When Will Financial Armageddon Begin?

Greg Hunter's USA Watchdog ^ | 8/9/2010 | Greg Hunter

[domeika]

A little more than two years ago, economist John Williams of shadowstats.com predicted a “severe recession” was coming and soon. At the time, I was working as an investigative correspondent for CNN. I interviewed Williams for a story about the coming financial crisis. Most so-called experts, at the time, did not see the financial meltdown coming, let alone that all the banks were in trouble. Williams’ assessment of the economy was spot on in 2008. I don’t see how you can characterize what we have now as anything but a “severe recession.” Accurate information is the first and foremost reason to use someone as a source when you are a journalist. In my experience, what I have gotten from Williams has been stellar.

--snip--

Williams also predicted 2 years ago we would have a “hyperinflationary depression” within 10 years. Then, about a year ago, he revised his prediction and narrowed the window to “five years.” The day before last Friday’s dismal jobs report, Williams said, “. . . the timing of the looming U.S. financial Armageddon is coming into better focus, with increasingly high risk of it breaking within the next six months to a year.”

“Financial Armageddon . . . within the next six months to a year.” I called Williams to see why the odds of calamity have accelerated. He told me on the phone last night, “What is happening now to bring the timing into focus is the economy IS turning down. It is no longer the perspective the economy is going to turn down. That, in turn, will eventually trigger all the problems with the dollar, the debt and the deficit.”

--snip--

[domeika]

Why is the economy still heading south? We have an out of control government that thinks it's ok to seize any part of any industry it sees fit, legal or not. And they can't fathom why no one wants to invest? That spells big time trouble for the parasite class. If it all falls down, things could get ugly. The food stamps just won't buy what they used to. But not to worry, here's a handy dandy recipe for Obama voters:

Hope and Change stew
Add 1 tablespoon of oatmeal to 1 gallon of boiling water.
Sprinkle in some Hope and Change (and some "Yes we can" if you have any left).
Wait four to eight years to thicken.

It might sound like some "pretty thin gruel", but David Axelrod will find a way to make it sound a lot better. After all, he sold Obama voters on the idiot kenyan in the first place didn't he?

[Kartographer]

HMMMMM...HMMMMM...HMMMMM BARACK HUSSEIN OBAMA HMMMMM...HMMMMM...HMMMMM...

[comebacknewt]

Things won't get really bad unless we decide to monetize our unsupportable debt load.

Oh wait ...

[jwparkerjr]

re: If it all falls down, things could get ugly

That’s one of my biggest fears as I see all this unfolding. There is a percentage of the population that lives on the edge as it is now. When the bottom falls out they will have no other plan and will resort to taking what they think they need and have been denied by “the rich.”

[rdl6989]

It’s already here.

[massmike]

bfl

[Truth29]

They will resort to trying to take what they think they need. In many cases they will succeed, but in many other cases they will be stopped with lethal force and then we will see if order will be restored by the central government or the people, themselves, will do the policing.

[EGPWS]

When credit in the U.S. is driven into the ground by government promoting freeloaders as the righteous caring needy citizens, legal or not, as they are coddled via wealth transfer by politicians just to increase a voter base politically.

[mountainlion]

With a hidden $45T debt the stimulus will have little effect except to collapse the system earlier.

[Celerity]

Agreed. Food prices are a good barometer.

My eyes have opened to several such markets since reading the Argentinian downfall blog (Anyone remember the name ? I think something like Farfal..)

[ducttape45]

Let’s hope that when it comes that people will have the foresight to know who actually caused it. Then maybe the White House will be put into more stable hands.

[Jacquerie]

Deflationary Depression - 1930s. Not fun. Not much money around, but the coin in one’s pocket retains value.

Inflationary Depression - Wiemar Germany. Even less fun. Middle Class destroyed, nothing to lose. Heil.

[rbg81]

Obama and the Dems will keep on handing out the free stuff until it kills us.

[domeika]

If the rich know how to spend their money wisely, they are investing right now in heavy metals....like lead.

[abortionisalwaysmurder]

It began in 2007 when diesel fuel hit the two dollar mark.

[Para-Ord.45]

Peter Schiff is saying about the same thing:

http://www.youtube.com/watch?v=BBUAATpEOA8

http://www.youtube.com/watch?v=3k8Yx4GUG7E

[Neidermeyer]

My eyes have opened to several such markets since reading the Argentinian downfall blog (Anyone remember the name ? I think something like Farfal..)
************************************************
You thinking of this ... http://www.rapidtrends.com/surving-argentinas-economic-collapse-part-1-3/

[domeika]

It began in 2007 when diesel fuel hit the two dollar mark.

And the democrats took control of congress in 2007. Might be some correlation...nah.

[omega4179]

Its already $3.99 for a bag of chips or a gallon of Milk.

[screaminsunshine]

12 to 36 months is all we have left. Be prepared.