look like.

There is a cinema, a swimming pool with a water slide, a spa, a lounge, a gym and an indoor shooting range to keep occupants entertained.

But survival comes at a price.

Last year, it was reported that plush 3,600sq ft penthouses within the shelter – a former missile silo – were selling for $4.5m (£3.6m).

Needless to say, anyone outside of the top 1 percent is not going to make it into the Survival Condo.

And in order to keep the rest of us out, it has an armory that is “stocked with guns and ammo”

Additionally, an armory stocked with guns and ammo is in place in case of an attack by non-members, and is also available for owners to practice.

The bunker is able to sustain its owners for up to five years, by raising tilapia in fish tanks and growing hydroponic vegetables under lamps.

The elite can see what so many of the rest of us can also see.

Our future looks very troubling, and it appears to be wise to get prepared for what is coming in advance.

Unfortunately, the rest of us don’t have the money to buy a luxury survival bunker or to fly to New Zealand on a private jet.  Money may not be able to buy happiness, but it can buy a pretty good escape plan.

This article originally appeared on The Economic Collapse Blog.  About the author: Michael Snyder is a nationally syndicated writer, media personality and political activist. He is publisher of The Most Important News and the author of four books including The Beginning Of The End and Living A Life That Really Matters.

California Is Turning Back Into A Desert And There Are No Contingency Plans

Drought - Public DomainOnce upon a time, much of the state of California was a barren desert.  And now, thanks to the worst drought in modern American history, much of the state is turning back into one.  Scientists tell us that the 20th century was the wettest century that the state of California had seen in 1000 years.  But now weather patterns are reverting back to historical norms, and California is rapidly running out of water.  It is being reported that the state only has approximately a one year supply of water left in the reservoirs, and when the water is all gone there are no contingency plans.  Back in early 2014, California Governor Jerry Brown declared a drought emergency for the entire state, but since that time water usage has only dropped by 9 percent.  That is not nearly enough.  The state of California has been losing more than 12 million acre-feet of total water a year since 2011, and we are quickly heading toward an extremely painful water crisis unlike anything that any of us have ever seen before.

But don’t take my word for it.  According to the Los Angeles Times, Jay Famiglietti “is the senior water scientist at the NASA Jet Propulsion Laboratory/Caltech and a professor of Earth system science at UC Irvine”.  What he has to say about the horrific drought in California is extremely sobering

As our “wet” season draws to a close, it is clear that the paltry rain and snowfall have done almost nothing to alleviate epic drought conditions. January was the driest in California since record-keeping began in 1895. Groundwater and snowpack levels are at all-time lows. We’re not just up a creek without a paddle in California, we’re losing the creek too.

Data from NASA satellites show that the total amount of water stored in the Sacramento and San Joaquin river basins — that is, all of the snow, river and reservoir water, water in soils and groundwater combined — was 34 million acre-feet below normal in 2014. That loss is nearly 1.5 times the capacity of Lake Mead, America’s largest reservoir.

Statewide, we’ve been dropping more than 12 million acre-feet of total water yearly since 2011. Roughly two-thirds of these losses are attributable to groundwater pumping for agricultural irrigation in the Central Valley. Farmers have little choice but to pump more groundwater during droughts, especially when their surface water allocations have been slashed 80% to 100%. But these pumping rates are excessive and unsustainable. Wells are running dry. In some areas of the Central Valley, the land is sinking by one foot or more per year.

Are you starting to understand why so many experts are so alarmed?

For much more from Famiglietti, check out this 60 Minutes interview.

According to the U.S. Drought Monitor, essentially the entire state is suffering drought conditions right now.  And as you can see from the map below, most of the state is currently experiencing either the highest or the second-highest classification of drought…

US Drought Monitor California 2015

Nearly 40 million people live in the state of California at the moment.

What are they all going to do when the water is gone?

In some rural areas, reservoirs are already nearly bone dry.  And in other areas, the water quality has gone way down.  For example, in one Southern California neighborhood black water is now coming out of the taps

Residents of a Southern California neighborhood are concerned about the fact that the water flowing out of the taps in their homes is the color black. That’s right; the water coming out of their faucets is indeed black — not gray, not cloudy — but black. Inky, opaque black water that the water company says is okay to drink.

Those who live in Gardena, California, are understandably skeptical when asked to consume water that strongly resembles crude oil or something emitted by a squid. The water reportedly also has an “odor of rotten eggs or sewer smell,” according to one resident.

Perhaps you don’t care about what happens to California.

Perhaps you believe that they are just getting what they deserve.

And you might be right about that.

But the truth is that this is a crisis for all of us, because an enormous amount of our fresh produce is grown in the state.

As I discussed in a previous article, the rest of the nation is very heavily dependent on the fruits and vegetables grown in California.  The following numbers represent California’s contribution to our overall production…

99 percent of the artichokes

44 percent of asparagus

two-thirds of carrots

half of bell peppers

89 percent of cauliflower

94 percent of broccoli

95 percent of celery

90 percent of the leaf lettuce

83 percent of Romaine lettuce

83 percent of fresh spinach

a third of the fresh tomatoes

86 percent of lemons

90 percent of avocados

84 percent of peaches

88 percent of fresh strawberries

97 percent of fresh plums

Without the agricultural production of the state of California, we are in a massive amount of trouble.

And of course there are other areas all over the globe that are going through similar things.  For instance, taps in Rio de Janeiro and Sao Paolo are running dry as Brazil experiences the worst drought that it has seen in 80 years.

The world simply does not have enough fresh water left at this point, and that is why water is being called “the new oil”.  The following comes from CBS News

It’s been said that the wars of the 21st century may well be fought over water. The Earth’s population has more than doubled over the last 50 years and the demand for fresh water — to drink and to grow food — has surged along with it. But sources of water like rainfall, rivers, streams, reservoirs, certainly haven’t doubled. So where is all that extra water coming from? More and more, it’s being pumped out of the ground.

Water experts say groundwater is like a savings account — something you draw on in times of need. But savings accounts need to be replenished, and there is new evidence that so much water is being taken out, much of the world is in danger of a groundwater overdraft.

And if scientists are right, what we are experiencing right now may just be the very beginning of our problems.  In fact, one team of researchers has concluded that the Southwestern United States is headed for a “megadrought” that could last for decades

Scientists had already found that the Southwestern United States were at great risk of experiencing a significant megadrought (in this case meaning drought conditions that last for over 35 years) before the end of the 21st century. But a new study published in Science Advances added some grim context to those predictions.

Columbia University climate scientists Jason Smerdon and Benjamin Cook, and Cornell University’s Toby Ault were co-authors on the study. They took data from tree rings and other environmental records of climate from the Southwest and compared them to the projections of 17 different climate models that look at precipitation and soil moisture. When they made the comparison between past and future, they found that all the models agreed: the next big megadrought is coming, and it will be way worse than anything we’ve seen in over 1,000 years–including droughts that have been credited with wiping out civilizations.

Needless to say, along with any water crisis comes a food crisis.

Virtually everything that we eat requires a tremendous amount of water to grow.  And at this point, the world is already eating more food than it produces most years.

So what is going to happen to us as this water crisis gets even worse?

Feel free to share what you think by posting a comment below…

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