Posted on 10/02/2011 4:30:15 PM PDT by blam
Prophets Of Doom: 12 Shocking Quotes From Insiders About The Horrific Economic Crisis That Is Almost Here
October 1, 2011
We are getting so close to a financial collapse in Europe that you can almost hear the debt bubbles popping. All across the western world, governments and major banks are rapidly becoming insolvent. So far, the powers that be are keeping all of the balls in the air by throwing around lots of bailout money. But now the political will for more bailouts is drying up and the number of troubled entities seems to grow by the day. Right now the western world is facing a debt crisis that is absolutely unprecedented in world history. Europe has had a tremendously difficult time just trying to keep Greece afloat, and several much larger European countries are now on the verge of a major financial crisis.
In addition, there is a growing number of very large financial institutions all over the western world that are also rapidly approaching a day of reckoning. The global financial system is a sea or red ink, and when we get to the point where there are hundreds of ships going under how is it going to be possible to bail all of them out? The quotes that you are about to read show that quite a few top financial and political insiders know that things cannot hold together much longer and that a horrific economic crisis is coming. We built the global financial system on a foundation of debt, leverage and risk and now this house of cards that we have created is about to come tumbling down.
A lot of people in politics and in the financial world know what is about to happen. Once in a while they will even be quite candid about it with the media.
As I have written about previously, Europe is on the verge of a financial collapse. If things go really badly, things could totally fall apart in a few weeks. But more likely it will be a few more months until the juggling act ends.
Right now, the banking system in Europe is coming apart at the seams. Because the global financial system is so interconnected today, when major European banks start to fail it is going to have a cascading effect across the United States and Asia as well.
The financial crisis of 2008 plunged us into the deepest recession since the Great Depression.
The next financial crisis could potentially hit the world even harder.
The following are 12 shocking quotes from insiders that are warning about the horrific economic crisis that is almost here....
#1 George Soros: "Financial markets are driving the world towards another Great Depression with incalculable political consequences. The authorities, particularly in Europe, have lost control of the situation."
#2 PIMCO CEO Mohammed El-Erian: "These are all signs of an institutional run on French banks. If it persists, the banks would have no choice but to delever their balance sheets in a very drastic and disorderly fashion. Retail depositors would get edgy and be tempted to follow trading and institutional clients through the exit doors. Europe would thus be thrown into a full-blown banking crisis that aggravates the sovereign debt trap, renders certain another economic recession, and significantly worsens the outlook for the global economy."
#3 Attila Szalay-Berzeviczy, global head of securities services at UniCredit SpA (Italy's largest bank): "The only remaining question is how many days the hopeless rearguard action of European governments and the European Central Bank can keep up Greece’s spirits."
#4 Stefan Homburg, the head of Germany's Institute for Public Finance: "The euro is nearing its ugly end. A collapse of monetary union now appears unavoidable."
#5 EU Parliament Member Nigel Farage: "I think the worst in the financial system is yet to come, a possible cataclysm and if that happens the gold price could go (higher) to a number that we simply cannot, at this moment, even imagine."
#6 Carl Weinberg, the chief economist at High Frequency Economics: "At this point, our base case is that Greece will default within weeks."
#7 Goldman Sachs strategist Alan Brazil: "Solving a debt problem with more debt has not solved the underlying problem. In the US, Treasury debt growth financed the US consumer but has not had enough of an impact on job growth. Can the US continue to depreciate the world’s base currency?"
#8 International Labour Organization director general Juan Somavia recently stated that total unemployment could "increase by some 20m to a total of 40m in G20 countries" by the end of 2012.
#9 Deutsche Bank CEO Josef Ackerman: "It is an open secret that numerous European banks would not survive having to revalue sovereign debt held on the banking book at market levels."
#10 Alastair Newton, a strategist for Nomura Securities in London: "We believe that we are just about to enter a critical period for the eurozone and that the threat of some sort of break-up between now and year-end is greater than it has been at any time since the start of the crisis"
#11 Ann Barnhardt, head of Barnhardt Capital Management, Inc.: "It's over. There is no coming back from this. The only thing that can happen is a total and complete collapse of EVERYTHING we now know, and humanity starts from scratch. And if you think that this collapse is going to play out without one hell of a big hot war, you are sadly, sadly mistaken."
#12 Lakshman Achuthan of ECRI: "When I call a recession...that means that process is starting to feed on itself, which means that you can yell and scream and you can write a big check, but it's not going to stop."
*****
In my opinion, the epicenter of the "next wave" of the financial collapse is going to be in Europe. But that does not mean that the United States is going to be okay. The reality is that the United States never recovered from the last recession and there are already a lot of signs that we are getting ready to enter another major recession. A major financial collapse in Europe would just accelerate our plunge into a new economic crisis.
If you want to read something that will really freak you out, you should check out what Dr. Philippa Malmgren is saying. Dr. Philippa Malmgren is the President and founder of Principalis Asset Management. She is also a former member of the Bush economic team. You can find her bio right here.
Malmgren is claiming that Germany is seriously considering bringing back the Deutschmark. In fact, she claims that Germany is very busy printing new currency up. In a list of things that we could see happen over the next few months, she included the following....
"The Germans announce they are re-introducing the Deutschmark. They have already ordered the new currency and asked that the printers hurry up." This is quite a claim for someone to be making. You would think that someone that used to work in the White House would not make such a claim unless it was based on something solid.
If Germany did decide to leave the euro, you would see an implosion of the euro that would be truly historic.
But as I have written about previously, it should not surprise anyone that the end of the euro is being talked about because the euro simply does not work.
The only way that the euro would have had a chance of working is if all of the governments using the euro would have kept debt levels very low.
Unfortunately, the financial systems of the western world are designed to push governments into high levels of debt.
The truth is that the euro was doomed from the very beginning.
Now we are approaching a day of reckoning. We have been living in the greatest debt bubble in the history of the world, but the bubble is ending. There are several ways that the powers that be could handle this, but all of them will lead to greater financial instability.
In the end, we will see that the debt-fueled prosperity that the western world has been enjoying for decades was just an illusion.
Debt is a very cruel master. It will almost always bring more pain and suffering than you anticipated.
It is easy to get into debt, but it can be very difficult to get out of debt.
There is no way that the western world can unwind this debt spiral easily.
The only way that another massive economic crisis can be put off for even a little while would be for the powers that be to "kick the can down the road" a little farther by creating even more debt.
But in the end, you can never solve a debt problem with more debt.
The next several years are going to be an incredibly clear illustration of why debt is bad.
When the dominoes start to fall, we are going to witness a financial avalanche which is going to destroy the finances of millions of people.
You might want to try to get out of the way while you still can.
see post #54
I was going to say! My family has been in jewelry for 5 generations, and I would hate to see the silver earring that required a $75 (2 oz) back!
Our bank freezes our credit card when we make out of the ordinary purchases all the time.
The problem is that it is always a problem when they do that because it’s when we’re traveling and need it the most. Well, they tell us that if we’re traveling we should let them know so they know to expect the purchases, but I really resent that.
I do not need my mommy’s permission to travel and lead my life the way I see fit.
I understand that they are trying to prevent fraud, and they did actually once catch someone who tried to buy airline tickets using my daughter’s stolen credit card number, but that was the ONLY time I ever had that happen personally to me in all the years we’ve had credit cards.
Preventing credit card fraud is one thing. This kind of *need their permission to do anything out of the ordinary* really chafes at me.
Yup, I can see this world being set up for an oppressive one world government which requires a mark to buy or sell, all in the name of protecting us, of course.
ping
If your holding on to your pennies, make sure they're dated 1981 or before.
Thanks for post #36 (Ann is my kind of woman...HOORAY Ann!). Great thread. Thanks to all posters.
Perhaps Barry will “executive order” the U.S. Treasury to start printing the currency. /sarcasm
Thanks for that info. I love silver and will have to do some shopping.
I’m declaring this “Be Good to Mears Week”.
Silver is the hot item now because gold is so expensive....also it’s the current fashion statement over gold, though the die-hard gold people haven’t yet understood that....which for them we have “white” gold which looks like silver...keeps them happy.
There IS manipulation going on, but often what happens is unintended consequences rather than deliberate moves.
Not exactly...
“All across the western world, governments and major banks are rapidly becoming insolvent.”
As the Soros Brothers, their father, and the Radical Socialists all smile with glee....
“hasn’t it become painfully obvious what Obama (via Spooky dude) has in store for our financial market?”
Obama is trying to fulfill the dreams of his Communist Black Radical Mentor/Father figure Frank Marshall Davis, an NWRO/ACORN Founder George Wiley, bankrupting the nation so whitey knows what it’s like to be poor like a black man, and allowing blacks to take control through violent revolution, creating a Black-Run Communist Utopia in America.
It’s also known as “Radical Black Liberation Theology”.
You know...
It’s what Reverend Wright was teaching as Obama sat in the church he can remember nothing od for 20 years....
It should be clear to all that the world’s economy is on life support and the doctors are all ‘quacks’! Sooner or latter are the spinning plates are going to start to tumble and there is going to be on hell of a mess!
What kind of a mess you ask, well I think that we are in for something like the collapse of Argentina ( http://www.youtube.com/watch?v=7yerKMQc7-w&feature=grec_index )but on a global scale. Additionally I think we will see a much more violent version. As recent events show (Flash Mobs, UK riots, etc)we have a larger entitlement minded population and a the US has a much more violent and armed population than Argentina. I see many many small business wiped out by flash mob looting, and see rape, robbery and murder for murder sake. Many of these ‘yutes’ will think no more about killing you than most people think about stepping on a roach. That will be the test of many. Most preppers I know are Christian people and they will hesitate to do what they might have to do to stop the ‘yutes’. On the other hand the ‘yutes’ won’t think twice nor lose a minute of sleep, in fact they will smile and laugh about it.
Think of this quote which is one of my favorites:
“Star Trek: Deep Space Nine: The Siege of AR-558 (#7.8)” (1998)
Quark: Let me tell you something about Hew-mons, Nephew. They’re a wonderful, friendly people, as long as their bellies are full and their holosuites are working. But take away their creature comforts, deprive them of food, sleep, sonic showers, put their lives in jeopardy over an extended period of time and those same friendly, intelligent, wonderful people... will become as nasty and as violent as the most bloodthirsty Klingon. You don’t believe me? Look at those faces. Look in their eyes.
Now go look at some of the videos of the riots in the UK and of some of the flash mobs here in the US and look into there eyes.
For those who are just starting or are old hands at prepping you may find my Preparedness Manual helpfull. You can download it at:
http://www.tomeaker.com/kart/preparedness1i.pdf
For those of you who haven’t started already it’s time to prepare almost past time maybe. You needed to be stocking up on food guns, ammo, basic household supplies like soap, papergoods, cleaning supplies, good sturdy clothes including extra socks, underwear and extra shoes and boots, a extra couple changes of oil and filters for your car, tools, things you buy everyday start buying two and put one up.
As the LDS say “When the emergency is upon us the time for preparedness has past.”
Or as the bible says: A prudent man sees danger and takes refuge, but the simple keep going and suffer for it.
NIV Proverbs 22:3
Lastly this for the doubters and the scoffers.
“There is no greater disaster than to underestimate danger.
Underestimation can be fatal.”
PING!!!
I’ve known for sometime that credit card companies monitor accounts when there are multiple purchase....however to actually ‘see a bank freeze our companies computer’ screen in the very midst of a transaction... and you have no idea the bank has that capability on your machine, was alarming to me.
In that moment I could see that yes banks will control purchases even in your own companies computer systems. Quite the first hand expereince let me tell ya!
Soros has been buying up farmland around the world. Just sayin’.
PING!
Read this, only don’t be drinking anything when you do. I like her style. ;)
I ain’t worried but I am prepared.
We’re America and those weenies are going to beg us for help for the 3rd time in 100 years.
Well, except the French. They are already into us for quite a bit.
Maybe if France and Germany weren’t spending their treasure on unnecessary wars like Libya they could “feeeeehhhd the Chilhun”
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.