The Beginning Of The End
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We Are In FAR Worse Shape Than We Were Just Prior To The Last Great Financial Crisis

Crushed Car By UCFFoolNone of the problems that caused the last financial crisis have been fixed.  In fact, they have all gotten worse.  The total amount of debt in the world has grown by more than 40 percent since 2007, the too big to fail banks have gotten 37 percent larger, and the colossal derivatives bubble has spiraled so far out of control that the only thing left to do is to watch the spectacular crash landing that is inevitably coming.  Unfortunately, most people do not know the information that I am about to share with you in this article.  Most people just assume that the politicians and the central banks have fixed the issues that caused the last great financial crisis.  But the truth is that we are in far worse shape than we were back then.  When this financial bubble finally bursts, the devastation that we will witness is likely to be absolutely catastrophic.

Too Much Debt

One of the biggest financial problems that the world is facing is that there is simply way too much debt.  Never before in world history has there ever been a debt binge anything like this.

You would have thought that we would have learned our lesson from 2008 and would have started to reduce debt levels.

Instead, we pushed the accelerator to the floor.

It is hard to believe that this could possibly be true, but according to the Bank for International Settlements the total amount of debt in the world has increased by more than 40 percent since 2007…

The amount of debt globally has soared more than 40 percent to $100 trillion since the first signs of the financial crisis as governments borrowed to pull their economies out of recession and companies took advantage of record low interest rates, according to the Bank for International Settlements.

The $30 trillion increase from $70 trillion between mid-2007 and mid-2013 compares with a $3.86 trillion decline in the value of equities to $53.8 trillion in the same period, according to data compiled by Bloomberg. The jump in debt as measured by the Basel, Switzerland-based BIS in its quarterly review is almost twice the U.S.’s gross domestic product.

That is a recipe for utter disaster, and yet we can’t seem to help ourselves.

And of course the U.S. government is the largest offender.

Back in September 2008, the U.S. national debt was sitting at a total of 10.02 trillion dollars.

As I write this, it is now sitting at a total of 17.49 trillion dollars.

Is there anyone out there that can possibly conceive of a way that this ends other than badly?

Too Big To Fail Is Now Bigger Than Ever

During the last great financial crisis we were also told that one of our biggest problems was the fact that we had banks that were “too big to fail”.

Well, guess what?

Those banks are now much larger than they were back then.  In fact, the six largest banks in the United States (JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley) have collectively gotten 37 percent larger since the last financial crisis.

Meanwhile, 1,400 smaller banks have gone out of business during that time frame, and only one new bank has been started in the United States in the last three years.

So the problem of “too big to fail” is now much worse than it was back in 2008.

The following are some more statistics about our “too big to fail” problem that come from a previous article

-The U.S. banking system has 14.4 trillion dollars in total assets.  The six largest banks now account for 67 percent of those assets and all of the other banks account for only 33 percent of those assets.

-Approximately 1,400 smaller banks have disappeared over the past five years.

-JPMorgan Chase is roughly the size of the entire British economy.

-The four largest banks have more than a million employees combined.

-The five largest banks account for 42 percent of all loans in the United States.

-Bank of America accounts for about a third of all business loans all by itself.

-Wells Fargo accounts for about one quarter of all mortgage loans all by itself.

-About 12 percent of all cash in the United States is held in the vaults of JPMorgan Chase.

The Derivatives Bubble

Most people simply do not understand that over the past couple of decades Wall Street has been transformed into the largest and wildest casino on the entire planet.

Nobody knows for sure how large the global derivatives bubble is at this point, because derivatives trading is lightly regulated compared to other types of trading.  But everyone agrees that it is absolutely massive.  Estimates range from $600 trillion to $1.5 quadrillion.

And what we do know is that four of the too big to fail banks each have total exposure to derivatives that is in excess of $40 trillion.

The numbers posted below may look similar to numbers that I have included in articles in the past, but for this article I have updated them with the very latest numbers from the U.S. government.  Since the last time that I wrote about this, these numbers have gotten even worse…

JPMorgan Chase

Total Assets: $1,989,875,000,000 (nearly 2 trillion dollars)

Total Exposure To Derivatives: $71,810,058,000,000 (more than 71 trillion dollars)

Citibank

Total Assets: $1,344,751,000,000 (a bit more than 1.3 trillion dollars)

Total Exposure To Derivatives: $62,963,116,000,000 (more than 62 trillion dollars)

Bank Of America

Total Assets: $1,438,859,000,000 (a bit more than 1.4 trillion dollars)

Total Exposure To Derivatives: $41,386,713,000,000 (more than 41 trillion dollars)

Goldman Sachs

Total Assets: $111,117,000,000 (just a shade over 111 billion dollars – yes, you read that correctly)

Total Exposure To Derivatives: $47,467,154,000,000 (more than 47 trillion dollars)

During the coming derivatives crisis, several of those banks could fail simultaneously.

If that happened, it would be an understatement to say that we would be facing an “economic collapse”.

Credit would totally freeze up, nobody would be able to get loans, and economic activity would grind to a standstill.

It is absolutely inexcusable how reckless these big banks have been.

Just look at those numbers for Goldman Sachs again.

Goldman Sachs has total assets worth approximately 111 billion dollars (billion with a little “b”), but they have more than 47 trillion dollars of total exposure to derivatives.

That means that the total exposure that Goldman Sachs has to derivatives contracts is more than 427 times greater than their total assets.

I don’t know why more people aren’t writing about this.

This is utter insanity.

During the next great financial crisis, it is very likely that the rest of the planet is going to lose faith in the current global financial system that is based on the U.S. dollar and on U.S. debt.

When that day arrives, and the U.S. dollar loses reserve currency status, the shift in our standard of living is going to be dramatic.  Just consider what Marin Katusa of Casey Research had to say the other day

It will be shocking for the average American… if the petro dollar dies and the U.S. loses its reserve currency status in the world there will be no middle class.

The middle class and the low class… wow… what a game changer. Your cost of living will quadruple.

The debt-fueled prosperity that we are enjoying now will not last forever.  A day of reckoning is fast approaching, and most Americans will not be able to handle the very difficult adjustments that they will be forced to make.  Here is some more from Marin Katusa…

Imagine this… take a country like Croatia… the average worker with a university degree makes about 1200 Euros a month. He spends a third of that, after tax, on keeping his house warm and filling up his gas tank to get to work and get back from work.

In North America, we don’t make $1200 a month, and we don’t spend a third of our paycheck on keeping our house warm and driving to work… so, the cost of living… food will triple… heat, electricity, everything subsidized by the government will triple overnight… and it will only get worse even if you can get the services.

All of this could have been prevented if we had done things the right way.

Unfortunately, we didn’t learn any of the lessons that we should have learned from the last financial crisis, and our politicians and the central banks have just continued to do the same things that they have always done.

So now we all get to pay the price.

  • Rodster

    The US lies about it’s economy, so does China, Russia and every major economy on the planet. Gold and silver prices are manipulated so as to keep the petro dollar as the safe haven.

    The entire global financial system is a hiuse of cards and we are going at it and have stirred the pot. If we aren’t careful we could witness a nuclear war.

    • Rodster

      The entire global financial system is a house of cards and we are going at it with Russia and if we aren’t careful we could witness a nuclear war.

  • K

    Michael you ask why is not the main stream media covering this situation? They are not allowed to. Did you by any chance see the 60 minute report of the Ukraine? It was the most candy coated, one sided story I have ever seen. To call it news, is laughable. There is truly no news reporting occurring on T.V. It is all just propaganda. The situation in this Country is far worse than 2007. And I don’t just mean the economy.

    • Mondobeyondo

      I did not see the 60 Minutes report that you mentioned. But to even suggest such a journalistic icon as 60 Minutes would stoop to propaganda levels… Whoa Nelly!

      • K

        Mondo I assure you, this was difficult for me. I used to have great respect for that show.

        • Jodi

          If you have Dish try For The Record on The Blaze. It is what 60 Minutes is suppose to be.

      • FirstGarden

        Welcome to the 21st century.

        “21st Century Schizoid Man”
        – King Crimson

    • MichaelfromTheEconomicCollapse

      I wish I had seen the 60 Minutes report. I am always missing these things. Usually I am not aware of what is on television too much these days.

      Michael

      • James

        You might be able to check out the CBS Broadcasting website and see if they put that show in their archives.

      • Adam

        Michael is CLUELESS to the real reason everything has been going downhill and so much debt has been printed. The price of $100 a barrel oil now is too high to continue for much longer. With very low GDP growth governments worldwide are drowning in debt as debt is mainly paid off with GDP growth. When oil got up to $147 a barrel in 2008, that was one of the reasons the economy collapsed as people were spending too much on fuel. Food inflation is also partly due to high oil prices. High oil, gas, and food prices are killing the global economy and there is no way that the global economy could run on oil priced at $200 a barrel. The global economy is only running on $100 oil due to money printing by every country on Earth to make false GDP not possible with high oil prices. Welcome to the downward sprial of peak oil. Wake up.

        • K

          Adam, I agree that oil prices are a major contributing factor. But Michael is not clueless. He has written many articles, I have learned from. And I hope I have sometimes posted additional information, that has helped some people. None of us see the entire picture, but together we will see more of it.

        • JustMyOpinion

          I have noticed, over the years, that every time I hear about someone that makes a vehicle that gets 100 miles to the gallon, or they come up with a vehicle that runs on things other than oil, all of the sudden they are never heard from again. Anyone else notice that?

          • Adam

            That is odd because there are plenty of people driving higher mileage cars that are less and less dependant on gas. The fact is if we do not get away from expensive oil we are doomed idiot.

      • Jean Bush

        If you go to 60 Minutes website you can read it. I did that when I wrote an article on their segment about the Active Denial System.

    • Syrin

      The state media is PURE propaganda with an unbelievable liberal bias. You wasted 60 Minutes of your life that could have been spent bettering yourself, with friends, family etc. Even worse, you gave them ratings they don’t deserve. Hopefully you won’t make this mistake again.

      • Gay Veteran

        I fixed your sentence: The state media is PURE propaganda with an unbelievable FASCIST bias.

        • FirstGarden

          I’m inclined to agree.

        • Hammerstrike

          Nope, that is democracy.

          Not the democracy in theory but democracy in practice, in the real world.

          Fascism? Well, no elected leaders, international law or court judges will be able to clear the mess even if they where up and willing for the task.

        • 2Gary2

          syrin never lets facts get in the way.

      • Hammerstrike

        No bigger dupes than those who believes these medias are free.

        These medias are an IQ test, if you just take their Word for it, you failed it!

        You don´t and many others does not, won´t really be visible until there is a major regime change.
        Or half the states leaving the union when Obama or Hillary declares martial law.

        • Robert

          It’s not ‘medias.’ ‘Media’ is already plural for medium. TV is a medium. Radio is a medium. They are media.

    • Phil from Germany

      The MSM here in Europe is exactly the same. In Germany the number 1 story is a soccer manager in court for tax evasion. It has pushed Ukraine to spot 3. Are we bieng dummed down ?

      • MichaelfromTheEconomicCollapse

        I believe that we are definitely being dumbed down.

        Michael

        • FirstGarden

          What does dumbed down mean?
          (kidding :-)

        • davidmpark

          Went online and got a lot of older books on a variety of subjects. Stuff never taught in school or university. Big trend in the 1880’s-1930’s was practical books on how to do practically anything available. There is A LOT to learn out there.

        • Jean Bush

          Well, of course we are; a healthy, well educated populace is a unmitigated threat to them.
          Remember, the sicker, weaker, broker and more confused we are, the easier we can be controlled.

        • FirstGarden

          Some are so bad, they need to be “dumbed up.” :-}

      • 1disciple

        All the nations are being dumbed down. Prepare yourself for the worst that is coming worldwide. Stock up your food and other necessities and protection and commit to Jesus Christ as your Lord and Savior, get right with God.

        • voice in the wilderness

          I too believe in the need to look to the soveriegnty of God as expressed through his kingdom in the hands of Jesus Christ>
          The economic collapse that we see starting is only the leading edge of God’s plan to overthrow the whole system of corrupt demon influenced human government.
          Take your stand for his King dom rule and don’t worry too much about prepping for God knows how to supply our needs even if he has to do it miraculously!

          • Hank Kingsley

            This ‘god’ was invented by those very powers that be as a tool to use to keep people dumb and above all to distract them from what is really going on.

            Cannot believe so many people still fall for the obvious scam. I mean just look at the religious texts.

            ‘Thou shalt not covet’ (Blankfein’s wealth).
            ‘Thou shalt respect thy elders’ (not just parents, but also Bush, Obama, Blankfein ea).

            ‘Obey the text in this book we wrote’.
            ‘Thou shalt get a share in the next life/afterlife’ (what an effin’ joke).

            Religion is a sham, divide and rule, keep people dumb so they won’t question your wealth/power/control and make false promises (of riches in the afterlife). I bet the hucksters who came up with religion would be amazed it still exists today.

          • dadelaw

            Way to go, Hank!

          • johnny

            Christianity/God frees people from evil,consumerism and fascism. Communists are what you get with Godlessness!

          • 4Peas

            Atheists make up less than 1% of America’s prison population. Fact.

          • Unabashed Atheist

            I’d frackin’ pray if I were in prison too, and I’m an unabashed atheist.

          • 4Peas

            Look at Americac, churches on every corner and still rampant consumerism. Many of the Christians I’ve known use church as just another place to show of their status. Not saying all, but enough to demonstrate to me that believing in a God doesn’t solve all of our problems. I attended services at several churches when I was younger and observed the same competitiveness, petty jealousies and gossip that occur elsewhere and decided I would be better off without all the extra drama.

          • johnny

            And the fact that people are dumb enough to not believe in God is surprising. How can the complexity and organization of the universe come from nothing. One cell out of trillions in our body is more complex than your smart phone. And yet their is no designer? your a fool. The world works in a way to be developed by someone not by chance or accident!

          • JasonS

            Johnny, went to a US state school did you?

          • johnny

            And lastly under atheism the world is far worse than under any religion. Atheists under communism destroyed the family and human freedom while Christians promoted it.

            you tried to enslave the world under communism and continue to do so. Under communism. You Atheists in one century killed over 350 million people more people than all religious people put together have.(according to hawaii university website) In 2000 years religious people have killed 70 million people thats how awful athiesm is. But the difference is athiesm allows one to kill and to all types of evil but Christianity is against it.

          • g13man

            Statistics lie, while what u quote is true , it is messed up due to population size . IE when the catholics were killing people , the population of the Earth was lower , so the catholics killed quite a high percentage of the population , .. Also religious wars have and still are killing people..

          • Unabashed Atheist

            Johnny,

            Every sentence beginning with “You *people*” (substituting *people* with whatever group you’re addressing) is bound to be inflammatory. Thanks for trolling.

            Now, your homework: please go learn how to construct a proper sentence, punctuate, and how not to split infinitives.

          • johnny

            Under communism alone Atheism dumbed down hundreds of millions of people and continue to do so and took away all their freedom and lives. Atheism is the most dangerous thing. Under Christianity their is hope,love and human dignity and especially freedom. But under atheism their is materialism,hate and lowering humans to animals.

          • 4Peas

            Recent studies confirmed that atheists give a larger percentage of their earnings to charity than Christians.

          • johnny

            God is no creation but ultimate truth. only a fool would think everything could come from nothing.

          • Jennifer

            Only a complete moron would believe in god. The whole idea of this omnipotent being is illogical and irrational. Keep living in your fantasy world waiting for your god to save you. THAT is exactly what they want you to do.

          • g13man

            ‘Thou shalt not covet’
            If you followed that one , you would not be in debt and would not have to pay usury [interest]

            ‘Thou shalt respect thy elders’
            I am sure , else where , it says do not follow the fool or follow evil .
            ‘Obey the text in this book we wrote’

            If they do not follow The BOOK , You should not follow them ,[you will be cursed]

            quite logical ,

          • Jean Bush

            Ya think so?? Then why is “He” letting this go on for the past 1,000 years?????

      • JustMyOpinion

        Well, they have to make an example of the one that dared to keep the fruits of his own labor away from the rich and powerful. Can you imagine if every worker bee stopped supporting them? How would those in power take their multi-million dollar vacations multiple times per year? How would those in power eat better and live better than everyone else unless those worker bees keep paying for it? How could they continue to lay around and feed off of the host if the host puts an end to their gravy train?

        A lot of “news” here in the US ends up being about celebrities. The fragments of real news almost always have the powerful’s slant put on it so that the worker bees know what they should think.

        On a bumper sticker:

        “Critical Thinking. The other national deficit.”

        • g13man

          American schools do not even teach our Constitution, why and how America
          was founded, or whom the Founding Fathers were, and why statements like
          “All men created equal” was needed, and still is needed.
          And i can prove this is true , look at how dumb our politicians are on these subjects [both/either party]
          PS , I am not discriminating or putting any one party down , I am an equal opportunist insulter .

      • Phil from Germany

        A quick up date on my last post. The soccer manager has failed to disclose 27 million Euros of tax to the German inland revenue. Two things will happen, 1, he will get a slap on the wrist and will pay his money 2, his story will bring millions, and we poor suckers will be force fed on the ensuing garbage untill next year. Wasnt WW3 on the books somewhere ?.

      • FirstGarden

        It’s getting so bad over here, soon we’ll need to be “dumbed up.”

    • Adam

      Michael is CLUELESS to the real reason everything has been going downhill and so much debt has been printed. The price of $100 a barrel oil now is too high to continue for much longer. With very low GDP growth governments worldwide are drowning in debt as debt is mainly paid off with GDP growth. When oil got up to $147 a barrel in 2008, that was one of the reasons the economy collapsed as people were spending too much on fuel. Food inflation is also partly due to high oil prices. High oil, gas, and food prices are killing the global economy and there is no way that the global economy could run on oil priced at $200 a barrel. The global economy is only running on $100 oil due to money printing by every country on Earth to make false GDP not possible with high oil prices. Welcome to the downward sprial of peak oil. Wake up, expensive energy means no more GDP.

    • JustanOguy

      The 60 Minutes piece was one sided for the West Ukraine support… enlightening seeing who is behind it. Not a great piece telling the whole story though and the best solution..

      As for the situation being worse… I have no debt and the people I know are in far better personal financial shape than 2007. As for the country… yeah it’s worse but the next bubble that pops is going to hurt Far more for people dependent on the Government and the Government itself. If Wall St. collapses, it’ll suck but I’ll still wake up in the morning and do what I have to do.

      • Mondobeyondo

        It’s sad, because “60 Minutes” was once held with the same degree of integrity as Walter Cronkite and Edward R. Murrow. Not anymore. They even fired Lara Logan. (“Indefinite leave of absence” equals you no longer are employed with our company)

    • FirstGarden

      News reporting is like a flashlight in the dark. They shine it just where they want, and the way they want it.

      • davidmpark

        And the cockroaches always get away…

        • FirstGarden

          We need a few Roach Motels, where roaches check in, but they don’t check out. :-)

    • Mike Lemmon

      The Soviets had a saying, “There is no truth in Pravda (The Truth) and there is no news in isvestia (News)

    • davidmpark

      You’re right. It’s because they are no longer the mainstream media. Media is finally split – it’s down to who do you find most credible.

    • Hammerstrike

      The mainstream medias are an IQ test, if you believe them, you failed it!

  • Mondobeyondo

    I agree – we didn’t learn our lesson the first time around.
    Looks like we’re going to take this course again.
    This time though – it’s going to be a lot more difficult and painful. Will we learn our lesson then? Human nature being what it is – don’t count on it.

    • garand555

      There is a decent chance that the next *major* financial crisis is going to break supply chains, and once they’re broken, they’ll stay that way for quite a while. It’s not a matter of if we will learn our lesson then, because those who don’t will likely starve to death.

      • rando

        garand555, you’ve hit the nail on the head about the supply chain. I’m retreating to a secluded lake lot in the woods. And like jsmith, I’ve just about given up on being the bearer of bad news. Now I just forward pertinent and straightforward articles like this to loved ones.

      • Drud

        So few people ever realize the role supply chains and JIT logistics play in our society and will play in the collapse. People talk about stock markets and oil prices, but always in terms of dollars, and that is meaningless. That is the paradigm we must, and ultimately will, end. Currencies are just a way to exchange that which has real value, in other words, that which takes time and effort to make or achieve. If we were to measure value in terms of time and energy/work, society would change (and almost exclusively for the better) overnight. Another question I must pose, and to me this will be the true dividing line for our country and our society at large, is this: will economic collapse lead to a collapse of the power grid? That is the key to the whole mess. If the grid were to have a widespread, cascading failure lasting weeks and months, tens of millions will die and recovery may take decades. If, on the other hand, the power keeps flowing we may just be able to make the necessary social and governmental changes in just a few years, with minimal casualties.

  • jsmith

    Michael, I know it, and you know it, and other people that read your articles know it, but if I show this article to other family members they will call you and me alarmists, and point out that the people in power would never allow a collapse to happen. After all, we are the exceptional country and “It can’t happen here.” But it did big time in 1921, 1929, and then great recessions like the last one in 2008. I guess this is the “normalcy bias” that people had on the Titanic in which people couldn’t believe that the ship was sinking.
    I have given up on telling people about the situation, mostly because they think I’m chicken little! Thanks for the articles.

    • MichaelfromTheEconomicCollapse

      You are welcome. All we can do is provide the truth. Some people will not receive it.

      In the end, most people choose to believe exactly what they want to believe.

      Michael

      • Mike Smithy

        The sheeple scoffed at Noah as well. Same as it ever was.

        • 35wormhole

          noah never existed

          • Mike Smithy

            Very interesting assertion. I would love to see your evidence.

          • sabretooth

            I would love to see your evidence other than the fictional bible.

          • Mike Smithy

            You first. Show me the evidence that Noah never existed.

          • ajhenry

            Right after you provide evidence that aliens never visited earth. Ever hear the saying “can’t prove a negative”?

          • Mondobeyondo

            “Peter Pan” – fictional.
            “The Wizard of Oz” – fictional.
            The Bible – truth.

          • Hank Kingsley

            Wrong, only the Lord of the Rings is real, the bible is total fiction. You’ve been bamboozled and I know, it’s hard to admit. But the first stage is always denial so you got a long way to go.

          • Malcolm Reynolds

            You militant atheists are amazing. Ya, the Christians have all been bamboozled, but lets implement your secular humanist ideal so we can resemble the mass death of the Soviet union.
            Yea, we’re the ones that have been bamboozled.

          • Airedale

            Funny how we can agree that the Bible was written a long, long time ago, but modern science cannot dispute, but rather follows the same progression to the creation of the universe as found in the first chapters on Genesis.
            How is it that if the Bible is “total fictiion”, you find accurate descriptions of empires, world leaders and historical events throughout the Bible.
            How is it that many, many cultures throughout the world share a world flood theme in their history.

          • stilu

            I write. Therefore i EXIST. It is written, therefore he exists.

          • MichaelfromTheEconomicCollapse

            The Bible is not fiction. I would encourage you to check out the following article that I recently put together…

            http://theeconomiccollapseblog.com/did-you-know

            Michael

          • Mike Smithy

            You first. Please show me your evidence that Noah never existed.

          • Mondobeyondo

            Noah would beg to differ.

          • FirstGarden

            Maybe his mom had an abortion.

          • What hole??

            You you know that to be a fact?? How?

          • MichaelfromTheEconomicCollapse

            Oh really?

          • FirstGarden

            That’s easy to say. Can you prove it? We have historic records of his existence, and of the global flood event.

            And, there exists over 250 flood legends that are entirely independent of the Genesis record. The higher educated elites know it, and are keeping the matter quiet. Would you be willing to reconsider your position?

          • Hank Kingsley

            Actually, there is zero evidence for a global flood. None whatsoever. A local flood here and there, hey nothing new, we got tsunamis today.

            And as for ‘evidence’, it is not for those who say something isn’t real to prove it isn’t real, but rather for those who say something IS real to prove their point, and so far, the religious crowd cannot do it.

            Religion is a sham, made up by the elites for purposes of control and to distract people from the wealth the elites were accumulating. As in ‘do not question my wealth, because this book we wrote says you are a sinner if you do’ (Thou shalt not covet).

          • FirstGarden

            Zeitgeist speaks.

          • davidmpark

            These legends are found worldwide. There evidence that worldwide travel was done by the ancients, but the odds of a worldwide flood legend being spread via word of mouth (and since many folks couldn’t understand each other too well) is very minimal.

            And what many detractors also point to is the fossil record doesn’t support a flood – it does. I’m not referring to the oceanic fossils found in very high elevations (see ancient city of Tiahuanaco for a way to refute that). The reason is that geologists are only looking for evidence of a rain-based flood. According to the scriptures, the waters came from the rains and coming up from underground. The sediment record and the fossil record does reflect that.

          • FirstGarden

            Thanks for your input. I was aware of the high-level flood evidences, and also the lack of transitional fossils (species to species) altho that is a different topic.

            As for the flood legends, we are referring to legends from within cultures, not cross-cultural relating. I’ll come back with specifics later.
            I owe, I owe, so off to work I go. :-)

          • davidmpark

            Ah, that’s exactly what I was referencing to the flood legends. Cross-culture transmission seems very unlikely. Those civilizations had to have that experience passed down.

          • davidmpark

            As for the oceanic fossils in high elevations, I need to point out that geographic changes over thousands of years were quite dramatic at times. So what could’ve been beachfront at one time could’ve ended up a hilltop today.

            But many detractors seem to focus on what they think a flood is; rising rivers and such from excess of rain. in Noah’s time, the rain wasn’t the actual flood vehicle – it was the underground aquifers that suddenly gushed their contents violently on the surface. That leaves a different sedimentary marker.

            And we also have no idea what the topography of Noah’s time was. Many of these mountains that take “millions of years” have been recorded in antiquity to grow hundreds of feet in a matter of hours due to earthquakes and volcanic activity. Scientists tend to use their own biases and themselves as a gauge rather than reading the earth properly. If they don’t see it now, it must take “millions of years”.

            We need new scientists who know what they’re doing.

          • FirstGarden

            “So what could’ve been beachfront at one time could’ve ended up a hilltop today.”

            I appreciate your objectivity, believe me… but sea fossils on high mountaintops?

            To quote the crows in Dumbo, “Maybe they all FLEW up.” lol

            “it was the underground aquifers that suddenly gushed their contents violently on the surface. That leaves a different sedimentary marker.”

            You refer to the passage:
            “.. on the seventeenth day of the month, on the same day were all the fountains of the great deep broken up, and the windows of heaven were opened. – Genesis 7:11

            “..and it rained throughout the earth for 40 days and 40 nights.”

            “The waters surged and increased greatly on the earth, and the ark floated on the surface of the water. And the waters prevailed exceedingly upon the earth; and all the high hills, that were under the whole heaven, were covered. The waters rose and covered the mountains to a depth of more than fifteen cubits.”

            Of course we don’t know how heavy the rainfall was. It is conceivable that it came down in “buckets.” (I’d say cats & dogs, but they were already in the ark. :-)

            Also, there’s the canopy theory – that massive amounts of water surrounded the earth, functioning as a protective shield against photoageing. This may well account for the very long lifespans of the early patriarchs and their families. Also, small species of reptiles, i.e. lizards, may have kept growing to gigantic size due to this phenomenon. Please understand, I hold to this theory not tenaciously, but lightly.

            “Scientists tend to use their own biases and themselves as a gauge rather than reading the earth properly.”

            This is true. Bias has a way of making research results come out whatever way they want it. Truth has little to do with it.

            The Love of truth guards from deception. That’s how I got out of the cults and World Religion, (that is, man-made religion.) Any evidences in life that present themselves to me, I look at open-heartedly. Being “right” is not important. Just truth. I am not afraid of Truth. Only of being deceived.

          • davidmpark

            Agreed.

            And one more bit of evidence: Yahoo News has an article today about rare diamonds coming up from the earth’s mantle – and it proves a theory that the equivalent of another ocean near the earth’s mantle existing. There is enough water to cover the whole earth.

          • 1disciple

            Noah existed, every word in the bible is true and accurate and God created everything and can do anything.

          • davidmpark

            FDR and JFK’s fidelity never existed; there’s proof of that, but the fable of them is misinterpreting the facts.

            Evidence of the flood does exist; it’s been misinterpreted. Just like evidence for Darwinian evolution has been misinterpreted to prove that pseudo-science real. The geology exists and is misclassified, the proof of giants existing has been found, and about the ark? Well, it’s not what many people usually think it was – it was a large thatched box; not a ship, and no evidence of it will be found due to reuse and recycling. Noah was no fool.

            Where’s your evidence about Noah not existing?

          • joerocket

            Where’s your evidence Zeus didn’t exist?

          • davidmpark

            The ancients utilized embodiments of natural forces into deities for power and control over a populace. It was not based on high virtues, good morals, nor ethical standards coupled with elevating individual man to greater heights as shown in the Gospel of Jesus Christ. The ancient deities were used as a means to control the populace, make money, and promote class divisions (all abhorred by Jesus Christ and His true Church). Did the ancient priests know their gods didn’t exist? They didn’t come out and state such, but the records kept for the engineering genius Ctesibius suggests the priests in Greece knew.

            And for those who would say that Christianity does this also – that is absolute fallacy as the Gospel of Jesus Christ compared to ancient Greek and Egyptian deities are not similar, and any deviations from the teachings of Christ to subdue man is man’s fault – not Christ’s, and does not disprove His gospel or works.

          • FirstGarden

            Although I like Zeus personally, he wasn’t real.There is no record, no lineage, no evidence on earth that he ever existed. Just nice folklore. I’m especially fond of the Norse gods, although they weren’t real either. Thor is my favorite, always was.

            But In Noah’s case, there are actual records beginning with the Genesis record. His ACTUAL LINEAGE appears in the book of Luke, chapter 3. Noah’s existence is also acknowledged in the book of I Chronicles, Isaiah, EzekieI, Hebrews, I Peter, 2 Peter..

            In both books of Matthew and Luke, Christ Himself spoke of Noah and the flood. That’s nine separate books that are actual records of human lives and events.

            The Bible is not one book, but actually sixty-six books, whose writings span thousands of years. As such, there is no room for circular reasoning here.

            This is worth looking into. Never be afraid of truth, no matter what it the costs. Be afraid only of being deceived.

        • MichaelfromTheEconomicCollapse

          That is a good point.

          Michael

      • Richard

        Another great article, Michael. I’ve been very hard on you in the past and I couldn’t be happier that you’ve turned things around so spectacularly and that now your articles are a joy to read. Thank you a million times over.

        • MichaelfromTheEconomicCollapse

          I am glad that you think that my articles have improved. :)

          Michael

      • Casino666

        Most people will not receive it, they did choose the Blue pill….

        • Yasha7

          Whether or not Noah existed, I think we’re straying from the point. The point, whether fact or myth, is that here was a man who prepared for a disaster, and no one believed him. In the end, he survived because he did his preparations, and everyone who wouldn’t listen perished. If you don’t want to believe it’s a true story, think of it as a good morality tale.

          • Casino666

            I did choose the red pill :-) And I’m preparing…

  • Renee

    My sister was telling me her husband wants to go to Europe. She told him we can’t afford it, He said we have credit cards….this is where we are as a nation.

  • CharlesH

    Michael, you said “This is utter insanity. ” I agree, it is. All the bankers and power brokers are insane – do you get that – they’re crazy with greed, pure unadulterated greed and don’t give a flying leap about what happens. They can ONLY focus on MONEY and MORE MONEY – ANYTHING ELSE BE DAMNED! Have you ever had a drug abuse problem or known someone personally who has? Then you know how very very important their drug of choice is to them – they’ll go to any extremes to “get their fix”. They must. It is insane and that’s why we’re completely doomed and it’s just a matter of time before it collapses under it’s own (totally avoidable) weight. I’m 64 years of age and have been through a lot and seen a lot and I can’t EVEN imagine what it will be like.

    • Gay Veteran

      their lust for money and power

    • MichaelfromTheEconomicCollapse

      Very good comment. And you are right – when you are an addict it is hard to even think about anything else.

      Michael

  • we_have_one_that_can_see

    what do you think will happen after the dollar collapses,..the people will demand that the governments of the world do something,..introducing the new digital world currency ,…linked to the biochip that we need to put under your skin, a prelude to the mark of the beast

    • Nicknakthetruthspeaker

      We have one, called bitcoin….

  • you’re_no_daisy

    There’s a calamity dead ahead, that’s for sure.

  • 2Gary2

    Entitled
    “Subsidizing the Corporate One Percent,” the report from the taxpayer
    watchdog group Good Jobs First shows that the world’s largest companies
    aren’t models of self-sufficiency and unbridled capitalism. To the
    contrary, they’re propped up by billions of dollars in welfare payments
    from state and local governments.

    Stop the corporate welfare!

    • Syrin

      It’s a miracle. A post from one of the braindead masses and paid disinformation bots that I agree with.

      • 2Gary2

        I guess a broken clock is correct 1-2 times per day (depending on am/pm)

    • Rodster

      You do realize that the corporate welfare elected Obama? You do realize that the corporate welfare “Jeffrey Immelt” works for the beneficiary of corporate welfare.
      You see how the game is played? The people you love to throw rocks at are the same ones ELECTING YOUR LEADERS and are passing laws so they themselves don’t have to pay taxes..

      • k

        True again.

      • 2Gary2

        the d-bag immelt was a pathetic choice that’s for sure.

        • Adam

          Michael is CLUELESS to the real reason everything has been going downhill and so much debt has been printed. The price of $100 a barrel oil now is too high to continue for much longer. With very low GDP growth governments worldwide are drowning in debt as debt is mainly paid off with GDP growth. When oil got up to $147 a barrel in 2008, that was one of the reasons the economy collapsed as people were spending too much on fuel. Food inflation is also partly due to high oil prices. High oil, gas, and food prices are killing the global economy and there is no way that the global economy could run on oil priced at $200 a barrel. The global economy is only running on $100 oil due to money printing by every country on Earth to make false GDP not possible with high oil prices. Welcome to the downward sprial of peak oil. It truly is game over, but Michael does not know the true reason why.

        • Rodster

          Immelt aside, you fail to admit that “corporate welfare” elects the leaders of this Country. Laws are passed by the Gov’t to benefit those companies which in turn provide money to their campaigns.

          It’s an ongoing problem. So for you to say burn them at the stake, you need to realize they are the ones who are really running the country and give the next President the election. Then that President passes more laws to favor those same companies.

          • FirstGarden

            True, but I think he takes his orders from somewhere very high up the echelon. Both in the seen world, and ultimately in the unseen.

    • davidmpark

      I have to agree with this one.

    • Roger Smith

      You passionately defend the guy who is abusing you (and us). I think you may have the most acute case of Stockholm syndrome ever observed.

    • k

      True.

    • joerocket

      Tax the bejeesus out of Gary and spread it around! It’s the only moral way to save this country! Tax him until he screams; he has a lot to make up for.

      • Malcolm Reynolds

        I’m pretty certain his newly minted ex-wife is already doing that.

      • 2Gary2

        another insightful comment from the conservative side. NOT! this is why my dear Hoss conservatives are going down hard. You should elect Ted Cruz for your presidential nominee. Talk about a gift that keeps on giving to us liberals.

  • rkb100100

    The whole world economy is money owed to someone else.

  • sccj

    I’ve read this over and over but nothing ever happens.

    • chilller

      If you can’t see this slow motion train wreck in progress…you’re not reading enough of the right material.

      • FirstGarden

        Good point, Chiller. But right now, it seems more like a “ground rush.”

        (Ground Rush – In skydiving, the optical illusion that the ground is abruptly rushing
        up to meet you, which occurs if you freefall past your usual altitude
        for opening the parachute.

    • Mondobeyondo

      I know, I know. And when it does happen, you’ll be screaming, “Why didn’t someone warn me about this before?”

  • mleblanc138

    When should we buy put options on the DOW or S and P 500? Not should we buy the put options, but when should we buy the put options? Also, physical Silver or Gold will be one of the best ways to protect against a Petrodollar collapse.

    • chilller

      Soros has already bet over $1B against the S&P in puts…trust him?

  • Mendel

    How safe are corporate bonds in view of the financial collapse.

    • Mondobeyondo

      Corporate bonds, I do not know for certain. One would have to suspect that they would be in trouble..
      U.S. Treasury bonds? They’re trash. You’d be better off investing in a landfill.

      • FirstGarden

        Ha ha!

  • JailBanksters

    It’s only in worse shape because they haven’t created enough debt or printed enough money yet. There never will be enough money and never enough debt.

    • sam

      Money is debt. The only way money can come into existence is through debt. If every debt in the world was paid off, there would not be one penny in circulation.

      • k

        This is the system in the united system, because every dollar printed is considered as ‘debt created’. But i dont know how its in other countries.

  • rat28

    Really? Price-earnings ratios, while elevated, are not in the stratosphere. Deficits are shrinking at the federal and state levels. The consumer balance sheet is on the mend. U.S. housing is recovering, and in some markets, prices have surpassed the prior peak. The nation is on the road to energy independence. With bonds yielding so little, equities appear to be the only game in town. The Fed will continue to hold interest rates extremely low, leaving investors no choice but to buy stocks it doesn’t matter that the S&P has almost tripled from its spring 2009 lows, or that the Fed has begun to taper purchases and interest rates have spiked. Indeed, the stock rally on December’s taper announcement is, for this contingent, confirmation of the strength of this bull market. The picture is unmistakably favorable. QE has worked. If the economy or markets should backslide, the Fed undoubtedly stands ready to once again ride to the rescue. The Bernanke/Yellen put is intact. For now, there are no bubbles, either in sight or over the horizon.

    • rando

      Is this meant to be dry humor?

      • MyCorduroyPony

        Unfortunately not. And unfortunately the nation is not on its way to energy independence, unless by that you mean some eventual future collapse. Housing prices back to the original peaks, or higher? Great, another fall out waiting to happen. Let’s just keep creating more debt to mask the problem which is the solution.

        • rando

          I meant rat28’s optimism

        • garand555

          LOLOLOL! Energy independence? The most optimistic projections are that we’ll be producing 9 or 10 million barrels of oil per day. We use close to 19 million barrels per day, and a lot of that goes towards things like food production and the shipping of goods. That is a far cry from energy independence. None of that gets into the costs of the new oil production or the depletion rates of the new oil wells.

      • Malcolm Reynolds

        Gotta be, I couldn’t stop laughing while reading it.

    • TruthHurtsBro

      That’s funny, after all those politics and bullsh*t, y’all still believe what Fed says? I mean when they say they are on “Taper”, how the hell do you know they are actually keeping their word..? The white house is trying to “Kill the dollar” right? They might as well keep pumping up the economy and make the stock investors blindly excited until SHTF so they will ignore anything and everything eye opening until then. I’m just saying.

    • Gay Veteran

      you forgot to add /sarc/

    • FirstGarden

      Whew! I’m so glad to hear this! Now we can all relax. :-)

    • Drud

      Yes, and heroin in a wonder drug, excellent for all aspects of health, especially the complexion. (This general idea was printed in many medical texts of a century ago, does that make it true?)

  • Mendel

    Once things go south in the banks how could this effect credit unions?

  • Nicknakthetruthspeaker

    And 1 bitcoin will worth 1 million $
    I m going to be rich! :-D

  • davidmpark

    This is kind of on the same subject, but I wanted to put this out there.

    Some of the people that have been here a while know we lost our rabbits and chickens some two years ago by zoning enforcement. And many also know our hardships.

    I got notice a few days ago that our municipality is going to take the matter up again. I’ve spent some time trying to garner support and actually found some. So, there is a good chance the ordinances will be overturned and we could get our animals back. Some of the groups and people that are supporting it are seeking a statewide lifting of domestic agricultural restrictions.

    Should this liberation happen, and the worst come according to this article, these animals will be able to support us with a lot of foods and products. The animals support the gardens, the gardens support the animals, and both support us. A good arrangement.

    Pray for us, please, that we may have this liberty back.

    • k

      True, teh animals support the gardens and the gardens support the animals.

      Its the same with forests where the trees support the wildlife and the wildlife supports the trees.

    • FirstGarden

      David, I’m sorry to hear about your animal situation. Zoning is often just a tool for bureaucratic self-interest and/or special interests. A lot passes under the table.
      My brother-in-law owns a condo. Their condo complex is very large, and they were paying out about a MILLION dollars a year in flood insurance. They hired an independent assessor (which cost the HOA $30,000) to determine if they were REALLY in a flood zone. What was his findings? Lo & behold, F E M A was lying to them the whole time.
      F E M A uses the insurance companies to raise money, and they’re all lying in bed together. (Pun intended.)
      They were NOT in a flood zone.

      I hope your zoning situation changes for the better, soon.

      • Sandbagger

        Yeah-and the banks are in bed with FEMA, too. Just try to get a mortgage without flood insurance on a property within a mile of a puddle and you’ll see how liberally they draw the flood zone line.

        • FirstGarden

          Oh but Sandbagger, haven’t you heard? There was a flood here 300 years ago! It was about 10 miles away, but still..
          We’re gonna need some of your sandbags for the next one! :-)

      • davidmpark

        Thanks FirstGarden!

        That’s horrible about your brother… so much money wasted.

        I’m confident something good will come out of this. Our argument is economic rather than just “freedom”, as Councilmen and Legislators don’t really respond to that. We proved their ordinances have directly caused harm to our family in distress. We have a lot of community support; and there’s some actual experts coming in of their own volition! That was a surprise – didn’t know they cared!

  • wally

    I don’t know if anyone believes her but listen to World Bank whistle blower Karen Hudes. There aren’t a handful of bank owners, there is one ruling elite that owns all of the banks and controls most of the wealth. They go and buy politicians and governments and such. Secret societies. The end game I am afraid is to wipe out 2/3 of the population. Do you seriously believe that Hitler stood alone? Do you believe that no one else has the penchant for ethnic cleansing? I don’t. It doesn’t make sense some of things that are happening. WW III will happen and they want it to happen, don’t they? How else can they wash there hands? A billion or two or three die. Hitler managed to kill 23 Million or so by very primitive methods. Heck a nuke on NYC will kill 10 Million in one swoop. 20 nukes in well placed areas and their work is done. I’m not trying to be a doomsdayer but the reality is far worse. Prepping won’t help except for maybe a short time. The bible speaks of this in many areas of the old testament. There is not an escape. God’s judgement will come. Reconcile yourself with God is all we can do.

    • Roger Smith

      You are one of the few people who understands the situation.

    • chilller

      The irony of it all…the big cities with high population counts targeted by WMD’s are where most progressive liberal dirt bags live.

    • rando

      Thank you. Very few people put the hand of God into the equation.
      I’ve prepped and I’ve stacked against this impending man-made disaster… that part’s a no-brainer. But I will be the first to tell you that PM’s only have value in a functioning society.
      There are 3 ‘events’

      – a tetra of four Blood Red Moons beginning April 15 of this year through
      – Magnetic North racing at over 300 miles a year to an unknown tipping point. And I can promise you NASA knows that tipping point within a day or two, but isn’t talking.

      • rando

        Wow, sorry… wasn’t near finished:
        Connect the dots of the financial disaster, the Blood Moons, and the ultimate results of magnetic north on a runaway course, and it could all be summed up in Isaiah 24:18-23.

        And I implore you to google these events before coming down too hard on me.

        Sorry for the ‘not quite finished’ above comment… the event that was omitted was the impending financial disaster.

        • Gay Veteran

          bilge

        • MichaelfromTheEconomicCollapse

          I would encourage everyone to look into the Blood Moon phenomenon. I recently wrote an article about it right here…

          http://thetruthwins.com/archives/the-blood-red-moons-of-2014-and-2015-an-omen-of-war-for-israel

          And you can find the new book about the blood moons by Pastor Mark Biltz right here…

          http://www.amazon.com/gp/product/1936488116/ref=as_li_ss_tl?ie=UTF8&camp=1789&creative=390957&creativeASIN=1936488116&linkCode=as2&tag=theeconomiccollapse-20

          Michael

          • GSOB

            Terrible theology =
            blood moon

        • davidmpark

          Isaiah 24:18-23 KJV

          “18 And it shall come to pass, that he who fleeth from the noise of the fear shall fall into the pit; and he that cometh up out of the midst of the pit shall be taken in the snare: for the windows from on high are open, and the foundations of the earth do shake.

          19 The earth is utterly broken down, the earth is clean dissolved, the earth is moved exceedingly.

          20 The earth shall reel to and fro like a drunkard, and shall be removed like a cottage; and the transgression thereof shall be heavy upon it; and it shall fall, and not rise again.

          21 And it shall come to pass in that day, that the Lord shall punish the host of the high ones that are on high, and the kings of the earth upon the earth.

          22 And they shall be gathered together, as prisoners are gathered in the pit, and shall be shut up in the prison, and after many days shall they be visited.

          23 Then the moon shall be confounded, and the sun ashamed, when the Lord of hosts shall reign in mount Zion, and in Jerusalem, and before his ancients gloriously.”

      • FirstGarden

        Yes on the red moon phenomena. We are watching.

    • FirstGarden

      “Honey, let’s go shopping for Governments today. We already have lots of politicians.” :-)

    • Chris tinker

      I agree with everything you said. Additionally, the Bible tells me that NYC will indeed be nuked. It goes right along with the “ethnic cleaning” you mention. Very few see it. The leaders will conspire and ultimately destroy NYC with a nuclear device. There is no other way to completely destroy the harlot as it describes. It’s baffling that so many think the harlot is a religion or anything but a city bc it clearly says “that great city that rules over the kings of the earth.”

  • vinmakare

    There is nothing wrong with GS´s risk taking on 427 x their collateral provided a leveled play field will be provided for everyone. I would be happy to introduce NIRS(nuclear
    industry risk swaps) at a hefty price without collateral. The move, I presume would also stimulate GNP growth and it is consistent with financial services´ steadily increase of their share of GNP.

  • TR

    Does anyone have any money invested in any TBTF,Main Slime Media or other Corporation that is part of this global economic destruction? Do you know where your money is invested?
    Look in a mirror & see if you can discover the problem.
    OH! WAIT! You are not part of the problem.

  • https://www.facebook.com/david.brown.311 David Brown

    Yes. Sir, you are preaching to the choir.

  • selaretus

    I have started asking people if they would rather hear comfortable lies or uncomfortable truth?

  • http://www.FounderChurch.Blogspot.Com/ “FounderChurch”

    CONSEQUENCES OF LOVE OF MONEY: The worst fall out from national economic mismanagement is destruction of the entire family, starting with its most vulnerable members.

    The most vulnerable and the first to be cannibalized are the UN-CONCEIVED, followed by the CONCEIVED but not yet born (abortion).

    Then comes the few surviving children which are poisoned with toxic poisons produced by our collective love of money.

    And finally the adults themselves are thrown into the furnace of Moloch.

    Everything on this battered and abused earth, including the wildlife has been thrown onto the bonfire of to feed our ungodly insatiable lust for money, money, money.

    And the poor are cursed with being the most greedy of all of us. They will kill for a quarter.

    But it is this unutterable societal and individual greed that makes someone like the Clintons kill all their own children but one, and for George Bush and Bill Gates, and Obama to do the same.

    Notice, these are the richest people who can afford any number of children. It is a fact that the richest have the fewest kids primarily because of their incredible abominable selfish unquenchable love and lust for money, and more money. Read Luke 12 about the rich man that God struck dead. And search for and read the teachings of “FounderChurch” and then for once in your life do the right thing for a change.

  • nobody special

    You could not be more wrong. This is a deliberate staged crisis created in order to rob the American people of Generations of Hard earned wealth, bring social and political upheaval to the US. The ultimate purpose is to break the American people and perhaps the world to the bit of One world elitist controlled Tyranny.

    • http://www.FounderChurch.Blogspot.Com/ “FounderChurch”

      Can’t you get it? You are part of the problem. You are so concerned about MONEY ie Love of Money, that you have killed your kids and dissed your God. Everyone on this site are full of nothing but greed. You can tell it by the way they write. Money hunger has corrupted 99 percent of the nation. You people are all blinded by GREED!

      • joerocket

        “Dissed” is not a real word, unless of course you’re a “homey”.

        • http://www.FounderChurch.Blogspot.Com/ “FounderChurch”

          I was just talking down to you. I thought YOU were a “homey.” But deal with my post, TROLL.

  • Casino666

    One of the few things WE the people can do is paying off our debt as much as we can (and then a little more)! And not add any more! Don’t use credit cards!

    This is the bloodline to the system! THE main thing! So if every single one of us that did choose “the red pill” do this, we could really hurt those that try their best to destroy the World – our lovely banksters!

    • jakartaman

      Not an economist – why should I not run up all my credit cards and debt. When TSHF the dollar will decrease in value and I can pay debt with devalued dollars?

      • Malcolm Reynolds

        You are aware that your credit cards are adjustable rate, right?

        • FirstGarden

          Eerie music sounds in the background. :-)

          • Malcolm Reynolds

            You’re traveling through another dimension — a dimension not only of sight and sound but of mind.
            A journey into a wondrous land whose boundaries are that of imagination.
            That’s a signpost up ahead: your next stop: the Twilight Zone!

            do do do do do do do do do do.

          • Sandbagger

            Man lives in the sunlit world of what he believes to be reality.But…there is, unseen by most, an underworld, a place that is just as real,but not as brightly lit… a darkside.

      • garand555

        Because you cannot predict *when* TSHTF any better than I can. You would be better off getting a mortgage on productive land that you can afford to pay than running your credit cards up to the limit, unless you are prepared to fight a bank in court should you get the timing wrong. I’m saying that as a person who went up against a bank in court when I could not afford an attorney and won.

      • Casino666

        No matter how hard the TSHF-scenario is gonna be, your debt is never gonna go away until every single dime is paid off! When the dollar decrease in value, all imported goods are gonna increase in price – but not most peoples wages are not! Which means that most people will not be able to pay for even what they really need! With debt on top of that, many will be in serious trouble!

        But also important, debt is the bloodline to the system! If we can reduce that it would mean less power to the banksters!

      • Casino666

        Do you think you will have any devalued dollars to pay with? What do you think will happend to the prices for all imported goods if the dollar is devalued?

        The cost of living is gonna Skyrocket!

        Which is gonna happend anyway, since the “petro-dollar” is slowly loosing its status…

  • k

    What are derivatives? I read it on wikipedia but dint understand it fully.

    • Jackie Milton

      Basically they are bets.Not much different than rolling the dice at Vegas.

    • garand555

      Derivatives area fairly broad financial product. I’m sure you read the general definition that they are a financial product that derive their value from some other underlying good or service. Commodities futures would be one derivative that is regulated. Credit default swaps are an unregulated one, as are interest rate swaps.

      • Drud

        Derivative are very complicated, and I understand very little about them. However, I do not need to. The very fact that they are so complex is the problem. The question is simple: do derivatives add any value to the real, main-street economy? No, they do not. They are simple a tool for the rich to get richer. Complexity in the financial sector is never a good thing for society at large, it is simply a tool for those at the top to steal more from the people who actually produce.

    • FirstGarden

      Derivatives is a very complex subject and VERY few really understand it. I don’t pretend to. But as I DO understand it, derivatives involve the insuring or backing of huge corporate loans. AIG is THE huge player in this industry. During the last crash, they were so important to the global economy that our g o vt bailed them out in an expedited, slam dunk fashion. At stake was around 62 Trillion dollars, globally. Their tentacles extend all over the planet – that’s how huge they are. The REAL figure may have been far bigger than 62 trillion.

  • Adam

    Michael is CLUELESS to the real reason everything has been going downhill and so much debt has been printed. The price of $100 a barrel oil now is too high to continue for much longer. With very low GDP growth governments worldwide are drowning in debt as debt is mainly paid off with GDP growth. When oil got up to $147 a barrel in 2008, that was one of the reasons the economy collapsed as people were spending too much on fuel. Food inflation is also partly due to high oil prices. High oil, gas, and food prices are killing the global economy and there is no way that the global economy could run on oil priced at $200 a barrel. The global economy is only running on $100 oil due to money printing by every country on Earth to make false GDP not possible with high oil prices. Welcome to the downward sprial of peak oil.

  • Jackie Milton

    An increase from 10.02 trillion to 17.47 is close to 75%

  • frank1569

    Just don’t act surprised.

    After the last ‘financial crisis,’ the bank robbers warned us they had every intention of doing it again.

    ‘There’s a financial crisis every 5 to 7 years.’ JPMorgan Chase Don Jamie Dimon.

    2008 plus 5 to 7 = …any minute now…

    • Adam

      Michael is CLUELESS to the real reason everything has been going downhill and so much debt has been printed. The price of $100 a barrel oil now is too high to continue for much longer. With very low GDP growth governments worldwide are drowning in debt as debt is mainly paid off with GDP growth. When oil got up to $147 a barrel in 2008, that was one of the reasons the economy collapsed as people were spending too much on fuel. Food inflation is also partly due to high oil prices. High oil, gas, and food prices are killing the global economy and there is no way that the global economy could run on oil priced at $200 a barrel. The global economy is only running on $100 oil due to money printing by every country on Earth to make false GDP not possible with high oil prices. Welcome to the downward sprial of peak oil. Enjoy.

      • k

        Its not the only reason, but is definitely one of the big reasons for the global slowdown.

        • Adam

          It is the main reason and Michael is too dumb to even speak of it.

          • k

            Other reasons are….market saturation, too many people than the economy can absorb because there are too few jobs that not enough to absorb all the people.

            Globally.

          • garand555

            Cheap plentiful oil would mean more jobs, even with all the fraud and corruption these days. If oil had remained at $30/bbl, and had we been able to pull 25 million barrels per day out, the 2008 financial crisis likely would not have happened. Oil is in everything in our economy.

          • k

            I dont know about the US, i was talking global. Even if oil is cheap, other things that i mentioned are pulling down the economy.

            Cheap oil definitely helps in econ growth, like i mentioned in the first post as a reply to adam. But the crisis the global economy is facing is far bigger than cheap oil can solve.

          • garand555

            No, cheap oil would solve things for a good amount of time. The problems that we are facing are problems that would be hidden by cheap oil. Oil is THE resource that is important to our economy. Our monetary system is a pyramid scheme, meaning that it requires continued exponential growth. Plentiful cheap oil is the key to that continued exponential growth. Now that oil is no longer cheap, that exponential growth is breaking down.

            The way our economy is structured, oil is required for suburbia to drive to work, for food to be grown, for food to be processed, for food to be shipped. It is required to make the elastic in the waist band of your underwear and to make the plastic package that it is packaged in and to ship it to the store. It is required for the herbicides and pesticides that are sprayed on our food. It is in the keyboard that you are typing on and in the monitor that you see the words you typed on that keyboard. It is used to grow the cotton that your clothes are made from, unless you are wearing nylon, then it is used in its manufacture as well. Oil is used to haul coal to power plants and to drive workers out to maintain natural gas pipelines. Oil is in everything in our modern economy, and so long as it is cheap and plentiful, there will be jobs.

            Energy gets things done.

          • Adam

            Most of these idiots do not get it or would rather not get it. Greed is much less scary than peak oil. Good GDP is only possible with cheap oil, and cheap oil is done and has been since 2005. Interesting things has fallen apart since then.

          • garand555

            The reason why greed is scary is because it has led to regulatory capture, and the resulting regulations are not going to allow us to easily adjust to a world where oil is expensive. Take food from that list of things that I posted above. Given industrial agriculture’s capture of congress and agencies like the USDA and the FDA, it is tough for local farmers to really get by, and most of our food travels something like 1500 miles from farm to plate. Our economy should at this point be tending towards the local production of basic necessities, but this is not happening.

            Greed does play a role here, and that role is making things worse than they need to be.

          • Adam

            The main reason food has gone up is oil prices and global demand. Or in other words, peak oil and overpopulation. Greed only plays a small part.

          • Adam

            Michael cannot argue with peak oil and human overpopulation being the main reasons for the global economy sinking, you shall see no comment from him on this thread. I dare you Michael, bring it on.

          • Mondobeyondo

            There’s more than enough room on this planet for everyone. And yes, your little dog Toto, too. (Sorry, that’s just my humorous streak showing through)

          • Adam

            Nope, water shortages, food shortages, not enough oil for cheap oil, sorry, the facts prove you wrong.

          • Jack

            No there isn’t. Just look at the shrinking wildlife and suffering polluted environment. Adam is right our planet is way overpopulated.

          • garand555

            Let me rephrase that: Greed has made our system inflexible in order to benefit a few when flexibility is needed to deal with expensive oil. Therefore, the problems associated with expensive oil will not be dealt with and our system will break. And I’m not arguing that all of the problems can be solved, just that there are things that could be done to soften the blows that we are going to experience.

          • Adam

            There is no mass alternative to oil. We are stuck with expensive oil until the entire system crashes. When the system crashes the problem of overpopulation will correct itself with a mass die off. Cheap oil powered great GDP, expensive oil, that will only get more expensive until it all crashes, means the end for industrialized society as low GDP or zero GDP means debt defaults and a complete crash.

          • garand555

            And if we were actively moving towards localized food and clothing production, rather than globalization, more people would have the knowledge required to grow their own food and the die off wouldn’t be as bad. The greed is going to lead to an overshoot (undershoot?) in how many people starve to death. Just be glad you don’t live in China or India.

          • Adam

            The global economy will die with oil, and that time is not too far off. Whoever lives will have to live local.

          • k

            You seem to be getting riled up easily. You need to start taking meds for this.

            Or just breathe…if you dont want to drive to the therapist, you know because of your concern of peak oil.

          • k

            I know where oil is used. Thats why i too implied that its important.

            The current problems however are not solely because people are having to pay more for oil based products. Or because agro or other sectors are struggling due to high oil bills. The nature of the economy has changed in such a way that the sectors that need say 10,000 people to get things done are getting things done just using 7000 or 8000. Due to factors like improved technology, improved efficiency. And also due to reduced demand caused by a market that is slowly approaching saturation. And this is going on in almost every economy by varying degrees.

            All these factors are also aggravating the effects of each other.

          • Adam

            Or in other words, overpopulation.

          • k

            1)High oil prices

            2)Technological and efficiency advancements

            3) Getting closer to market saturation of almost all products and services

            4) Over population

            5) Bad policies from business and govt the world over.

            6)Too much debt.

            All these are contributing TOGETHER to slowdown….and all these are playing a close to equally important role.

          • Adam

            The too much debt was mostly caused by higher oil prices as good GDP pays off debt. Less jobs were also caused by higher oil prices hurting the economy. Peak oil and human overpopulation are the two main reasons, period.

          • k

            Refer to my comment above and to my other comments.

          • Adam

            Peak oil and overpopulation are causing the most problems by far, the end.

          • garand555

            With cheap oil, people would have to put less towards basic necessities and could put more towards unnecessary (but fun) activities. Those now “useless” people could then find employment in these other areas.

          • k

            They can but taking on debt is already helping people do that to some extent. I am not saying its good. But it is that way.

            And there so many people coming into the workforce, such that not all of them can be absorbed by others increased activities and there is also a situation where their is no incentive for companies to hire a person if they can use some suitable technology instead.

          • garand555

            If your area had gasoline at $0.50/gallon, it could support one helluva tourism economy.

          • k

            It does my friend, i never implied it wont.

          • Adam

            Expensive oil is the main reason for the crisis, that and human overpopution. Greed is a problem, but peak oil and human overpopulation being ignored by Michael marks him as a fraud and a fool.

          • garand555

            RE: “fraud and a fool.” I wouldn’t be that hard on him. He realizes something is wrong, yet he suffers from cognitive dissonance just like everybody else, including you and I.

          • k

            You keep saying the same thing over and over, without delving into the hows and the whys.

          • Adam

            High oil prices cause food inflation, gas prices to be high, anything that deals with oil is more money. That is less and less spending money going into the economy. GDP is only good with cheap oil, oil is no longer cheap so GDP cannot happen without money printing. If we did not print money we would have contraction, contraction causes debt defaults and banks to fail. Sorry you are unable to face the truth. The FED is keeping the eocnomy going when it should have died due to high oil prices back in 2008.

          • k

            Food inflation is also caused by futures trading in food commodity markets.

            And GDP is also affected by factors like electricity price and availability which are again affected by coal and natural gas prices and availability. And ofcourse law and order. Thats why i have been saying oil isnt the only one or one of the two main things.

          • Adam

            Electricity prices are effected by oil costs many times. Food inflation IS mainly caused by world demand and oil prices due to transportation costs and farmers use of oil. The market cannot do anything about peak oil or human overpopulation.Good GDP must have low energy costs to pay off debts, energy is expensive now and the main driver of that is expensive oil.

          • k

            Demand and consumption used to play the primary role in the high price of oil/food. But now futures markets have become very important…they are jacking up the price of oil by using ‘peak oil’ as an excuse. For eg: oil price went up suddenly in 08 not because of peak oil but because of speculation.

          • Adam

            No, it went up because there was not enough oil anymore to make it cheap. That is why they are now fracking and using the tar sands, as well as deep well drilling in the ocean, very expensive ways to get oil that they never would do unless the easy oil was getting low. The six biggest oil companies in the US spent more money than ever last year and yet got less oil than the year before. The easy, cheap oil is dwindling and that is what peak oil is. Not that oil runs out, but that it gets too expensive to use at some point. If you deny that peak oil is real then you are a fool. China’s demand for oil increased greatly in the few years leading to 2008, at that point, there was no longer enough oil to keep it cheap on the market. Plenty of people who know oil who do not work for oil companies have stated we hit peak oil around 2005 or 2006. It is reality. Oil IS finite.

          • k

            Did oil suddenly hit its peak in 2008 in just a matter of months??

            Oil companies are fracking tar sands even though its expensive to do that, because they can sell that tar sand oil at above 100 dollars a barrel today, but this was not the case when oil costed far less before 08.

            And remember they are also getting oil from conventional means too. If there was a ‘peak oil’ situation, conventional wells would have been dry.

            Calling people names just because they deny what you said, is very improper. Keep your arguments……civil.

          • Adam

            Not true, you have no idea what you are talking about. Half of the world’s major oil fields are in decline, they are trying to make up the difference with the more expensive ways. The price went up due to the easy oil getting lower. We are in peak oil now and it will get worse and worse. Peak oil starts the collapse, it doesn’t just ‘end.’

          • k

            No they are not. The price went up due to extreme increase in speculation within a matter of months.

          • Adam

            Peak oil price did not suddenly hit in 2008. It started going up starting in the early 2000’s.

          • k

            What i meant was, the price went up suddenly in 08, but oil dint hit its peak suddenly. This statement …high prices were not primarily due to peak oil.

          • k

            It means high prices were/are not due to peak oil.

          • Adam

            WRONG. China started demanding more oil in the early 2000’s. As a result, there was no longer enough easy oil by 2005, driving up the price of oil to what we are at today and destroying the global economy slowly as well.

          • k

            Give evidence that we hit peak oil, instead of blindly saying that we hit peak oil over and over again.

          • Adam

            I have over and over. The price of oil has increased by three times in a decade’s time. The global economy is falling apart due to high oil prices and yet the prices stay high. Oil companies go down with the ship if it falls apart, so there is no reason to keep them this high unless they truly cannot get enough oil. Desperation moves such as fracking, the tar sands, and deep sea drilling are costing them more and more money and yet they are finding less and less oil as prven by their statement at the end of 2013. You lose.

          • k

            The only thing you did over and over is, same the say thing.

            That is not evidence.

          • k

            Oil companies are earning more and more due to the barrel staying above 100. Earning is more important for them even if it comes at the cost of economies falling apart. If the economies are doing well, but they arent earning enough if the barrel stays at 50 or 60, how is it helpful for them?

            And they are fracking since recent times because the barrel price is around 100 or more. If barrel price is around 50-60, its not economical to frack.

          • Adam

            The only reason they are fracking is because oil is $100 a barrel. The main reason oil is $100 a barrel is because there is not enough cheap oil anymore. The fact remains that $100 a barrel oil is killing the global economy, even if you are an idiot and do not believe oil is finite.

          • k

            Hey you d**b f**ck, its because of speculation….even if you are an idiot and do not believe that speculation has no role.

            Oil is finite, i know that, every body knows that, but its not running out now. There is still time.

          • k

            and believe speculation has no role.

          • Adam

            I have over and over. The price of oil has increased by three times in a decade’s time. The global economy is falling apart due to high oil prices and yet the prices stay high. Oil companies go down with the ship if it falls apart, so there is no reason to keep them this high unless they truly cannot get enough oil. Desperation moves such as fracking, the tar sands, and deep sea drilling are costing them more and more money and yet they are finding less and less oil as proven by their statements at the end of 2013. You lose.

          • k

            I have to go, be back in an hour or probably tomorrow.

          • garand555

            Put this into google:

            “download steven kopit’s presentation here (pdf)”

            You’ll find a page titled “Global Oil Market Forecasting: Main Approaches & Drivers” on energypolicy dot columbia dot edu. It is an oil insider talking about the costs of operation, and he posted his slides so that you can see what the actual costs of extraction and exploration are.

          • Adam

            These people are in such denial. They must think oil just magically comes out of the sky like rain.

          • garand555

            Can you blame them? There is so much misinformation and propaganda out there, that it’s hard to know what to believe anymore. Most people were not taught how to filter information in this kind of world.

          • k

            I will do that.

          • Adam

            Expensive oil is the main reason for the crisis, that and human overpopution. Greed is a problem, but peak oil and human overpopulation being ignored by Michael marks him as a fraud and a fool. Period.

          • FirstGarden

            I see no need to denigrate the author. Take it easy, bro.

          • FirstGarden

            Now overpopulation is both true and untrue, depending on what side of ideology one is on. In our present socioeconomic arrangement, we are definitely over-populated.

            In an ideal world, we are nowhere near the specter of overpopulation. The earth’s resources are extremely abundant, tho some may indeed be limited now. Inasmuch as “Peal Oil” is true, that would be a good example. I’m not fully sold on it, but it’s probably true that EASILY ACCESSIBLE oil is now limited. There’s land, land, land everywhere. So ideally, under a different model, (other than heavy metro, which is like putting 60 rats in a 10-rat cage), there’s more than enough land on the earth. So, overpopulation is real — in this model.

            I love this joke… Ted Turner said “A total population of 250-300 million people, a 95% decline from
            present levels, would be ideal.”
            Ok Ted, you first.

          • Gay Veteran

            “…In an ideal world, we are nowhere near the specter of overpopulation. The earth’s resources are extremely abundant….”

            abundant? like drinking water which is becoming a major problem.
            and no cheap food without cheap oil

          • Adam

            Amen.

          • FirstGarden

            Well, again I think you are referring to this present world system. With that, I fully agree with what you’re saying.

            The difference of opinion with folks here is over the real vs the ideal world. In an ideal world, you would not have huge, mafia-like operations like Big Oil, who have been thwarting mass transit and squashing the electric car. We have been harnessed like cattle, taxed to death and forced into slavery to Big Oil, Big Banks, Big Food, Big Gov’t and Big Pharma (a.k.a.the Pharmaceutical Mafia), to name a few.

            I do believe in good business and good g o v’t.
            I’m not anti either. It’s just not what we have anymore.

            With man’s incredible ingenuity, who can send a rocket past Jupiter and send pictures back to earth, he can do almost anything he sets his heart to. The problem is, the human heart is not governed, but that’s another topic.

            We may find we’re in agreement on more things than you think. But first it’s important to sort out which ideology is talking, and whether we’re talking real world or ideal world; whether our shortages are genuine or man-made. It really doesn’t matter much, ultimately. We’re in some really deep trouble now, historically speaking.
            Peace.

          • Adam

            Land is needed for crops, water, and trees, humans cannot be on all land. Humans are destructive by nature.

          • FirstGarden

            There’s an old joke – “If everyone in the city moved out to the country, you’d have cities in the country.”

            Well, we’re not nomads and tribal communities anymore, but remember, I was referring to an ideal world of brotherhood, the what we have here. I agree with you that man is destructive by nature, Well, in the downside of his nature. Whether inherent or developed, “sin nature”, if you will, is real. And it is all around us.

          • Adam

            Overpopulation is another major reason, but again, Michael never goes there because he is a crazy Christian who thinks overpopulation is not real.

          • 2guest2

            So what does that make you…? A crazy atheist?

          • Adam

            I admit I do not know unlike most self absorbed humans.

          • Mondobeyondo

            Overpopulation is not a reality. However, the popular media makes you think it is a reality. A lot of people can’t tell the difference between fantasy and reality. So they instantly buy into the plan.

          • davidmpark

            Overpopulation is not real.

          • k

            It is buddy, it is. All religions speak against reducing population growth/levels, but it is true.

          • k

            Overpopulation in the sense there are too many people than the global economy can absorb.

          • FirstGarden

            And a relatively few who are making an absolute killing off the world’s wealth, while depriving the masses of jobs in the process. This is not sound capitalism anymore, but hypercapitalistic-global insanity.

          • k

            This too.

            There are so many reason like these that are slowing down the economy and not just one or two.

          • FirstGarden

            True.

          • 2guest2

            Maybe if you’re so smart you can start your own blog about how smart you are? /sarc/

          • Malcolm Reynolds

            No kidding. Dude posted that exact screed at least 4 times on this page and several more times in smaller chunks. Dude apparently thinks he’s a prophet or something.

  • DJohn1

    The problem is world banks and a gambling problem with all the assets of the world at stake.

    If I were a betting man, normally I would bet for the big banks rather than against them. Why? Because I am an amateur when it comes to financing and investment. Realising that fact, I stay as far away from the financial markets as I can get.
    The only thing that would happen is a fool and his money are soon parted in the investment world. Then there is the problem with “insider” trading for those people who do their homework and investigage first hand what is going on with our companies and corporations.

    The only thing this country can possibily do to change the destiny of what is about to happen. I maintain that change will not happen.
    What will happen is you will see more and more bankers committing suicide rather than face the consequences of their actions that are illegal and someone is going to have to pay the price for those actions.
    Without naming names that is as far as anyone can go including Michael.
    Naming names is a hazardous path at best because of our slander laws. Even if you are simply telling the truth, people can be tied down in courts and lawyers for years.
    It is easier to read the obits.
    Can it be straightened out at this point in time? I think so.
    It will take a huge change of attitude on the part of everyone.
    Automation of industry is one key. It is the only way I see that we can compete with wage slaves from poor countries.
    The key is transportation is expensive. So expensive that it cannot compete with local industry that do not depend on transporting goods over 5,000 miles to a country such as our own.
    International currency regulation is the other key. We simply have to stop runaway currency manipulation by our enemies in the economic world. If we owe all that money to the Chinese then there currency imbalance caused by government manipulation has to stop.
    Equal tariff control. The Chinese have tariffs on all goods coming from abroad. We need to drop the same bomb on them.

    Confiscation of our industry abroad is a real fact and nightmare that is likely to happen when moves against this war start.

    Corporations sub-contracting work to India might need to remember they can lose everything over night.
    Current laws do not charge income tax on people working for American Corporations without citizenship abroad. So every job sent overseas costs us income tax revenue. We as a people have to fight back. Part of that fight means equalizing the playing field.
    Who really loses if we don’t? Anyone invested in American Dollars stands to lose billions if not trillions of dollars if our currency is worth nothing. So who wins?
    I maintain that it is a traitorous act for an American Corporation to leave our shores and do what is being done right now. The penalty must fit the crime. I suggest huge fines for taking the jobs away from our shores. Make it uneconomical to do so.
    The goose that lays the golden eggs is being prepared for a slaughter by those in financial charge of this country. They want to destroy this country and the only defense we have is a bunch of lawyers in Congress that have no interest in saving this place.
    This country’s economic solution is to protect the people that pay the taxes that pay the salaries of those people representing us in Congress. IF those people refuse to protect the golden goose then they need to be fired from their jobs and put people in that will do the job of representing the common people of this country.
    I suggest that these parasites will go after whatever money is left when the time comes. It is time to stop them. The next opportunity is at the next election. We, as a working people, have to put anyone in office right now out. That will take approximately 7 years. But it will have to be done if anything at all will change.

    • FirstGarden

      John, I love yer posts, bro, but they’re way to longgggggggggggggggggggggggggggg.

      Remember, “less is more.” :-)

    • FirstGarden

      “What will happen is you will see more and more bankers committing
      suicide rather than face the consequences of their actions that are
      illegal and someone is going to have to pay the price for those actions.”

      And that’s assuming it’s suicide.” :-)

    • FirstGarden

      “Automation of industry is one key. It is the only way I see that we can compete with wage slaves from poor countries.”

      Do you mean robotics? That would require a couple of techs & one grunt laborer per shift.
      How do you see automation as a benefit to the masses?

      • DJohn1

        I see an economic situation where we will have to go to a 32-hour work week. Automation of industry is one way that the job losses can be compensated for.
        Robotics means we can free people from labor that is not necessary any more.
        That means material goods at a lot less expense than we have ever had before.
        I see a situation where we will not be tied to labor to feed ourselves or to give ourselves a real life outside of being tied down to work. Automation promises just that kind of economics.
        What will happen is everyone will be given money to survive on. That survival can be good or bad depending on how we look at it.

        • FirstGarden

          That does sound like the socialist model. Unfortunately, in any system, over time, all the cream tends to rise to the top.

          During the twenties, we had a huge disparity of wealth. Sound familiar? This was pointed out by economist Ravi Batra.

          I’ve read several books on depression because the topic fascinates me so much. Lots of books were sold, and many things said by the authors were right on. But their timing was off. They expected the next depression to hit in the 90s, either by long wave theory, or by unique events, or perhaps both.

          Now it’s all happening. For instance, the late financial expert Larry Burkett, in the mid-late 80s, predicted a $20 trillion national debt. We’re a stone’s throw away from that now. His book “The Coming Economic Earthquake” turned a lot of heads, because he was so well-respected.

          I wish I could share your optimism. For many reasons, I see dark days ahead. There are powerful prophecies that have been observed with greatly renewed interest since 1948, during the reformation of the state of Israel. We are in what many believe to be the consummation of the age — the very last days of human history, as we know it. But, whether one believes in prophecy or not, the pieces, i.e. current events, are falling into place in ominous degrees! Especially prophecies involving the Middle East.

          Well, one thing I can predict with absolute certainty… it’s NOT going to be dull.

          • DJohn1

            I lived it. I was a hot type printer in 1970. We had 225 printers in a composing room that took up an entire floor of a building. The paper gave us life time jobs in trust in return for all of our jurisdiction over the work.
            Over the next 40 years I re-learned my trade 6 times. It was a progression.
            The first programs cost $1 million dollars a piece. The best program cost $10,000 a piece. The last was a $400 program that did the same thing. I bought one for my home computer.
            Larry Burkett was a Christian Finance Minister and I followed his work also.

          • DJohn1

            When I left there were less than 20 printers and we no longer worked in a composing room.

    • FirstGarden

      “International currency regulation is the other key. We simply have to
      stop runaway currency manipulation by our enemies in the economic world.”

      Good optimism, but It would be easier for a tiger to change its stripes.

      Sadly, there are no more moral standards in this kind of world, No Boy Scouts honor, no Judeo-Christian ethic. Not even a Confucuis to cultivate principle in the Chinese. Those days are gone… the old guard is dying off. This is our Brave New World of moral-character wimps. Today it’s just about the money and politics.

  • Mondobeyondo

    Every single one of us is – quite literally – going to pay for all this.

  • Mondobeyondo

    I’m getting this eerie, sick feeling that we’re about to go back to 2008, financially speaking. Don’t worry, you won’t need a DeLorean for this ride. And Michael J. Fox won’t save us, either.

    October 2014. Okay, maybe February 2015.
    The banking system is once again in tatters. Congress is being pressed to pass “TARP 2″. The banks do their usual blackmail scam – “Pass this legislation or the entire economy will collapse!!” Don’t think they won’t try it again, because (to quote Liza Minelli in Cabaret) – “Money makes the world go around, the world go around…” And the banks know it.

    • FirstGarden

      Mondo, I doubt that we will be going back to 2008. More like 1929.

  • Sandbagger

    Pastor Lindsey Williams said back in November his “elite friend” said a Global Currency Reset was supposed to occur within the next three to four months. We’re up to that last minute and ticking…

    What will set it off?

    • kim

      I guess he was wrong as usual. Lindsey Williams is a putz and a scammer.

    • FirstGarden

      The U.S. sneezes and the rest of the world catches a cold.

      What will happen when we come down with pneumonia?

    • Drud

      He’s been saying that for years. I do not doubt that we are headed for a collapse, but no one can predict the timing, and the global elite are not orchestrating a collapse to advance their agendas, at least not en masse. That is juts not how things work. the global elite are doing everything they can to hold up a house of cards and maintain the illusions that this system can go on forever. They are desperate, short-sighted and very much human.

  • Priszilla

    Well, you need to cut down on fuel expenses. And you don’t do that by reducing tax on fuel, but by reducing fuel consumption. Any way possible.

    Right now your savings are probably not so great, but with every cent rising costs, your savings will go up.

    And consider this: when fuel costs will rise, so will the costs for mitigating the rise. So, the earlier you do something, the better you are off.

  • Gary Ark

    I’m not sure this is quite correct. These trillions as I understand are counted as follows – if I bet 100$ for something and somebody bets $100 against the same thing, he counts it as $200 exposure, although in reality it is 0$ exposure. This is just to create hysteria – really there are no 70 trillion exposure, but nobody knows for sure because they don’t report all the details (bets that cancel each other in the same pool)

    • FirstGarden

      Regulation is loose in them there parts.

    • garand555

      The problem with that kind of risk assessment is the implicit assumption that none of the counter parties declare bankruptcy. The OCC claims that the “net” exposure is a few trillion. However, we saw what one counter party going under started back in 2008 with the failure of Lehman. That resulted in AIG being bailed out, TARP and several trillion being printed via QE. Were it not for the bailouts and QE, it is likely that the entire financial system would have completely locked up as derivatives came unwound and all of those rehypothecated assets led to confusion over who had a claim to what.

  • Covington

    Well, What I’ld like to know is that if the situation is as bad as this article says it is why is it that I keep hearing about these massive new construction projects going on in the US (I.E. Willshire Grand mega concrete pour just this year in LA)? Whats the deal?

  • Jason7189

    Most people that clicked on this page, agree something is going to happen soon and I totally agree. I also strongly feel, this change in the economy will be so severe, it’ll bring about a new monetary system (Mark of the Beast)

    Revelation 13:16 “And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:”

    We’re on the cusp of seeing many, major Prophecies come to pass and the World is carrying on like the days of Noah.

    Matthew 24:37-38 “As it was in the days of Noah, so it will be at the coming of the Son of Man. For in the days before the flood, people were eating and drinking, marrying and giving in marriage, up to the day Noah entered the ark;”

    • jennifer

      Matthew 24:37-38 “As it was in the days of Noah, so it will be at the
      coming of the Son of Man. For in the days before the flood, people were
      eating and drinking, marrying and giving in marriage, up to the day Noah
      entered the ark;”

      Well what the heck else are we supposed to do? Sit around with our thumbs up our you know whats and wait for Jesus to return? Can you imagine? What a convoluted bible verse that so many cling to. Very sad.

      • GSOB

        The point of the passage is that it will come without much warning.

  • libsfellatetheobamacock

    its all over for the democrats, total obliteration in the november election

  • Mike Y

    Brave little Iceland has exhibited more good sense than anyone other nation. Appears to have acted for the benefit of it citizens rather than for banksters and corporatists!

    • El Pollo de Oro

      Mike: Iceland told the banksters to go to hell, whereas in other parts of Europe and in The Banana Republic of América, the banksters’ criminality was rewarded. Iceland’s unemployment rate in January was 6.1% compared to around 25% in Spain (a country the banksters have viciously raped). The moral of that story: banksters should be punished, not bailed out.

      • Mike Y

        I agree wholeheartedly! But banks, corporations, Keynesian economists, crony politicians, et al have ‘captured’ most gov’ts. So there is little hope that other nations will emulate little Iceland. :-(

        • El Pollo de Oro

          The poison of neoliberal economics has been spread far and wide, that’s for sure.

  • Mondobeyondo

    The media latches onto whatever is trending at the moment, and whatever the gullible sheeple will consume. Last week, it was Ukraine. This week, it’s a missing Malaysia Airlines jet. Next week, it could be a shark attack off the coast of Alabama – including the obligatory MBG (Missing Blonde Girl).

    • davidmpark

      A redhead would bring more ratings…

      Naw, shouldn’t give ‘em ideas.

  • Dimitrios Kirkos

    Of course, what will happen is that the US government will give money to the banks to fullfill their day-to-day obligations, and quitely send the bills to the public, aka hide such costs under “public debt”. This is what every country does, because every bank in the western world is a sinkhole.

  • Patriot One

    The debt we can handle with bankruptcy, but the unfunded liabilities even with bankruptcy will destroy the individual.

  • 2Gary2

    As the data proves, over the past four years, the
    world’s billionaires have seen their combined net
    worth double while governments impose draconian
    austerity measures that robbed the public to pay for
    the massive frauds committed by bankster bandits
    and financial mobsters.

    Stop the welfare for the rich. We need to end the plutocracy!

    • FirstGarden

      Plutocracy? I’m afraid we’re stuck with it til Kingdom Come.

  • 2Gary2

    Today, the portion of the nation’s GDP going to workers
    as wages and salaries is at an all-time low
    while corporate profits are at a record high.

    Stop corporate welfare-wal mart and mcdonalds can pay a living wage. No more tax payer subsidizing their employees medical and food. Corporations can pay their own way.

  • http://www.FounderChurch.Blogspot.Com/ “FounderChurch”

    Best financial advice now would be to buy Russian Stocks as they are all at bargain prices due to this war scare, which will pass in time. .

  • Mondobeyondo

    Whether it is true or not – i do not pretend to know.

    I can’t even pretend to know, at this point.

    Right now, I want to find a place that has Budweiser beer at a discount. And that, right here and right now, is the problem and the solution to the problem.
    Think for yourself; Stop having others think for you.
    You have a brain. USE IT!

    • FirstGarden

      But it’s so easy to let others do all the thinking for us. Got a cracker? Bwarrrwk!

  • http://www.facebook.com/jack.harper.520562 Jack Harper

    It is most unfortunate that 99.9999% of the public are unaware that banks do not lend money.
    These fool’s are duped into thinking the bank made them a loan.
    How stupid are people?????
    Seriously!
    Look:
    A bank can not show they were/are harmed if you fail to pay.
    The element of harm must be shown in order to foreclose or sue.
    Unless, you waived that right.
    Which most do.
    Do you see how it is you lose???
    That can be rectified.

    • garand555

      You will lose if you go into court with that legal argument. They normally sue under the legal theories of Breach of Contract and/or Account Stated. Both are accepted by the courts and both are legal theories that the courts would consider fractional reserve lending to be irrelevant when arguing against. You want to win a credit card case? Learn the discovery process and make them give you every single shred of evidence required to prove their claims. The lawyers that they hire for this stuff are overworked and incompetent, and contrary to popular belief, big banks do not keep the best of records. They will make mistakes, and often cut and run if somebody is putting up a real fight without using legal arguments that are going to lose.

      I’ve been in court against a large bank when I could not afford an attorney. I won.

  • StephanLarose

    There is no “debt.” All of the so-called debts are simply computer entries representing credit created out of thin air by banks. The best thing to do is simply forgive all the debt and default and do a reset in which commercial banks no longer have the power to create fractional reserves and the taxpayers own the national banks outright.

    • Drud

      Yes, a debt jubilee of some sort is by far the most equitable, rational way out of the mess we are in, but let me ask you one question: Why would the banks ever agree to this, as they would “no longer have the power to create fractional reserves.” You are saying that the central bankers, the most powerful, wealthiest people in the world, are going to just decide to give up a huge portion of their wealth and power, because it is “fair” or because it “makes sense” or because it is “rational.” I have always liked the idea of a debt jubilee, but it will not happen.

  • whatsups

    If you all don”t have the guts to NOT give the government any money then you deserve what you get! This time we make our government arrest the bankers and let their assets go to zero. Companies go broke all the time. We can get government debt under control during the next crisis if we HOLLER like there is no tomorrow! Otherwise, the new world order will bring in a world dollar and we will be part of the apocalypse. Bring heat to all elected ones so they feel very uncomfortable.

  • Karen

    And something to add, Putin has ordered thousands of Russia paratroopers,aircraft and military vehicles to Iraq. Since Obama belongs to the muslin brotherhood and their plans are to take the Middle East and Russia and make them more western friendly. Also I read a article which says someone has been messing with the power grid since everything now a days is computerized power grids can been tamperered with. And it has been happening, economic chaos and world riots are the wave of the future.

  • michigan22-@hotmail.com

    KIEV’S COUP-IMPOSED prime minister, Yats the Yid, Nuland’s Yiddeshe banker boy, is coming to Jewmerica this Wednesday.
    After schmoozing with Jewry’s Schwartza in the White House, Yats the Yid will sit shiva while shrieking for nuking Russia with Jewish shills McCain and fagella (what Jews call queers) Lindsey Graham.

    It’s a Nudelman PR event aimed at giving legitimacy to an illegitimate regime posing as Ukraine’s government.

    Putin will have none of these Jewish passion plays.

    He just rejected Kerry’s Jew-ridden State Department’s proposal for resolving the crisis due to it being framed “as if there were a conflict between Russia and Ukraine.”

    Kerry’s “conflict” narration fell flat with Putin’s denial of sending troops to Crimea, affirming that local pro-Russian forces took control of state installations on their own initiative.

    Upon announcing his trip to Jewmerica, Yats vowed that Kiev would “not budge a single centimeter” from Ukrainian land.

    “Let Russia and its president know this,” threatened Yats the Yid.

    Problem for Yats and all the Yids supporting him, Putin is the one who will not “budge.”

    The Yids and Yid-enslaved Jewmerica are actually going out of their minds. Why?

    Because Mr Putin doesn’t dance the hora to Hava Nagila, that’s why.

    JEWS SHIVER in their shuls over Vladimir…a devout Russian Orthodox Christian…which to Yids conjures up phantoms of pogroms.

    Bring on the real pogrom Mr Putin!

    Show the Yids that Russian Orthodox Christians do NOT bow before Christ-slayers!

  • Jean Bush

    This is not some madcap frenzy by just the banks; this is the deliberate agenda of the Elites who, by crashing the economy, are that much closer to establishing a one world gov and a one world currency.
    When the dust settles, there will only be the rich and the slaves.

    • Carl

      Isn’t that how it has been for the most part for millions of years? The slaves do all the work and the rich get richer. In America we believed that if you worked hard enough you could get ahead and make a life for your family and yourself.

      Today you work hard and it is just not enough. The prices on everything is skyrocketing with no end in sight.

      Just look at the cost of a new car today 20,000 is on the low end. Almost 15 years ago when we bought our Tundra new the cost was 14,000. That same truck today is closer to 40,000.

      Same with houses. My parents in the 80’s purchased a brand new house for 30,000. Today that same house is close to half a million dollars.

      Inflation plays it’s part but I think something bigger is at work here. The cost of things should be going down because of the slave labor used in other countries yet the opposite is happening. Perhaps the bloated payment structures for top level management and CEO’s is causing some of the price increases.

      Not to mention government bailouts for banks and mortgage lenders so home prices stay inflated and reasonable people are forced to continue to rent because some smuck had to overpay on a broke down bungalow worth next to nothing and now expect someone else to bail him out from his own stupidity.

      The more I know about the world and the people in it the less I like being a part of it.

  • Jean Bush

    I love my 3 cats! Do you think…..oh crap, that’s right; polegamy is still illegal. Sigh…

    • davidmpark

      Hey, as long as taxpayers don’t need to support your Thundercat children, go ahead. :)

      /sarc

  • http://www.ThePowerElite.com/ ThePowerElite

    TRUST THE SYSTEM ▲ PAY YOUR TAXES

  • Goldfinger

    The system was designed to fail…

  • Phil from Germany

    Earth shattering news !, really got the finger on the pulse of the nation. I will sleep better knowing that.

    • davidmpark

      Didn’t Germany just legalize pedophilia?

      • Phil from Germany

        Dont quite see how you arrive at that conclusion, however, the US is a world leader in everything

  • FirstGarden

    Did you hear about the lady who married herself?

    • davidmpark

      Yeah, and she did the wedding photos herself. I think it’s called selfies.

      Gives new meaning to DIY.

      • FirstGarden

        Hey, I wanna marry my hamster.

        • davidmpark

          How would one officiate that? And signing the certificate? It’s amazing that we got this far.

      • FirstGarden

        I wanna marry my hamster.

      • FirstGarden

        How would she get a divorce??

        • davidmpark

          No idea.

          And what happens if she has an affair?

  • Wholewitt

    Anyone who watches Fox talk shows and says the media has a liberal bias is just living in a state of insanity. The right wing media is all over TV and radio and they never use facts for anything. That said, the state of debt in the world is enough to make you want to throw one last party.

  • Bankers will be hunted….

    The bankers will be hunted….

  • DJohn1

    We need a budget. It is that simple. IF you or I were to have a budget that allows us to live within our means then so should the government live within its means.
    There is a lot of eye candy in the government. That has to go.
    I suggest we start with the military spending on new toys that are ridiculous from a military standpoint. What sense does it make to have enormously expensive equipment if equipment that costs a fraction of what we spend can take it all out in a heart beat?
    We have an overburdened intelligence system spending billions of dollars to spy on people. It simply is not justified from a budget stand point. Drones that cost half a million a piece? Last of the big spenders Uncle Sam. That is us.
    Monitoring every one that is on the internet. Does anyone know how expensive that must be? And for what? What justifies this Orwellian kind of security system?
    We have declared war on our economy by nations that are best described as our enemies. I suggest we need to stop giving them money to do so in the form of foreign aid.
    This country will spend billions in places like the Ukraine and cry murder if we give everyone on Social Security a decent raise. I think there is a serious problem in government with priorities.
    It is time we took the people in government that are supposed to be our employees and have a serious shakedown and get rid of the ones that are not doing a good job. That includes anyone from any party that is supporting the above agendas I have mentioned.

  • Lars Lonte

    EIR News beyond Mainstream Media http://www.larouchepac.com Michael C. Rupperts daily Peak Oil Blog http://www.fromthewilderness.co Peak Oil and 9.11. American Free Press http://www.americanfreepress.net

  • zanadu21

    If you look into the current power struggle between the IMF imposing sanctions it is our last stronghold to maintain the Dollar as the world currency fund. It is known in financial sectors that China, Russia (and many others) now bypass the US dollar in their trade agreements (derivatives). Look at the “pilot” in Cyprus. It is now the “template” for the IMF to use globally. Emerging markets will be hit first. Russia is well aware of the real reason for this tug-of-war game over the Ukraine. In the past few years, we were downgraded by China and Chinas allies are in compliance with bypassing the US Dollar. Games can (and will) be played but frankly – we, as a government, are at extreme risk like never seen before in America’s history. New laws are almost in full effect to keep US citizens “locked” in to our own currency. There is much to be spoken about in ley man terms yet the working class that supports the entire system runs in blind faith. The worst possible faulty generational knowledge shared in the US was never to speak about politics, economy and/or religion yet these are the key factors that will leave everyone in war and on a breadline! Remember, the babyboomer retirement was to kickoff in 2008 (hmmm… think the mortgage crises was in time to liquidate those pensions turned 401k plans with 0 guaranties)… And this year baby boomers will be in full swing… Many many important issues need to be raised… Social security is disclosing .77 to each $1.00…. People need to answer as to why this disaster continues and understand why each country will fight til the end at this point

  • ractivist

    I hope the American’s hold the guilty accountable when the crash comes. Politicians, Media, Bankers, lawyers and those who contest the haige like trials. I’m not calling for across the board extermination by any means. I’m calling for those at the higher levels, where the buck falls, to be held accountable. I also think that foreign soldiers enforcing illegal law upon American citizens warrant strong resistance. I hope you all are thinking on the same lines.

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