You don’t have to search very far beyond the main stream to find lots of meaty articles about the dire economic straits we’re in – a world sinking in enormous debt of fiat currencies. A corrupt banking system swimming in 600 trillion of unregulated derivatives, an unimaginable staggering sum.
The reality is that we are getting much closer to a trigger event of an economic disaster, a domino effect of toppling systems, while at the same time we hope for miraculous resolutions.
This thing will begin in Europe.
British ministers privately warned that the break-up of the euro, once almost unthinkable, is now increasingly plausible.
Diplomats are preparing to help Britons abroad through a banking collapse and even riots arising from the debt crisis.
Diplomats have also been told to prepare to help tens of thousands of British citizens in eurozone countries with the consequences of a financial collapse that would leave them unable to access bank accounts or even withdraw cash.
Source: The Telegraph
With fiscal time bombs ticking in both Europe and the United States, the pertinent question for now seems to be which will explode first.
the U.S. is crystal clear in its intention to ignore its debt problems. With the failure of the Super Committee this week it actually became official. American politicians will not, under any circumstances willingly confront our underlying debt crisis.
Source: Financial Sense, Peter Schiff – Who’s Fuse is Shorter?
Is the world on the verge of another massive global financial collapse? Yes. The western world is drowning in an ocean of debt unlike anything the world has ever seen before, and our financial markets are gigantic casinos that are dependent on huge mountains of risk and leverage remaining very stable. In the end, this house of cards that has been built on a foundation of sand is going to come crashing down in a horrifying manner.
Most people out there are working hard and are busy preparing for the holidays and they are hopeful that the economy will turn around soon. But that is not going to happen. We are heading for another major global financial collapse, and when it happens the U.S. economy is going to get even worse.
The epicenter for the coming global financial collapse is almost certainly going to be in Europe. As you will see below, financial professionals all over the world are sounding the alarm about Europe. It is a disaster that everyone can see coming but that nobody seems to be able to prevent.
Source: The Economic Collapse – 17 Quotes About The Coming Global Financial Collapse That Will Make Your Hair Stand Up
Alf Field: I have come out of retirement for this one off, once only, speech to warn that the good ship “Life As We Know It” is sinking. You have the choice of getting into a life boat now or going down with the ship.
The following are the brutal truths that the modern generation will have to face as the U.S. and the rest of the world deals with the ongoing global financial crisis:
- The slate needs to be wiped clean and a new sound monetary system introduced.
- That will require the elimination of all debt, deficits, unfunded social entitlements, the US Dollar as Reserve currency, and the big one, the $600 trillion of derivatives.
- To eliminate these problems by default and deflation will cause a banking collapse and untold economic pain, leading to riots and political change.
- Politicians are appointed for relatively short terms and opt for the easy solutions.
- While politicians continue to have the ability to create new money at will, they will do so in order to prevent a melt down on their watch.
- Consequently the odds point to governments wiping the slate clean by generating enough new money to eventually destroy their currencies.
- The new international monetary system is likely to involve precious metals. It will have to be money that people trust and that governments cannot create at will.
Every experiment with government issued fiat money has ended with the destruction of that money. There is no reason to believe that it will be different this time. The world’s 40 year experiment with floating ‘I owe you nothing’ fiat currencies is coming to an end.”
Source: Financial Sense – Alf Field is Back
Eighteen months into a sovereign debt crisis — and after many futile efforts to resolve it — the endgame appears to be fast approaching for Europe.
While its leaders may well hold to the current path of offering piecemeal solutions, nervous investors are fleeing European countries and banks.
American financial institutions are also at risk [to European crisis]. According to the Institute of International Finance, they have $767 billion worth of exposure through bonds, credit derivatives and other guarantees to private and public sector borrowers in the euro zone’s weakest economies.
Source: The New York Times – Time Runs Short for Europe to Resolve Debt Crisis.
What can you, Joe Citizen, do about it? Get your money out of banks that may implode. Consider a credit union, or at least check the strength of your bank (there are a number of online resources for this). Keep an amount of cash at home. Be ready to survive a ‘bank holiday’, a period of time when the banks are closed and you cannot withdraw money. Be prepared for events of social unrest should a collapse occur.
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