Is An Economic Crash Greater than the Great Depression Near?

Is An Economic Crash Greater than the Great Depression Near?

As many of you know I am engaged in the food and health war.  But if we have an economic crash, where there is greater job loss than 2008 and thereafter, then if we have less funds will our food quality and health suffer?

For many of us who have food allergies and sensitivities or want to buy higher quality foods, the traditional grocery store just is not a friendly place.  We will not fare well if we lose our income sources and have to go on food stamps.

So what suggestions do you have that everyone should consider to offset and prepare for a potential financial hurricane?   Think about it!  –No Name Attorney 

The Crisis Is Imminent: “When The Real Crash Comes It Will Be Worse Than the Great Depression”

by Mac Slavo

 

“The United States is like the Titanic, and I’m here with the lifeboat trying to get people to leave the ship… I see a real financial crisis coming for the United States.”
Peter Schiff August 2006

In 2006, when he faced off with many well known Titans of investing and warned of an impending financial disaster and economic collapse, Peter Schiff was laughed at by his colleagues. He urged Americans to exit financial markets and take steps to protect themselves before the wealth held in their savings accounts, retirement investments and real estate was wiped out.

Few listened.

We know what happened next.

Now, those same financial experts who publicly vilified Schiff for his predictions six years ago are at it again. Many, including our politicians, central bankers and leading economists, have unequivocally stated that the worst is behind us, and that a global recovery is on the horizon.

Once again, Peter Schiff disagrees:

“I think we are heading for a worse economic crisis than we had in 2007,” Schiff said.  “You’re going to have a collapse in the dollar…a huge spike in interest rates… and our whole economy, which is built on the foundation of cheap money, is going to topple when you pull the rug out from under it.”

Schiff says that, despite “phony” signs of an economic recovery, the cancer destroying America stems from a lethal concoction of our $16 trillion federal debt and the Fed’s never ending money printing.

According to Schiff, these numbers are unsustainable. And the Fed has no credible “exit strategy.”

Eventually interest rates will rise… and when they do, Schiff says, stocks will tank and bonds dip to nothing. Massive new tax hikes will be imposed and programs and entitlements will be cut to the bone.

“The crisis is imminent,” Schiff said.  ”I don’t think Obama is going to finish his second term without the bottom dropping out. And stock market investors are oblivious to the problems.”

“We’re broke, Schiff added.  ”We owe trillions. Look at our budget deficit; look at the debt to GDP ratio, the unfunded liabilities. If we were in the Eurozone, they would kick us out.”

“The Fed knows that the U.S. economy is not recovering,” he noted. “It simply is being kept from collapse by artificially low interest rates and quantitative easing. As that support goes, the economy will implode.”

A noted economist, Schiff has been a fierce critic of the Fed and its policies for years. And his warnings have proven to be prophetic.

His recent warnings, however, have been even more alarming.  Will they also prove to be true?

In his most recent book, “The Real Crash” How to Save Yourself and Your Country“, Schiff writes that when the “real crash” comes,” it will be worse than the Great Depression.

Unemployment will skyrocket, credit will dry up, and worse, the dollar will collapse completely, “wiping out all savings and sending consumer prices into the stratosphere.”

“All we can do now is prepare for the crash,” Schiff said. “If we brace ourselves properly and control the impact, we will survive it.”

Indeed.

We must understand that none of the fundamental problems leading up to the 2007/2008 financial crisis have been resolved.

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The Stealing By Banksters Must Stop

The Stealing By Banksters Must Stop

I hate to admit but I think Michael is right.  Cyprus just might be a test case to see how the public will react to the banksters (with government assistance) doing a shakedown of the public for their misconduct.

Bank holidays are coming to America at some point.  It has happened before during the 1930’s.  It can happen again.  This time we could have our own version of a “wealth tax”.

Nevertheless, please explain to me how it is just to have a third party pay for the crimes of another?  Why should we be paying for the derivatives, liar loans, credit default swaps of these mega financial institutions?

Why isn’t the government putting these mega financial institutions into receivership, bankruptcy or trying to liquidate them?  Would we be better off if the government temporarily seized them and brought in a new crowd of “experts” to start afresh?  If there was a stockbroker or investment firm committing fraud on its customers, the SEC would not waste any time getting an injunction and taking the business over. 

This malfeasance or misconduct will continue as long as the public allows it.  If we want to stop it we need to stop playing their game.  Did your bank gamble with derivatives?  Did they have liar loans?  Or were they engaged in credit default swaps?  If you don’t know, then you need to do your homework and find out.

There’s a legal concept called ratification.  Check it out.  Ask yourself:

  • Does my bank receive funds from the Federal Reserve based upon their customers deposits and savings? 
  • Do they use my money to get money from the Federal Reserve under our fractional banking system? 
  • If so, then why am I indirectly endorsing or ratifying their conduct by keeping your financial assets there? 
  • Shouldn’t I find a bank that did not have any connection to the 2008 financial fiasco or “mismanagement”?

There are credit unions and banks that have “clean hands” about the 2008 Wall Street mess.  Why don’t you find them and support their business ethics by removing your checking and savings accounts from those who have “dirty hands”?  If we vote with our dollars those who acted inappropriately will feel the pinch and hear our voices.

Think about it!–No Name Attorney

P.S.  This is part of Michael’s series of covering the Bankster heist from bank accounts.  Michael has a B.S. in Commerce from the University of Virginia, a law degree (J.D.) and a Masters of Law in Taxation (LL.M.) from the University of Florida School of Law.  He has agreed to contribute his work to this website.  Michael’s research probes and sharpens one’s analysis (iron sharpens iron).

After The Banksters Steal Money From Bank Accounts In Cyprus They Will Start Doing It EVERYWHERE

By Michael, on March 17th, 2013

If The Banksters Will Steal Money From Bank Accounts In Cyprus Then They Will Do It ANYWHERE

Image from www.economiccollapseblog.com. Do you think that this is an accurate photo as to what is happening to bank customers because of the bankers’ misconduct?

Cyprus is a beta test.  The banksters are trying to commit bank robbery in broad daylight, and they are eager to see if the rest of the world will let them get away with it.  Cyprus was probably chosen because it is very small (therefore nobody will care too much about it) and because there is a lot of foreign (i.e. Russian) money parked there.  The IMF and the EU could have easily bailed out Cyprus without any trouble whatsoever, but they purposely decided not to do that.  Instead, they decided that this would be a great time to test the idea of a “wealth tax”.  The government of Cyprus was given two options by the IMF and the EU – either they could confiscate money from private bank accounts or they could leave the eurozone.  Apparently this was presented as a “take it or leave it” proposition, and many are using the world “blackmail” to describe what has happened.  Sadly, this decision is going to set a very ominous precedent for the future and it is going to have ripple effects far beyond Cyprus.  After the banksters steal money from bank accounts in Cyprus they will start doing it everywhere.  If this “bank robbery” goes well, it will only be a matter of time before depositors in nations such as Greece, Italy, Spain and Portugal are asked to take “haircuts” as well.  And what will happen one day when the U.S. financial system collapses?  Will U.S. bank accounts also be hit with a “one time” wealth tax?  That is very frightening to think about.

Cyprus is a very small nation, so it is not the amount of money involved that is such a big deal.  Rather, the reason why this is all so troubling is that this “wealth tax” is shattering confidence in the European banking system.  Never before have the banksters come directly after bank accounts.

If everything goes according to plan, every bank account in Cyprus will be hit with a “one time fee” this week.  Accounts with less than 100,000 euros will be hit with a 6.75% tax, and accounts with more than 100,000 euros will be hit with a 9.9% tax.

How would you feel if something like this happened where you live?

How would you feel if the banksters suddenly demanded that you hand over 10 percent of all the money that you had in the bank?

And why would anyone want to still put money into the bank in nations such as Greece, Italy, Spain or Portugal after all of this?

One writer for Forbes has called this “probably the single most inexplicably irresponsible decision in banking supervision in the advanced world since the 1930s.”  And I would agree with that statement.  I certainly did not expect to see anything like this in Europe.  This is going to cause people to pull money out of banks all over the continent.  If I was living in Europe (and especially if I was living in one of the more financially-troubled countries) that is exactly what I would be doing.

The bank runs that we witnessed in Cyprus over the weekend may just be a preview of what is coming.  When this “wealth tax” was announced, it triggered a run on the ATMs and many of them ran out of cash very rapidly.  A bank holiday was declared for Monday, and all electronic transfers of money were banned.

Read More Here…