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The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis

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Dominoes - Public DomainThere has been so much attention on Greece in recent weeks, but the truth is that Greece represents only a very tiny fraction of an unprecedented global debt bomb which threatens to explode at any moment.  As you are about to see, there are 24 nations that are currently facing a full-blown debt crisis, and there are 14 more that are rapidly heading toward one.  Right now, the debt to GDP ratio for the entire planet is up to an all-time record high of 286 percent, and globally there is approximately 200 TRILLION dollars of debt on the books.  That breaks down to about $28,000 of debt for every man, woman and child on the entire planet.  And since close to half of the population of the world lives on less than 10 dollars a day, there is no way that all of this debt can ever be repaid.  The only “solution” under our current system is to kick the can down the road for as long as we can until this colossal debt pyramid finally collapses in upon itself.

As we are seeing in Greece, you can eventually accumulate so much debt that there is literally no way out.  The other European nations are attempting to find a way to give Greece a third bailout, but that is like paying one credit card with another credit card because virtually everyone in Europe is absolutely drowning in debt.

Even if some “permanent solution” could be crafted for Greece, that would only solve a very small fraction of the overall problem that we are facing.  The nations of the world have never been in this much debt before, and it gets worse with each passing day.

According to a new report from the Jubilee Debt Campaign, there are currently 24 countries in the world that are facing a full-blown debt crisis

■ Armenia

■ Belize

■ Costa Rica

■ Croatia

■ Cyprus

■ Dominican Republic

■ El Salvador

■ The Gambia

■ Greece

■ Grenada

■ Ireland

■ Jamaica

■ Lebanon

■ Macedonia

■ Marshall Islands

■ Montenegro

■ Portugal

■ Spain

■ Sri Lanka

■ St Vincent and the Grenadines

■ Tunisia

■ Ukraine

■ Sudan

■ Zimbabwe

And there are another 14 nations that are right on the verge of one…

■ Bhutan

■ Cape Verde

■ Dominica

■ Ethiopia

■ Ghana

■ Laos

■ Mauritania

■ Mongolia

■ Mozambique

■ Samoa

■ Sao Tome e Principe

■ Senegal

■ Tanzania

■ Uganda

So what should be done about this?

Should we have the “wealthy” countries bail all of them out?

Well, the truth is that the “wealthy” countries are some of the biggest debt offenders of all.  Just consider the United States.  Our national debt has more than doubled since 2007, and at this point it has gotten so large that it is mathematically impossible to pay it off.

Europe is in similar shape.  Members of the eurozone are trying to cobble together a “bailout package” for Greece, but the truth is that most of them will soon need bailouts too

All of those countries will come knocking asking for help at some point. The fact is that their Debt to GDP levels have soared since the EU nearly collapsed in 2012.

Spain’s Debt to GDP has risen from 69% to 98%. Italy’s Debt to GDP has risen from 116% to 132%. France’s has risen from 85% to 95%.

In addition to Spain, Italy and France, let us not forget Belgium (106 percent debt to GDP), Ireland (109 debt to GDP) and Portugal (130 debt to GDP).

Once all of these dominoes start falling, the consequences for our massively overleveraged global financial system will be absolutely catastrophic

Spain has over $1.0 trillion in debt outstanding… and Italy has €2.6 trillion. These bonds are backstopping tens of trillions of Euros’ worth of derivatives trades. A haircut or debt forgiveness for them would trigger systemic failure in Europe.

EU banks as a whole are leveraged at 26-to-1. At these leverage levels, even a 4% drop in asset prices wipes out ALL of your capital. And any haircut of Greek, Spanish, Italian and French debt would be a lot more than 4%.

Things in Asia look quite ominous as well.

According to Bloomberg, debt levels in China have risen to levels never recorded before…

While China’s economic expansion beat analysts’ forecasts in the second quarter, the country’s debt levels increased at an even faster pace.

Outstanding loans for companies and households stood at a record 207 percent of gross domestic product at the end of June, up from 125 percent in 2008, data compiled by Bloomberg show.

And remember, that doesn’t even include government debt.  When you throw all forms of debt into the mix, the overall debt to GDP number for China is rapidly approaching 300 percent.

In Japan, things are even worse.  The government debt to GDP ratio in Japan is now up to an astounding 230 percent.  That number has gotten so high that it is hard to believe that it could possibly be true.  At some point an implosion is coming in Japan which is going to shock the world.

Of course the same thing could be said about the entire planet.  Yes, national governments and central banks have been attempting to kick the can down the road for as long as possible, but everyone knows that this is not going to end well.

And when things do really start falling apart, it will be unlike anything that we have ever seen before.  Just consider what Egon von Greyerz recently told King World News

Eric, there are now more problem areas in the world, rather than stable situations. No major nation in the West can repay its debts. The same is true for Japan and most of the emerging markets. Europe is a failed experiment for socialism and deficit spending. China is a massive bubble, in terms of its stock markets, property markets and shadow banking system. Japan is also a basket case and the U.S. is the most indebted country in the world and has lived above its means for over 50 years.

So we will see twin $200 trillion debt and $1.5 quadrillion derivatives implosions. That will lead to the most historic wealth destruction ever in global stock, with bond and property markets declining at least 75 – 95 percent. World trade will also contract dramatically and we will see massive hardship across the globe.

So what do you think is coming, and how bad will things ultimately get once this global debt crisis finally spins totally out of control?

Please feel free to add to the discussion by posting a comment below…

  • jakartaman

    What will happen – Thats fairy easy.
    resource shortages – civil uprisings – martial law – emp’s – regional wars – limited nuclear exchanges – disease – starvation – medicine shortages.
    say hello to 1850! world goes from 7 Billion to under 1 billion in less than 10 years.

    • John

      Agenda 21 calls for at least a 90% reduction in world population…

      • Burt Year 2015

        Does that mean that Marc Dinger will be killed?

      • g13man

        may the club and those who spout and cause it be the first !

      • charliep

        500,000,000 is the population goal of Agenda 21 Which will mostly be the elite of today’s world and they wont know how to feed themselves or keep their vehicles running. Farming and ranching are not their strong point. Few will know how to really farm and harvest. Most have gotten their wealth through inheritance and have made their earning through financial management not physical labor.I*t will take a sizable population to provide the needs of the elite..Ore will still need to be minded, oil pumped and and gasoline or other fuels produced . Scrap metal will have to be melted down to usable sheets. These idiots are more concerned about wild life and plant growth than humankind. A labor force will required to produce electricity and provide the services that they are accustomed too. Agenda 21 one does away with property ownership and privately owned vehicles. POVs will only be available to the elite. Public transportation will be the mod of transportation . You will be employed where they want you to work, Live where they tell you to live .Do some research on Agenda 21. Only about 25% of the of the coastal areas will be inhabited by mankind.
        The interior land area will be reserved for wild life and plant life. The world we know will no longer exist if they get their way.

    • goldassayer93555

      Hi Jakartaman
      Pretty good short answer.
      We already have examples of what will happen.
      When Russia collapsed Cuba suddenly had to find a way to feed the people. They opened up all land to growing food and after several years of near starvation managed to grow enough food with everyone working on gardens.
      Argentina in 2001 failed to pay their international debts so the banks closed and the governemnt siezed the money and replaced it with government bonds. With no money the people were in the same boat as the Cubans. There was starvation while they worked out how to feed themselves.
      Since all countries in the world are using money created by going into debt to the central banks they all will collapse like Argentina.

      Start growing your garden now and avoid the starvation for your family.

      Sincerely
      goldassayer93555

      • g13man

        Have you started your garden ?
        yes , this has been my comment also to a lot of people !

        • goldassayer93555

          Yes.
          I am growing 4 apple trees, 2 each of appricot, pear, chestnut, 3 walnut.
          also have 16 4x8ft raised beds growing potatoes carrots, spinich and seasonings.
          I have been working on these for 4 years and still am not producing enough to feed my family 100% so have more work to do.

          it takes time to learn how to farm.

          • GSOB

            Good to have a BOB and a motorcycle, gas, cash and a plan.
            A bible and a weapon.
            What are weapons for?

          • goldassayer93555

            I disagree.
            it is better to have a garden and working supportive relationships with your neighbors where you help them and they help you to survive.
            Refugees are not treated well.
            If you must leave to safer territory have a property where you will be welcome as a part owner and where there is already a garden going.

            Always “Do unto others as you would have them do unto you.”

          • GSOB

            do not put all your eggs in one basket….

          • Nemnor

            I agree with you (more or less).

            Personally, I will ‘enhance” your last statement to – “Do unto others as you would “rationally” (“reasonably”) have them do unto you”.

            There is a HUGE difference in adding the word – “rationally”. A bit of (deep) “meditation” on the matter will reveal why I include the word – ‘rationally”.

          • Nemnor

            I must add that GSOB is often “pushing” what he considers as “Christian” knowledge, while forgetting that “Christianity” is simply one of several major established religion – which is no better or worse than any of the major established religions.

            One may see “everything under the Sun” as being of/from what one perceive to be God. But a religion (including “Christianity”) is nor more or less of/from God than, say, Microsoft is of/from God.

          • M.

            The Catholic Religion is alone true, and everything points to this being so. Even on a natural level it brought forth the greatest civilization that has ever existed. Nothing produced by Mohammedanism or Paganism of any kind can be compared to what the sons of Japheth gave to the world before they became apostates. To say that all religions are the same is lunacy, it is the same as to say that drinking water or drinking mercury are alike conducive to good health.

          • Jack007

            that is if you ignore the crusades, dark ages, inquisition, Holocaust, etc.

          • M.

            I see you’ve thoroughly absorbed the ridiculous Jewish/Protestant lies. The Crusaders should’ve permitted infidel scum to desecrate the Holy Places and massacre Christian pilgrims right? The Inquisition did a holy work finding out and punishing subversives who were the Bolsheviks of their time. Sadly they couldn’t get them all and that is why we are forced to live in this open sewer of a society today. If not for the Church the Dark Ages never would have ended, learning was preserved and disseminated from the monasteries where books were copied by hand. As for the purported extermination campaign against Jewry during the war this is laughable. The Church has never commanded the massacre of Jews, rather the opposite. If it had been a common practice of Catholic people to carry out such massacres there wouldn’t have been any Jews by the time that National Socialism came into existence.

          • Mike Smithy

            I hope you are not confusing Catholicism with Christianity.

          • M.

            Catholics are the only true Christians. You Protestants are heretics like Arius or Marcion, however much your preferred heresies may differ from theirs.

          • g13man

            he is !

          • M.

            I pray that you will be converted from your Judaized sect to the True Church.

          • g13man

            caution , you are exposing your antisemitism of your catholic church !
            I will stick with Jesus !
            Thank you very much !
            Mat 23:9 And call no man your father upon the earth: for one is your Father, which is in heaven.

          • Nemnor

            M, probably my statement – “…no better or worse…” have you MISTAKENLY thinking that I am saying – “…all religions are the same…”? But, that is NOT what I am saying.

            My main point, however, is – a religion (including “Christianity”) is no more or less of/from God than, say, Microsoft is of/from God.

            It is obvious that all the major religions are DIFFERENT in a number of ways. They ALL have their “pros” and “cons”, and to say that any of the major religions is “better” or “worse” than the other is a matter of PERSONAL VIEW.

            Now, one could conclude that the more “materialistic” and “flexible” a religion is, is the more it is conducive to “commercial” and other “industrious” activities. Hence, Capitalism and “industry” would tend to “flourish” more under such a religion, than under another religion that might not allow Women to go to school (for example).

            So one may PERSONALLY view a certain religion as “better” – while that SAME religion (or religious denomination) might be responsible for the “dark days” of the “Inquisition”. (right?)

            But, again, NO religion is more or less of/from God than the other.

          • M.

            The Catholic religion is from God, the rest come from the devil. I don’t expect you to agree, but it is nevertheless true. The Holy Inquisition protected Catholic societies from subversives who sought to overthrow the rightful order of things, it acted rather like white blood cells defending the body against disease. Catholics who grovel and apologize for it are quite wrong to do so. The so-called “enlightenment” is the moment when the immune system of Christendom was finally sufficiently weakened so as to enable the harmful bacilli to multiply. Eventually the bacilli triumphed and killed it, that is to say the European races took the open razor offered them by the tribe and cut their own throats by becoming worthless apostates. Afterward putrefaction set in of course, and that is the stage we are now living in, an utterly worthless society which is the equivalent of maggot-infested stinking carrion fit only to be burnt.

          • Jack007

            it’s redundant and adds no additional clarification which wasn’t required to begin with. if it ain’t broken don’t fix it “irrationally”?

          • Nemnor

            Jack007, it simply means YOU did not take the time to do some (deep) “meditation” on why the word – “rationally”.

            Do not think “inside a box” and assume that what you read in a book is “complete” (and do not need “fixing”). You will also fall into a TRAP set up for the CLOSE MINDED, if you believe any particular book is (necessarily) “the World of God”.

            Life is so “complex” and “intricate” that it is NOT completely correct to “simply” – do unto others as you would have them do unto you (or as you would do unto yourself). And do not say that this statement already implies “rationality”.

            “Rationality” HAS to be in the mix. But you must do (deep) “meditation” on the matter to see why.

          • M.

            Well then, if you ever ask your minister to pray for you to God, you are thereby making him equal to God and worshipping him as an idol. It’s hard to understand how you prots can believe things so astonishingly stupid. All Christians are saints eh? I suppose you fancy yourself to be equal to those who wrote the Holy Scriptures under the Inspiration of the Holy Ghost then. You are also fully the equal of those who suffered torture and death rather than renounce Christ, yes? What a vile diabolically prideful way of thinking! What egalitarian nonsense! The germs of Communism are to be found in the Judaized prot sects of the 16th century. You prots complain about the state of the world today, but you don’t, or won’t realize that your own perfidious heresiarchs whom you revere started it all. Marxists are to be respected more than you prots because they are at least logical and consistent in regard to their adopted philosophy and world-view, false though it is.

        • Starman

          For those that think that the Jews are not responsible for our decline, look around. Who are the bankers, who is AIPAC composed of.Why is the Anglo/European race being denigrated in favor of “brown” people. We invented all of it and brown people can’t even run the machinery.Look under every rock and you will find a gentile hating Kazar.bent on destroying everything that a Christian Nation stands for and that includes Russia. The Russian and Ukrainian people knows this scum well. Putin is one of two world leaders that is defending the Christian faith. Wish to God we had him for a president instead of that step-and- fetch-for the banks faggot,Islamic sob that clams to be POTUS. To the lady that owns the business by the seashore, uou don’t know excrement from shoe polish.
          Starman .

          • g13man

            if you are referring to the central bankers /rothchilds , they may be Jew by race , but Catholic by religion ! They have been bankers for centuries for the vaticain !
            on youtube somewhere !

            Dan 7:25 And he shall speak great words against the most High, and shall wear out the saints of the most High, and think to change times and laws: and they shall be given into his hand until a time and times and the dividing of time.

            Mat 23:9 And call no man your father upon the earth: for one is your Father, which is in heaven.

          • M.

            If they’re Catholics I’m the Shah of Persia.

    • Burt Year 2015

      The Devil Monster will gobble up A lot of lost souls during this time in less you ask Jesus into your life.

  • Mondobeyondo

    Nations, cities, states, individuals – we all seem to be headed there. Too many people, countries, etc. that have over-extended themselves during the times of plenty. Time to pay the piper. Even the rap star 50 Cent declared bankruptcy a couple of days ago. Right now, he’s worth No Cents.

    By the way, you can add Puerto Rico to the list…

    • Guest

      Well said!

    • MichaelfromTheEconomicCollapse

      Yes, well said Mondo.

    • Nemnor

      If or when the “piper” (“the 1%”) is paid, then the “piper” then lend the money AGAIN, back to the same people/country that had difficulties paying the previous loan.

      IF they can not pay, then the “piper” gives them a BIGGER loan to pay off the existing loan, usually with more interest added on! So it is really a vicious/evil game, in light of the fact that the “piper” really can not practically use all this money/wealth they seem to “possess”. Wealth – which was actually produced by the mass of Working Class people in the first place.

    • Nemnor

      Mmm… ‘Mondobeyondo’, I am making the following (“amazing”) statement, that probably you and no one in this blog will believe to be true. Here goes…

      IF (just IF) about 90% of the peoples of this World actually choose to “live within their means”, and be basically “debt free”, then the world-wide Capitalist economic system would have ALREADY sunk into total collapse/chaos.

      It is “thanks” to the mass of people (“the 90%”) who, for the past 3 or 4 decades, are living mostly or partially on CREDIT (i.e. “beyond their means”), that the now decadent Capitalist economic system is able to maintain a very slow grind down towards it’s eventual collapse (rather than face a more immediate collapse).

      • Nemnor

        I probably should add – “..(the) system would have ALREADY sunk into total collapse, OR, with so much “sensible” people in the World (i.e. 90% being “debt free”), we likely would have ALREADY moved the World to a superior and sustainable alternative economic system (and hence, already done away with this “outdated” and defunct Capitalist system).

        In a sense, it does take a degree of “madness” (or is it massive “brainwashing”?), for the mass of the Working Class people of the World to continue on for so long, with this decadent Capitalist economic system. A system that keeps many in perpetual debt (mainly through low wages and (hidden) inflation).

        • True Grit

          So your issue is with banking system.
          Not so much Capitalism?

          • Nemnor

            Actually, it should be clear to you that Capitalism (“free market’ or not), because it normally allows greed to “run free”, is really a haven for the (nasty) banking system and various forms of parasitic financial activities – the world over.

            The now decadent Capitalist economic system is really the main root cause of the major socioeconomic issues facing the USA and the rest of the World.

          • GSOB

            Bernie Sanders is your man

          • M.

            Capitalism and Communism both are merely weapons in the hands of Int’l Jewry, used to subjugate the goyim. Are not the chief capitalists of the world Jews to a man? Karl Marx your hero wrote in his booklet A World Without Jews “What is the object of the Jew’s worship in this world? Usury. What is his worldly god? Money.” This is one of those times he told the truth.
            Capitalism will never be done away with until power is taken out of Jewish hands, and this is impossible unless the nations of the world, and most especially those which belong to the European racial stock can be lifted out of the decadence they have sunk into and turn to the Holy Catholic Faith which in the case of Europeans enabled their ancestors to resist both Jewry and Islam, and which would enable those who hold it earnestly to resist those same grave perils and the agentur which serves them in the form of Communists and Freemasons today as well.

          • g13man

            the bankers and rothchilds are catholic !

    • Burt Year 2015

      Bill Gates Warren Buffett David Rockefeller and George Soros need to go bankrupt rite now.

      • Gay Veteran

        toss in the Koch brothers

        • g13man

          and politicians and cohorts

  • RICH99

    Why wasn’t the United states in any of those lists ??

    • Guest

      Because we’re the “exceptional, indispensable nation.”

      /sarc

    • Burt Year 2015

      I hope and pray that all the banksters Rockefellers George Soros Bill Gates Warren Buffett the Rothchilds and the rich CEOs all loose every damn dime they own.

      • Dave

        That’s not gonna happen and I’ll tell you why. They are buying up all the gold and silver with one hand while they are telling you that this real money is a barbarous relic with the other.

        • g13man

          and land

        • jsmith

          I second that Dave! One would have to be pretty dumb to think that the meister Banksters (The Rothschilds) would be saving worthless paper. I’m sure their vaults beneath their castles like you said are full of gold to the rafters since they began accumulating it since the 18th century. Notice how the media promotes Gates and Carlos Slim as being the richest persons in the world? Yeah right, I’m sure the Rothchilds and the Rockefellers are probably trillionaires in real money, that is gold and land and ownership of the world corporations!

      • http://www.coroflot.com/joelpeeters/portfolio Joel Peeters

        You “hope and PRAY”… hmmm, if you are a Christian are you not suppose to pray AND BLESS your enemy?… what a “full of hate” guy you are.

        • GSOB

          So what do Christians need to pray about concerning their enemies?

          How are Christians are to “bless” their enemies?

          • http://www.coroflot.com/joelpeeters/portfolio Joel Peeters

            You tell me. You are the one usually posting biblical verses all over the place on this blog. I assume you are a Christian knowing the New Testament, and by implication the answer to your own question.

          • GSOB

            “?… what a “full of hate” guy you are.”
            On what basis or foundation do you appeal authority to conclude with that judgment?
            Why is it that Christians can’t be wealthy, but only resigned to being poor, according to the world?
            Who is Jesus speaking to when He says,…Love thy enemies?
            Thanks

      • Gay Veteran

        and toss in the Koch brothers

      • algol2000

        The can’t lose it, they print it. You should pray that the printers are worth more than the billions they print so they can sell the printers. D

    • Enrique R. DéZuardí

      Because we wrote the list.

      • CharlesH

        Actually they were too embarrassed to have a THIRD list that only had 1 country on it (the U.S.).

    • crysis63

      too big to fail i guess, lol. Plus they print their own currency and its the reserve.

  • Sam3

    Agenda 21

    • Burt Year 2015

      Agenda 21 is the Devil Monster agenda

  • Bill

    TMETT to track but, it is a sure bet that one or several will change the world in the coming months or possibly weeks. I still think America has the greatest resources to eventually recover.

  • Sam3

    The HATE for USA will be HUGE once the world realizes our SCAM.
    Our currency is not even worth the paper it is printed upon.
    We ALL need to be VERY GREATFUL to have lived in the age of OIL and be honored to live during THE most “interesting” time EVER!
    When the tidal wave of debt, that is currently hanging over each and every one of our heads, comes down . . . . . . . . . . . . . food, water, shelter . . . . what’s YOUR plan?

    • FortuneSeek3rz

      The age of oil is still alive and well. It will last well past your lifetime if it has to.

      • Gay Veteran

        yeah, but will anyone be able to afford it

        • FortuneSeek3rz

          If people can’t afford gas prices then the oil age will end. If it can’t be sold it won’t be refined.

    • g13man

      a dollar per wipe , expensive tp , lol

  • Paul

    Michael,
    I understand Greece has unsustainable levels. However, what do you think the chances are of a Grexit in the near term?

    • Enrique R. DéZuardí

      They had an open window this week. Forget it won’t happen…

    • REM

      Greece will probably be thrown out of the EU.
      Debt is the ghost of wealth consumed
      The most efficient way to extinguish debt is to kill the lender.
      Greece will have to find another way.

  • Mike Molyneaux

    Hi Michael, A senior economist from the Australian Reserve bank explained to me that debt is a relative concept in the modern financial system. There are no mathematical, physical or practical limits to debt. Everything is determined by the willingness of creditors to extend debt and because the modern financial system is dependent on the greatest number of national economies competing and co-operating, it is in everyone’s interest to maintain the competition and co-operation of all. It’s not in anyone’s interest to curtail debt creation. When we see a country in financial trouble it’s only because there’s a hidden political reason by people in high places to punish that country. I believe the reason Greece was “picked on” is because Greece is credited with the honour of giving us democracy so people in high places want to show the world in a sublime, sadistic manner what they think of democracy.

    • retired22

      This Australian economist should seek new employment as a science fiction writer!But then again,…as an obvious believer in Keynesian economics he already is a dabbler in fantasies.If the bankers issued unlimited amounts of currency (debt) they would cause high & even hyper inflation which would impoverish the working middle classes.This impoverishment would in turn lead to revolutions & the overthrow of the ruling upper classes.This is what finished off the Weimar Republic in Germany!

      • Mike Smithy

        Yep. There are two basic ways to enslave a person and/or a nation. It can be force via force or via debt.

        • Burt Year 2015

          I just put A buck into A plastic Yugga Cup. A buck in A cup.

          • Mike Smithy

            How clever of you.

    • df NJ

      RE: “practical limits to debt”

      Debt is not the problem. Purchasing power of the median worker’s take home pay is where the real limit is located. At some point, billions of minimum wage people in the World are going to riot.

      • Mike Smithy

        As a result, the dumbed down masses will gravitate to the dark side and embrace Communism/Marxism./Socialism. This is all part of the Globalist/NWO agenda.

  • Alwaystomorrow

    The Economic Collapse Blog Has Issued A RED ALERT For The Last Six Months Of 2015

    Published 6/25/2015
    169 days until 12/31/2015.

    For fun, lets do a count down every day until the end of 2015 and see just what happens.

  • Bill

    Time to understand the biggest scam the world has ever seen by looking at lender A and lender B. Both have cash to lend. A’s cash is limited by the amount of gold held in reserve. B has a huge advantage by ordering cash from the printer equal to 10 times it’s reserve. Over time B creates nearly unlimited debt by offering lower interest rates to keep the “game” going. Until one day many of the borrowers seem to have a problem with repayment.

    Lender A sells gold and pays the sour debt. Lender B has a big problem-debt paper backed by nothing but ten cents on the dollar.

    Lender B is the fractional lender who went to the printer with an empty promise again and again.

    Every dollar a bank takes in allows the bank to create 10 times more debt. Now we have countries that have debt way over their yearly gross income. This fractional reserve scam has been going on for over 100 years but is now reached critical mass and will soon explode.

    • XSANDIEGOCA

      At some point, Lender B declares War on Lender A to get his Gold.

      • algol2000

        You’re a genious. However, the problem is that there are many in Lender A’s shoes who get the message, form a protective union and kill off Lender B before he can do it to them all.

        • XSANDIEGOCA

          This is what most of the Pogroms were about. Some Ruler declared War, borrowed the dough from the moneylenders and could not pay it back.

          • Jack007

            pogrom? look up the word, you’re using it incorrectly and so your comment makes no sense.

          • algol2000

            Sure, the ultimate rulers are the bankers. But why would a ruler borrow money when he can simply do a trade by barter to raise the required resources?

          • XSANDIEGOCA

            Good question. Why has the US borrowed? Look at all the assets we have or shall I say, had. China owns us now (at least 20%). Maybe it was the timeless appeal of debt. Buy now, pay later or maybe never.

          • algol2000

            They borrow to take slaves. The people of the country(the tax payers) are the insurance for these loans. The corporations( the slave-owners) bear no liability. When the situation becomes critical, taxes will be raised, public institutions sold, austerity declared, assets confiscated, and martial law imposed. They are currently testing this out in Greece. The only way out is to move out of the system and take all your assets with you to another place with lax laws before the hammer falls.

          • XSANDIEGOCA

            Correct!

    • True Grit

      So all we have to do is kill lender B and all his children.
      Declare all his created debt null and void.
      Regulate lender A so he or his kind can never, never again cause the rampant, world wide economic destruction we have now. Only allow Governments to print money. And make ALL international trade to be settled in gold or barter.

  • JAY

    again, as long as central banks around the world keep propping up the debt markets with newly printed digital fiat currencies, the status quo will just keep going.

    • retired22

      It won’t because it can’t.
      The hardships caused by the ever tightening economic conditions are being off loaded onto the Middle classes, the workers & small businesses!
      When they reach the breaking point it will no longer be economic,it will become political.The establishment elites will be overthrown by the impoverished masses they are oppressing!

      • greyprepper

        I believe you meant to say, “the impoverished masses will be overthrown by the establishment elites who are oppressing them.”

  • DesertPaine

    Woo hoo! Bargain property in St. VIncent and the Grenadines, Sao Tome e Principe, and Bhutan.

    Quick! Somebody lend me an atlas.

  • https://ivalcrisp.wordpress.com Ty Crisp

    I believe it is the country of Dominica, not the Dominican Republic, that is having a full-blown debt crisis right now.

    • Enrique R. DéZuardí

      Im from the D.Republic beleive me they spend like no tomorrow.

  • Andy Sloan

    Another prophet Sister Madeleine Pourcain who died a Poor Clare in 1843 foresaw “Confusion, Confusion, even among the priests”. And
    sad to say this Prophecy is today a living reality on a scale never
    before dreamt of during the 2000 year history of the Church.

    Sister Madeleine also foresaw a “commercial crisis which would see the whole world bankrupt”.

    • retired22

      Lord Acton saw what was coming over 125 years ago.The great British social thinker was quoted as saying “The issue which has swept down the centuries and will have to be fought sooner or later is the people versus the banks”

      • Andy Sloan

        “All
        countries are at this day richer or poorer in an exact proportion to what they pay, and have usually paid, for the interest on money … The
        abatement of interest is the cause of the prosperity and riches of any nation.”

        Sir Josiah Child
        (1630-99) an early mercantilist writer on economics, pioneer in the development of the free-trade doctrines of the 18th century, member of parliament and governor of the East India Company alluding to the
        perennial and destructive role of usury, of charging interest on loans, in human affairs: Brief Observations concerning Trade and the Interest of Money (1668)

        • GSOB

          Matthew 25:27

    • Gay Veteran

      bilge

      • Andy Sloan

        It’s just a matter of time for you, poor fellow (unless you acknowledge God and repent and confess your sins to a Catholic priest!)

        Psalm 36:12-13

        “The sinner shall watch the just man: and shall gnash upon him with his teeth. But the Lord shall laugh at him: for he foreseeth that his day shall come.”

        • M.

          The mind of the sodomite is so darkened and his will so weakened that it is generally impossible, humanly speaking, for them to turn back from the iniquitous course they have taken. Deep down in their souls they know how abominable they are, that is why they react to religion the way they do. It is like whistling past the graveyard. I’m happy to see a brother in the Holy Faith writing here against these infidels. We Catholics ought to help one another in every way possible and maintain a united front against the unbelievers, rather like the Mohammedans that live in Britain and France do. May Our Lord bless and keep you.

          • GSOB

            But the prudent answered,
            ‘No, there will not be enough for us and you too; go instead to the dealers and buy some for yourselves.’
            “And while they were going away to make the purchase, the bridegroom came, and those who were ready went in with him to the wedding feast; and the door was shut.

        • Gay Veteran

          confess to a Catholic priest?
          ROFLOL, aren’t they too busy molesting little boys and girls.

          • M.

            The tiny minority guilty of these crimes against nature are your fellow perverts who infiltrated the Church and did these things as a way of destroying Catholic children, so great is their hatred of anything good or decent. If found out their fellow travellers gladly use it as a stick to beat the Church with. In earlier times they would have been defrocked and handed over to the saecular arm for execution, and that ought to be the case now. You ought to leave off engaging in unnatural vice if you want to live, sodomites after all have an average life expectancy which is significantly lower than that of the general population as a result of disease and ubiquitous use of harmful drugs.

          • Gay Veteran

            sodomites? bet you got all excited writing that.
            and don’t you have a street corner to pray loudly at?

      • M.

        You had better take a break from the computer and get yourself examined by a doctor. You might very well have a disease they don’t know about yet. Remember, when you’re diagnosed as having this that and the other that it wouldn’t be so if you had restrained yourself from the nauseating practice of unnatural vice.

        • Gay Veteran

          thanks for contributing to the discussion about world debt

  • chilller

    I’ve been to many foreign countries and in one form or the other…they like to mimic the US. I would like to know, Michael…which of the above mentioned countries have the same or near same economic policies that are in line with the US….AND…how many are not. Because odds are…if everyone is using different policies, whatever they may be, there shouldn’t be so many countries flailing if policies differ widely. And having a 1 strand suspension(financial) bridge…it’s not going to last long opposed to a multi strand bridge in which the stronger ones will support the weaker ones. Greece is a classic example of a no support structure…a case of the EU degrading their own structure to prove a point, to send a message, to tell everyone else “Do or Die”!
    This all boils down to:
    1. “THE GERMANS FAILURE” to keep Greece out of the EU in the first place…
    2. “THE GERMANS FAILURE” to prosecute Goldman Sachs for cooking Greece books in order to gain entrance into the EU,…..
    3. “THE GERMANS FAILURE” to “man up” and take responsibility for their…own…failures….
    soooo Germany is taking out all their failures on Greece and setting an example for the rest of the European PIIGS….a fitting name…

    • g13man

      #2 still waiting for the lawsuit !

  • halmic

    I don’t look forward to the crash because I know I can’t even imagine how bad it is going to get. I do not believe hoarding is a solution but a temporary preparation to have 3 months or so of basics for when you didn’t get out of the populated areas fast enough and it is not wise to go outside. I believe that having basic wilderness skills will be priceless once the dust settles–if you’re still alive.

    Here is one thing to consider.
    A cause for the fall of the USSR was the idea that no matter how hard you worked; your pay, your food allowance, your vehicle allowance, your gasoline allowance, etc. did not change. Eventually people did not work as hard which leads to less of everything, most importantly–food. It is possible that when inflation skyrockets people will stop working hard for so little. Then there will be less of what little there was.

    Be prepared. Start by getting your physical house in order for your family but don’t neglect your spiritual house. Read the gospel of John for an introduction. Jesus said, “what good is it to gain the entire world and yet lose your soul.”

    • Burt Year 2015

      I hate money any way. I can’t stand the stuff. All the rich FAT CATS own it all.

      • Dave

        God help us….some can’t spell and the other ones don’t know money from currency.

        Gee….I wonder why we are in such a mess?

        • antonio

          Look at George Carlin’s “American Dream” on You Tube. An astute observer of mankind disguised as a comedian. “And no one seems to listen and no one seems to care” Three and a half minutes of pearls of wisdom

      • http://nicknackman.myblog.de/ Carsten Noth

        Rise up and take the power back It’s time the Fat cats had a heart attack
        You know that their time’s coming to an end, We have to Unify and watch our flag ascend

      • SunnyFlaSnotress

        Again, please send your evil money to my post office box. I hate to see you suffer.

      • LA M

        Ditto!

    • Ivo

      That is not true. The USSR collapsed because the soviet ruble was backed on gold. America played a dirty trick changing the gold convertion to fiat money in 1971.That allowed America to produce a lot more, including weapons….till now.

      • Mike Smithy

        The collapse of the former Soviet Union had nothing to do with a gold backed Ruble. IMHO, there are eight (8) main reasons for the collapse of the former Soviet Union:

        1. The Soviet Union was too big and diverse to be ruled easily and orderly.
        2. The state-run economy was inflexible and did not work well.
        3. Accumulation of bad governmental policies, like agriculture collectivization and repression of the free market.
        4. Extreme disregard for the environment
        5. A yearning to break up the upper class. Communism was most certainly nota classless society. The top 1% had cars, fancy palaces, and plenty of money.
        6. A growing human rights movement, notably the Solidarity movement in Poland.
        7. The arms race. President Reagan realized he could outspend the Soviet Union, ultimately luring the opponent into financial and technological disaster, particularly when Chernobyl happened and the government chose not to tell anyone about it. The first indication of that trouble, ironically, came 2,000 miles away from a Swedish chemistry lab.
        8. Gorbachev’s change in leadership and his policies of perestroika and glasnost, both of which led to a more open society.

        • Ivo

          That’s the american point of view. Which, of course, is biased.

          Labor conditions in America now are worst than thouse found in the USSR. Actually in America you can thrive only if you are white or have connections with the elite. Blacks, hispanics, even indigenous americans (the real americans by the way) are largely discriminated.

          There is no “free market” in America, there is a corporation cartel behind every economic aspect.

          There is no democracy in America. Just a two-party, 4 years election pantominme.

          The soviet society was one of the most educated societies the world has ever know. Americans are mall-zombies.

          Please do not mistake “communism” with “stalinism”.

          • Nemnor

            Ivo, much of what you stated (above) concerning the USSR and the USA, is generally correct (more or less).

            I would add that the USSR (in the end) was a form of “State/Collective Capitalism”, governed by “Stalinist” policies.

            As for “free market” in the US, it seems to me the USA is more so a kind of “Selective-free-market Capitalist” economy. The US Government, in an attempt to “manage” US Capitalism (to save it from itself, and at the same time follow the “edits” of the branch of the elites that control the Government) actually allow a degree of “free market” – but in a selective way (not all out “free market”, but not all out restriction either).

            Some label the USA a “crony Capitalism”, or “Corporate Capitalism”. But US Capitalism includes all that and more. The Government is actually trying to manage/balance US Capitalism, but at the same time, they have a hard time keeping the “National Capital” the dominant imperialist economic force in the World, when faced with the rise of China, Russia, etc..

            To help keep the US “National Capital” the dominant imperialist economic force, in addition to spending large sums of money to boost the Military, you must be winning all or most of the “economic wars” being waged among the leading Capitalist economies. (As for the weak (non-nuclear) countries that challenge the US economic hegemony, the US simply bomb them back to the “stone age” and/or cause them to war among themselves!)

            Hence, to help keep (or make) the US “National Capital” most (or more) profitable (at the World stage), the US Government is allowing US Corporations all the freedom they want (more or less) to “kick” American Workers out of their jobs and then ship jobs to low-wage areas of the World, and/or, bring in Immigrants to work for even half the wage demanded by the usual American Worker!!. At the same time, in the “richest” country in the World (i.e. the US) the Government is allowing US Corporations to pay less than a livable wage within the USA, by keeping the official minimum wage as low as the controlling elite dictates. This is in essence a form of “selective” free-market Capitalism. (i.e. “selective” free-market in ways they believe/hope will strengthen the “National Capital”. But restrictive in certain ways to prevent what they see as “Capitalist excesses”).

            For example, without Government “regulations”, it would not be long before you have (open) “Child Labor” right in the USA! Also, from time to time, hidden sweat-shops in the USA get exposed. As you might now suspect, “Child Labor” and sweat-shops are intrinsic to a genuine (all out) free-market Capitalist economic system. Hence, the reason, genuine (all out) free-market Capitalism is not (officially) allowed in these modern times. And instead, we see varying forms of “selective free-market Capitalism” (like in the USA), to save Capitalism from itself (they hope).

          • david selvers

            You are a F-ing dimwit.

          • SunnyFlaSnotress

            I flagged you but I don’t know if it went thru.

          • M.

            Generally speaking, only those whites who are toadies to the Jews thrive in the U.S. I agree that the Russian people are among the most intelligent and able people in the world, capable of great achievements. That is why International Jewry usurped power and laid the cruel yoke of Judaeo-Bolshevism on them, they recognized that they are among the most dangerous of the goyim, and therefore had to be got under control. Russia would have been much better off if the Whites had triumphed and exterminated the red beasts, and they probably would have if not for the stab in the back delivered by Jewry by means of their stooges in the British, French and American governments.

          • Jack007

            its always the Joooos…seek help psycho

          • M.

            Yes I’m sure it’s only a coincidence that they made up 90% or so of the first Politburo.

          • Nemnor

            M, there might be some “truth” to some of hat you stated above.

            At least, I know (and every American should have already known) that the Russian people are among the most intelligent and resourceful people in the World.

            In fact, since 1984 I wrote that it was probably best for the USSR to abandon the form of “State/Collective Capitalism” that existed in the USSR, and then have the Russians (and who ever wish to follow them) go back to the more usual “imperialist Capitalism” (as practiced by the USA, the UK, etc).

            I was convinced then (as I am now) that, the Russians, with their obviously high Intelligence and better education, would in due course, surpass EVERY major Western Capitalist country in science and technology among other things. The USA is very much aware of what I already know, and that is why Washington is doing everything within their powers to prevent Russia from rising (they hope).

          • PLSWOMAN

            You obviously don’t live here in the USA. You’re comments are ignorant. I own my own business, I don’t shop at malls, and I live in a beautiful Oceanside community. We have our issues in our country as all do…but you are way off base that every aspect is controlled by corporations and that our cities and towns are not beautiful. Have you been to Boston? Seattle? Chicago? Amazing cities. Labor conditions? Ha ha ha. Everyone has the same opportunity here….did you notice our president is black? You unfounded remarks make me shake my head and laugh.

          • Ivo

            Every article in this blog proves you wrong. The American Dream no longer exists. The USA today is failed state. A corrupt and broke nation. Obama? Obama!!!! PLEASE a total joke

            The natural landscapes of the USA are, of course, beautiful. But its cities are a pigsty, including Chicago and Seattle.

          • Padraigin Eagle

            Controlled By Cauterization: That’ll do it

            Did you notice your president is a Machiavellian puppet on a string, a false
            flag hag of the cretinous varietal, somewhat like those others you perhaps
            didn’t get to notice, Bush’s, Clinton as well as the upcoming triple whammy of war monger Billary, good luck with all of that, shaking your head and laughing like a loon could be just what the doctors in white coats ordered.

        • g13man

          expanding on #7
          The USA does not spend to save the public , only the elite & high ranking Gov officials [not the workers]

          .Meanwhile the soviets spent money to try to save the populace including on making bunkers and infrastructure to try to save the populace
          IE they were spending to much money

      • citizen

        The USSR collapsed for much the same reasons that America is no collapsing.
        Military Empires are extremely expensive to keep running.

      • Barn Cat

        Communism is a joke. That’s why it failed.

        • SunnyFlaSnotress

          Yeah, China has been laughing a lot the past number of years as it surpassed us as the largest economy.

    • Alex

      I have been reading your blog for about six months now.
      I think what you write makes logical sense. The problem is that everything that is going on is illogical maybe more like bizarre. The realization that I personally concluded is that the elites run the game and it is always tough to beat the house. The game is going to keep going for quite some time. When you can print paper and use the paper to swing markets like a yoyo and have a populace that is
      beyond clueless you have the all the necessary ingredients to implement your plan. will go forever.
      yes its all corrupt but its the “corrupt” that allows it to go on forever…

      • AZFan

        Well said, this is exactly what i would say too, there is a small group that controls this country and they will take steps to control the country. They rich like food stamps and welfare because the get the government money to run these programs. Pur pppulation is getting fatter and dummer, i think they want to legalize pot which will male us even lazier.

      • Classic DC

        Alex….I concur. The very said thing is that the neither the American public or the marionette politicians have (or desire) any real mechanisms for change in this country.
        I enjoy this site and am a frequent visitor. What I have noticed over time is that the right vs. left infighting that occurs here is simply a waste of words and time.
        Over 93,000,000 eligible voters (roughly half) sat it out in 2012. The plutocratic/oligarchy in which we live is not a conspiratorial hoax. It is a grim reality. If there ever was a democracy or a republic they became extinct a long time ago. America wants a steady diet of American Idol, Dancing with the Stars, a bag of chips and a six pack.
        We are largely, fat, distracted, uneducated and disinterested. The few will continue to rule the majority and there isn’t really a thing we can do about that.
        Good luck & God bless…we’re going to need it.

      • Nemnor

        Alex, the elite do have some “control” on what is going on, but not as much as you conclude.

        Michael asked – ”…So what do you think is coming, and how bad will things ultimately get …?”.

        Well… what is surely coming is – more and more countries will definitely sink into “debt crisis” and will go bankrupt (like Greece and worse).

        All this is due to the relentless decline of the world-wide Capitalist system – which is now decadent and at a “dead end”, and is now NOT able to generate long-term recovery by economic means alone.

        The future of the Human Race under Capitalism is, more and more barbarism and destruction (through endless wars, environmental collapse and economic collapse) to the eventual demise (perishment) of the Human Race.

    • Nemnor

      Regardless to the reasons the USSR collapsed, please keep in mind that the economic system in the USSR was NOT what genuine “communism” would be.

      The USSR economy was a form of “collective/state Capitalism”, and governed by what may be branded/labeled as “Stalinist” policies.

      Also, please be aware that, for the past 500 years or so of the existence of Capitalism, NO single country or group of countries ever experienced genuine “communism”. What was/is labeled as “socialism”/”communism”, was/is really various forms of decadent Capitalism.

      • krinks

        Funny. Communism/Socialism is a failure and always has been. Yet the answer to this is that is has never been tried. It will always fail as eventually you run out of other people’s money.

        • Nemnor

          krinks, to give you a better more accurate understanding, rather than this dry and empty statement about “other people’s money”. Let us consider the following example (while you keep in mind the undeniable fact that virtually ALL wealth we see in society, was/is produced by the mass of Working Class people in the first palace) …

          If you have an “under aged” Child that wants to go out all by him/herself to a beach party, many miles away from home. But every time your Child start out to go to that beach party, you were able to stop the Child from even leaving the yard.

          Now while any amount of possibilities might prevent the Child from ever getting to that beach party, you KNOW that the main reason he/she never got to that party is because YOU were able to PREVENT the Child from leaving the yard, in the first place.

          Likewise, for the past 500 years or so that Capitalism existed, the leading Capitalist countries did everything within their powers (and this includes bring the World to war, if they see it “necessary”), to PREVENT any single country, or even a group of countries, from having a fundamental change/shift away from Capitalism.

          For example, consider “poor” Cuba – which is more accurately a form of “state/collective Capitalist” economy. Now, because Cuba is governed by a “communist” party that SEEMS intent on fundamentally moving Cuba away from Capitalism, “rich” and powerful USA has maintained a CRUSHING economic blockade against “poor” Cuba for over 6 decades now!!

          So ‘krink’, be HONEST with yourself and ask – with Cuba being a “poor” country to begin with, and with all the know and unknown challenges Cuba will face to fundamentally move away from Capitalism (and assuming Cuba is genuinely seeking to, one day, build a genuine socialist society), how much chance would Cuba have in building a genuine socialist society, with the USA (right next to Cuba) doing what ever the USA think will PREVENTING Cuba from ever succeeding?

          The truth is, every country (or group of countries) that SEEMED to want to fundamentally move away from Capitalism, was ALWAYS met with all forms of hostility, and often including direct military invasion(s). And all this is while the World was/is dominated by Capitalism.

          As I hope you should now suspect, just like that Child did not get to even leave your yard, it was (and is) virtually impossible for any one country (and even a group of countries) to build a genuine “socialist/communist” society – while the World was (and is) dominated by Capitalism. (right?)

          The likes of Ronald Reagan and Margaret Thatcher (who made this vain and empty statement about “other people’s money”), VAINLY tried to fix decadent Capitalism in the USA and the UK. But now, the world-wide Capitalist system (including USA and UK) is even more DECAYED today, then in the days of Reagan and Thatcher!!

          • Jack007

            let’s see how well cuba does now that comrade barak hussein has intervened to save the castro legacy

          • Nemnor

            Jack007, as long as Cuba remains a “state/collective Capitalist” economy, nothing will change (significantly). I believe the USA is more trying to improve the “image” of the USA, rather than genuinely cooperate with “state/collective Capitalist” and “anti-imperialist” Cuba. (Keep in mind the USA is the most vicious imperialist Capitalist country in the World. Hence, the USA will always make any truly anti-imperialist country an “enemy” of the USA.)

            However, even if the “communist” Government in Cuba genuinely intend to (one day) build a genuine “socialist” society in Cuba, the chance of success is very slim, as long as the World is still dominated by Capitalism.

          • krinks

            I made it as far as wealth created by the working class and that is all I need to see. Lol indeed. Cuba still drives cars that were on the road prior to communism. Communism you see produces nothing of value. That is why the island is a prison and why the Eastern Bloc had the Berlin Wall. The only thing it distributes evenly is poverty, except for the ruling class that has the best of everything.

          • Nemnor

            As I said before, some people simply WISH that what YOU erroneously refer to as “socialism/communism” was indeed genuine “communism”, because they FEAR getting out of “their comfort zone” and face the REALITY – i.e. with Capitalism obviously and relentlessly DECLINING all around us, some do not want to “remove their heads from under the bush” and accept that there might be a superior and sustainable alternative to the obviously decadent Capitalist economic system. (right?)

          • krinks

            Sorry but for all of your bluster you can’t talk your way out of the fact that the problem was and always will be eventually you run out of other people’s money. If people aren’t allowed to keep what they produce they stop producing.
            If what you say is true then the best cars and products found should have been made in Cuba or the Soviet Union. Of course that’s not the case. Not even close. The top Communist leaders themselves drove western cars.

          • Evil_shadow

            USSR never had comunism. i dont think that ANY “comunistic” country really ever had comunism as rulling system…

      • david selvers

        Communism is a failure…. Stalinism is Communism period.

        • Nemnor

          You WISH

    • SunnyFlaSnotress

      Halmic, think what you will, but I’m thinking of going for one more short-term apartment, pehaps even downtown, into Tampa (near the Brandon Jade Helm Walmart). I’ve been shopping for a house, but none in my range quite tickles my fancy yet. I do however see a huge amount of foreclosures going into auction.. a process I’m not keen on getting involved with. Perhaps the banks have decided to finally clear up some of that shadow inventory.
      Tampa does have it’s problems, but to me, the city is the life center.

    • LA M

      The Gospel is the answer to survival. All that is happening to our society is predestined. We are not going to avoid it by hiding out, nor save it by man’s technology. We’re to know the Gospel that Jesus gave to us to prepare ourselves for salvation, not false doctrines and denominations created by man long after Jesus died on the cross.

      Blessed is he that readeth, and they that hear the words of this prophecy, and keep those things which are written therein: for the time is at hand.

  • egrheaultjr

    What could possibly go wrong? We get to keep our Doctor and our health Insurance costs have dropped, we are in Obama heaven. We own the biggest Printing presses in the world so printing Dollar Bills are as east as falling off of our mountain of debt. Yea tho we walk thru the valley of bankruptcy shurely the Government will lead us to the green Meadows promised us in all of the reelection speaches and promises we are fed daily by the media and Gov supposedly Leaders

  • shadows_edge

    Massive world wide debt, and compound cascading collapse. Any one thing this is a pretext to a one world currency? Just my .02 one falling domino in a chain always causes the rest to fall.

    • FortuneSeek3rz

      Bitcoin looms on the horizon.

      • Dave

        Right up until they shut down the internet. And that exec order is on the table ready for the ink signature.

        • df NJ

          The people can shut down the Federal Reserve also.

        • FortuneSeek3rz

          Alternate communication protocols will come forth, much like the crypto currencies are alternatives to traditional banking. In fact they already exist, and in the years ahead their distribution and usage will accelerate.

  • Tatiana Covington

    So if *everyone* is in debt, then who are we in debt to, since the Earth is a closed system…

    so we are told!

    • Gary

      To the private banking cartel who can and do create all this money out of thin air.

    • Mike Smithy

      The Rothchilds.

      • M.

        Indeed, it is imperative that all who truly wish to understand the origins of the situation the world finds itself in today read the Protocols of the Learned Elders of Zion.

        • John Byde

          Oh dear, oh dear, oh dear!

        • http://www.coroflot.com/joelpeeters/portfolio Joel Peeters

          The learned Elders of Zion???

        • Balambalam

          Another member of the “Assembly of Bullshitology” ??? Waouw, they reproduce terribly fast on this blog…

          • M.

            Another idiot who thinks he knows everything because the goggle box told him so. I pity your kind, you don’t know anything and you don’t want to know or understand anything. I’m sure that if you types could pick your own leader you’d select the fellow who doesn’t up from down, left from right or more than 30 or so words of pidgin English. Go back to watching your box and leave those who value learning as opposed to “being cool” to their higher pursuits.

        • df NJ

          If true, it is very disturbing. But even if it is all fake, the World operates as if it were exactly true.

          • M.

            Look up Dr. E. Michael Jones and Fr. Denis Fahey, they’ve written excellent works on the cabal that runs things.

        • Jack007

          Very truly yours,

          adolf hitler

    • GSOB

      The Lord God.

  • Hillbilly

    I could tell you what I think will happen but it has already been said and better than I could put it!!

    https://www.youtube.com/watch?v=SA1SxZoFmOU

  • guest

    I’m stockpiling fishing poles. When people are desperate and hungry they’ll be worth a fortune!!!

    • greyprepper

      I’m gonna fill my basement with toilet paper, best barter item ever lol

  • GetReal4U2

    I’m sure a person will come on the scene to ensure a one world currency solution is the best option…along with a one world government and religion as well…

    • XSANDIEGOCA

      Single Payer Health Care too.

    • Nemnor

      The real (and permanent) solution to the major socioeconomic issues facing the World, would necessarily include a form of “one world” government/council/authority.

      BUT, a “one world’ government presiding over the existing defunct and undemocratic world-wide Capitalist economic system, would NOT be a sufficiently fair, just, tolerant and compassionate government.

      A “one world” authority that would be truly just and fair, and that would enable TRUE abundance for every “rational” person anywhere in the World, is possible ONLY if the World move away from Capitalism, to a superior and sustainable alternative economic system, in which goods and services are produced to meet the needs of society – as the primary end-purpose of production.

  • rat28

    Really? All the major stock indices seem to have recover from the Greece and China Crisis!

  • Avner

    Someone guess which country wasn’t up there?

    • Enrique R. DéZuardí

      U.S of A..

  • JailBanksters

    Coooool
    How many of those have a Fractional Reserve Banking System, All of them
    How many of those have the Rothchilds as Shareholders

    But it is only the Governments and Banks that are going under not the People. So there will be some modnight banking going on to fix it.

    • GSOB

      That’s why Greece will find a resolution, however painful that may be.

  • Burt Year 2015

    The buck belongs to Satan.

  • Burt Year 2015

    George Soros is A old ugly looking man. I hope he looses everything. H lives A long life. Now he needs to go.

  • K2

    Michael, what happened to the greek deal? Did it pass? Did greece and/or the eurozone, derivatives market collapse? I dont follow the news, so i dont know.

    • John Byde

      Apocalypse Postponed

    • Mike Smithy

      President Tsipras folded like a cardboard box and sold out the Greek people. “We are Sparta”, ahh, not so much.

  • Dave

    EXACTLY! Maloney tells it like it is, period.

  • Truth is in the Word

    The silver is mine, and the gold is mine declares the Lord Almighty….Haggai 2:8/ A good man leaves an inheritance [of moral stability and goodness] to his children’s children, and the wealth of the sinner [finds its way eventually] into the hands of the righteous, for whom it was laid up…..Proverbs13:22 (The wealth of the wicked is laid up for the righteous)/ The rich rules over the poor, and the borrower becomes the lenders slave….Proverbs 22:7.
    There is much wisdom in the Word, the Truth, that is the Bible. And we are all about to see how TRUE it is. So man prophecies are coming true already.

    • Guest

      Amen!

  • Nick Tubber

    Michael, I thought you said Greek bailout deal is designed to be rejected. Ok, all governments so far passed it. You start to sound more and more like a broken record nowadays. You sure you want to stick to your Red Alert warning? Call based on Shemitah is a big risk.

    • jox

      You just have joined disqus today. And the very first action as a disqus user is to visit a blog on wich you have no confidence, and to post a comment against the author pretending you are a usual reader. Excuse me but it’s very strange.

      • Not Sure

        He’s a paid troll. What he doesn’t realize is that the IMF and other players can still shoot down this whole Greece bailout loan, too.

      • Nick Tubber

        Haha!!! So if my profile was created today, that means I have written any comments (under a different account perhaps) nor read Michael Snyder’s articles before? You sure? It just shows how easy to deceive a clueless clown like you. You are definitely not working for NSA.

        • jox

          Thanks for the confirmation.

  • XSANDIEGOCA

    If, as Napoleon said, History is a Lie agreed upon, so are International Economics at this time.

  • Felix

    The number is not 24 but, 25 countries that are facing bankruptcy if you include Puerto Rico.

  • Nick Tubber

    To jox below. First post under this name correct. Long time visitor and reader. Also a PM owner. It just shows how easy to hide from & deceive a clueless clown like you, who thinks “I got cha!” because you were able to look up some profile info. Way to go, techy!

  • underaged

    I predict that a Superbowl will be played early in 2016 and that one of the teams playing in said game will lose.

  • CharlesH

    We’ll all be eating nuts and berries when this whole thing comes crashing down. My rather fertile imagination doesn’t even allow me to think how horrendous this will be…on the entire planet.

  • DJohn1

    There is an economic war going on. That war was won years ago by the peoples of the poor nations starving to death around 1969.
    The idea back then was we are bankrupt because we cannot afford the goods that both our country and Europe produce at the prices we were getting them for.
    Vietnam left us in debt to the tune of 400 billion pre-1970 dollars. Pre-1970 dollars were backed by gold at $35 per ounce of gold internationally.
    In 1968, I bought a VW Station Wagon new for 2,800 dollars.
    Add a zero, and you have what the same vehicle new might cost today.
    The only thing that President Nixon could do at the time was to take us off the gold standard for a dollar and open up economic retail hell with India and China. Massive inflation of the dollar’s retail value occurred. That means the dollar became worthless. By the principles layed down by Finance and Appraisal of Real Estate, the dollar is approximately worth about 1 percent of what it was worth in 1967.
    Still we had our jobs on American Soil. We had dinosaur industries. Like GM, Chrysler, and Ford producing cars and trucks with horrible records of repair in 3, 4, and 5 years of use.
    So when Japan produced cars that lasted anywhere from 5-10 years with little need for repair, it blew this country’s economy out the window.
    Between the first President Bush and President Clinton the next step was accomplished by trade agreements that allowed our country’s industry to move south to Mexico and down the road to India and China.
    The leaders of this country painted themselves into this corner. And now there is little room left to do that will help this country back on to its feet.
    At the end of the Confederacy, the Confederate currency became worthless. People papered their walls with it.
    IF Michael is right, the same thing is about to happen to the U.S. Dollar.
    The only gleem of hope I see is a radical change in leadership with putting a very good business person at the helm of this country soon.
    That might be Donald Trump or it might be someone else.
    I do know that too many people are unemployed. Too many have jobs that pay little. Too many have had jobs sent overseas. And back in D.C. there are way too many complacent people earning a fortune by sitting on their hands and letting it all happen.
    We have to break with the everyday business of compromising everything to make a deal in D.C. That means putting in a line item veto so that foolish things can be eliminated from bills in Congress.
    Otherwise the entire house of cards we currently have built will crumble before our eyes and no one will get through it without a lot of pain.

    • GetReal4U2

      The only gleem of hope I see is a radical change in leadership with
      putting a very good business person at the helm of this country soon…
      this “person” will take the “helm” of the entire world…time is a lot shorter than people think…

      • GSOB

        We need RICH Christian men as leaders for America.

  • True Grit

    Well, Being rich “On Paper” isn’t really rich I guess.
    The .01% have benefitted the most from this Government sponsored charade. When the correction ultimately happens they’ll be the ones who lose the most. Their wealth was phony, unearned wealth to begin with.

  • Donald Wilson

    Let the bankruptcy party begin…drinks all around. The End.

  • http://127.0.0.1/ euronímusz

    don’t worry the Shemitah is coming…

    • GSOB

      hoax

      • http://127.0.0.1/ euronímusz

        proof?

        • GSOB

          death is your enemy, not your friend…
          Jesus rose from the grave…
          You believe that?

          • http://127.0.0.1/ euronímusz

            instead of loaded questions… proof?

        • Reality

          The “proof” is that we’ll all be here Oct 01, 2015 and that nothing will have changed…Status ‘ ops normal’.

          See you then!

  • Richard O. Mann

    Since something this bad has not happened in modern times, I doubt we can get our minds around just how bad it will be. It’s like trying to describe color to a blind person.

    • df NJ

      If we experience an absolute currency collapse, the president can just create a new currency like Lincoln did with Greenbacks. It’s like a beautiful 18 year old girl, legal tender!

      “During the Civil War (1861-1865), President Lincoln needed money to finance the War from the North. The Bankers were going to charge him 24% to 36% interest. Lincoln was horrified and went away greatly distressed, for he was a man of principle and would not think of plunging his beloved country into a debt that the country would find impossible to pay back.

      Eventually President Lincoln was advised to get Congress to pass a law authorizing the printing of full legal tender Treasury notes to pay for the War effort. Lincoln recognized the great benefits of this issue. At one point he wrote:

      “(we) gave the people of this Republic the greatest blessing they have ever had – their own paper money to pay their own debts…”

      The Treasury notes were printed with green ink on the back, so the people called them “Greenbacks”.

      Lincoln printed 400 million dollars worth of Greenbacks (the exact amount being $449,338,902), money that he delegated to be created, a debt-free and interest-free money to finance the War. It served as legal tender for all debts, public and private. He printed it, paid it to the soldiers, to the U.S. Civil Service employees, and bought supplies for war.

      Shortly after that happened, The London Times printed the following: “If that mischievous financial policy, which had its origin in the North American Republic, should become indurated down to a fixture, then that Government will furnish its own money without cost. It will pay off debts and be without a debt. It will have all the money necessary to carry on its commerce. It will become prosperous beyond precedent in the history of the civilized governments of the world. The brains and the wealth of all coun­tries will go to North America. That govern­ment must be destroyed, or it will destroy every monarchy on the globe.

      The Bankers obviously understood. The only thing, I repeat, the only thing that is a threat to their power is sovereign govern­ments printing interest-free and debt-free paper money. They know it would break the power of the international Bankers.”

      • True Grit

        So they killed him!!!

  • Antonio Ossa

    THE CAN HAS BEEN KICKED TO THE END OF THE ROAD!

  • RageHard84

    I didn’t even know some of these nations were in trouble. America, Japan, China, and many EU nations will be in a similar position before too long. I wonder what’s going to follow.

  • Horiboyable .

    This article is right on the money. I think you will see most European nations default as well. The figures that are being reported are manufactured from the state. What you need to UNDERSTAND is that there are no more markets. Central Banks have intervened on such a large scale that any asset does not reflect the true price. Different Central Banks are buying equities, mortgages, bonds and ZIRP are distorting correct price transmission. We are going to see wealth destruction on an industrial global scale that will cause civil unrest and maybe wars. This will be a big lesson to us all, that you do not let centralized power determine economics. The too big to fail argument is a myth, because no one has learnt their lesson. My parents went through the depression and handed their experiences and fears on to me which I took on board. I never took on too much debt, my house is mortgage free, I have no debt and I own everything. When did we start to believe it was ok to run up debts and pass them to our children and grand children? We get to party and they have to pay for it, when did we lose our moral compass? The baby boomers are sick MF’s. The founding fathers of the USA tried to protect the INDIVIDUAL from the excesses of the state but what ever system you put in place, they will learn how to play it. POWER MUST BE LIMITED.

    • GSOB

      “This will be a big lesson to us all, that you do not let centralized power determine economics”

      Spot on.

  • AzDi

    I’m more concerned with WEIII starting. With this deal with Iran, and who can trust Russia and China. I am very concerned. I am also very concerned that Obama will be left in the WH if this happens.

    • M.

      Bongo’s job is to undermine the U.S. to the point that it becomes utterly incapable of defending itself. He has done his job quite well indeed. When the time comes he and his handlers will invite their comrades in through the unguarded borders to raise the red flag over the land and commence slaughtering those who are either dangerous to them, or who are not useful as slaves, crippled people and so forth.

  • DB200

    There is only one method for the Central Banks to prevent everything from collapsing and that is Financial Repression.

    There is a way to avoid this Financial Repression and that is to take your money out of the system and convert it into goods or collectibles like paintings, antiques, classic cars, gold/silver, land etc. This weekend the two Mercedes 600 that belonged to Maria Callas will be auctioned in Monaco. That would be better investments than bonds.

    By the way, I thought that half the world population was living on 1$ a day, not 10.

  • Christoph Weise

    The problem is obfuscated by the less meaningful ratio debt to GDP. For a reality check one should look at debt to tax income. For Greece this ratio is approximately 10:1 or 1000%. Amazingly 6 EURO-countries are on the list (excluding potential EU-member Ukraine) and demonstrate with their presence the disastrous results of the EURO experiment.

  • Gettin Scary

    where is Puerto Rico on the list above ?

    • GSOB

      or America, for that matter.

  • John E

    So everyone from the high school dropout to trained economists [except Keynesian economists] gets it. The whole world is bankrupt and broke.

    This begs the question. Who does the world owe all this money to?

    • g13man

      central bankers /cartel [rothchilds ]

  • http://isaiahexplained.com Dewey Olsen

    The Struggle within America—Isaiah Saw It All!
    by Avraham Gileadi Ph.D.

    Many regard Isaiah’s prophecy as a sealed book. Who does it address, only people in the past? A key to this mystery exists in the linear and synchronous structures that govern the book of Isaiah. These enable us to read it as a prophecy about the past but also as a prediction of the future. The book of Isaiah, in other words, serves a twofold purpose. Without taking anything away from what happened in the past, it uses the past as an allegory of the future. In that case, persons and nations of Isaiah’s day typify ones who perform similar roles at the end of the world. The names of past persons and nations function as codenames for their endtime counterparts.

    The importance of understanding Isaiah’s message increases daily as world events line up like planets for the fulfillment of his prophecy. Under the codename “Egypt”—the great superpower of Isaiah’s day—America is predicted to suffer spiritual decline, political ineptitude, economic collapse, internal anarchy, and invasion by a foreign military world power from the North—a latter-day “Assyria.” On the other hand, a community of covenanters in “Egypt” will turn back to Jehovah,
    who will send them a savior and deliver them. In the end, at the commencement of the millennial age, America will again become “my people”—a covenant people of God (Isaiah 19).

    5. 20. 2010

    • GSOB

      All that and not a word about Jesus Christ.
      That makes everything you said about prophecy
      taste like flat soda.

    • g13man

      america is a rebellious country
      did we , the Americas hate our government ! the British

      2Pe 2:10 But chiefly them that walk after the flesh in the lust of uncleanness, and despise government. Presumptuous are they, selfwilled, they are not afraid to speak evil of dignities.

  • http://isaiahexplained.com Dewey Olsen

    End-Time “Egypt”—A Superpower in Decline
    by Avraham Gileadi Ph.D.
    Isaiah’s use of types of ancient world powers that foreshadow End-Time ones extends to the great superpower Egypt. As with all nations and persons who appear in the book of Isaiah, their true identity emerges when we observe how Isaiah characterizes them, not when we apply historical or archaeological data, though at times that may help. In searching the world today for a nation that matches Isaiah’s description of “Egypt,” the sole candidate is America. That connection is further strengthened by the fact that God’s people anciently dwelt in Egypt, that Joseph ruled Egypt, and that the birthright tribe of Ephraim sprang from Joseph and Asenath, an Egyptian woman.

    Isaiah’s “Egypt,” however, is a superpower in decline: “The ministers of Zoan have been foolish, the officials of Noph deluded; the heads of state have led Egypt astray. Jehovah has permeated them with a spirit of confusion; they have misled Egypt in all that it does, causing it to stagger like a drunkard into his vomit. . . . Manufacturers of combed linen and weavers of fine fabrics will be dismayed. The textile workers will know despair, and all who work for wages suffer distress. . . . I will stir up the Egyptians against the Egyptians; they will fight brother against brother and neighbor against neighbor, city against city and state against state” (Isaiah 19:2, 9–10, 13–14).

    11. 16. 2011

    • GSOB

      “Jerome (c. 342–420) also lauds the Prophet Isaiah, saying, “He was more of an Evangelist than a Prophet, because he described all of the Mysteries of the Church of Christ so vividly that you would assume he was not prophesying about the future, but rather was composing a history of past events.”

  • PoorBoy2

    Just curious, but who or what is on the other side of all of this debt? Who is it owed to?

    • Mike Smithy

      The Rothchild banking cartel.

      • PoorBoy2

        That is pretty ethereal. Can you name names of people or institutions? Is it owed to Citi-Bank? They are supposed to be in trouble. Chase? Same thing. Who is not in trouble? This is an equation. On one side are debtors and debts. On the other side are creditors and loans/assets. All of this debt is matched by ‘wealth’ somewhere. That is a heck of a lot of wealth ‘somewhere.’

  • Citizn

    ALL world governments have exceeded their indigenous populations ability to pay.
    Government is the CANCER that metastasis throughout the world’s economies.

    As long as politicians continue to promise what they can’t possibly deliver AND sell out to corporate interests, this disease will never be cured.

    Fiat Currencies are the cancer causing carcinogens, which NO government can be in trusted with.
    Only a strict commodity based money system where the People hold the wealth and the People are freely empowered by Free Markets to conduct commerce according to their needs and not the governments dictates will bring about a sustainable free market economy.

    Meanwhile get ready for hell on earth depression that will make the 1930s look like a picnic.

  • PithHelmut

    Usury is one of the main problems. The principle is the only money that comes into creation but borrowers have to pay back the interest as well. But the interest is NEVER created. That causes a built-in scarcity and that is why we rarely have enough money to do what we want. We are the tools of the monetary system. But it should be the other-way-around. Otherwise, why have money at all if not to fulfill our desires?

  • Ewiak Ryszard

    Where are we heading? Let me remind here a fragment of an ancient vision: “And [the king of the north] will go back (to) his land with great wealth [1945. This detail indicated that Hitler will attack also the Soviet Union and will fight to the bitter end. In the beginning there were no signs of such the ending of this war]; and his heart (will be) against the holy covenant [hostility towards Christians]; and will act [it means activity in the international arena]; and turned back to his own land [1991-1993. The collapse of the Soviet Union and the Warsaw Pact. Russian troops returned to their country]. At the appointed time [he] will return back.” (Daniel 11:28, 29a) The return of Russia in this context means crisis, which will eclipse the Great Depression. Not only the eurozone will break up, but also the European Union and NATO. Then many countries of the former Eastern block will return to Russia’s zone of influence. Russian troops will be stationed here again. This will be the last sign before the global nuclear war. (Daniel 11:29b, 30a; Matthew 24:7; Revelation 6:4)

    In 1882 British troops occupied Egypt. Great Britain then took the role of “the king of the south”. Around the same time, Russia expanded its influence in the region, which previously belonged to Seleucus I Nicator, and took the role of “the king of the north”. (Daniel 11:27)

    All the details of this vision are being fulfilled from the time of ancient Persia, in chronological order. It is true that this vision is variously interpreted. As one can see, it has a lot of details. Therefore the insightful person is able to detect any error or sophistry. (Daniel 12:10)

  • Krejoe

    Since Roman times, countries have devalued the monitory unit to help
    the situation. Is this a possibility in the instant concern?

  • Tom B

    No one can pay back the money because it’s not possible and that’s why we should end the banking cartel because they know and planned on it for years.

  • M.

    Thank you for your thoughtful words and the wonderful articles that you have provided in the links given. The Chastisement foretold by Our Lady of Fatima will soon fall upon the earth and then the Almighty God will deal with these boastful infidels who will not have Him rule over them as in His parable in the Gospel of St. Luke 19:27. May God bless you and your family as well, and may we live, God Willing, to see the world purified of the filth which has overrun it everywhere and the Kingship of Christ recognized by all nations.

  • ProclaimingGodsTruth

    Black horse of Rev 6. This is a judgment that will affect the globe in terms of finance (not famine). It will be absolutely unbelievable in scope and magnitude. It is coming and at this point nothing can stop it.
    On or before Elul 29 (Sept 13) we may some bursting of this bubble. 2001 and 2008 collapses were warnings. Now we may well be lined up for the worse one of all!! Are you ready in faith and trust in Almighty God?

  • Barney

    Its time people woke up to the reality of what is going on in this world. The rich and wealthy have known what was coming for several decades now and they long ago set in motion a process which would allow them to prepare for the coming calamity.

    They have known for at least 50 years that the planet only has so much economically recoverable oil, the lifeblood of the world economy, and that there would come a point sometime in the first half of this century when the the price of oil would have to climb to a point beyond the ability of the world economy to continue to grow. They knew at that point only those who had the foresight and understanding to be prepared, by having bought up most of the world’s hard assets (Land, Buildings, Crops, Precious Metals, etc.) would they be able to survive and prosper as the world entered a new dark ages.

    So for 50 years they have been using the worlds banking systems to create a massive credit bubble and money supply which has allowed them to accumulate massive amounts of hard assets. Just as we experienced in 2008 when the price of oil hit $147 a barrel, the boom and bust model, indicating the arrival of the decline of the Oil age, is now upon us. Repeated cycles of a boom and bust in oil production from non-conventional sources such as the Tar Sands in Canada and Shale Oil in North Dakota will now become the norm as rapid rises in oil prices drive production up and the economy down followed by precipitous drops in oil prices and return in economic growth. However with each cycle of boom and bust the world economy will continue to deteriorate as has already been the case and at some point the whole financial system and corresponding credit bubble that was created to support it will implode and come crashing down. As no economy, which requires the growth of cheap credit to maintain economic growth, rather than the growth of cheap energy, can expect to survive for long.

    Some people think we are only a few years away at this point, others think we have a decade or two left, but the reality is at some point in the near future the civilization we have built will start to fall apart as the cheap energy source of oil upon which it was built becomes no longer cheap and not much of a source. And for those who believe that we can just switch over on an alternative energy source which will be just as cheap and produce the same amount of net energy surplus needed to run our modern sophisticated economy you need to think again as the reality is it took several centuries to build our current sophisticated fossil fuel based economy so any switch will take a very long time and trillions in investment to accomplish. And even then the amount and cost of energy output will no where near rival that which we have had with cheap conventional oil that allowed us to build and maintain a very sophisticated modern civilization and economy. Thus, it is time for the people of this world to wake up to the reality of our situation and begin to make plans and preparation for the long draw down ahead.

  • algol2000

    It is human nature to let others do the work while you take a paid vacation. Therefore, until the right to have this system is earned by each and everyone living, it will not happen. True socialism, under the current circumstances of selfish interests by the majority (99.9%) is impossible.

  • g13man

    so few follow and understand Rev 12;17 & 14;12

    They do not realize that he catholic s have changed the day of worship
    Mat 23:9 And call no man your father upon the earth: for one is your Father, which is in heaven.

    Dan 7:25 And he shall speak great words against the most High, and shall wear out the saints of the most High, and think to change times and laws: and they shall be given into his hand until a time and times and the dividing of time.

    • Guest

      Scripture also says “if your hand causes you to sin … Cut it off” … You know the rest. How many hands and feet have you cut off? Or are you without sin? Learn how to take scripture in context rather than spewing hate.

      • g13man

        LOL, back @ U!
        I learn not to repeat the sins
        And ask forgiveness from God !
        As Jesus says , “& sin no more ”
        With God all things are possible .

  • thokhan

    A question
    Who truly keeps track of all this madness?
    The same people who created the mess in the first place?
    Congratulations to the central bankers for creating the first perpetual(debt) (in) motion machine.
    The .01% pays maybe another 5% to keep this dumb debt cycle going…. and they can pull the plug at any time.
    I suppose that’s why they pit extremes against each other … be it religious, race or (the funniest) ideas on how they get to govern you!
    I see why they want to de populate the planet … it costs too much to keep the ignorant fed and circused.

  • soholo

    What is needed is a reimplimentation of the Banking Act of 1933, otherwise known as the Glass-Steagall Act. The bank act separated the commercial/business loans/mortgages/savings banks from the investment banks. These so called investment banks are mere ponzi schemes; seemingly investing in any scheme other than the required massive investment in infrastructure and major science driven projects of physical economy. The banks would over a period separate, once again, into commercial and separate investment banks. The banks, particularly the investment banks, would have to undergo massive restructuring with many banks not surviving. Too bad, so sad. As FDR said : no more gambling with other people’s money. So there are FDIC protected banks and there are those where you pays your money and you takes your chances. (no one bailed me out when I lost half my savings during the crash of 1987,
    This Glass-Steagall ACT is not just a systemic change for the United States but it’s principals apply to the whole bankrupt world monetary system.
    The world can build itself out of this never-ending crisis. Top off this change with a new National Bank of America that will issue credit for all the massive development projects that are ready to go like NAWAPA – the North American Water and Power Alliance (Not to mention existing bridges, roads, dams, locks plus all the new infrastructure yet to be built.

  • olde reb

    It all starts with the Federal Reserve embezzzling $3 billion daily from the accounts the FRBNY exclusively handles for the auctions of Treasury securities. The accounts have never been audited.

    http://www.scribd.com/doc/153024003/Amended-Complaint-Federal-Reserve-whistleblower

    http://farmwars.info/?p=12078 FUNDING THE NEW WORLD ORDER

  • mooney7

    I call bullshit. American is not on that list, nor are Great Britain or my country Canada. where by the way the media is diligently working to destroy the real estate market. And where the gov’t keeps adding to the debt of the children’s children. Without the informed consent of the people who live here.

  • M.

    Thank you again. I would like to recommend some good books for you as well; Why Must I Suffer by Fr. F.J. Remler C.M., Humility of Heart by Fr. Cajetan Mary da Bergamo, The End of the Present World and the Mysteries of the Future Life by Fr. Charles Arminjon and The Glories of Mary by St. Alphonsus Liguori. In regard to temporal matters The Jewish Revolutionary Spirit in History by Dr. E. Michael Jones, The Nameless War by Captain Archibald Maule Ramsay, The Hidden Hand ; Or The Secret World Government by Count Cherep-Spiridovich and Essays on Catholicism, Socialism and Liberalism by Donoso Cortes. This last is available free of charge on the internet, the others can be obtained from various booksellers, I would recommend Roman Catholic Books and OMNI Christian Book Club especially, these are both online bookshops. Dr. Jones’s book is best ordered from himself at his internet site Culture Wars. It is well worth the relatively high price. May God deliver those who are His out of the hands of their enemies. God bless.

  • g13man

    54;12 ?

    • M.

      The versions used by sectaries number them differently. You might try the 55th in your protestant version.

  • krinks

    LOL. Cuba decadent capitalist. Your a fool. Move on.

  • algol2000

    I thing your idea is splendid. But who will enforce the ban on selfishness? My fear is that the enforcers will become the new 1% above the law. I think that your plan can work if it is amended to include rotational representation, starting from the family unit.

    What I think needs to be done is to empower every man over his own house and to abolish usury. The elders of the city send representatives every year to the center, on a rotational basis, year by year. These representatives constitute the ruling body. This ruling body exists at the local level up to the federal level, to administer justice and to enforce laws year by year.

    Every male that is born into the system will receive military training, and can choose a trade or profession when he is of age. All males are eligible for military service, and are also, below the retirement age, rotated as guards who enforce the law, at each layer, with appeals against judgement for grave punishments such as execution possible up to the federal level. All court representations will be done without lawyers, and jurors are compulsory in every case.

    Public service will not be paid in salary, but will be catered to by the state for basics such as food, clothing, transportation, accommodation and supplies.

    The jewish system of tithes( or taxes no more than 10%) will be used to cater to the poor for a period of time and public service will also draw resources from this. Infrastructure will be tolled by those who build it. No taxes for this. Inheritance will be important for wealth creation and no man will be allowed to sell the land. All land will be apportioned equally amongst the extended families according to their size. Equipment to farm land or to create goods will be leased with state guarantee of payment after goods are sold. No loans will be permitted in this system. Banks will only exist for the safekeeping of wealth by the state to be stored in gold.

  • Padraigin Eagle

    To be sure.

  • g13man

    It is nice to meet one who knows the full scope of the Bible !

    As your article proves , there is several layers to the bible .

    This would also apply to Gods church . While there should be agreement on a one doctrine . We are all different and have been raised with different cultures and definitions and individual understanding . I try to bring out the thinking of people by quoting the bible ! There is not one church since we the people are the temple . We will not be one until the resurrection and Jesus takes us home in our new bodies > then we will be one with our perfect understanding And our savior Jesus Christ !
    Be with God , brother, and remember it is Jesus who has a relationship with all who except him , and all churches are at least on track with that !

  • Ross wallace

    Haha , instead of blaming all these systems why dont you look deeper into the cesspool of mans heart… Men are basically selfish and me centered, laws cant touch that… As John Adams said, our government is only suited for honorable men, so when the honorable men are no more things default back to tyranny, corruption and mayhem… Therefore, what makes men have a chance at being honorable? Surrendering ones heart to God and letting Him change your heart over time… History proves it…. Dont want to hear this? Fine…. Keep on with mans horrible track record at ” i will fix it with more , you fill in the blank”……….

    • LA M

      I concur!

  • Patrick McGean

    If we stop buying anything from a Fortune 500 company will soften the crash for us and make sure they, top heavy, fail. Their profits are oiur losses, we never see the money again. Add organic sulfur to you diet and no money will go to pHarma. What will you buy to benefit the Planet Earth.

  • martin

    If everyone/ every country has a debt, who or what benefits? Is it the IMF? That institute has the power over the whole world then…

  • sunnyarizona

    Total collapse will bring the “MAN WITH A PLAN”. This whole scenario is predicted in the Bible. People need to get ready. Millions are about to disappear. That could be the trigger that causes the total rupture of the “dam” called “the world economy”. It will not be pretty!!!

  • Purush

    If you take all this debt and square it off against the money stashed away in swiss banks and various other places illegally by natives of almost all countries (big or small, developed or undeveloped), then you would be probably squaring off things. So you know what is the root cause for all these debts.

  • Christoph Weise

    The country list is not complete and not very telling. The countries should be ranked according to size of GDP and debt. One of biggest (by GDP) and most indebted countries is missing from the list: ITALY. If you study the list there is an eye-catcher. The largest debtors are almost all existing or potential EU-members. The EU is a debtors club.

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