18 signs the global crisis is accelerating
Posted in the Caruthersville Forum
#1 Jul 1, 2014
There are certainly some perilous times on the horizon. All you have to do is open up your eyes and look to see the global economic crisis unfolding. Central bankers are issuing frightening warnings about “dangerous new asset bubbles” and the World Bank is declaring “now is the time to prepare” for the next crisis. We live in a world that is becoming increasingly unstable, and people need to understand the period of relative stability we are enjoying now is extremely vulnerable and will not last. Here's 18 signs the global economic crisis is accelerating as we enter the last half of 2014…
#1 The Bank for International Settlements has issued a new report which warns that “dangerous new asset bubbles” are forming which could potentially lead to another major financial crisis.
#2 Argentina has missed a $539 million debt payment and is on the verge of its second major debt default in 13 years.
#3 Bulgaria is desperately trying to calm down a massive run on the banks that threatens of spiral out of control.
#4 Household loans in the eurozone declined at the fastest rate ever recorded. Why are European banks holding on to their money so tightly right now?
#5 The number of unemployed jobseekers in France has just soared to another brand new record high.
#6 Economies all over Europe are either showing no growth or are shrinking.
#7 A few days ago it was reported that consumer prices in Japan are rising at the fastest pace in 32 years.
#8 Household expenditures in Japan are down 8 percent compared to one year ago.
#9 U.S. companies are drowning in massive amounts of debt, but the corporate debt bubble in China is so bad that the amount of corporate debt in China has actually now surpassed the amount of corporate debt in the United States.
#10 One Chinese auditor is warning that up to 80 billion dollars worth of loans in China are backed by falsified gold transactions. What will that do to the price of gold and the stability of Chinese financial markets as that mess unwinds?
#11 The unemployment rate in Greece is currently sitting at 26.7 percent and the youth unemployment rate is 56.8 percent.
#12 67.5 percent of the people that are unemployed in Greece have been unemployed for over a year.
#13 The unemployment rate in the eurozone as a whole is 11.8 percent - just a little bit shy of the all-time record of 12.0 percent.
#14 The European Central Bank is so desperate to get money moving through the system that it has actually introduced negative interest rates.
#15 The IMF is projecting that there is a 25 percent chance that the eurozone will slip into deflation by the end of next year.
#16 The World Bank is warning that “now is the time to prepare” for the next crisis.
#17 The economic conflict between the United States and Russia continues to deepen. This has caused Russia to make a series of moves away from the U.S. dollar and toward other major currencies.
#18 Of course the U.S. economy is struggling right now as well. It shrank at a 2.9 percent annual rate during the first quarter of 2014, which was much worse than anyone had anticipated.
As for the United States, whether the level of our debt-fueled short-term economic activity goes up a little bit or down a little bit is not what is truly important.
Rather, the fact that we are nearly 60 trillion dollars in debt as a society is what really matters.
The same thing applies for the globe as a whole. Right now, the citizens of the planet are more than 223 trillion dollars in debt, and “too big to fail” banks around the world have at least 700 trillion dollars of exposure to derivatives.
So it doesn’t really matter too much whether the short-term economic numbers go up a little bit or down a little bit right now. The whole system is an inherently flawed Ponzi scheme that will inevitably collapse.
You would have to be absolutely insane to think that the biggest debt bubble in the history of the world is never going to burst. Michael Snyder
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