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other economies have collapsed I don't see why the United States is immune...the possibility is very real that we will experience a meltdown, we have so much still to come, credit card, commercial real estate, auto loans, alt-a, option arms, and of course all the credit default swaps that are going to be triggered due to these non-performing contracts... we have just started this deleveraging process, what is going to happen when all these other losses are realized?
I don't think the government can print that much money.
I think all the government bailouts are doing is prolonging the inevitable. What are they going to do, keep giving the banks, insurance companies and auto industry billions each year? Its time to stock up on food. No one wants to be without a seat when the music stops playing.
the bailouts will cause the collapse because they are going to debase the currency.
The flip side of that is a crisis of production now that the US has already debased its basic manufacturing, even its domestic oil drilling.
Assuming a breakdown in credit-based international trade, then, too much money chasing too few goods equals inflation and rationing. Stock up on food indeed.
The news is very grim indeed and Mr. Celente is one of the grimmer ones. We do appear to be in for a real fundamental decline of our standard of living. Globalization has been a race to the bottom and it has sucked productive jobs out of america for 30 years. Very hard to stimulate a consumer economy other than drop money in the hands of consumers. We continue to assault and discourage savers by artificially keeping interest rates too low. Savings would allow us the capital required to rebuild but only a fool would save large quantities of money today knowing full well it can't even earn the rate of inflation. Lack of real leadership from DC has destroyed a wonderful country
The news is very grim indeed and Mr. Celente is one of the grimmer ones. We do appear to be in for a real fundamental decline of our standard of living. Globalization has been a race to the bottom and it has sucked productive jobs out of america for 30 years. Very hard to stimulate a consumer economy other than drop money in the hands of consumers. We continue to assault and discourage savers by artificially keeping interest rates too low. Savings would allow us the capital required to rebuild but only a fool would save large quantities of money today knowing full well it can't even earn the rate of inflation. Lack of real leadership from DC has destroyed a wonderful country
People have mentioned the Mayans and 2012. This fits in very well with their prophecy. Most assume its says "the end of the world". It is "the end of the world as we know it". Thus the way we have come to expect things to be will change quite radically as the bubbles that have held it up pop and the old economy which had jobs and goods is gone will not take over.
I don't think the doomsayers and neosurvivalists are wrong. Maybe it won't be as bad as the worst or as mild as the best but it WILL be. So if you have kids teach them how to live simply. It's very possible they may need to do that. And basic skills that someone in 1930 might have had. Skills are one comodity that can't be outsourced when the economy is barter and if you know the right ones you always have a way.
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