Sen. Bernie Sanders – A Political Crisis
Published on Oct 7, 2013
Sen. Sanders discusses the planned government shutdown by the Koch Brothers and the Tea Party. A recent New York Times article examines the connection here:http://www.nytimes.com/2013/10/06/us/…
Dr. Jim Willie-Big Banks in Danger of Imploding
Published on Oct 6, 2013
Dr. Jim Willie, Publisher of the Hat Trick Letter, thinks, “Reversal in the Treasury bond market could be a death blow for these zombie New York banks . . . These big banks are in danger of imploding.” Dr. Willie predicts, “I don’t think the Fed is going to taper its bond buying. I believe they are going to double it.” Dr. Willie goes on to say, “The Fed will say let’s continue QE, and instead of suffocation from rising rates, we’ll have drowning from rising costs. . . . They are going for drowning because it’s slower.” Join Greg Hunter of USAWatchdog.com as he goes One-on-One with financial analyst Dr. Jim Willie of GoldenJackass.com.
CHINA WARNS USA ON DEFAULT
James Turk – “I Believe We Are Now Approaching The End Game”
This unprecedented & incredibly dangerous monetary experiment is heading toward a catastrophic outcome, & physical gold & silver will prove to be the only true safe-havens during the coming chaos.”
Is Homeland Security Preparing for the Next Wall Street Collapse?
Fed Magically Creates $180 Billion In Student And Car Loans Out Of Thin Air
To summarize: for whatever reason, the Fed decided to recast its entire non-revolving credit data series starting in January 2006, & has magically created $188 billion in student loan & car debt that previously “did not exist.”
CFR – Fewer than 20 percent of business executives surveyed expected the dollar to be the dominant global reserve currency by 2025.
A potential long-term concern of some U.S. officials is that persistent volatility of the dollar will add force to recent calls by the international community for an end to its status as the world’s reserve currency. A 2010 survey performed by the McKinsey Global Institute found fewer than 20 percent of business executives surveyed expected the dollar to be the dominant global reserve currency by 2025.
federal debt limit
What does this all mean?
David Morgan-Disruption or Currency Crisis Coming
http://usawatchdog.com/david-morgan-m… David Morgan of Silver-Investor.com thinks a financial calamity is on its way. Morgan predicts, “I do not see hyperinflation, I see more disruption or currency crisis. You don’t have to have hyperinflation to have a currency crisis.” Even though Morgan doesn’t see hyperinflation, he contends gold and silver prices will head much higher. He sees the true price of gold right now “between $5,000 and $7,000 an ounce” and silver at “$100 per ounce.” Morgan predicts, “I think there is going to be a day in the future that you just can’t get it. The only monetary asset outside of counter-party risk is physical gold and silver.” Join Greg Hunter as he goes One-on-One with precious metals expert David Morgan.
Here’s The Horrific Stock Market Crash We Could Witness If The US Government Misses An Interest Payment
12 Very Ominous Warnings About What A U.S. Debt Default Would Mean For The Global Economy
Once again, just don’t take my word for it. The following are 12 very ominous warnings about what a U.S. debt default would mean for the global economy…
#1 Gerald Epstein, a professor of economics at the University of Massachusetts Amherst: “If the US does default, that will make the Lehman Brothers bankruptcy look like a cakewalk”
#2 Tim Bitsberger, a former Treasury official under President George W. Bush: “If we miss an interest payment, that would blow Lehman out of the water”
#3 Peter Tchir, founder of New York-based TF Market Advisors: “Once the system starts to break down related to settlement and payments, then liquidity disappears, as we saw after Lehman”
#4 Bill Isaac, chairman of Cincinnati-based Fifth Third Bancorp: “We can’t even imagine all the things that might happen, just like Henry Paulson couldn’t imagine all the bad things that might happen if he let Lehman go down”
#5 Jim Grant, founder of Grant’s Interest Rate Observer: “Financial markets are all confidence-based. If that confidence is shaken, you have disaster.”
#6 Richard Bove, VP of research at Rafferty Capital Markets: “If they seriously default on the debt, what we’re really talking about is a depression”
#7 Chinese vice finance minister Zhu Guangyao: “The U.S. is clearly aware of China’s concerns about the financial stalemate [in Washington] and China’s request for the US to ensure the safety of Chinese investments.”
#8 The U.S. Treasury Department: “A default would be unprecedented and has the potential to be catastrophic: credit markets could freeze, the value of the dollar could plummet, U.S. interest rates could skyrocket, the negative spillovers could reverberate around the world, and there might be a financial crisis and recession that could echo the events of 2008 or worse”
#9 Goldman Sachs: “We estimate that the fiscal pull-back would amount to 9pc of GDP. If this were allowed to occur, it could lead to a rapid downturn in economic activity if not reversed quickly”
#10 Simon Johnson, former chief economist for the IMF: “It would be insane to default, but it’s no longer a zero-percent probability”
#11 Warren Buffett about the potential of a debt default: “It should be like nuclear bombs, basically too horrible to use”
#12 Bloomberg: “Anyone who remembers the collapse of Lehman Brothers Holdings Inc. little more than five years ago knows what a global financial disaster is. A U.S. government default, just weeks away if Congress fails to raise the debt ceiling as it now threatens to do, will be an economic calamity like none the world has ever seen.”
A U.S. debt default could be the trigger for the “nightmare scenario” that so many people have been writing about in recent years. In fact, it could greatly accelerate the timetable for the inevitable economic collapse that is coming. A recent Yahoo article described some of the things that we would likely see in the event of an extended U.S. debt default…
A default would upend money markets, destroy bond funds, slam the brakes on lending, cause interest rates to spiral, make our banks insolvent, and deal a blow to our foreign trading partners and creditors around the globe; all of which would throw the U.S. and the world into economic disarray.