A report from the folks over at Zerohedge contains some bad news for the future of the American economy, as it contains a prediction by financial writer and precious metals broker Bill Holter who is predicting that what’s headed our way is “going to be far worse than the Great Depression.”
Well, that’s hardly what one would call “uplifting.”
Then again, things are most certainly not going to improve as long as President Joe Biden is sitting in the Oval Office. Even if former President Donald Trump gets into the White House with a big win this November, we’re still in for rough times. It’s going to take more than four years to fix the mess we’re in right now, just like it took more than four years to get us to this point.
The latest black hole of default is coming from a big bank in Japan. Norinchukin Bank is selling $63 billion in Treasuries and other sovereign bonds to stay afloat. Then there is recent news announced by the FDIC that 63 US banks (the names are being kept secret) have more than $500 billion in losses, and let’s not forget about the trillions in losses sitting on the books of European banks ready to suck the world into a black debt hole. This is just a few of many on a long list of destabilizing problems that can tank the entire over-indebted financial system.
Holter said, “The list is so long..”
“it could be a banking problem. It could be a derivatives problem. It could be a derivatives problem in the stock market, the bond market and you could see a failure to deliver in silver. Some type of warfare could crash the system. You could see warfare in Ukraine, Israel or Tiawan.
The system is so unstable, at this point, it could be anything that could bring it down.
Unpayable debt is not just a US problem. This is all over the world. Central banks are having to issue huge amounts of debt because we are in the exponential decay phase. We are exactly where Richard Russell said we would be 20 years ago. It’s inflate or die, and the only way to inflate is to create more money supply.”
Now, take the $10 trillion in debt that the government must roll over by the end of 2024 and slap that on top of everything else. The report then points out that the government is accumulating $1 trillion in brand spanking new debt every hundred days. As if we needed salt to be poured into this wound, right?
Holter then went on to say that the last time he was on USAW there was less than a 50 percent chance we would actually get to have an election this year. But even that is too optimistic for his tastes, predicting there will not be a presidential election later this fall.
“There is no way the system, as it is now, survives. It’s mathematically impossible. So, if it is mathematically impossible, are they going to blow smoke . . . up until the day it blows up? Or are they going to do something to blow it up and then say our programs and policies were working except for XYZ this or whatever,” the financial writer said. “They have to kick the table over. They cannot allow the table to fall over on its own because then there is going to be finger pointing. To avoid the finger pointing, they have got to kick the table over.”
Holter is also convinced that the reason we’re seeing astronomical prices for gold right now is in order to back the debt our nation currently has.
If you go with the 8,030 tons of gold the government claims is in Fort Knox, you will need a dollar price of gold at “$125,000 per ounce for 100% gold backing of the dollar.”
Holter also says, “The dollar is being pushed out of the global financial system…”
“Demand for dollars is shrinking at a time when borrowing demand is rising.” This is a going to be a disaster for America and anyone holding dollars in the future.
In closing, Holter says, “The financial collapse that is coming will be worse than anything we have ever experienced…”
“This is going to be far worse than the Great Depression simply because society itself is far worse. . . . Back in the Great Depression, you had neighbors helping neighbors. Today you will have neighbors picking on other neighbors like vultures.”
Things are looking rough for the foreseeable future, guys. It’s imperative that you prepare for the worst-case scenario, which is a complete and utter collapse of the American system. You don’t really have much to lose. If things end up not going south, well, that’s awesome. If they do, you’re prepared and can rest a bit easier than those who are now left with nothing.
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