Search results for Jim rickards

Jim Rickards discusses the Road to Ruin and its context

I have previously mentioned Jim Rickards’ most recent book The Road to Ruin: The Global Elites’ Secret Plan for the Next Financial Crisis. In this recent interview, Rickards discusses the book and its context. A great interview that I highly recommend.

In my opinion, we ALL need to understand Rickards’ message, as it is telling us we are facing a financial and economic precipice in our near future, and if you don’t plan for it, you will live to regret it. And this man has been there and done that, as he shares in this interview.

I recommend you read the book, but a starter is this excellent interview.

NB You will need to register to access it.


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Jim Rickards – Road to Ruin – Animated Book Summary

The Road to Ruin is Jim Rickards new book about the elites plan for the next financial crisis.
Building on his previous two books (Currency Wars, and Death of the Dollar (which is more accurately referred to as “”The Likely Severe Loss of Confidence of the Current International Monetary System and it’s Likely Replacements & What You Can Do To Protect Your Savings””) this book explores how the next crisis will actually play out. Why it won’t be solved by injecting more liquidity (as in 2008), but will rather be addressed with something cryptically referred to as ICE-9.

End of quote.

Worth seven minutes of your time.


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The Death of Money by James Rickards – Book Summary

Even Jim Rickards recommends this 8 minute video summary of his book “The Death of Money: The Coming Collapse of the International Monetary System”.

Worth your time, in my opinion.

We live in interesting times…


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A shudder in the stateroom of the Titanic

Thank you, Nods.
I find article below very interesting. It is clear to me that the Aussie real estate market is in the process of imploding, and it has major consequences for the local banking industry and perhaps the Aussie economy and way of life. The following graph tells the story, but there are additional factors in play to exacerbate things:

A shudder in the stateroom of the Titanic

This release is taken from the editorial of the 6 March 2019 issue of the CEC’s Australian Alert Service magazine.

“What was that?” Great disasters start with that question. It’s being asked now about Suncorp’s unexpected 5 March announcement that repayments are in doubt on a $120 million mortgage bond.

Mortgage bonds, a.k.a. mortgage-backed securities, are based on thousands of mortgages that banks lend and then bundle up together to on-sell to investors. The borrower continues to repay the bank, but the bank passes on the repayments to the bondholders.

Suncorp announced that for the bond in question, the proportion of borrowers in arrears on their payments by 60 days or more has risen to 3 per cent, which is three times the rate of arrears of Suncorp’s broader mortgage portfolio. This 3 per cent threshold triggers an automatic switch in how the bondholders are paid, with all investors receiving their interest payments, but principal repayments being prioritised to those investors holding the most secure, AAA-rated tranche of the bond.

A nervous Australian Financial Review rushed out an article headlined “Suncorp mortgage bond trigger not concerning”, which emphasised that no Australian mortgage bond has ever defaulted, but that is precisely the point—is this announcement the first sign of something unexpected? Expert banking analysts have told the Australian Alert Service that it is “material” to Suncorp and the financial system.

Suncorp’s announcement is reminiscent of the very first sign of the US sub-prime mortgage crisis that triggered the global banking meltdown in 2008. On 8 February 2007, the giant British bank HSBC rocked the markets by announcing a large loss on its US sub-prime mortgage portfolio, caused by rising delinquencies on mortgage repayments. Again, it was unexpected. “This is a material negative surprise for HSBC”, a Merrill Lynch analyst told Market Watch that day. It was the beginning of the losses from borrowers falling into arrears on their mortgage repayments that became the fuse that detonated the global financial system.

Most curious about Suncorp’s announcement is that it regards a bond issued in 2010, which means that the borrowers have been able to meet their repayments for close to a decade. So why have arrears spiked to 3 per cent now? It coincides with the fall in house prices, which has already trapped more than 400,000 households in negative equity and unable to refinance their loans. It also coincides with other signs of economic decline, including a significant fall in new car sales in February, which Sean Wright in the 5 March Sydney Morning Herald called “the canary in the caryard”.

If this is happening to people who borrowed at much lower house prices in 2010, what about the more recent borrowers, including the wave of interest-only borrowers from 2012 to 2016? In her March 2018 submission to the banking royal commission, Denise Brailey of the Banking and Finance Consumers Support Association (BFCSA) exposed the tricks banks use to ensure that borrowers, who otherwise can’t afford their loans, are able to initially make repayments that go to the bondholders of securitised mortgages. These tricks involve giving the borrowers additional “buffers” for the first five years, including credit cards with $25,000 to $100,000 limits, buffer loans and top-ups, additional lines of credit, and refinancing. “If the applicant runs out of money to pay payments during the first five-year period, the top-ups keep rolling, increasing original debt by an average $150,000”, Brailey revealed.

That is an extra $150,000 debt on average for people who couldn’t afford the original debt in the first place, all to create a false sense of security for the bondholders who have bought the securitised mortgages. There is a critical mass of these fraudulent loans in the system from 2012 onwards that were made for one purpose—to prop up the housing bubble. If and when defaults rise in those mortgages, expect a chain-reaction meltdown.

Bondholders might be surprised, but the CEC isn’t. The international authorities have prepared for this eventuality by developing their policy of “bail-in”, to save the financial system by seizing the deposits of bank customers. We must defeat bail-in and instead force through solutions that fundamentally reform the banks to protect the public, including:

End of quote.
There is abundant evidence of the parlous state of the global economy, which I’ve written about, this article being an example.
It is not clear what the snowflake will be that will trigger the avalanche of global economic and financial destruction. Will it be the Aussie real estate bubble? It’s certainly one candidate. As Jim Rickards eloquently describes,  we never know ahead of time.
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How Central Bankers reshaped the world economy following the 2008 economic crisis

Another informed view explaining the intentionally precarious nature of the global financial system.
The intent of this situation is the planned breakdown of the current fiat monetary system and its likely replacement with a global fiat currency, most likely a cryptocurrency based upon the IMF’s “Special Drawing Right (SDR). Also this article
Many informed commentators have warned us:
To name a few. And now Naomi Prins in her new book Collusion: How Central Bankers Rigged the World.
This from her bio page:
Nomi Prins is a renowned journalist, former international investment banker, author and speaker. Her new book, Collusion: How Central Bankers Rigged the World, explores the recent rise of the role of central banks in the global financial and economic hierarchy. Her last book, All the Presidents’ Bankers, is a groundbreaking narrative about the relationships of presidents to key bankers over the past century and how they impacted domestic and foreign policy. Her other books include a historical novel about the 1929 crash, Black Tuesday, and the hard-hitting expose It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street (Wiley,2009/2010). She is also the author of (The New Press, 2004) chosen as a Best Book of 2004 by The Economist, Barron’s and Library Journal.
End of quote.
The only question is: “Have you prepared for what is coming?
Because there is simply no doubt this is on our doorstep. And the evidence is it will begin later this year. In ways, it has already begun, though it’s not visible to the public (of course not!!!)
If you are not prepared, in my opinion, you need to get very proactive because time is running out.
These experts vary in what actions they recommend to prepare. The only one they all agree on is precious metals that you hold yourself. And, in my opinion, given the inflated real estate values almost globally, real estate is NOT one of the things to be holding beyond, perhaps your own home, unless it’s your core source of income, and even then you need to look very closely at your position.
It’s also a time when the elite harvest the little people. Every economic cycle has this, but few are of the extent of 1929-1937 or so. In my opinion, this one could exceed that.
Do not tell me I didn’t try and warn you.
Kind Regards,

The Great Recession of 2008 Was Just A Warning!

I recently shared with you some videos in which Lynette Zang of ITM Trading shared her views about the elite’s planned control of remaining global assets via a crypto SDR, controlled by the IMF.

And I have just come across an outstanding summary of the state of our financial world and where it’s heading by Lynette, but you have to do some ferreting to find it.

Go to, then click on the Webinar Archive link on the top of the page, then scroll until you see the video entitled “Start Here: 2008 Was Just A Warning!!”

Personally, I agree with everything Lynette says, but I’m not saying you should. What I am suggesting is if you don’t consider what she says and draw your own informed conclusions, in my opinion, you run a very serious financial risk that could ruin the party that you call the rest of your life.

Check it out and see what you think. It aligns very powerfully with what Jim Rickards has also been saying.


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The global world currency is emerging, and it’s a blockchain SDR, and EVERYTHING will be on the blockchain, including your house title

The pieces are falling into place for the new global currency, forecast for 2018 in The Economist 30 years ago.

And it’s a blockchain version of the IMF global reserve currency, the Special Drawing Right, or SDR. I discussed the SDR in detail about a year ago.

In that article, I mentioned that Jim Rickards saw the SDR as the new global currency, but what was not obvious was how that would be implemented.

Now we know. It will be blockchain.

In this video, ITM Trading’s Lynette Zang reveals her research that shows the elite’s plans to put EVERYTHING on blockchain, including the digitised title of all real estate and linking it to credit, so people are encouraged to fritter their assets away, leaving all assets in the hands of the elite.

Lynette discusses this further on the SGT Report video entitled BREAKING: BANKERS’ NEW SDR CRYPTO BLOCKCHAIN WILL ENSLAVE HUMANITY?? – Lynette Zang.

I share Lynette’s view that we need to understand it and act to stop it, however we can. Widespread exposure is a start.

And Dahboo7 has woken up to it, as he expresses in his impassioned video It Begins: The Blockchain Beast System Is Here .

And he, like me as I look at it, believe that Bitcoin was their creation, not some unknown techie. It has been a stalking horse for their plans, and Lynette Zang’s material from the IMF shows Bitcoin as a feeder into the new crypto SDR.

I encourage you to watch all three videos and spread this message far and wide, and as Dahboo7 says, be prepared.


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After 47 Years, Stephen Lewis Calls It Quits In A Scathing Critique Of Modern Markets

Another respected punter warns of an impending global market “inflection”:

For decades, portfolio managers around the WORLD would receive the periodic “Economics & Policy” newsletter, full of original insights on everything from the markets, to the economy, to geopolitics, as penned by Stephen Lewis, chief economist at ADM (if best known for his tenure at Monument Securities which was eventually absorbed by ADM). Sadly, on Friday Lewis sent out his “Valediction” – the last ever Economic Insights report. Instead of commenting on it, we present his full thoughts in their original form as this particular career epilogue, a scathing critique of capital markets, modern economists, central bankers, and everything else that is broken in today’s society, is a must read for all market participants, as well as economists, politicians and central bankers.

* * *

Economics & Policy


By Stephen Lewis of ADM Investor Services International

After more than forty-seven years spent observing and commenting on economies and financial markets, I shall be retiring this week to eke out my remaining days, as is fitting, in contemplation of the eternal verities.

When I  set  out  in  the  markets, on 5 January 1970, the yields on sterling bonds, including  those  issued  by  the  UK government (gilt-edged),  were expressed  in  pounds,  shillings  and  pence. One of the first tasks to which I was put, when I joined the stockbroking firm of Phillips & Drew, was to convert these yields into the decimal form with which our computer, fully occupying the building on the opposite side of the street, could cope.  Back then, the London clearing banks were required to hold in cash an amount equivalent to at least 8% of their deposits and 28% in liquid assets (cash, money at call and Treasury and commercial bills). There was not much risk of a bank liquidity crisis in those days. International asset diversification for UK-based investors was impeded by capital controls, with returns subject to variations in the premium on scarce investment currency as much as in the underlying prices of the assets held. For all the restrictions, though, octogenarians commonly travelled into their offices in the City each working day primarily for the fun of it.  It was a different world, unimaginable to those too young to have known it.  When told that we worked at our desks in candlelight during the power cuts of the three-day week in 1973-74, they naturally find it hard to comprehend what it was that we could possibly have been doing, so dependent have we lately become on electricity.

Since 1970, there have been nine UK prime ministers, thirteen Chancellors of the Exchequer, nine US Presidents, seven Chairs of the Federal Reserve and six Governors of the Bank of England; central bankers tend to stick around. Through most of this period, the trend was towards more liberal economic and social conditions, though latterly a reaction seems to have been setting in under the label of ‘populism’.  While there are vested interests still championing the liberalising process, the election of  President Trump shook the confidence of those who had believed that the ‘end of history’ had come with the fall of the Berlin Wall. It no longer seems inevitable that the future will bring ever more globalisation under the banner of the peculiar set of liberal values developed in the USA during the late twentieth-century. 

However that may be, after almost a half-century of analysis, there are certain conclusions I would draw.

What stands out is the failure of economics, as an intellectual discipline, to come to grips with the real world.  This was obvious at the time of the global financial crisis of 2007-09.  Since then, academic economists have worked on the assumption that their lamentable performance when it came to  warning  of impending troubles has been forgotten,  or  else  they hope the world at large believes they have so refined their understanding that there could be no recurrence of that debacle.  But they have not subjected their ‘science’ to the root and branch criticism that is clearly called for. As they argue whether they have enough Greek  letters in their equations, events take their own course. A particular weakness in economic analysis arises from the tendency of economists to regard these letters as signifying objective entities. Yet to proceed in this way is to overlook the difficulties attaching to the collection of relevant data. There are problems, not only of the familiar kind relating to proper sampling and timeliness, but of a more fundamental nature. We are not entitled to assume that the concepts favoured by economists in their analyses – consumption, investment, etc. – refer to clearly-delineated objective realities that are important in a causal  explanation  of  economic  events. After all, whether an item of expenditure is to be classed as consumption or investment is, to an unsettling degree, a matter of convention. 

The sadness is that central bankers, in moving to an almost exclusively macro-economic focus in conducting monetary policy, have paid increasing attention to the prescriptions of these self-styled ‘scientists’ of the economy.  Virtually all central banks now subscribe to the frankly weird view that economies cannot grow satisfactorily unless they maintain a 2% rate of arbitrarily- defined consumer price inflation.  This is despite the evidence in this and earlier ages that economies can grow quite well in the absence  of  such  inflationary  price  behaviour  (after  all,  the  2%  target  implies  a  doubling  of the price-level every  thirty-five years).  Thus, we are presented with the spectacle of central banks seeking to pump up demand, even when labour markets are tighter than they have been for decades past. The argument  is  that, without  the  prospect  of  higher  prices  in  the  future, consumption and investment spending would both die away.  But that is not how human psychology works. It may well be that investors’ demand for financial assets depends on the outlook for asset prices but consumers and businesses view the markets in goods and services in a different way.  They must do so, or else it would never be possible to launch new products where prices start high but then decline, reflecting economies of scale.

Central banks have come round to accepting the view, first expressed by Milton Friedman, that inflation is always and everywhere a monetary phenomenon.  But this view is misleading. Friedman based his dictum on his reading of history. Money supply and nominal GDP seemed to be broadly correlated. A more precise statement of the underlying relationship is that inflation occurs when central banks accommodate inflationary forces that usually arise from non-monetary economic and social factors. Mr Bernanke, drew the conclusion from his broadly Friedmanite analysis of the Depression years, that monetary policy could prevent deflation, which he understood to mean falling consumer prices over however short a term. Consequently, he led the world into the most extreme policy of monetary  accommodation since the invention of money. The longer-term consequences of the resulting misallocation of capital have still to be seen. In any  case, the efforts of central  banks in the advanced economies to push consumer price inflation up to a sustained 2% pace have so far proved futile.  A 2% inflation rate,  incorporating the hedonic adjustments that the statisticians have adopted over the past twenty years, seems to be above the sustainable rate in current economic conditions. There was a time when central banks needed these adjustments if they were to achieve a published inflation rate as low as 2% but recently the statistical tricks have contributed to the monetary authorities’ embarrassment in continually falling short of their inflation targets.

It is telling that the theory on which central bank policies are now based should have assimilated the behaviour of all economic agents to that of the financial markets. This has been part of  the move away from output and employment as the goals of economic activity towards the generation of financial returns within a short-term  perspective. It is consistent with the development of ‘financial capitalism’, from the 1975 May Day reforms on Wall Street, through London’s ‘Big Bang’ in 1986 to the massive growth in financial instruments in the early years of this century. The academic tide ran, not altogether surprisingly, in a direction favourable to the interests benefiting most from this development of the capitalist economic model. While academic economists whiled away their time refining their mathematical  expressions, the past few decades were witnessing a major shift in political thinking about the economy.  Whereas in 1970 a compromise had been reached between capitalism and government regulation that accorded government a role, albeit limited, in managing markets and the economy, this broke down in face of the mounting strength of market forces and after continual disappointment with economic growth and inflation control.

The first crack came with President Nixon’s ‘closing of the gold window’ on 15 August 1971. This action, which marked the end of the fixed exchange rates that had, for the most part, prevailed up to that time, was arguably the most momentous event in economic policymaking of the past half-century.  In fact, on the day, it caused remarkably little stir in the London markets, only a sense of puzzlement.  This may well have reflected London’s isolation from international developments, stemming from  the very  strict UK exchange control regime in  force  at  that time. But with the advent of the Thatcher and Reagan administrations, free-market ideology was clearly in the ascendant.

The intellectual argument in favour of free markets, as against rigged markets and government intervention, is compelling. However, anyone who has been involved in markets will be aware that they are never perfectly free and fair to all participants. Instead of accepting uncritically the virtues of free markets and indiscriminately breaking down barriers and safeguards, policymakers would have been better employed addressing the dangers posed by the ‘free’ markets as they were developing. This was the lesson of the 2007-09 financial turmoil but it is a lesson that, by and large, has not been heeded.  The post-2008 growth in global credit massively raises the risk of a future crisis, despite official measures requiring more stringent bank capital requirements. Even these strengthened defences would prove flimsy in the event of any future collapse in confidence, a collapse that is all too likely to occur in view of the aforementioned misallocation of capital.

The promoters of free markets are wont to appeal to Adam Smith as their authority. This Enlightenment philosopher has suffered a similar fate to such luminaries as J M Keynes and Karl Marx, in that his followers have presented a distorted view of his insights. The ‘free marketeers’ focus on Smith’s work The Wealth of Nations without paying heed to the ethical presuppositions underlying that analysis.  His assumptions were derived from Hutcheson’s moral philosophy and are set out in his earlier publication, The Theory of Moral Sentiments, a work that is usually ignored or denigrated by Smith’s modern-day adherents. To be sure, his view of human nature, as there set out, is rather benign. He makes no allowance for the cheating and exploitation that characterise behaviour in actual market situations. His failure to understand, or at least to recognise, the moral failings of his fellow-men diminishes the value of his economic analysis as a guide to action.

Free markets have gone hand in hand with globalisation, the strengthening power of transnational commercial interests relative to that of national governments.  At the same time, in the advanced economies, there has been a growing sense among the many that a few are making off with the fruits of economic progress. These developments are probably connected. 

The positive function of the nation-state is to maintain equity between the social classes. The nation-state is the largest unit that can feasibly fulfill this function. I realised something was going badly wrong several years ago when a respected British fund manager said that he felt he had more in common with a banker in Frankfurt than with a factory-worker in Birmingham. The nation-state was no longer fostering a sense that we were all in it together.  The subsequent social tensions and rise of populism were no surprise.  In 1970, the UK ruling elite was seeking to dissolve national sovereignty in a broader European entity.  In view of the unhappy record of subsequent UK-European relations, the 1973 accession to the EEC is likely to be judged a historic mistake.  I had not expected to see the day when that decision would be reversed.  But Mrs May and her advisers seem to understand the crucial importance of the nation-state in preserving social justice.  If they have a chance of living up to their words, the UK may well become a beacon to the world.

With that thought, I shall lay down my pen and depart in peace.

End of quote.

Eerily aligned with the prognostications of Jim Rickards.


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Two important commentators from completely different spheres use the term “Extinction Level Event”

My regular readers will know that I look for patterns in things that come into my awareness, and it has happened again this last week.

In this video (and others) Jim Rickards uses the term “Extinction Level Event” when discussing the financial scenario he sees facing the world anytime from today forwards, in his view most likely next year.

Then, looking from a completely different perspective, the predictive linguistic context that he has mastered, Clif High also uses the term “Extinction Level Event” to describe what he is seeing in his data concerning events later in 2017 and beyond.

With a rare and powerful term like this, two examples are enough, especially when it aligns with the time I see that we are in from a higher perspective.

I encourage you to prepare in whatever way is there for you, and listen to both of them make their case.

We live in interesting times…


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The Next Subprime Crisis Is Here: 12 Signs That A Day Of Reckoning Has Arrived For The U.S. Auto Industry

In 2008, subprime mortgages almost single-handedly took down the entire financial system, and now a new subprime crisis is here.  In recent years, the auto industry has been able to boost sales by aggressively pushing people into auto loans that they cannot afford.  In particular, auto loans made to consumers with subprime credit have been accounting for an increasingly larger percentage of the market.  Unfortunately, when you make loans to people that should not be getting them, eventually a lot of those loans are going to start to go bad, and that is precisely what is happening now.  Meanwhile, automakers and dealers are starting to panic as sales have begun to fall and used car prices have started to crash.  If you work in the auto industry, you might remember how horrible the last recession was, and this new downturn could eventually turn out to be even worse.  The following are 12 signs that a day of reckoning has arrived for the U.S. auto industry…

#1 Seven out of the eight largest automakers in the United States fell short of their sales projections in March.

#2 Overall, U.S. auto sales so far in 2017 have been described as a “disaster” despite record spending on consumer incentives by automakers.

#3 Dealer inventories are now at the highest level that we have seen since the last financial crisis.  Why this is so troubling is because there are a whole lot of unsold vehicles just sitting there doing nothing, and this is becoming a major financial problem for many dealers.

#4 It now takes an average of 74 days before a dealer is able to sell a new vehicle.  This number is also the highest that it has been since the last financial crisis.

#5 Not only is Ford projecting that sales will fall this year, they are also projecting that sales will fall in 2018 as well.

#6 Used vehicle prices are already starting to decline dramatically

The used-vehicle price index from the National Automobile Dealers Association posted a 3.8% decline in February compared to the prior month. NADA also said wholesale prices fell 1.6%.

#7 As I discussed yesterday, Morgan Stanley is projecting that used car prices “could crash by up to 50%” over the next four or five years.

#8 Right now, more than a million Americans are behind on their payments on their auto loans.  This is something that has not happened since the last financial crisis.

#9 In 2017, U.S. consumers are more “underwater” on their auto loans than they have ever been before.

#10 Subprime auto loan losses have soared to their highest level since the last financial crisis, and the delinquency rate on those loans has risen to the highest level that we have seen since the last financial crisis.  By now, I am sure that you are starting to notice a pattern in these data points.

#11 At this moment, approximately $200,000,000,000 has been loaned out by auto lenders to consumers with subprime credit.

#12 Just like with subprime mortgages in the run up to the last financial crisis, subprime auto loans have been bundled together and sold as “securities” to investors.  And just like last time around, this has turned out to be a recipe for disaster

Many auto loans, including those considered subprime, are securitized and sold to investors. But Morgan Stanley recently reported that the share of auto securities tied to “deep subprime” loans – those given to borrowers with a FICO credit score below 550 — has risen from 5.1 percent in 2010 to 32.5 percent today. It said defaults on those bonds have risen significantly in the past five years.

Almost a quarter of the more than $1.1 trillion in U.S. auto loan debt is owed by subprime borrowers, and delinquency rates have hit their highest point in seven years.

In the old days, you could always count on the U.S. auto industry to bounce back eventually because of the economic strength of average U.S. consumers.

Unfortunately, the middle class in America is being systematically hollowed out by long-term economic trends that our leaders in Washington D.C. have consistently ignored.

We have become a nation of economic extremes.  There are more millionaires in this country than ever before, but meanwhile poverty is exploding in communities all over the country.

If you live in a prosperous area, things may be going great where you live for the moment.  But as Gallup has discovered, an all-time record high percentage of Americans are worrying “a great deal” about hunger and homelessness these days…

Over the past two years, an average of 67% of lower-income U.S. adults, up from 51% from 2010-2011, have worried “a great deal” about the problem of hunger and homelessness in the country. Concern has also increased among middle- and upper-income Americans, but they still worry far less than do lower-income Americans.

You may have plenty of money in your bank account, and so for you hunger and homelessness are not very big issues.  But for those that are just scraping by from month to month, having enough food and a place to sleep at night are top priorities.  Here is more from Gallup

Americans at all income levels are expressing greater concern about hunger and homelessness, and it is the top worry among lower-income Americans, who are most likely to struggle to pay for adequate food and housing.

In addition to the woes of the auto industry, the retail industry is going through the worst wave of store closings in modern American history, pension funds are melting down all over the nation, and stocks are primed for a crash of epic proportions.  Things are lining up just right for the kind of scenario that I laid out in The Beginning Of The End, but unfortunately most people are not listening to the warnings.

The same thing happened just before the great financial crisis of 2008.  All of the warning signs were there well in advance, and many of the experts were warning about what was coming as early as 2005.  But because it did not happen immediately, a lot of people greatly mocked the warnings.

But then the fall of 2008 arrived and all of the mockers suddenly went silent.

As you can see from the numbers that I shared above, a new crisis has already arrived.

The only question now is how bad it will ultimately turn out to be.

As always, let us hope for the best, but let us also get prepared for the worst.

End of quote.

In his book The Road to Ruin, Jim Rickards says you don’t know which snowflake will cause the avalanche or which event will cause the next financial crisis. Is the car loan game the trigger? Who knows?

In time we will know, but only in hindsight and, as Rickards said a couple of days ago, this is an extinction level event. Strong words for an insider.


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