The Beginning Of The End
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Wake Up! 11 Facts That Show That Europe Is Heading Into An Economic Depression

Europe is not just heading into another recession.  The truth is that Europe is heading into a full-blown depression.  The economy of the EU is actually larger than the U.S. economy, and we are watching it melt down right in front of our eyes.  Things just continue to get worse in Europe, and yet somehow the authorities over in Europe just keep insisting that everything is going to be “just fine”.  Well, everything is not “just fine” over in Europe right now.  Unemployment in the eurozone has just hit another brand new record high.  In some nations in Europe, the unemployment rate is already significantly higher than anything the United States experienced during the Great Depression of the 1930s.  Europe is a continent that is collapsing under the weight of its own debt, and this is just the beginning.  A lot more pain is on the way.  Officials over in Europe are trying to hold the European financial system together with duct tape and prayers, but it could literally fall apart at any moment.  Europe has a much larger banking system than the United States does, so when a financial collapse happens in Europe, it is going to be very significant for the entire globe.  Sadly, most Americans do not even pay attention to much of anything that is happening in Europe.  They tend to think that the United States is the center of the universe and that as long as we are fine that everything will be okay.  Well, all of those people who are not paying attention need to wake up.  First of all, the U.S. economy is most definitely in decline.  Secondly, the European economy is imploding right in front of our eyes and Europe is going to end up dragging the entire globe down with it.

The following are 11 facts that show that Europe is heading into an economic depression…

1. The economies of 17 out of the 27 countries in the EU have contracted for at least two consecutive quarters.

2. Unemployment in the eurozone has hit a brand new all-time record high of 11.7 percent.

3. The unemployment rate in Portugal is now up to 16.3 percent.  A year ago it was just 13.7 percent.

4. The unemployment rate in Greece is now up to 25.4 percent.  A year ago it was just 18.4 percent.

5. The unemployment rate in Spain has hit a brand new all-time record high of 26.2 percent.  How much higher can it possibly go?  This is already higher than the unemployment rate in the United States ever reached during the Great Depression of the 1930s.

6. Youth unemployment levels in both Greece and Spain are rapidly approaching the 60 percent level.

7. Earlier this month, Moody’s stripped France of its AAA credit rating, and wealthy individuals are leaving France in droves as the socialists implement plans to raise taxes to very high levels on the rich.

8. Industrial production is collapsing all over Europe.  Just check out these numbers…

You don’t have to be an economic genius to understand that the perpetual uncertainty over the Eurozone’s future has led to a widespread freeze on industrial investment and development. Industrial production is collapsing at an accelerating rate, falling 7% year-on-year in Spain and Greece, 4.8% in Italy, and 2.1% in France.

9. There are even trouble signs in the “stable” economies in Europe.  In Germany, factory orders in September were down 3.3 percent from the month before, and retail sales in October declined 2.8 percent from the previous month.

10. The debt of the Greek government is now projected to hit 189 percent of GDP by the end of this year.

11. The Greek economy has shrunk by more than 7 percent this year, and it is being projected that the Greek economy will contract by another 4.5 percent in 2013.

But sometimes you can’t really get a feel for how bad things really are over there just from the raw economic numbers.

Many people that are living through these depression-like conditions are totally giving in to despair.  Just check out the following example from an RT article from earlier this year…

A 61-year-old Greek pensioner has hung himself from a tree in a public park after succumbing to the pressure of crushing debt. A note in his pocket indicates he is merely the latest in a rash of economic crisis-induced suicides.

The pensioner’s lifeless body was found dangling by an attendant in a public park not far from his home in the suburb of Nikaia, Athens. The attendant also found a suicide note in the man’s pocket, The Athens news reports.

The man, identifying himself as Alexandros, said he was a man of few vices who “worked all day.”  However, he blamed himself from committing one “horrendous crime”: becoming a professional at the age of 40 and plunging himself into debt. He referred to himself as a 61-year-old idiot who had to pay, hoping his grandchildren would not be born in Greece, as the country’s prospects were so bleak.

Please take note of what is happening in places like Greece and Spain right now, because similar conditions will soon be coming to the United States.

This is one reason why I try so hard to encourage people to prepare for what is coming.  There is hope in understanding what is coming and there is hope in getting prepared.

You don’t want to end up getting blindsided by the coming crisis and end up sitting on a park bench trying to figure out if life is still worth living or not.

Life is most definitely worth living.  Yes, a storm is coming and the world is going to become incredibly unstable in more ways than one.  But if you understand what is coming and you work hard to prepare, then you and your family will have a chance to thrive even in the midst of the storm.

Please learn from what is happening over in Europe.  The economic horror show that is unfolding over there is going to come to America too, and time is running out.

Oh Crud! 19 Reasons Why It Is Time To Start Freaking Out About The Global Economy

Yes, it is officially time to start freaking out about the global economy.  The European financial system is falling apart and it is going to go down hard.  If Europe was going to be saved it would have happened by now.  The big money insiders have already pulled their funds from vulnerable positions and they are ready to ride the coming chaos out.   Over the next few months the slow motion train wreck currently unfolding in Europe will continue to play out and things will likely really start really heating up in the fall once summer vacations are over.  Most Americans greatly underestimate how much Europe can affect the global economy.  Europe actually has a larger population than the United States does.  Europe also has a significantly larger economy and a much larger banking system.  The world is more interconnected today than ever before, and a collapse of the financial system in Europe will cause a massive global recession.  Once the global economy slides into another major recession, it is going to take years to recover.  The pain is going to be immense.  Yes, that is going to include the United States.  Sadly, we never recovered from the last recession, and it is frightening to think about how much farther this next recession is going to knock us down.

The big problem is that there is simply way, way, way too much debt in the United States and Europe.  It has been a lot of fun spending all of this borrowed money, but now we get to pay the price.

The following are 19 reasons why it is time to start freaking out about the global economy….

#1 The yield on 10 year Italian bonds has now risen to more than 6 percent.

#2 The yield on 10 year Spanish bonds has now risen to more than 7 percent.  This is considered to be an unsustainable level.

#3 Citigroup Chief Economist Willem Buiter says that both Italy and Spain are going to need major bailouts.

#4 The Spanish banking crisis continues to get worse.  The following is from a CNN article that was posted on Monday….

But the depth of the nation’s crisis has raised doubts about whether €100 billion will be enough to recapitalize the banks. For example, the Bank of Spain, the nation’s central bank, released data Monday showing that “doubtful” loans — those that are more than 3 months overdue — rose to €152.7 billion in April, equal to 8.7% of all the loans held by the nation’s banks.

#5 Unemployment in Spain is sitting at a record high of over 24 percent with no hope in sight.

#6 Unemployment in the eurozone as a whole has hit a brand new all-time record high.

#7 The socialists won an outright majority in the recent parliamentary elections in France.  That means that France and Germany are now headed in completely different directions.  The close cooperation that we have seen between France and Germany in recent years is now over.

#8 New French President Francois Hollande has promised to implement a top tax rate of 75 percent on those making over 1 million euros a year.

#9 German Chancellor Angela Merkel has declared that Germany will not budge at all on the terms of the Greek bailout.

#10 Analysts at Citigroup Global Markets are projecting that the odds of Greece leaving the euro over the next 12 to 18 months are still between 50 and 75 percent.

#11 Money is being transferred from banks in southern Europe to banks in northern Europe at an astounding pace….

Financial advisers and private bankers whose clients have accounts too large to be covered by a Europe-wide guarantee on deposits up to 100,000 euros ($125,000), are reporting a “bank run by wire transfer” that has picked up during May.

Much of this money has headed north to banks in London, Frankfurt and Geneva, financial advisers say.

“It’s been an ongoing process but it certainly picked up pace a couple of weeks ago We believe there is a continuous 2-3 year bank run by wire transfer,” said Lorne Baring, managing director at B Capital, a Geneva-based pan European wealth management firm.

#12 As I wrote about recently, about 500 million euros a day has been pulled out of Greek banks so far this month.

#13 The Bank for International Settlements is warning that global lending is contracting at the fastest rate that we have seen since the end of the last financial crisis.

#14 Lloyd’s of London has publicly admitted that it is making preparations for a collapse of the eurozone.

#15 Government debt levels all over the industrialized world have exploded in recent years.  The following is from a recent article by Stephen Lendman….

Five years ago, OECD countries sovereign debt/GDP ratios were 70%. Today it’s 106% and rising.

Anything over 100% is considered to be an extremely dangerous level.

#16 The economic problems in Europe are already taking a toll on the U.S. economy.  At this point U.S. exports to Europe are way down.

#17 One recent poll found that 75 percent of Americans are either “very or somewhat worried” that the U.S. economy is heading for another recession.

#18 Under Barack Obama, the United States has been indulging in a debt binge unlike anything ever seen in U.S. history.  The following is from a recent Forbes article….

After just one year of the Obama spending binge, federal spending had already rocketed to 25.2% of GDP, the highest in American history except for World War II.  That compares to 20.8% in 2008, and an average of 19.6% during Bush’s two terms.  The average during President Clinton’s two terms was 19.8%, and during the 60-plus years from World War II until 2008 — 19.7%.  Obama’s own fiscal 2013 budget released in February projects the average during the entire 4 years of the Obama Administration to come in at 24.4% in just a few months.  That budget shows federal spending increasing from $2.983 trillion in 2008 to an all time record $3.796 trillion in 2012, an increase of 27.3%.

Moreover, before Obama there had never been a deficit anywhere near $1 trillion.  The highest previously was $458 billion, or less than half a trillion, in 2008. The federal deficit for the last budget adopted by a Republican controlled Congress was $161 billion for fiscal year 2007.  But the budget deficits for Obama’s four years were reported in Obama’s own 2013 budget as $1.413 trillion for 2009, $1.293 trillion for 2010, $1.3 trillion for 2011, and $1.327 trillion for 2012, four years in a row of deficits of $1.3 trillion or more, the highest in world history.

#19 Barack Obama almost seems more focused on his golf game than on the problems the global economy is having.  He just finished up playing his 100th round of golf since he became president.

If you are looking for some kind of a global financial miracle you can stop watching.

If European leaders had a master plan to save Europe they would have shown it by now.

If Barack Obama had a master plan to fix things he would have implemented it by now.

If the Federal Reserve had a master plan to fix things we would have seen it by now.

The entire house of cards is starting to come down and things are going to get really messy.

A lot of people both in the United States and in Europe are going to lose their jobs and their homes over the next few years.

It is likely that the next recession will be even more painful than the last one was.

Now is not the time to panic.  If you acknowledge what is coming and prepare accordingly then you will likely be in good shape.

But if you stick your head in the sand and pretend that everything is going to be okay then the next few years will likely be incredibly painful for you.

27 Statistics About The European Economic Crisis That Are Almost Too Crazy To Believe

The economic crisis in Europe continues to get worse and eventually it is going to unravel into a complete economic nightmare.  All over Europe, national governments have piled up debts that are completely unsustainable.  But whenever they start significantly cutting government spending it results in an economic slowdown.  So politicians in Europe are really caught between a rock and a hard place.  They can’t keep racking up these unsustainable debts, but if they continue to cut government spending it is going to push their economies into deep recession and their populations will riot.  Greece is a perfect example of this.  Greece has been going down the austerity road for several years now and they are experiencing a full-blown economic depression, riots have become a way of life in that country and their national budget is still not anywhere close to balanced.  Americans should pay close attention to what is going on in Europe, because this is what it looks like when a debt party ends.  Most of the nations in the eurozone have just started implementing austerity, and yet unemployment in the eurozone is already the highest it has been since the euro was introduced.  It has risen for 10 months in a row and is now up to 10.8 percent.  Sadly, it is going to go even higher.  As economies across Europe slide into recession, that is going to put even more pressure on the European financial system.  Most Americans do not realize this, but the European banking system is absolutely enormous.  It is nearly four times the size that the U.S. banking system is.  When the European banking system crashes (and it will) it is going to reverberate around the globe.  The epicenter of the next great financial crisis is going to be in Europe, and it is getting closer with each passing day.

The following are 27 statistics about the European economic crisis that are almost too crazy to believe….

Greece

#1 The Greek economy shrank by 6 percent during 2011, and it has been shrinking for five years in a row.

#2 The average unemployment rate in Greece in 2010 was 12.5 percent.  During 2011, the average unemployment rate was 17.3 percent, and now the unemployment rate in Greece is up to 21.8 percent.

#3 The youth unemployment rate in Greece is now over 50 percent.

#4 The unemployment rate in the port town is Perama is about 60 percent.

#5 In Greece, 20 percent of all retail stores have closed down during the economic crisis.

#6 Greece now has a debt to GDP ratio of approximately 160 percent.

#7 Some of the austerity measures that have been implemented in Greece have been absolutely brutal.  For example, Greek civil servants have had their incomes slashed by about 40 percent since 2010.

#8 Despite all of the austerity measures, it is being projected that Greece will still have a budget deficit equivalent to 7 percent of GDP in 2012.

#9 Greece is still facing unfunded liabilities in future years that are equivalent to approximately 800 percent of GDP.

#10 In the midst of all the poverty in Greece, several serious diseases are making a major comeback.  The following comes from a recent article in the Guardian….

The incidence of HIV/Aids among intravenous drug users in central Athens soared by 1,250% in the first 10 months of 2011 compared with the same period the previous year, according to the head of Médecins sans Frontières Greece, while malaria is becoming endemic in the south for the first time since the rule of the colonels, which ended in the 1970s.

Spain

#11 The unemployment rate in Spain is now up to 23.6 percent.

#12 The youth unemployment rate in Spain is now over 50 percent.

#13 The total value of all toxic loans in Spain is equivalent to approximately 13 percent of Spanish GDP.

#14 The GDP of Spain is about 1.4 trillion dollars.  The three largest Spanish banks have approximately 2.7 trillion dollars in assets and they are all on the verge of failing.

#15 Home prices in Spain fell by 11.2 percent during 2011.

#16 The number of property repossessions in Spain rose by 32 percent during 2011.

#17 The ratio of government debt to GDP in Spain will rise by more than 11 percent during 2012.

#18 On top of everything else, Spain is dealing with the worst drought it has seen in 70 years.

Portugal

#19 The unemployment rate in Portugal is up to 15 percent.

#20 The youth unemployment rate in Portugal is now over 35 percent.

#21 Banks in Portugal borrowed a record 56.3 billion euros from the European Central Bank in March.

#22 It is being projected that the Portuguese economy will shrink by 5.7 percent during 2012.

#23 When you add up all forms of debt in Portugal (government, business and consumer) the total is equivalent to approximately 360 percent of GDP.

Italy

#24 Youth unemployment in Italy is up to 31.9 percent – the highest level ever.

#25 Italy’s national debt is approximately 2.7 times larger than the national debts of Greece, Ireland and Portugal put together.

#26 If you add the maturing debt that the Italian government must roll over in 2012 to the projected budget deficit, it comes to approximately 23.1 percent of Italy’s GDP.

#27 Italy now has a debt to GDP ratio of approximately 120 percent.

So why hasn’t Europe crashed already?

Well, the powers that be are pulling out all their tricks.

For example, the European Central Bank decided to start loaning gigantic mountains of money to European banks.  That accomplished two things….

1) It kept those European banks from collapsing.

2) European banks used that money to buy up sovereign bonds and that kept interest rates down.

Unfortunately, all of this game playing has also put the European Central Bank in a very vulnerable position.

The balance sheet of the European Central Bank has expanded by more than 1 trillion dollars over the past nine months.  The balance sheet of the European Central Bank is now larger than the entire GDP of Germany and the ECB is now leveraged 36 to 1.

So just how far can you stretch the rubberband before it snaps?

Perhaps we are about to find out.

The European financial system is leveraged like crazy right now.  Even banking systems in countries that you think of as “stable” are leveraged to extremes.

For example, major German banks are leveraged 32 to 1, and those banks are holding a massive amount of European sovereign debt.

When Lehman Brothers finally collapsed, it was only leveraged 30 to 1.

You can’t solve a debt crisis with more debt.  But the European Central Bank has been able to use more debt to kick the can down the road a few more months.

At some point the sovereign debt bubble is going to burst.

All financial bubbles eventually burst.

What goes up must come down.

Right now, the major industrialized nations of the world are approximately 55 trillion dollars in debt.

It has been a fun ride, but this fraudulent pyramid of risk, debt and leverage is going to come crashing down at some point.

It is only a matter of time.

Already, there are a whole bunch of signs that some very serious economic trouble is on the horizon.

Hopefully we still have a few more months until it hits.

But in this day and age nothing is guaranteed.

What does seem abundantly clear is that the current global financial system is inevitably going to fail.

When it does, what “solutions” will our leaders try to impose upon us?

That is something to think about.

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