Whether the system is going to collapse is not the question.
Most informed individuals understand that out of control spending fueled by trillions of dollars in debt, unprecedented monetary expansion and ever increasing dependence on a government social safety net overburdened by millions of people in need of essential services can not be sustained forever.
For many Americans and our counterparts in Europe, the collapse is now.
To suggest that we are somehow on the road to recovery is nothing but conjecture.
We have no doubt that everyone is tired of bad news, but we are compelled to review the facts: Europe is currently experiencing severe bank runs, budgets in virtually every western country on the planet are out of control, the banking system is running excessive leverage and risk, the costs of servicing the ever-increasing amounts of government debt are rising rapidly, and the economies of Europe, Asia and the United States are slowing down or are in full contraction. There’s no sugar coating it and we have to stop listening to politicians and central planners who continue to downplay, obfuscate and flat out lie about the current economic reality. Stop listening to them.
Source: Sprott Asset Management via Zero Hedge
We are, by all accounts, sliding rapidly into the abyss of an untenable economic, financial, political and social disaster.
The only question now is, “how is it going to look when it happens?”
A glimpse into our future can be found in the veritable canary-in-the-coalmine in Europe – Greece. Read more.....