The economic doom and gloom has certainly accelerated lately. It makes you wonder how much longer this thing will hold together before the next shoe drops. A few recent articles around the blogoshpere point towards sooner rather than later…
The article title is part of a quote from Larry Elliott of the guardian.co.uk who sums up a recent post saying, “Together, the global imbalances, the manic-depressive behaviour of stock markets, the venality of the financial sector, the growing gulf between rich and poor, the high levels of unemployment, the naked consumerism and the riots are telling us something. This is a system in deep trouble and it is waiting to blow.”
The rest of the article: We’ve been warned: the system is ready to blow
A guest post by Guy McPherson over on zerohedge.com reads, “U.S. national debt isn’t really $14 trillion and change, as we’ve been led to believe. In fact, it exceeds $200 trillion…It cannot be paid off, ever. The response will be default. With luck, it’ll happen quickly and completely, thus sending us directly to the new dark age (with the post-industrial Stone Age soon to follow).”
The rest of the article: Three Paths To Near-Term Human Extinction
The Economic Collapse Blog reports, “Global financial markets are being held together with chicken wire and duct tape. At some point the pyramid of corruption and con games is going to come crashing down. If you still have faith in the system, you are not very wise. We are heading for an economic collapse that will be absolutely unprecedented, and you need to be getting prepared.”
The rest of the article: Bad News
That’s all OK though, because the president of the United States while on Martha’s Vineyard for vacation, just strolled into a local bookstore and purchased Aldous Huxley’s “Brave New World”…
Why do we keep repeating this general message here? Because we believe that this risk warrants it. The more prepared you are today, the better off you’ll be when it’s all over.
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Everywhere I look I am reading this message that the economy is going to blow but I have no idea what that means in real practical terms. Does any one have an informed opinion on just how bad it is going to get for the man in the street? Not the guy with the big portfolio, the guy with two kids and a mortgage.
I would be grateful for any insights.
“The guys with portfolios” were the ones jumping out windows in the 20s and 30s. The dirt farmer hitched up his plow mule in pretty much the same way as before. The next reset, as all before it, will not destroy the uber-rich, but the merely rich will think they’ve died and gone to hell.
When it blows, it blows, and everyone will get hit.
98% of today’s money is so-called “fiat money” – they don’t exist, other than in the form of some bits in some computers.
What do you think will happen when people completley lose confidence in the economic system? Everyone will run to their banks and try to get their money out. Problem is: They’re not there….
If/when it goes then gold nor silver will be worth a “tinkers damn” better save your bullits and beans, I’ll eat while you count your coins! Fish basket would be nice too! ( for those of you that have a clue what that is!)