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. (Click here for the 2008 CNN story featuring Williams and his predictions for the President in 2012.) (Click here for shadowstats.com)
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.”
Whatever, someone has been predicting this collapse virtually every week for the past 2 years. Putin predicted we'd break into 4 different regions and the US would fall. Someone else predicted the end would be last week.
ReplyDeleteNothing worse is going to happen than what is currently happening, at least for several years as the fed can stop-gap that long without any real problems. Don't expect an actual true collapse anytime soon, certainly not within a year.
I've been seeing these same articles for years and years and years, even before 2007, the only difference is the dates always change. Hell I remember one guy claimed he was a time traveler.
Financial Armageddon...
ReplyDeleteThink about that a moment.
The economy completely collapses. The US dollar is completely worthless. You see (finally) the MSM reporting the truth. It's bad you say to yourself. I need to go to the grocery store quickly...
But you just heard the report, the dollar is dead. Your money to buy groceries is WORTHLESS! The grocery store won't be open, or perhaps this will be the last day it will be open. Who is going to work at the store, when their next paycheck presented is worthless?
Repeat this scenario in your mind over and over.
- The grocery store
- The gas station. Who will deliver the gas when there is no money to pay the driver?
- Hardware stores, Lowes, Home Depot.
- Wal Mart, K-Mart, Sears, Target
- Shopping malls
- Hospitals
- Fast food joints
- The list is endless
Can we stop this Financial Armageddon from happening? I think not. Will the police be there to protect you when it hits? Nope. They won't go to work and risk their lives to protect you. Remember the Dollar is now worthless. No money, no pay check.
The banks will all be closed, your account balances are all now at ZERO, as in worthless dollars of no value.
Those who work at power stations and water stations, keeping the water and electricity flowing, may choose to not come to work as the country is collapsing around them. Expect water and power to cease.
Whatever you have in your home when this starts, is all you will ever have for weeks to come.
How much food do you have on hand? How much water do you have? Do you have a water filter to produce clean water from rain, or a street gutter? Can you defend your family? Your neighbors? Do you have a good supply of OTC medications and a First Aid kit? Will you be able to cook a batch of rice with no water or power?
How long can you survive?
8:36 you predict that nothing will happen for a "several years". That's a great call. Where did you come up with that one? Besides out of your head. LOL
ReplyDelete8:36 fails to realise that history, when read from a book, appears to move quickly, but while living the history in real life time, it moves slowly.
ReplyDeleteI think the depression and collapse are already here. It's just a matter of chance or "luck" whether you still have a job or not or whatever. Those who are losing their home and possessions are definitely very familiar with what it now feels like to live in a depression; those still working limited hours at work are beginning to understand; those still doing well cannot be blamed as they are living an insulated lifestyle; but with all the news and people they must be seeing suffering, if they do not get it by now, I chalk it up to mere stupidity.
The collapse is ALREADY here, we are already living through it day by day people!
9:51 I couldn't have said it any better than you just did, it all depends on the persons state of mind and situation!
ReplyDeleteWhat amazes me about the whole thing is now we have the very people (Republicans) who created this mess running around blaming Obama, and vote for them. People turn off Fox Entertainment, Rush, and all the Rush wannabees. These people are making millions dividing the American people!
If Obama fails we all fail!
9:51am Good for you...A proper answer to a question without cursing or name calling.
ReplyDeleteProblem with our "Prepper Society" is we have so many bitter old men who WANT the crash.
I fear it but want it to just happen too...I know weird like having to go to the dentist...You don't want to have the tooth pulled but you need to have the tooth pulled.
I'm hoping the feds bamboozle the world as long as they can...There is no turning back...The train cannot be stopped...I figure any extra time is a Godsent because once there is a crash we'll all cry for the good old days.
Very few are prepped for a Long Emergency...Some can last weeks/months maybe even a year or two...But the evil coming down the pike will probably last a decade at least.
Not like Japan's Lost Decade either...They at least have companies that produce quality items and their people are clever and socially can live with less.
Us Americans? We're becoming the world's giant, powerful retarded cousin...Who's nice but tends to break things and not understand why things happen or people are mad at him.
where is the stock market shill, riding the crashing wave lol
ReplyDeleteThe Bush tax cuts have been in effect during the past two years. Where are the jobs? The Bush tax cuts are in their 10th year. They have NOT created jobs. Repeal them. We will need at least 8 years of unemployment benefits, if not more.
ReplyDeletethe economy collapse is real. it is the timing claim by all sort of people is just false
ReplyDeleteLadies and gentlemen, we are indeed in the beginning of the collaspe. You can go on beleiving that all will be fine, "we are going through a couple of rough bumb". Please, do not enven beleive this. Not just America, but the entire world is facing the same issues that we are experiencing. I do however beleive that whether it is Bush(s) or the jackleg we are now stuck with, they can do nothing. This is far larger than any of them could ever conceived.
ReplyDeleteI do beleive the shortages are very much on the horizon. All of the material things we now take for granted will be lost to quite a few of us.
If you do think this is untrue, just look around at the employment, services etc..
Don't be duped into believing this will pass, yes eventually it will but at what cost to this country?
August 25th, 2010.
ReplyDeleteAs of yet all the money printing the federal reserve has done has not reached everyday people. Translation the banks aren't lending, we are still in a period of credit contraction. When the banks start lending again all that printed money will come a shore and then we will have the hyperinflationary tsunami.
ReplyDeleteIs this a depression now? Probably. There are very few decent jobs and I'm hearing about more local people (this is far from a rich area) who have been unable to pay their school and property taxes. Their homes will be sold later this year and they will be out on the street and collecting welfare to survive.
ReplyDeleteI've read all the gloom and doomers and there are some basic points:
1. never invest in the stock market, it's a scam
2. don't buy paper certificates that say somebody is holding gold and silver for you; it's a scam.
3. buy coins and jewelry and other items of value instead
4. stock up on food and basic necessities
5. start a garden and/or preserve food
6. squirrel away some cash because some places will still want paper money
Even if things fall apart, you can still use, sell, and trade whatever you stocked up on. America will never be what it was, so you better get used to living on less.
11:13, with all due respect, raising the taxes only gives the politicians in Washington more money to waste. This money isn't going to the people, both parties are the same. They are working for corporations and bankers. At one time, I believed we had to help the corp. because they supplied the jobs. Now, where are the jobs? They have sent them overseas, using our money and cheap labor. Their headquarters are located overseas, to avoid paying taxes. Meanwhile, our money also goes overseas to build nations, in the name of things like USAID Afghanistan.. These wars are planned, these recessions are planned, to enrich the elite over and over again.
ReplyDeleteThe stock market is being manipulated and when the next crash comes, so goes your 401K, like many of us have already lost in the last crash. People who thought they could get by on their savings, are facing huge increases in property taxes and instead are losing everything.
Raising taxes isn't going to solve anything, so long as the Corporations aren't paying their fair share, and they don't, regardless of what Fox News or MSNBC say. Both networks work for the elite, it just comes down to which one "tickles" your ears.
Our country is systemically being destroyed from within, and we will all mourn the loss of the country we once knew. Meanwhile, the most prudent thing to do is to have on hand extra food, water, supplies, because my gut tells me they also need another disaster to make us forget who our real enemies are...those treasonous politicians in Washington.
With the exception of 8:36 and 2:48, I find that everyone else here truly gets it. Most of the world is collapsing right along with us but for the U.S, empire decline which is occurring as we speak will be very painful as we have fallen from the top of the heap. Whether we settle at the bottom of the ocean or manage to float back up and settle back on the surface is the question. Here's to hoping that the American people are resilient.
ReplyDelete@6:26, yes both parties are two heads on the same beast controlled by the Corporations. Free trade has destroyed this country and the politicians are putting the final nails into the coffin of the American people.
ReplyDeleteMen and women of good conscience should help decent fellow Americans who are willing to help themselves and contribute to the groups they are part of. I can see a scenario where there will be tremendous amounts of micro communities banded together for survival.
I think that people should listen and get ready for armageddon and financial collapse people should not ignore this advice because is really true. and is really coming soon.
ReplyDelete