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Socio-Economics & History Commentary

Canadian Stocks in Bear Market, Loonie Swoons, Alberta’s Heavy Crude Crashes to $16, Consumer & Business Confidence Dives…

Oil_Plunge_killing_Canada

  • Canadian Stocks in Bear Market, Loonie Swoons, Crude Crashes to $16, Consumer & Business Confidence Dives… 
    by , http://wolfstreet.com/  
    “Investment and hiring intentions lowest since 2009”: Bank of Canada

    Since Christmas Eve, the Toronto Stock Exchange index has dropped every single day, 10 trading days in a row, including so far today as I’m writing this, the longest losing streak since 2002. Now at 12,210, it’s down 21% from its 52-week high, set on April 17, and thus in bear market purgatory.

    Beaten down energy producers, at about 20% of the index, have had a big impact. But the problems are broader. Among the standouts is the must-own, super-growth, TSX mega-cap Valeant, whose shares have plunged 65% from their 52-week high.

    The Canadian dollar just dropped below US$0.70 for the first time since spring 2003, to US$0.6996. It now takes C$1.43 to buy a US dollar, up from about parity in 2011, 2012, and much of 2013. That year, Stephen Poloz became governor of the Bank of Canada. His solution was to demolish the currency. So he took it down 28% against the US dollar, with a big supporting hand from the collapsing prices of the commodities that Canada exports. Oil joined them in mid-2014.

    The US benchmark WTI is trading just above $30 a barrel. Pundits at major investment banks have their eyes set on $20. Doom-and-gloomers see $10. 

    Canadian producers aren’t so lucky. Alberta’s heavy crude blend, Western Canada Select, plunged 30% so far this year, and on Monday hit US$16.51 a barrel, according to PSAC. “Lowest close on record,” according to the Globe and Mail

    Canadian producers are already experiencing what doom-and-gloomers are predicting for WTI. The swoon of the Canadian dollar is in part a reflection of this. Poloz is patting himself on the back. He sees benefits for big exporters outside the resource sector, such as auto manufacturing plants and component suppliers to the US auto industry that compete with Mexico.

    This is a small consolation for Canadians who want to eat: At lot of food is imported; 81% of fruits and vegetables are imported. Canadians have to buy them with their plunging loonie.

    In 2015, food prices rose 4.1%, according to the 2016 Food Price Report by the Food Institute at the University of Guelph. Meat prices rose 5%, fruits 9.1%, vegetables 10.1%. The average Canadian household spent C$325 more for food in 2015 than in 2014. Steeper increases are expected this year, with the average household likely to spend $345 more than last year. The report squarely blamed the loonie.

    Well-to-do Canadians might brush off price increases. But they make a big difference for many middle-class Canadians who, just like their brethren in the US, are struggling on a monthly basis to make ends meet.

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January 14, 2016 Posted by | Economics | , , , , , , , , | Leave a comment

Jim Willie: Fuse to Start Final Stage Breakdown Is Oil Price Going Below $30/Barrel

www.goldenjackass.com

Click on image to play interview MP3 file!

  • Jim Willie: Fuse to Start Final Stage Breakdown Is Oil Price Going Below $30/Barrel
    by http://goldenjackass.com/main5.html  
    December 30th:  topics covered are:

    a) ISIS origin, with players Turkey, Syria, Iran, and some of the real motives and activities;
    b) instability of the Turkish Govt and likelihood of regime change;
    c) USFed fake rate hike, with revealed Reverse REPO volume, exported QE volume;
    d) abuse of USDept Exchange Stabilization Fund to make Double Hidden QE to Infinity as new double-barreled hyper monetary inflation;
    e) other QE events cited to qualify as QE4 and QE5;
    f) huge impaired debt with energy sector, Emerging Market, central bank dumping to wreck big banks;
    g) fuse to start final stage breakdown is to be oil price going below $30/barrel; and lastly
    h) dying USDollar evident with powerful oil price decline as both go down together in flames
  • Out With The Old, In With The Jackass
    by Turd Ferguson, http://www.tfmetalsreport.com/ 
    Another holiday weekend is upon us so, as per tradition, we have another installment of a TFMR podcast with The Golden Jackass himself, Jim Willie. Three main topics are discussed over the course of this 100+ minute discussion. The first 40 minutes deals with The Middle East, particularly Syria and Turkey. The next 20 minutes are spent discussing the recent “rate hike” by the Federal Reserve and the final segment primarily focuses upon falling crude oil prices and the impact on derivatives, interest rates and geo-politics.

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December 31, 2015 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Jeff Berwick: A Collapse Far Worse Than 2008 Is Coming… Soon! EndGame – One World Government, One World Currency, One World Religion …

  • Published on Dec 19, 2015
    Jeff is interviewed by Dave of the X22 Report, topics include: the geopolitical situation in the middle east, a new Pearl Harbor, USA started ISIS, proxy wars, the petrodollar system, global domination toward a one world government, the wholesale removal of individual rights and freedoms, the US is now more communist than Russia and China, the role of central banking, the world is moving away from the US dollar, hyperinflation vs gold and silver, sharp rise in capital and travel controls, the Shemitah unfolding pretty much as predicted, ever increasing debt and money printing, the US is highly vulnerable to interest rate rises, US the most bankrupt and indebted country in history!

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December 26, 2015 Posted by | Economics, EndTimes, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Make Sure There Is a New Year: Dump Obama and Wall Street!

WW3 is near?

WW3 is near?

  • Emphasis mine:
  • Make Sure There Is a New Year: Dump Obama and Wall Street!
    by https://larouchepac.com/ , 23 Dec 2015
    In the crash process already underway of the entire, dead Trans-Atlantic Financial System, there are now cases by the hour, of insolvencies and withdrawal-runs, while on Jan. 1, a raft of “official” measures take effect, which will add nuclear fuel to the fire. Lyndon LaRouche said of this process last week,”What you’re getting is an accelerated rate of crisis. The rate of acceleration—the self-acceleration of the process—is such that, within one week, the whole thing could be wiped out. We’re in that kind of situation.”

    We are at a point of do-or-die challenge this Christmas: either we force action to re-instate Glass-Steagall and the related emergency measures, or else, it’s mass hell and damnation.

    Monday’s Wall Street Journal presented a review of the latest updates on the financial disintegration, by recounting the names of the hedge funds which have gone under, and also covering the situation of several more prominent firms, which are nominally in business, only by imposing “deferred payment” to client speculators, who want to cash out. For example, a unit of the infamous Carlyle Group LP, Claren Road Asset Management, is expected to have, as of Jan. 1, a sum of $1.25 billion under their management, way down from $8.5 billion they had just 15 months ago, before their client-investors began demanding mass-withdrawals over 2015. However, since the Claren Road operation has imposed a “delayed-repayment” policy for six months, the imputed year-end $1.25 billion does not even cover the outstanding demands deferred over the third and fourth quarters of 2015. The same situation applies to many other Wall Street houses of speculation, whether big names or small fry.

    The bums are bankrupt! Some of the withdrawals and sell-offs taking place, besides being a stampede for the exits, are due to attempts to meet contracts and reserve requirements, but that very fact marks that the system is gone. Then comes Jan. 1, with many new detonation points.

    In the European Union, new rules for bail-in go into effect on Jan. 1, after the bail-in policy has already been implemented in Cyprus, Italy, Portugal, Spain and elsewhere, with killer consequences. The official name of the EU measure, is Article 55, titled, Bank Recovery and Resolution Directive (BRRD).

    In Eurasia, on Jan. 1, the Ukraine free trade accord with the European Union goes into effect. At the same time, the Dec. 21 talks among Russia, Ukraine, and the EU on how to proceed, fell apart. “Ukraine is going down,” LaRouche noted. They cannot get anywhere. In the Americas, as of Jan. 1, Puerto Rico, with no action taken by Washington, D.C., is on track for default.

    Overall, on Jan. 1, the third installment of the Basel Accords is to take effect. What the 2016 Basel III rules do, is order banks to sell masses of deadly bail-in bonds; in other words, banks must issue “rat poison” to savers and investors. This stuff goes under the rubrics of “long-term,” or “loss absorbing,” or most elegantly, “Basel III-compliant” bonds.

    Add in the Obama/London war drive, and the consequences of allowing this insanity to continue another day are deadly. LaRouche is sounding the call for “a mobilization of the willing”—those willing to see the problem, and those willing to act.

    Join us at 8 PM eastern Wednesday night for an emergency webcast event featuring Jeff Steinberg & Matthew Ogden, followed by a live Fireside Chat discussion with Lyndon LaRouche at 9 PM. These back to back presentations are part of an emergency mobilization Mr. LaRouche launched Tuesday evening to marshal the sane and patriotic forces in the United States and Europe to handle the blow out of the transatlantic financial system on the eve of the New Year.
https://larouchepac.com/20151030/obama-moving-towards-three-wars-once

Click on image for article.

https://larouchepac.com/20150115

Click on image for article.

https://larouchepac.com/20141224

Click on image for article.

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December 24, 2015 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , , , | Leave a comment

Emergency Webcast To A Nation On the Verge of Financial Catastrophe! January 1st is Doomsday!

  • Emergency Webcast To A Nation On the Verge of Financial Catastrophe 
    by https://larouchepac.com/  , 23 Dec 2015  
    Join us at 8 PM eastern Wednesday night for an emergency webcast event featuring Jeff Steinberg & Matthew Ogden, followed by a live Fireside Chat discussion with Lyndon LaRouche at 9 PM. These back to back presentations are part of an emergency mobilization Mr. LaRouche launched Tuesday evening to marshal the sane and patriotic forces in the United States and Europe to handle the blow out of the transatlantic financial system on the eve of the New Year. Stay tuned to LaRouchePAC.com for more!
https://larouchepac.com/20151223/emergency-christmas-eve-message-january-1st-doomsday-only-fdr-action-can-save-you

Click on image for article.

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December 24, 2015 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Worldwide Currency Crisis In 2016 | Duane & Hoffman

December 23, 2015 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , , , | Leave a comment

Mike Maloney: The Perfect Economic Storm Is Here!

  • Published on Dec 1, 2015
    Never before in history have all the governments of the world laid down the foundation for the perfect economic storm. And in this just-released presentation from Mike Maloney, you’ll discover why we can not avoid it. It was recorded LIVE at the 2015 Silver Summit. And it’s loaded with new research that proves a financial crisis of epic proportions is headed straight toward us. As you would expect from Mike, it’s all laid out in eye-opening charts everyone can understand. This talk comes on the 10-year anniversary of Mike’s uncanny 2005 Silver Summit appearance where he made several stunningly accurate predictions. They were unpopular at the time but many have already come to pass. Back then, he said the real estate bubble would burst. And it would cause a tsunami of foreclosures transmitting a crisis around the world instantly through derivatives. This was two years BEFORE Ben Bernanke even admitted there was any kind of housing bubble. And it happened. Mike also said stocks would crash. They did 3 years later. And he said that these events would trigger deflation. But that Ben Bernanke, Chairman of the Federal Reserve at the time, would do everything in his power to prevent that. He said Bernanke would re-inflate stocks, bonds, and real estate with an unprecedented amount of money printing. This also happened. Now, Mike reveals what’s coming next. And it could catch 99% of all investors off guard.

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December 3, 2015 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , , | Comments Off on Mike Maloney: The Perfect Economic Storm Is Here!

Warren Pollock: World Getting Ready for War

  • Warren Pollock: World Getting Ready for War
    by Greg Hunter’s USAWatchdog.com (Early Sunday Release) 
    Geopolitical and financial analyst Warren Pollock warns, “The world is getting ready for war.” Pollock says the signs are everywhere, including the recent and very public missile launch off the coast of California. Pollock explains, “They are firing them in the direction of China. What is so amazing is the ocean is a vast place. They could have chosen anywhere to launch these missiles from and, instead, they launched them right next to a metropolitan area. So, really, they are sending a message to the people in the United States. More so than that, they are sending a message to the people in China. It’s definitely not directed at Russia. What the government wants you to see is the U.S. is this big powerful military strength type of country. It is in control of the world, and the reserve currency is worth something. We are a strong military power and, really, on a conventional sense, the emperor has no clothing. This use of a last resort weapon, the demonstration of it, is really a sign of impotence.”

    Pollock says the global economy is the key to the timing of war. The global economy is in a tailspin, and Pollock says, “War starts when China’s economy implodes. . . . The economy in China is coming to a halt. It’s in deflation. It’s in a depression. All the capital that has been pouring into China has been misallocated. It’s similar to the 1920’s in the United States. The onset of the boom-time and the follow-on depression. . . . People in China want to get out of China. They want their assets out of China. . . They see this is going to be a full blown deflation where debt is going to go bad.   People’s commitments are not going to be honored, and they might try to delay . . . bide for time and try the old formula first.”

    Pollock says China might be pressuring the Fed to raise interest rates even though the economy is sinking. Why? Pollock explains, “If the U.S. dollar gets stronger, that allows us to buy more Chinese goods.   First, the Chinese are going to call their friends in Washington and tell them to strengthen that dollar. . . . This will just make the pile of bad U.S. dollar assets bigger and bigger and will make the crash bigger and bigger.”

    Pollock says that the U.S. will go into the biggest financial depression in the history of the world. Pollock says, “Unlike we have ever seen, and it’s possible war is going to be the resetting mechanism. Let’s look at it from the perspective of China. Their economy goes bad and guess what? They are going to say the Japanese are evil. The Americans are evil. . . . Japan sees this war coming. Russia sees this war coming. To some extent, some generals in the U. S. see this war coming. They are stockpiling bullets. They have their heads in their asses in the Pentagon.”

    How does gold do in the coming depression and World War scenario? Pollock says, “I wouldn’t sell my gold for anything because it’s going to survive through this crisis. It’s going to survive through deflation. It’s going to survive through hyperinflation. It’s going to survive through war, assuming that you do.”

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November 17, 2015 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , , , , , , , , | Comments Off on Warren Pollock: World Getting Ready for War

John Williams: The Inevitability of Dollar Destruction and Hyper Inflation

  • Published on Nov 11, 2015
    John Williams says the real economy has never completely recovered and that hyper inflation could still result because the dollar will eventually collapse.

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November 12, 2015 Posted by | Economics | , , , , , , , , , , , , | 1 Comment

The Inevitable Collapse of the World’s Economic System – It’s Coming

Global_Economic_Collapse_accelerates

  • The Inevitable Collapse of the World’s Economic System – It’s Coming
    by Anthony Wile, http://www.dailybell.com/  
    The world’s economic implosion is getting closer. It’s not something that is a staple on the nightly news, but it is taking place. Because it is not commonly reported, investors may not understand fully how debased the economic environment has become. Japan, Russia, China and Brazil as well as the West are all plunging economically and thus interest rates – one sign of distress – may be going lower not higher.

    The European Union doesn’t anticipate growth and the Fed anticipates but doesn’t act as if it believes it. And now Bank of England’s Mark Carney has weighed in with his own negative forecast. From the BBC:

    Forecasts for the first change in interest rates since 2009 have been pushed further into the future following the latest reports from the Bank of England. The Bank said that the outlook for global growth had weakened, which was depressing the risk of inflation. Economists think that indicates rates will not rise until the second quarter of next year and perhaps later.

    The Bank once again held UK interest rates at the record low of 0.5%. The Bank’s Monetary Policy Committee, led by governor Mark Carney, voted 8-1 to keep rates unchanged. UK interest rates have now remained on hold for six-and-a-half years.

    We went through a period when the Bank of England in aggregate burbled happily about an ongoing “recovery.” But recovery has been flushed down the so-called memory hole. Remember the “green shoots” of yore? It is all fiction, gas-baggery, monetary propaganda. There is no recovery. If the Fed raises rates it will be a tiny move upwards. But frankly, I’d be surprised even by that.

    Just a few days ago, Yellen was quoted as saying the Fed would consider negative rates if the economy soured. Here, from Reuters:

    The Federal Reserve would consider pushing interest rates below zero if the U.S. economy took a serious turn for the worse, Fed Chair Janet Yellen said on Wednesday. “Potentially anything – including negative interest rates – would be on the table.”

    Yellen said the idea would have to be carefully studied but indicated that banks might be apt to lend more money if they were receiving payment for money stored with them.

    It is really incredible that people can put credence in this kind of economic mumbo-jumbo. The point of negative interest rates is that the bank is enriched by its savers and investors. But no matter what moves are made to support banks, it is the health of the economy that will drive the demand for money and thus for lending.

    Central bankers are extraordinarily powerful in the modern era. And for central bankers every recession is a monetary problem and every answer involves the hammer of financialization.

    They never call it debasement, of course, because that’s a blunt term not used in the polite society of high finance. But one way or another the knee-jerk financial solution is to add to the money supply. When the business cycle is at its nadir, this solution is often described as pushing on a string.
    – 
    read more.

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November 9, 2015 Posted by | Economics | , , , , , , , , , , , , , | Comments Off on The Inevitable Collapse of the World’s Economic System – It’s Coming

Monetary Bazookas Or Not, ‘Global Crisis is Inevitable’

Global_Economic_Collapse_accelerates

  • Monetary Bazookas Or Not, ‘Global Crisis is Inevitable’
    by Dembik Christopher, Economist, https://www.tradingfloor.com/  
    * There is an “inevitable” global financial crisis on the way
    * We are near the end of the global recovery cycle even if it may not feel like it
    * China could delay the crisis through a QE ‘monetary bazooka’
    * A new paradigm is emerging but we could jump from deflation to hyperinflation

    Until recently, the consensus assumed a strengthening of the global economy in 2016. It won’t happen. If the global economic growth manages to reach 3.1% next year, as forecast by the IMF, it will be a miracle. 


    We haven’t realised that the global economic recovery is already here for over six years. This recovery phase is weaker than previous ones and much more disparate. 

    Since the onset of the global financial crisis in 2007, the potential growth rate has been much lower everywhere: from 3% to 2% for the US, from 9.4% to 7.20% for China and from over 5% to below 4% for Poland. 

    Many regions, such as the euro area, have remained on the sidelines and experienced stalling economic growth. Over the last two decades, economic cycles have been shortened due to the financialization of the economy, trade globalization, deregulation and the acceleration of innovation cycles. 

    Since the 1990s, the US went through three recessions: in 1991, 2001 and 2009. It is erroneous to believe that the recovery has just begun. We are close to the end of the current economic cycle. The outbreak of a new global crisis in the coming years is inevitable.   
     –
    The lack of economic momentum next year and short periods of deflation related to falling oil prices will certainly push central banks to pursue their disastrous “extend-and-pretend” strategy which will increase the price of financial assets and global debt.

    read more.
http://www.theguardian.com/commentisfree/2015/nov/01/financial-armageddon-crash-warning-signs

Click on image for article.

http://www.telegraph.co.uk/finance/economics/11858952/BIS-fears-emerging-market-maelstrom-as-Fed-tightens.html

The BIS is a snake organization. It paints itself as the savior by giving such warnings but in reality is part ofthe problem, the Illuminist privately owned central banking cartel. Click on image for article.

http://www.telegraph.co.uk/finance/economics/11704051/The-world-is-defenseless-against-the-next-financial-crisis-warns-BIS.html

Once again the serpents who are behind the crisis are speaking like the good guys warning the sheeple about the coming crisis they engineered. Click on image for article.

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November 7, 2015 Posted by | Economics | , , , , , , , , , , , | Comments Off on Monetary Bazookas Or Not, ‘Global Crisis is Inevitable’

FedRes Warns NEGATIVE INTEREST RATES! World Currencies Death Sentence!

  • Negative interest rates will spell the end of the banking and financial system. Banks cannot survive when they lend money out at zero percent or negative interest rates. Thus, they will not extend new loans and they will contract existing loans portfolio. When interest rates turn negative, banks will lose money on their existing loan portfolios. They will find ways and means to recall their loans. This will apply pressure on the economy to contract. Since the banking system essentially exist to provide financing (ie. loans using deposits) to the economy, there is no longer a financing role for them in the economy.
  • When interest rates turn negative, it no longer make sense to deposit your money in the banks since you are paying interest to the banks. Negative interest rates are inflationary. People will exchange their cash, money, savings …. into hard assets to preserve their value. In a time of hyperinflation, hard assets like physical gold/silver will see spectacular gains. Carried to its logical conclusion, negative interest rates spell the end of fiat currencies. Got physical gold/silver yet?
  • Negative interest rates spell the end of the banking system. It is, IMO, in the interest of Illuminist banksters to protect themselves. Ie. the FedRes, IMO, will eventually raise the interest rates and it will collapse the economy but save the TBTF banks.

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November 7, 2015 Posted by | Economics, Social Trends | , , , , , , , , , , , , | Comments Off on FedRes Warns NEGATIVE INTEREST RATES! World Currencies Death Sentence!

Bill Holter: Gold Only Insurance for Coming Financial Armageddon

  • Published on Nov 3, 2015
    Gold expert and financial writer Bill Holter says there is “no rule of law,” and criminal activity has suppressed the price of physical gold. Holter says, “We have been through a four year period of time where paper gold has been pounding the price of physical gold. You have people who were strong legged, hard money guys who are weak in the knees now, and they shouldn’t be. My hope is we can strengthen some weak knees, to not sell you only insurance in a financial Armageddon. It is mathematically coming. There is absolutely no possible exit with the system intact and the rule of law.”
http://www.theguardian.com/commentisfree/2015/nov/01/financial-armageddon-crash-warning-signs

Click on image for article.

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November 6, 2015 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , | Comments Off on Bill Holter: Gold Only Insurance for Coming Financial Armageddon

Bill Holter: China Could Reprice Gold to $100,000 per Ounce

  • Gold is the perfect debt extinguisher. By repricing gold many folds higher, governments around the world will solve their debt problems.
  • Bill Holter: China Could Reprice Gold to $100,000 per Ounce
    by Greg Hunter’s USAWatchdog.com
    Financial writer and gold expert Bill Holter contends China has enormous debt problems, but a very good plan B. Holter explains, “China used fiat debt to build real infrastructure, and when the system blows up, the fiat debt blows away and they are left with infrastructure. Do they have 20% bad loans? They very well could and probably do. If it is true that they are going to have a debt blow up, don’t forget China has been importing big tonnage of gold for years now. Over the last five years, they have imported 9,000 tons of gold. Their way out is the old way out. The old way out was to revalue gold higher. They could revalue gold and step up and say they will pay $50,000 or $100,000 per ounce for any and all ounces for sale. You can’t say there is not enough gold. What you can say is that it’s not priced correctly to support the system. If they have an implosion of debt which leaves their balance sheets impaired, the way to recapitalize the balance sheets is to revalue the price of gold higher. It creates capital, in other words.”


    How about the U.S. debt problem? Holter says, “That does not and cannot work for the U.S. because we have offloaded our gold. Simple math tells you the gold that China received has to come from somewhere, and that only somewhere in the world is Western U.S. vaults.”

    Could the U.S. still have its more than 8,000 tons of gold? Holter says, “That’s pure ‘hopium’ that the U.S. still has their gold. Common sense and logic tells you that the gold is gone.”

    So, has the U.S. budget and debt ceiling deal fixed anything? Holter says, “If they didn’t raise the debt ceiling, there would have been an immediate implosion. You have to understand, Americans are the only people on earth that aren’t laughing at the debt ceiling. Foreigners are laughing at it. You are talking about $20 trillion. It can’t be paid. We are at 110% of GDP already, and we’re the reserve currency.”

    Holter goes on to say, “It’s another bubble. It’s going to burst, and the banks are in worse condition now from a debt to equity standpoint. Nothing has changed–it’s just bigger.”

    read more.

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November 5, 2015 Posted by | Economics | , , , , , , , , , , , | Comments Off on Bill Holter: China Could Reprice Gold to $100,000 per Ounce

Doug Casey: Bigger Financial Meltdown Starts Before End of Year

  • Doug Casey: Bigger Financial Meltdown Starts Before End of Year
    by Greg Hunter’s USAWatchdog.com  (Early Sunday Release) 
    Best-selling author and economic expert Doug Casey says another financial meltdown worse than the last one is coming soon. Casey says, “I was saying in 2007 that we were going into a gigantic financial hurricane. It hit in 2008 and 2009. For the last few years, we have been in the eye of the storm of this gigantic hurricane. Now, as we speak, we are entering the trailing edge of this hurricane, and it’s going to be much worse and much longer lasting and much different than what we saw in 2008 and 2009, and that was ugly.”

    Why will it be much worse than last time? Casey contends, “All these central bankers are doing the same stupid things. . . . The American central bank, the Europeans, Japanese and the Chinese have all printed trillions of new currency units and, yes, they are doing this in concert.   They don’t want to see the markets collapse, but they are going to collapse, and the nature of this collapse is going to be different because they have created trillions and trillions of new currency units, and that has created bubbles all over the world economy.”

    On why it has taken so long for the next crash to be created, Casey says, “Everything looks good until all of a sudden it looks terribly bad. It’s like when you jump off the Empire State Building. Everything is fine as you pass the 50th floor, but it all happens at once when you hit the sidewalk.   I think that’s what we’re looking at, and we’re going to start hitting the sidewalk before the end of the year. This is very serious. This is the most serious thing since the 1930’s, and this may be the most serious since the industrial revolution overturned the previous basis of life.”

    On the new U.S. debt and budget deal, Casey says, “The only people who are happy about it are the top dogs and running dogs in and around government. When central banks create more money, some people get it before other people. The people who are hooked up in the deep state get it first. Eventually, it trickles down to people in Middle America, but there is not much left at that point. This is why the rich are getting richer. The rich guys get that money that is created first.”

    On troubled banks, Casey says, “These banks think they have trillions of dollars of assets, but if people don’t pay the loans, the depositors in the banks could be very unhappy. Then the government is going to bail them out by creating trillions of new dollars, and the dollar is going to lose all value. I don’t see any way out. We are either going to have a catastrophic deflation where all these loans are defaulted on and banks have to close and the stock market crashes and that’s ugly and it’s a 1929 style depression, or we the government reacts and prints so much money we end up with a 1923 style German hyperinflation. So, we are caught between a rock and a hard place. . . . Maybe they can wrench one more artificial boom out of this cycle, but I don’t think so.”

    read more.
Global economic, financial and currency collapse is coming!

Global economic, financial and currency collapse is coming!

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November 3, 2015 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , , , | Comments Off on Doug Casey: Bigger Financial Meltdown Starts Before End of Year

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