Coming Financial Crisis Worse Than ’29?

Don Wassall

Don Wassall

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I think they'll keep the economy creaking along through the election, unless they feel that launching a war against Iran is in their best interests. They'll just keep the "printing presses" running (actually it's mostly little more than computer entries anymore), which will keep inflation high and of course the debt will keep piling up. After all, what's a few trillion more dollars of debt at this point?

Europe is a wild card though. Greece remains a basket case, and Spain, Portugal and Italy are almost as bad off. If Europe plunges into a "deep recession" (depression) it will be hard to keep up the facade that the U.S. is still in a "recovery."

My guess is that the next administration will be left to deal with the mess, and their "solution" will be to keep bleeding the middle class dry to feed the banksters and criminals at the top and the ever-growing number of parasites at the bottom.
 
Quiet Speed

Quiet Speed

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Irish journalist chides an official of the European Central Bank. Good Stuff.

[video=youtube;HAf7J4a_T1g]http://www.youtube.com/watch?v=HAf7J4a_T1g[/video]
 
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Jimmy Chitwood

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this link contains the poignant excerpts, as well as a video of the complete interview with John Williams of Shadow Stats and Daniel Ameduri from Future Money Trends.

to summarize, the news isn't good ... it's "end of the world type stuff."

the link is courtesy of SHTFPlan's blog.
 
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Michael

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An article entitled " Great Britain Broke?"

This is one of the great liberal myths of our time, that at some point, the “recession†ended for a bit, only now we’re “slipping back†into it.

Great Britain is the original European social welfare state, since 1946, although they introduced an income tax as early as the 19th century. At one stage under the Labour party, the basic income tax rate was around 70 percent. So-called “death duties†wherein the government seized virtually all private wealth on the death of the possessor, succeeded in ruining a number of wealthy familes and reducing everyone to the same level of poverty, which was their intention. Anyone in Britain with any wealth or any gumption fled the country or hid their money in Swiss or Caribbean bank accounts.

The British welfare state was notoriously corrupt and inefficient even as such societies go. All power was vested in the trade unions, who periodically shut down the country at will with strikes for financial or political gain. Predictably, socialized health care and uncontrolled borders have led to England’s cities literally being overwhelmed by needy Third World immigrants, who are helping to drive the nation to bankruptcy. The waiting list for major operations is now measurable in years and people regularly die while they’re waiting.
Click to expand...

http://www.whitecivilrights.com/?p=6720
 
Quiet Speed

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The recent Greek debt developments are about as clear as mud. On Friday it was announced that a bond swap deal was reached. Terrific, the markets can now get on and reflect our “recovering economyâ€￾. Because not all parties agreed to the deal, a portion of the credit default swaps (CDS) are triggered. Not so terrific. How bad are the big banks going to be hit by this, if at all? Hopefully, a Lehman type event was avoided. The way they have been pumping money into the banks (LTRO and Fed swaps) you would like to think a backstop is in place. I guess the best advice is to be on guard.



Europe's Scariest Chart Just Got Scarier

The last time we plotted European youth unemployment in what was dubbed "Europe's scariest chart" we were surprised to discover that when it comes to "Arab Spring inspiring" youth unemployment, Spain was actually worse off than even (now officially broke) Greece, whose young adult unemployment at the time was only just better compared to that... of the United States. Luckily, following the latest economic (yes, we laughed too) update from Greece, it is safe to say that things are back to normal, as Greek youth unemployment is officially the second one in Europe after Spain to surpass 50%. In other words, Europe's scariest chart just got even scarier.

More
 
DixieDestroyer

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Colonel_Reb

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Little by little, our culture has been eroded right out from under our feet. The economy has not been immune to this creeping cultural Marxism and insanity neither.
 
DixieDestroyer

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Tom Iron

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A bad day all around. I'm glad I'm not getting out of college and looking for a job today.

Tom Iron...
 
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Tom Iron

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Piece in the NYPost financial section, looks like Hostess cakes is heading for liquidation - 18,000 workers. If this happens there'll be a real domino effect. Watch out. Hope no one here has Hostess stock.

Tom Iron...
 
FootballDad

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Tom Iron said:
Piece in the NYPost financial section, looks like Hostess cakes is heading for liquidation - 18,000 workers. If this happens there'll be a real domino effect. Watch out. Hope no one here has Hostess stock.

Tom Iron...
Click to expand...
Worse than that, where are we going to get our Twinkies and Ding Dongs if Hostess goes under??? Perhaps it's time for "junk food" Obama to step in. You know, "too iconic" or "too culturally important" to fail! :wink:
 
DixieDestroyer

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LOL. There was a fat dude in high school who they said would one day hijack a Hostess delivery truck. ;-)
 
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Hawkeye2

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We are in a situation were both candidates from both the right and the left are leading us off a cliff. Our money isn't backed by anything, we are no longer innovative, we keep getting involved in wars, and we keep giving foreign to countries that hate us.
 
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Tom Iron

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Interesting situation we're in. Everywhere, stores, plants, medical centers, school workers are either closing down or laying off. Then there's the small point of the euro. I have no idea what will come out of that. This technology is killing jobs everywhere.

Here's a couple more thoughts going through my head. There was a big article in the NY Post yesterday about N. Korea. Their economy is and has been a mess for years. They all just have barely enough to eat, put clothes on their backs, live in small hovels and have no money. Here's my question, are such people immune to what happens in the outside world?


My last question is this for you fellas with some monetary knowledge. Do you think if we go into a depression, this depression will also have runaway inflation like 1920's Germany?

Tom Iron...
 
Quiet Speed

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Tom, the article below describes a deflationary depression and inflationary depression. I don’t know if it is that cut and dried. We’re in a complex labyrinth of debt, swaps, derivatives, and financial shenanigans. I think everything will be alright though, Ben Bernanke says a goal of the Federal Reserve is to target 2% inflation per year. LOL

Inflation or deflation: What kind of depression lies ahead?
 
white is right

white is right

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Quiet Speed said:
Tom, the article below describes a deflationary depression and inflationary depression. I don’t know if it is that cut and dried. We’re in a complex labyrinth of debt, swaps, derivatives, and financial shenanigans. I think everything will be alright though, Ben Bernanke says a goal of the Federal Reserve is to target 2% inflation per year. LOL

Inflation or deflation: What kind of depression lies ahead?
Click to expand...
I think a deflationary depression is the most like scenario. We have seen this in other countries with advanced economies who have been in deep recessions but their currency held it's strength ie Japan. It seems like the US dollar is still an international currency that many third world nations use as a second currency to their own.
 
Colonel_Reb

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The more time passes, the more likely we are to see an inflationary depression, imho. Our debt load is too high already and if we keep up (or increase) the current levels of spending (all but guaranteed) the dollar's reserve status will change and we will be more prone to inflation than we already are. The example of Japan's yen is a little more complex than it seems at first glance. The Plaza Accord of 1985 agreed that the dollar was overvalued and the yen undervalued. This is the main reason the yen did well through some (not all) of those bad years in Japan. I see the U.S. in a more similar situation (but nowhere close to identical) to Greece and the Weimar Republic. As I see it, our debt, constant warring, and massive federal programs point the way to an inflationary depression.
 
Zeus

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In my (extreme) opinion, white Americans who are patriots and pro whites, should pray night and day for an extreme financial crisis to hit your country like a tsunami. Only then the masks of the Jews will fall and they will be exposed, only then white kids will decide to become men and fight for their rights, only then the instinct and braveness of the white man will show up again in your country.

A plain fact, Negroes and Mexicans act tough and macho, commit all this crime inside the American society during peace, against educated, soft (not by nature but my lifestyle), emasculated white and Asian college boys.......now in American prisons where everybody is equally wild, tough, uncivilized and non "political correct", Aryan Brotherhood and whites, even though minority inside the American Prisons, they run and dominate the system easily according to official documentaries and sources, that speaks volumes.

I might sound very "extreme" to some people in here, but in my opinion, the quite big % of fat, lazy, emasculated (by system and society) white male in the US and England as well, needs a "violent" wake up call.

Call me crazy, but the white American male NEEDS a truly HARSH economic crisis for his salvation as kind.
 
Colonel_Reb

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Zeus, if you don't already subscribe to The Nationalist Times, you should. There is a great 2 part article that is dealing with White gangs in U.S. prisons. It is pretty eye-opening about the issue of who dominates and what kind of behavior is normal.

I meant to post the following bit last night but got caught up in starting the college football previews. Paul Craig Roberts wrote a very good article that deals with the financial collapse of the U.S. It it called Collapse At Hand. It takes a few minutes to read, but it is well worth it. Some of the comments are interesting as well, as they offer a slightly different view.
 
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Tom Iron

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