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Watch The Financial Markets In Europe

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Watch The Financial Markets In EuropeIs the financial system of Europe on the verge of a meltdown?  I have always maintained that the next wave of the economic crisis would begin in Europe, and right now the situation in Europe is unraveling at a frightening pace.  On Monday, European stocks had their worst day in over six months, and over the past four days we have seen the EUR/USD decline by the most that it has in nearly seven months.  Meanwhile, scandals are erupting all over the continent.  A political scandal in Spain, a derivatives scandal in Italy and banking scandals all over the eurozone are seriously shaking confidence in the system.  If things move much farther in a negative direction, we could be facing a full-blown financial crisis in Europe very rapidly.  So watch the financial markets in Europe very carefully.  Yes, most Americans tend to ignore Europe because they are convinced that the U.S. is “the center of the universe”, but the truth is that Europe actually has a bigger population than we do, they have a bigger economy then we do, and they have a much larger banking system than we do.  The global financial system is more integrated today than it ever has been before, and if there is a major stock market crash in Europe it is going to deeply affect the United States and the rest of the globe as well.  So pay close attention to what is going on in Europe, because events over there could spark a chain reaction that would have very serious implications for every man, woman and child on the planet.

As I noted above, European markets started off the week very badly and things have certainly not improved since then.  The following is how Zero Hedge summarized what happened on Thursday…

EuroStoxx (Europe’s Dow) closed today -1% for 2013. France, Germany, and Spain are all lower on the year now. Italy, following ENI’s CEO fraud, collapsed almost 3% from the US day-session open, leaving it up less than 1% for the year. Just as we argued, credit markets have been warning that all is not well and today’s afternoon free-fall begins the catch-down.

In addition, the euro has been dropping like a rock all of a sudden.  Just check out this chart which shows what happened to the euro on Thursday.  It is very rare to see the euro move that dramatically.

So what is causing all of this?

Well, we already know that the economic fundamentals in Europe are absolutely horrible.  Unemployment in the eurozone is at a record high, and the unemployment rates in both Greece and Spain are over 26 percent.  Those are depression-level numbers.

But up until now there had still been a tremendous amount of confidence in the European financial system.  But now that confidence is being shaken by a whole host of scandals.

In recent days, a number of major banking scandals have begun to emerge all over Europe.  Just check out this article which summarizes many of them.

One of the worst banking scandals is in Italy.  A horrible derivatives scandal has pushed the third largest bank in Italy to the verge of collapse

Monte dei Paschi di Siena (BMPS.MI), Italy’s third biggest lender, said on Wednesday losses linked to three problematic derivative trades totaled 730 million euros ($988.3 million) as it sought to draw a line under a scandal over risky financial transactions.

There is that word “derivative” that I keep telling people to watch for.  Of course this is not the big “derivatives panic” that I have been talking about, but it is an example of how these toxic financial instruments can bring down even the biggest banks.  Monte dei Paschi is the oldest bank in the world, and now the only way it is able to survive is with government bailouts.

Another big scandal that is shaking up Europe right now is happening over in Spain.  It is being alleged that Spanish Prime Minister Mariano Rajoy and other members of his party have been receiving illegal cash payments.  The following summary of the scandal comes from a recent Bloomberg article

On Jan. 31, the Spanish newspaper El Pais published copies of what it said were ledgers from secret accounts held by Luis Barcenas, the former treasurer of the ruling People’s Party, which revealed the existence of a party slush fund. The newspaper said 7.5 million euros in corporate donations were channeled into the fund and allegedly doled out from 1997 to 2009 to senior party members, including Rajoy.

That doesn’t sound good at all.

So what is the truth?

Could Rajoy actually be innocent?

Well, at this point most of the population of Spain does not believe that is the case.  Just check out the following poll numbers from the Bloomberg article quoted above…

According to the Metroscopia poll, 76 percent of Spaniards don’t believe the People’s Party’s denials of the slush-fund allegations. Even more damning, 58 percent of the party’s supporters think it’s lying. All of the Spanish businessmen with whom I discussed the latest scandal expect it to get worse before it gets better. Their assumption that there are more skeletons in the government’s closet indicates what little trust they have in their leaders.

Meanwhile, the underlying economic fundamentals in Europe just continue to get worse.  One of the biggest concerns right now is France.  Just check out this excerpt from a recent report by Phoenix Capital Research

The house of cards that is Europe is close to collapsing as those widely held responsible for solving the Crisis (Prime Ministers, Treasurers and ECB head Mario Draghi) have all been recently implicated in corruption scandals.

Those EU leaders who have yet to be implicated in scandals are not faring much better than their more corrupt counterparts. In France, socialist Prime Minister Francois Hollande, has proven yet again that socialism doesn’t work by chasing after the wealthy and trying to grow France’s public sector… when the public sector already accounts for 56% of French employment.

France was already suffering from a lack of competitiveness. Now that wealthy businesspeople are fleeing the country (meaning investment will dry up), the economy has begun to positively implode.

As the report goes on to mention, over the past few months the economic numbers coming out of France have been absolutely frightful

Auto sales for 2012 fell 13% from those of 2011. Sales of existing homes outside of Paris fell 20% year over year for the third quarter of 2012. New home sales fell 25%. Even the high-end real estate markets are collapsing with sales for apartments in Paris that cost over €2 million collapsing an incredible 42% in 2012.

Today, the jobless rate in France is at a 15-year high, and industrial production is headed into the toilet.  The wealthy are fleeing France in droves because of the recent tax increases, and the nation is absolutely drowning in debt.  Even the French jobs minister recently admitted that France is essentially “bankrupt” at this point…

France’s government was plunged into an embarrassing row yesterday after a minister said the country was ‘totally bankrupt’.

Employment secretary Michel Sapin said cuts were needed to put the damaged economy back on track.

‘There is a state but it is a totally bankrupt state,’ he said.

So what does all of this mean?

It means that the crisis in Europe is just beginning.  Things are going to be getting a lot worse.

Perhaps that is one reason why corporate insiders are dumping so much stock right now as I noted in my article yesterday entitled “Do Wall Street Insiders Expect Something Really BIG To Happen Very Soon?”  There are a whole host of signs that both the United States and Europe are heading for recession, and a lot of financial experts are warning that stocks are way overdue for a “correction”.

For example, Blackstone’s Byron Wien told CNBC the other day that he expects the S&P 500 to drop by 200 points during the first half of 2013.

Seabreeze Partners portfolio manager Doug Kass recently told CNBC that what is happening right now in the financial markets very much reminds him of the stock market crash of 1987…

“I’m getting the ‘summer of 1987 feeling’ in the U.S. equity market,” Kass told CNBC, “which means we’re headed for a sharp fall.”

Toward the end of 2012 and at the very beginning of 2013 we saw markets both in the U.S. and in Europe move up steadily even though the underlying economic fundamentals did not justify such a move.

In many ways, that move up reminded me of the “head fakes” that we have seen prior to many of the largest “market corrections” of the past.  Often financial markets are at their most “euphoric” just before a crash hits.

So get ready.

Even if you don’t have a penny in the financial markets, now is the time to prepare for what is ahead.

We all need to learn from what Europe is going through right now.  In Greece, formerly middle class citizens are now trampling one another for food.  We all need to prepare financially, mentally, emotionally, spiritually and physically so that we can weather the economic storm that is coming.

Most Americans are accustomed to living paycheck to paycheck and being constantly up to their eyeballs in debt, but that is incredibly foolish.  Even in the animal kingdom, animals work hard during the warm months to prepare for the winter months.  Even so, we should all be working very hard to prepare during prosperous times so that we will have something stored up for the lean years that are coming.

Unfortunately, if events in Europe are any indication, we may be rapidly running out of time.

Time Is Running Out

  • Robert

    The end is at hand … Repent for the Kingdom of God is near!

    • Tim


      “But the saints of the most High shall take the kingdom, and possess the kingdom
      for ever, even for ever and ever.”

      Daniel 7:18

    • Syrin

      Well repent, and buy gold, silver, food, water, guns and ammo. The Lord helps those who help themselves.

      • Thomas

        Where is that in the Bible?

        • 2Gary2

          right next to Gog and Magog building an ark out of Gopher wood.

      • AS55423

        A lot of Christians feel they are going to escape what’s coming. I feel the might be the least prepared i think everyone is going on this ride.I could be wrong but were going to find out.

    • Jagrick

      Yeah, well that isn’t gonna feed ya when you are hungry.

  • Rodster

    No wonder France is in the midst of a War. We are starting to see more and more wars take place around the world and much of it has to do for resources.

    I’ve read that Mali is rich in gold, oil and uranium which France needs badly for their nuclear power plants.

    • Roger Smith

      This is very perceptive. One thing though is that France gets approximately 35% of their imported uranium from Niger…right next door to Mali. France has already sent military teams to secure these mines. Another statistic to look at is that France generates 70% of it’s electricity from Nuclear power and they are EXTREMELY dependent on electricity to power the nation. Much of their transportation is also dependent upon it. i.e. High speed rail. Weather you love ’em or hate ’em, The French will simply NOT ALLOW an interruption in Uranium imports.

      • Hambone

        French MILITARY? They train waving a white flag? Their tanks have four gears in reverse and one forward (you know, in case the enemy gets behind them).

        Authentic French Army rifles for sale on eBay — never fired, dropped twice.

        • Jack

          As much as we like to jest the French, the Foreign Legion is still one of the baddest, toughest, most rigorously trained forces in the world. Do NOT write them off just because the regular French army has had…some unfortunate mistakes in the relatively recent past. Also, as Americans we oughtn’t be so down on them…we wouldn’t BE Americans if it weren’t for the French (well, some of us think that being in the Commonwealth would probably have been a better option than independence long-term, but that’s another argument).

          • whteshark

            Blehhhh, let the Frogs boil in the hot water of their own making. We bailed them in the 20th century. Our debt is more than paid.

            A completely and utterly worthless people.

        • Mondobeyondo

          The French actually have a military? You mean, one that actually WINS wars?!

  • __

    send gary to France!

    • Mondobeyondo

      Oui, oui! Heh heh….

  • K

    In all truth, the market is a rigged game. It will crash, when the insiders decide they have everything they can get out of it. Right now a lot of things are pointing to some kind of major event in April. Heads up to you silver and gold people. Along with last years finds of phony gold bars, and phony silver dollars. Phony silver eagles have started to show up. Yes these involved reputable dealers. Caveat emptor

    • __

      beware of phony phonies too

    • Hambone

      Even real bars, especially in the larger denominations, can be stuffed with inferior metals. I saw a picture of a gold bar that had tungsten on the inside. Unless you cut it open, you wouldn’t know.

      They say to be safe, buy smaller denominations (1-10 oz). That way, it’s not worth the effort for the counterfeiters to do their thing.

      That said, if your “reputable” dealer is crooked, I guess it doesn’t matter. Thanks for the warning.

      • K

        Hambone, that is the problem. When it comes to silver they are doing phony 1 ounce coins. Normally you would be right, not worth it. A phony cost you maybe 2 dollars to make, you sell it for 34 dollars. If China is involved as many think. They would not bother making 10 or even 100. They would most likely have made at least 10 to 100 thousand.such coins. The dealers may be crooked, but they claim they were fooled.

    • Mondobeyondo

      Yes, that tends to be happening a lot now. Be wary of the gold and silver bars you’re purchasing.

  • cannuck21

    Hugely concerning news. With globalisation this financial crash will spread to north America like a wild fire. So how best to prepare???


      Get lots of food, water, guns and ammo.

      • Ralfine

        Especially food that’s useless to anyone else, unless they know how to prepare it.

    • Ralfine

      Get yourself a house. One made from stone or concrete, not in a former river bed, not on the ocean beach, in a side street, away from major highways, but still close to doctors and shops and greens.

      Insulate it, get your own water source, possibly with a hand pump. Some land for trees and roots and veggies. Some space for rabbits and chickens. A dog or two.

      Know your forest and meadows. Especially who owns what. Don’t want to be shot for eating some berries or collecting some mushrooms.

      Get yourself some bicycles and tricycles. Millions of Chinese can’t err.

      • cannuck21

        Ha Ha Good reply – many thanks! I suspect that ‘somewhere’ in the web there is a detailed check list of what exactly a small family specifically needs or should be doing to prepare.

  • Syrin

    The key word Michael kept using? Fundamentals. Exactly. The economic fundamentals are broken, and they are broken here in the US as well. I have stated repeatedly that the laws of economics will eventually take over, and no amount of “hopium” can change that. Today, I took all my pension funds out of stocks and bonds, and I owe Michael a huge THANKS because his last three articles have been some of his best stuff. I looked for the names of our global overlords for years with little success, and now I know they are the Bank of International Settlements and the Council on Foreign Relations. I sure hope people are taking these articles to heart because when the big boys start betting AGAINST the market to the tune of hundreds of millions, we know what the inevitable outcome will be.

    • MichaelfromTheEconomicCollapse

      Thank you Syrin. It has been a challenge to keep the articles coming and still keep working on my book.

      I just finished chapter 68 – it is going to be a very long book. 🙂


      • Syrin

        Good luck to you. I was as sincere as could be. You are one of the few people trying to warn others of what is happening. Paul Revere would be proud.

      • Hambone

        I honestly wonder how you publish these at the rate you do…

        • MichaelfromTheEconomicCollapse

          I spend a LOT of hours in front of the computer.


  • college kid

    I want to be with Gary during the collapse.

    He will impose a tax on me and take all my supplies.

    • Hambone

      Man, that’s funny… my stomach hurts from that one.

    • Beth

      Is that really what you want?!

    • Mondobeyondo

      Can’t wait to see Gary and I on a desert island – we’d probably smack each other in the head with coconuts!


    I don’t think i can add anything to this blog, Michael pretty much covered it all. I am a little surprised though I thought Michael always said it would be later rather than sooner. Looks like he has had a change of heart.

    • MichaelfromTheEconomicCollapse

      I guess I should clarify. I never said that the economic collapse was a long way off. I always said that it is a process that will unfold over an extended period of time, but there will definitely be moments when it is punctuated by moments of great crisis.


      • AS55423

        The collapse is already here it’s slow and it’s grinding people down almost everyone i know is tapped out living pay check to pay check .Gas is at 3.59 a gallon prices and fees keep going up wages are stagnant sure some people are doing ok. We are having burglaries almost everyday in the area where i live people are even breaking into Great Clips to steal 50 bucks in the cash register for god sake. I lost my job last fall do to outsourcing 90 % of the dept cut because of the upcoming health care changes.I found another job at 5 dollars less an hour so i really don’t see any recovery going on.

        • 2Gary2

          I think you are correct about the collapse being a slower process than many thought it would be.

  • energizedmortal

    Having plenty of ammo, food and water will help but even if you hide in a bunker for a while the radioactivity after the nukes go off will make survival very challenging for everyone.

  • markthetruth

    The bad news

    Its hard to live off the land , all the water is polluted , the land is all developed, the animals especially in NJ the deer are being killed at as a increasing rate by cars and trucks do to houses no one could buy. They banned wood burning heat because of the smoke. So we will should be able far to hunt(legal guns) and fish without a license. Use our beaches and ocean which nobody owns up to the farthest the waves cover it, but the parks and home think they own.

    We should be able to nature resource without getting arrested as long as it is public property .

    We need our “FREEDOM” plain and simple…

    the end…

    • Beth

      challanges make us think creatively and outside the box. All the best too you!

    • Tex May

      If every American who owns a gun tried to live off the land- there would not be a four legged or winged critter left in the lower 48 in a year.

      That is what is so funny about the refuge prepper movement- too may mouths, too many guns- not enough critters.

      Good luck with that.

      • LifeandLiberty

        When the collapse comes the guns won’t be used for hunting. And, my family won’t have to hunt to eat.

        • Tex May

          See how long that last for you. i doubt that people that think like you will last a month, or even a week. Live by the gun, die by the gun.

          • LifeandLiberty

            Maybe so, but it will be at least 29 to 30 days longer than you.

          • Tex May

            I didn’t say that I didn’t believe in self defence… only that being a raider is not likely a recipe for long term survival.

            Come on by- I’ll be expecting you!

      • Scott

        Ever hear of fishing and growing vegetables?

        • Tex May

          That’s what I do… the growing and putting by bit… and the community building….

          No man is an island. Look what happened to Atlantis.

      • Orange Jean

        Well I have family down in FL who have been trying to convince me to move down there. I never was particularly crazy about the place, and was paranoid about all the gators & snakes…

        but when you look at it the way Markthetruth suggested… I’m wondering if I ought not to be looking to find me a honey who’s a gator-hunter! (I’ve eaten rattlesnake, not worth the calories it takes to pick out the bones).

  • smallergovnow

    Scary but informative article Michael. I have read many of the same sources you do as well as a variety of others and i can assure you and your readers that you are spot on in your analysis and outlook and recommendations for folks to prep. There are about 100 million zombies out there that have no idea how to take care of themselves. When collapse comes, and I believe it is very near, we are all in for a rude awakening. God bless you and your readers….

    • MichaelfromTheEconomicCollapse

      Thank you for the very kind words. 🙂


    • Jodi

      Yes, it will be interesting to see what I like to call “ipod zombies” will do when SHTF. Everybody seems to be oblivious & tuned out of reality. We are living in frightening times.

      • AS55423

        Normalcy bias comes to mind..

  • Curious… we’re smart enough to figure out relativity and abolish diseases from pole to pole and grow enough food as grain for 12 billion people and put robots on Mars…

    But we can’t keep our banks afloat.

    • Nexusfast123

      Because the banks are integral to a system of exploitation and the skimming of unearned wealth from the rest of us.

      The Banks use money and more importantly debt to create a never ending series of bubbles and market volatility to steal.

      The more volatile the more transactions so the more profits the banks create. The parasites are now killing the system they feed off.

  • Ralfine

    You have to admire the Germans.

    After having exported in 2011 more than ever before, in 2012 they exported 10% more than in 2011.

    China cut down the export of rare earth, now Germany is working on technology to replace rare earth to become independent of such imports.

    They push forward with sustainability and efficiency.

    New buildings must adhere to an energy efficiency standard, using less than 50kWh for heating per year and square meter.

    Photovoltaics on private roofs and wind power still going strong.

    But if you want to work there, you need to speak German. They are not very keen on immigrants.

  • Clyde Ankle

    Michael, that’s so “last year”. I’ve been watching CNBC, reading the Wall Street Journal, ect and although there are still some “lingering concerns” the liberal application of pixie dust seems to have solved everything. The stock market here in the US is surging toward an all time high so – why worry?

    • MichaelfromTheEconomicCollapse

      Yes, that is what they are saying.

      We shall see who is right. 🙂


      • Tex May

        Michael, I have been reading your posts almost daily for the past couple of years. I started off taking your warnings seriously but have since found it more useful for supplying my daily giggle.

        You have been predicting the sky to fall or worse daily or weekly (with gusto) for so long that I think you now just recycle your posts.

        That sky hasn’t hit me in the head yet, I’m beginning to think that doom and gloom is an industry in it’s own right.

        Assume personal responsibility and whatever happens happens. But I doubt that the S**t will hit the fan anytime soon.

        • Syrin

          The laws of economics will take hold. The central banks and federal reserve have been doing all they can to hold the house of cards together. We ALL hope YOU are right, but, frankly, I doubt you are.

        • MichaelfromTheEconomicCollapse

          These days most Americans have a very short attention span. If something does not happen in a week or a month they lose interest.

          As I have said many times, the economic collapse is an ongoing event which will unfold over time. As I have shown over and over, things are continuing to get worse, and there will be moments when this collapse is punctuated by moments of great crisis.

          In the end, I time will reveal who is right and who is wrong.


  • arizonadiane

    Michael – love the kitty picture. I used to have one just like that, all white, one green eye and one blue and she was deaf. Wonderful cat. Understood hand signals……really!!

    Anyway, this article does not surprise me. We have known for a long time Europe was going down. Isn’t it funny how their governments and banks are as crooked as ours are. Power corrupts for sure!!

    • MichaelfromTheEconomicCollapse

      I have a love for cats too.


    • Mondobeyondo

      Yeah, the kitty picture is rather cute!

  • Mustard Seed

    My husband’s paychecks were $2700 twice a month last year. Reduced tax exemptions BY ONE to help pay for the increase due this year. Also picked up an inexpensive dental plan for the family that costs $35 month. Now his paychecks are $256 less. That is ridiculous!

    Also being kicked off our family health insurance plan for military retirees this year. Our new employee family health care plan will cost an additional $217.50 per payday! From what I hear….that is cheap.

    That is a total of $473.50 per paycheck! We took a 17.5% paycut, and we’re still going to owe more taxes at the end of the year!!!! And we now have to pay 25% more of the medical bills!

    Mr. President and Congress tell us we have to pay our fair share. Yet, they get a pay raise, a great retirement package, and great health care (no Obamacare for them).

    Liars….they are all liars. Absolutely no integrity. And that is why this country is in this mess.

    • sharonsj

      You would be paying less if the corporations paid more. According to economist Richard D. Wolff, corporations used to pay $1.50 for every $1 paid by the average taxpayer. Now they pay 25 cents for every $1 we pay–thanks to Congress giving them goodies.

      You would also be better off if we had a national health care system like Canada. Despite right-wing claims, Canadians love their system and would never give it up.

      • AS55423

        How well is that national health care system working out in Europe again ? It’s in a meltdown And Germany is now under pressure when Germany goes the whole thing is going to implode.And guess who is next the US and Canada will fall with the US.We are way beyond anyone fixing this mess tax hikes on the rich and cuts won’t fix this.

        • Mustard Seed

          Completely agree!

          We are way beyond anyone fixing this mess.

        • Ralfine

          In Europe you have different systems in every country. In Germany healthcare is insurance-financed, while in UK it is tax-financed. The health systems in Europe have nothing to do with the EU or the EURO.

          • AS55423

            Yeah i know how Europe works people don’t get it socialism is also part of the problem they are broke.Germany has a universal multi-payer health care system with two main types of
            health insurance: “Law-enforced health insurance” or sickness funds and “Private” The largest part is 85% of the population is covered by a basic health
            insurance plan provided by statute,which
            provides a standard level of coverage. The remainder of 15% opt for
            private health insurance, which frequently offers additional benefits.

          • Ralfine

            In Germany people do not understand how Americans can be against health insurance and prefer going bancrupt by a hospital visit.

      • Mustard Seed

        My Canadian family members think our U.S. system of health care is far better than theirs. Sounds to me like both systems are deteriorating quickly.

        And, yes, Congress has once again decided to cut benefits to the veterans while at the same time increasing their own pay and benefits. So typically hypocritical of them. 🙂

        • Tex May

          They’re not very well informed. As a Canadian who visits the USA often for both business and pleasure I wouldn’t trade places in the health care jungle unless I was a Rockefeller or a Senator.

          Our system is far better for the average Joe ( who earns less than $500,000 per year). My tax rate is comparable to many Americans yet our family pays less than a $100 per month in Medical Insurance Costs. In most provinces citizens pay no premiums at all.

          No Canadian (or Merica for that matter) is ever refused care and no one is denied coverage for pre-existing conditions and no one has to go bankrupt over medical costs. Even Sara Palin used to drive over the Alaska-Canadian border for care!

          Yet your system is superior? The medical industry and the Republicans have the majority of Mericans brainwashed and running scared.

          It would be to laugh- if it weren’t so tragic!

          • Scott

            “Our system is far better for the average Joe”

            Unless you develop cancer or something serious. Enjoy your long wait.

          • Tex May

            I’ve never waited for any needed care. Neither has anyone in my immediate or extended family. More Republican myths.and scare mongering,

  • markthetruth

    1 thing Michael talk about and you should pay attention to right now is

    the Solomon Island Earthquake, it could be the start of the big one coming as the earth is starting to move big time.

    the end.

    • AS55423

      They are having 6.0 or higher every day that’s not normal to have such big after shocks 7.0 hit today also.

      • markthetruth

        i seems like no one cares unless it happens under them, but it will come soon and effect everyone.

        the end…

  • 2Gary2

    More corporate welfare while the conservatives are picking on welfare for the poor.

    31 corporations and banks have dodged $128 billion in taxes by setting up offshore tax havens. They have received $6.5 billion in tax refunds, and $2.5 trillion in taxpayer bailout money. While stuffing their pockets with trillions of taxpayer dollars, the Business Roundtable has called for the deficit to be reduced by raising the eligibility age for Medicare and Social Security to 70, cut Social Security and veterans’ benefits, and increase taxes on working families.

    For Republicans, the concept of fairness only applies to making sure the wealthy get more by doing less. One of the reasons why Republicans continue to lose elections is because they insist on protecting corporations and banks at the expense of the American people.
    Instead of passing the burden of deficit reduction on to workers, seniors, the poor, and the middle class, how about we start with getting the corporations and banks pay their taxes?

    • AS55423

      Both parties caused this mess from to NAFTA ,repealing Glass–Steagall Act,The bail outs,Crony capitalism, 16.5 trillion is debt and counting the wars and on and on.Keep on drinking the fake right vs left paradigm kool-aid.Let’s go down the list. Former Treasury secretary Robert Rubin senior counselor of Citigroup, $126 million in cash and stock during his tenure at Citigroup Henry Paulson, Treasury Secretary and former CEO of Goldman Sachs,Secretary Geithner’s Timothy Geithner former Federal Reserve Bank of New York from 2003 to 2009.The next Treasury Secretary Jack Lew, worked as the Executive Vice President for Operations at New York University from 2001 to 2006, and as the COO at Citigroup from 2006 to 2008. Who’s being naive here ? It’s a big club and we aint in it.

      • 2Gary2

        Well I guess you may have a point.

    • Yes,, the Democrats would certainly fix everything, if only the Republicans would let them.
      Reverse that, if someone reading this is a Republican. Two wings on the same bird.
      Divisive diversions while they plunder Americans’ labor and America’s resources. They have been taking turns doing this for 100 years. The “divisive diversion” tactic works great.. See where we are now? Don’t let them get away with blaming the other side. It’s fake.

  • Have 90 days of nonperishable foods (freeze dried). Water, personal hygiene items and a remote place to camp, if you are urban. In the midst of a monetary reset, their hands will be quite full maintaining order, especially in the urban areas. They can reset the system in less than 30 days, but civil confusion and unrest will last longer.

    Hunker down, ‘out of sight out of mind’. If you truly need a gun for protection, you need to find a better safe haven place. It may be good to have though, hunting for food or marauders.

    Precious metals is a good way to bridge the reset from the collapsed monetary system to the new one. They are a good way to come out on the other side of the bridge, with some wealth in hand.

    Keep some cash in the sock drawer. The day a “bankers holiday” hits (closed banks,, dark ATMs) cash will be king for a few days after. Then no one will want it. This is, of course, just conjecture.
    I’m sure everything is fine in the warm benevolent world of the global monetary system.

  • Why is anyone surprised?
    Europe has been messed up for quite a long time now.
    I suggest the Germans and the Swiss have the economies to survive.
    The Germans have good engineers. They build good products. Though not always. I can think of at least two VWs that weren’t that good. A lot of people like the German engineering in German cars.

    The Swiss have taken in every crook known to man and their money! They are very good at banking. They do not go to war with anyone. It costs money to go to war. But they do know how to take the money and stay neutral. Several Kings have their entire families in Swiss territory full well knowing that they are safe there if a rebellion hits there country.
    Europe will go down. They have degenerated and in some cases turned away from God. The problem is that they are going to have the entire economic system of Europe in Chaos within a short period of time. I wouldn’t be surprised if the Germans don’t end up owning Europe by the time the smoke clears.
    It will be them or the Oil Sheiks will own it all.
    When the smoke clears . . . we will see a very different political Europe.

    All of Europe will be under one government. Which government that is I do not know. Possibly German. Possibly Russian.

    The government that feeds the masses will take over.
    The same thing can and probably will happen here.
    I think returning to our old fashioned values is the only thing that might save this country. There is a reason we had things like “In God We Trust” all over our currency. There were reasons why we were very independent of every other country in the world. It is not the first time this kind of thing has happened in Europe.

  • sezme

    all my $$$’s in hookers & blow…I’ll be fine…

    • Mondobeyondo

      You’ll be happy and high… but broke.

  • Sylv

    I just wanna add that the “collapse” of the EURO on thursday is nothing special at all really, politicians have deliberatly talked the euro down.. why? because a cheaper euro would boost exports. this all fits in the “currency wars” japan is deliberatly devaluating the Yen, US has been weakening the $ at a constant pace since 2001, and now the euro is jumping on the wagon. so the loss in value of the euro isn’t really that much of a concern. politicians just seem to think they can export their way out of the crisis.

    • Ralfine

      The Euro is still more expensive in USD than 12 years ago. There is no point yet to sell my dollars to buy Euros. And even the pound is falling in value compared with the Euro; so no point in selling the pound either.

  • Strangewalk

    I like this site not because I love doom and alarmist views, but because I really do think it paints a realistic and accurate picture of our world predicament. However, I don’t feel that preparation in the sense that the author uses it is going to do much more than buy a little time, at best, and it may even make things worse. It’s like the biblical warnin

  • oldtoady

    Rothschilds actually going to pull the plug?

  • Ralfine

    Well, the Euro is still more expensive than last year, or even 12 years ago. The little fall this week does not warrant to buy it.

  • Patriot Alice

    Haven’t we learned anything about how the rich and powerful operate during the last few years? They can print, borrow and spend the people’s money at will…They are the true magicians of the financial world..We the people have been less than pawns in the grand plan of the rich…Don’t fret, there’s nothing anyone can or do about it, except to try to prepare for the unforseeable, and take cover when it happens…

  • Scott

    Yep, the super rich socialists like Soros.

  • Mondobeyondo

    Europe is the canary in the financial coal mine… if the European economy croaks, you’ll know we’re next.

  • Mondobeyondo

    Proverbs 22:7:

    “The rich rules over the poor, and the borrower is slave to the lender”.

    It was true when King Solomon wrote those words thousands of years ago, and it is just as true in 2013. It hasn’t changed. Unfortunately, it is a very hard lesson to learn.

    The banks already know this. That’s why you get credit card offers in the mail, and see loan offers on TV. Home mortgage loans. STUDENT LOANS! They WANT you to go into debt. Why? Because not only will they get the principal you owe, but also the interest that piles up month after month, when you don’t even have enough to pay off the interest! Not that the banks really care. They’re just saying “Ka-ching! Money, money, money!” It’s the Scam of Scams. It starts in college, when you are bombarded with credit card offers. Your typical college student signs up for them (hey, gotta pay for that algebra and biology class book, plus – need a little extra cash for those parties on Saturday nights!). They do so without understanding what they’re getting into. They don’t understand the concept of compound interest. I sure didn’t at the time. Compound interest works both ways. Positively, it can be your best friend, and make you very wealthy in the future. Negatively, it can ruin you, as you become afraid to even open any new statement you receive in the mail.

    Pile up enough debt, and you become a slave to the banks. Yes, the “rich” will rule over you. You will get incessant phone calls and e-mails from creditors. Your credit rating will be demolished. (No, I won’t post that link to the “Tsar Bomba” video anymore. Google it yourself. Needless to say, that’ll be what your financial situation looks like.) In absolute desperate cases, you may have to declare bankruptcy to eliminate your debts.Your life will become a living nightmare until those debts are cleared.

    “But… but… I didn’t sign up for this! I just needed a little cash for such and such…”
    Of course you did. It’s one of the bankers’ favorite “modus operandi”. Get you to sign up for zero percent interest for 6 months or whatever, and then WHAM! 27% interest. The banks end up laughing all the way to the… oh, you get it by now.

    Whatever transpires, do not – I repeat, DO NOT let things get to the Extreme Hopeless Level, where you consider the only exit is to take your own life .Many people reach that point. Don’t be one of them. Do not go there!!

    We are living in desperate, uncertain times.

    Don’t go into debt. DON’T GO INTO DEBT!

    Yeah, I know I’m preaching to the choir, but hopefully the kids in the child care section of the church can hear my screaming. Heh.

  • Quoted: “In France, socialist Prime Minister Francois Hollande, has proven yet again that socialism doesn’t work by chasing after the wealthy and trying to grow France’s public sector… Now that wealthy business people are fleeing the country (meaning investment will dry up), the economy has begun to positively implode.”

    If only the American people could see the reality of what happens when you take from the rich!

  • Ron

    If you want to be in a group, you have to make sure that all the group members are honest. If someone creates a hole, most of the effort/revenue might end up in a single pocket. we know that Germany is working vigorously here, but their effort will make no sense if the rest do not co operate …. Good post. enjoyed it …

  • __

    if shtf, will people eat their cats and dogs? in month 2?

    • AS55423

      If your a prepper you should prep for the animals also i have a couple extra months of food for our cat.

  • Michael I bet that’s your cat in the picture? 🙂 So what do I win? And believe me…no reference to what was said below me by ___

  • El Pollo de Oro

    “The EU Titanic has now hit the iceberg. It is a
    European union of economic failure.”—Nigel Farage, leader of the UK Independence Party

    “It doesn’t matter what Angela Merkel says: people
    are rebelling. They do not want to be part of the Eurozone. They do not want grinding austerity while their GDPs are declining hugely.”—Nigel Farage, leader of the UK Independence Party

    “This Eurozone project is a total and utter
    disaster. It is coming to an end.”—Nigel Farage, leader of the UK Independence Party

    “There’s no avoiding it: the Golden Dawn in Greece is a neo-Nazi party and a very dangerous party. And one of the ironies of the Eurozone project is that the project that was set up to make us all love each
    other is actually beginning to make us hate each other.”—Nigel Farage, leader of the UK Independence Party

  • Patriot Alice

    As long as we have trees, we’ll just keep printing, borrowing and spending…And when we are out of trees? We’ll invade someone who has some..I love trees! Irresponsibility is in vogue, finacially, morally socially…Thank God al’mighty, Freedom at last…

  • Picker

    Everyone points to all the disasters that are coming, but NO intelligent solutions from the ” Experts”, except buy Gold. Come on folks, give real solutions!

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