International Experts Foresee Collapse of U.S. Economy

International Experts Foresee Collapse of U.S. Economy

www.intelligencer.ca

Harry Koza in the Globe and Mail quotes Bernard Connelly, the global strategist at Banque AIG in London, who claims that the likelihood of a Great Depression is growing by the day.

Martin Wolf, celebrated columnist of the U.K.-based Financial Times, cites Dr. Nouriel Roubini of the New York University's Stern School of Business, who, in 12 steps, outlines how the losses of the American financial system will grow to more than $1 trillion - that's one million times $1 million. That amount is equal to all the assets of all American banks.

(visit the link for the full news article)

 

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[edit on 6/3/2008 by khunmoon]

Wait a minute, didn't Bernanke and our Decider just get done saying there wasn't even going to be a recession? Shame on those silly International economic experts for second guessing our brilliant admin!

On a serious note, with the Housing market in it's worst decline since the Great Depression, Food and Fuel prices soaring through the roof at the same time tens of thousands are jobless-This is an unavoidable disaster of Epic proportions.

www.intelligencer.ca
(visit the link for the full news article)

Yeah, but you won't see the everyday Joe catching on. They're so doped up on Fluoride and its derivitaves (prozac, etc.), and so filled with propaganda that they regurgitate ad nauseam. This is precisely why we have 'crashes' and 'calamities', people like to forget History and deny Reality until it kicks 'em in the teeth. Secure a food source NOW!

So who wins off this deal. Sometimes I wonder if the whole thing was engineered for some reason. That makes me wonder who benefits.

Any ideas?

Originally posted by DimensionalDetective

Wait a minute, didn't Bernanke and our Decider just get done saying there wasn't even going to be a recession? Shame on those silly International economic experts for second guessing our brilliant admin!

Right DD/HWHAE...but it's difficult to "catapult the propaganda" with those blundering contrarian economists in the way. In fact, it's downright "hard work".


TEOTWAWKI: Think Amish

Stagflation Today Hyperinflation - Depression Tomorrow

By Roger Wiegand
Mar 5 2008 4:43PM

In 2009, it gets even worse.

States, cities, towns, villages and counties go bankrupt by the thousands. Fire and police will be laid-off or, fired. Muni-bonds default as there’s no tax income for interest payments. Homeless people multiply by the millions and food banks and welfare agencies are overrun with unfilled demands. Crime skyrockets as big city gangs run rampant without an effective police force. Urban fires will be more common and utilities are shut-off by the thousands for non-payment....

Those reliving the 20 year’s ago economic fairy tale will suffer the most. Those with the ability to substantially reduce their standard of living will do better. Farmers with an independent existence (Think Amish) will see no changes at all). They are self-serving independents and need zero help from outsiders.... Full text

What can I say?

People see the writing on the wall. Mainstream media is doing it's best to hint at people that things are not looking good in the future. They're never going to tell them 'Hey, stop worrying about your bills and start saving food and supplies.'

This entire economy is dependant on people trusting the currency and having enough to spend... we can only expect the middle and lower class to keep America afloat for so long before they stop trusting. Once that happens, everything will crash.

The economy is like a dream image... if you stop focusing on it and get lost in it, it's going to fade away. So far, we have been losing focus at a rapid rate. We don't flinch when the government throws away trillions of dollars that we don't own... that's how conditioned we are. This is all inevitable.

From the many conspiracy theories I've read over the years one involved a world economic meltdown.

The NWO would step in with their $300 trillion of stolen loot, forgive all debt, and implant their one world dictatorship.

Been years since I read it. Anyone remember that one?

Yep,
I'm already moving assets around to change my stance. Liquidity will be a must in the next few months. Some stocks will go strong while others will nose dive.

I've got my cash at the ready...

I could swear I heard (on NPR--in passing) we were experiencing stagflation already. Which made me wonder when a poster on ATS poo-poo'd the idea that we were even going to have a recession. Isn't stagflation a precursor of recession?

I can live without electricity (I'd miss ATS, though!) I'm pretty self-sustaining. What worries me is the "rampant street gangs" who'll scout the rural areas for resources.

There are Amish communities just up the road...and those people are non-violent. Good lord, they plead for mercy for the murderers of their own children! Will they take up pitchforks to protect their property?

Psychologically speaking, it would be very hard for me not to want to help people in need (especially with children), but I'd not want to be far from the farm.

We live in interesting times.

*Edit for really bad sentence structure.

[edit on 3/6/08 by themillersdaughter]

I don't feel it will get as bad as the time of the Great Depression. The way to start turning things around is by stoping the government from attempting to fix the problem. Leave the market alone and things will fix themselves. It will get rough before it gets better but in the end its best to keep the government out. This includes trying to bail out banks, lenders and consumers from the housing crunch.

"Home equity slips below 50%" from CNN Money states that:

"Moody's Economy.com estimates that 8.8 million homeowners, or about 10.3% of homes, will have zero or negative equity by the end of the month. Even more disturbing, about 13.8 million households, or 15.9%, will be "upside down" if prices fall 20% from their peak"

Not the Dirty-Thirties... yet.

Vic

"The end of the third quarter of 2008 (thus late September, a mere seven months from now) will be marked by a new tipping point in the unfolding of the global systemic crisis.

"At that time indeed, the cumulated impact of the various sequences of the crisis will reach its maximum strength and affect decisively the very heart of the systems concerned, on the front line of which (is) the United States, epicentre of the current crisis.

"In the United States, this new tipping point will translate into - get this - a collapse of the real economy, (the) final socio-economic stage of the serial bursting of the housing and financial bubbles and of the pursuance of the U.S. dollar fall. The collapse of U.S. real economy means the virtual freeze of the American economic machinery: private and public bankruptcies in large numbers, companies and public services closing down."

That was the most interesting part of the article to me. At least we can take comfort in the fact that Bush knows more about economics than the rest of the world combined. We won't have a recession because he says so. That's all I need.

Here's a link to the actual Global Europe Anticipation Bulletin quoted in your lead article DD. I've been scrutinizing reports from this think-tank for a couple of years...gloomy stuff, but pretty darn accurate.

If you go to the above link and hoover over "Systemic Crisis" (top left corner) then click "Analyses", you can access their previous bulletin' dating back to January 2006.

I have posted this link on ATS before but I think it's still relevant, especially for newer members.

Think about it like this. A bad Economy means no revenue for anyone -citizens, towns, states, the Federal Gov't. With no revenue to spare, things will not be maintained. Things will break. Things won't get fixed - roads, buildings, machines, institutions, society at large. It will be the new norm.

ranprieur.com...

...the crash will be slower and more complex than the kind of people who predict crashes like to predict. It won't be like falling off a cliff, more like rolling down a rocky hill. There won't be any clear before, during, or after. Most people living during the decline and fall of Rome didn't even know it. We're told to draw a line at the sack of Rome by the Visigoths, but to Romans at the time it was just one event -- the Visigoths came, they milled around, they left, and life went on. After the 1929 stock market crash, respectable voices said it was a temporary adjustment, that the economy was still strong. Only years later, when we knew they were wrong, could we draw a line at 1929.

I suggest we're already in the fall of civilization. In 2004 the price of oil doubled, bankruptcies and foreclosures accelerated, global food stockpiles fell to record lows despite high harvests, an apocalyptic religious cult hacked an election to tighten their control of the world's most powerful country, and we had record numbers of hurricanes and tornadoes -- and a big tsunami to top it off. If every year from here to 2020 is half as eventful, we'll be living in railroad cars, eating grass, and still waiting for the big crash we've been led to expect from watching movies designed to push our emotional buttons and be over in two hours.

reply to post by kosmicjack


Man, that article was quite the downer. The most depressing aspect of it was that it appears to be happening. It's times like this that I wish I had never read "The Road". Ignorance is bliss I tell ya.