Trader/analyst Gregory Mannarino says the next financial meltdown really takes off when we can no longer borrow money into existence. Mannarino explains, “There is a full blown debt crisis in Europe and in the United States. The crisis is if we don’t continue to borrow and find ways to borrow ever more cash into existence. If we don’t, the whole system will melt down. . . . When we hit the moment of maximum saturation, what happens to the currency? What happens to the debt as a whole? It evaporates. . . . Let’s say we don’t pay the national debt anymore. What does that do? Well, the dollar in your pocket, the euros in your pocket, is connected to that debt. What happens if you stop paying the debt? The dollars in your pocket go up in smoke immediately. They are not worth anything. They lose massive amounts of value.”
In closing, Mannarino predicts, “If debt is maxed out and it just evaporates, we will lose half the world population in a very short amount of time.”
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Gregory Mannarino, founder of TradersChoice.net.