Will the Economy (and Civilization) Collapse This Year?
Here comes another prediction, from the blog Ecomomic Collapse, that it will. It’s based on evidence that the government and major banks are making preparations they aren’t telling us about.
Among other ominous signs, blogger Michael Snyder points to:
1. A secretive directive from regulators that big investment banks, like Bank of America and Goldman Sachs, set up contingency plans to dismantle themselves if their Ponzi pyramid bubble bursts and they have to declare bankruptcy. (These are already technically insolvent since their debt level vastly exceeds their assets.)
2. The US government is stockpiling food and ammunition, and Obama is signing a raft of executive orders to be implemented in response to a societal meltdown.
3. The European debt crisis continues to worsen as EU economies continue to contract. There is even talk of Germany leaving the Euro.
4. Over the past 12 months, hundreds of banking executives have been resigning and selling off enormous quantities of stock. Many have been shopping for “prepper* properties” in rural communities.
5. Economists and European leaders are predicting the next banking crisis will be worse that the one in 2008 – mainly because governments are too indebted to deliver more bailouts – and other policy fixes (such as dropping interest rates and quantitative easing) have already been enacted. One former World Bank economist believes the coming banking crisis will be so severe that civilization won’t survive it.
6. The problems facing human society aren’t merely economic. Energy, water and food distribution (especially with the severe drought in the US and Russia) are also in totally disarray.
It’s clear from Snyder’s blog that he’s been predicting economic collapse for awhile – he uses the site to hawk gold, silver, emergency food rations, seeds and guns (to keep your neighbors from stealing veggies out of your garden). However I find it highly significant that he’s citing mainstream sources, such as Reuters, a former World Bank economist, a Fortune 300 executive and a member of the European Parliament.
Read more here.
*A prepper, a term derived from preparedness, is someone who becomes self-sufficient in providing for food and other basic needs.