I haven’t done a Collapse Update for a couple months because events are unfolding the way I forecasted over the last four years so there isn’t much new to add. And, I hate to say, “I told you so” so I won’t say it.
However here is a remarkable BBC interview with a trader who isn’t afraid to tell the truth. What he says about the Eurozone applies to not only Europe but most western countries. In fact, The U.S. is proportionately in worse shape than Greece. The difference is that the U.S. prints the world’s reserve currency (for now) and can crank up the printing presses to dig themselves into an ever deeper hole which merely delays the day of reckoning and will make the American collapse that much worse. Hint: when you’re in a hole, the first step is to stop digging.
None, and I mean NONE of the fundamental problems that causes this never-ending recession (read DEPRESSION) have been solved let alone addressed. We still have at least ten times the global GDP in worthless Derivatives. A ruthless financial oligarchy (read Goldman Sachs) owns and controls the politicians and regulators of the world’s largest economy (at least until 2016 when China is forecast to surpass the U.S.) All the talk about a possible “double-dip” recession is meaningless: we never came out of the first one that began in the U.S. at the end of 2007 and elsewhere about a year later.
However, I’m simply repeating everything I’ve already said in my Major Articles since 2007. So without further ado, check out this BBC video before their editors wake up and pull it.
Trader on the BBC says Eurozone Market will crash
“Savings Of Millions Of People Are Going To Vanish”
If you live in Canada, count your blessings as Canadians won’t suffer as much as the rest of the western world; particularly the U.S, Europe and the UK. Resource based Canada has the commodities the rest of the world needs; has solid banks, a well-educated population, a stable political and social structure and a real funded pension plan among other blessings. Our future is ours to lose.
You still need to prepare for the inevitable downturn. Get out of debt or at least pay it down. If you own a home, be prepared to stay in it for a long time. If you plan on selling and buying another, sell ASAP and rent something until the Canadian housing bubble bursts and drives prices down. And, if you haven’t already started an emergency stockpile of food and necessities, remember your two choices: bug or windshield.
Gerold
Sept. 26, 2011
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