Shocking video of the imminent economic collapse and the next Great Depression. The borrower is the servant of the lender, and one of the primary ways that the elite keep the rest of us subjugated: is through the 244 trillion dollar mountain of global debt that has been accumulated. Every single day, the benefits of our labor are going to enrich somebody else.
A portion of the taxes that are deducted from your paycheck is used to pay interest on government debt. A portion of the profits that your company makes probably goes to servicing some form of business debt. And most Americans are continuously making payments on their mortgages, their auto loans, their credit card balances and their student loan debts. But most people never stop to think about who is becoming exceedingly wealthy on the other end of these transactions. Needless to say, it isn’t the 46 percent of the global population that is living on less than 5.50 dollar a day.
The world has never seen anything like this 244 trillion dollar debt ever before, and one of the central themes of Epic Economist youtube channel is that all of this debt will ultimately destroy our society and causing a major economic collapse. According to the Institute of International Finance, the total amount of global debt is now “more than three times the size of the global economy”… Today, we are living in the terminal phase of the biggest debt bubble in the history of the planet. Every debt bubble eventually ends with horrific economic collapse, and this one will too. It isn’t an accident that the United States are 22 trillion dollars in debt.
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The truth is that the debt-based Federal Reserve is doing exactly what it was originally designed to do. And no matter what politicians will tell you, we will never have a permanent solution to our debt problem until we get rid of the Federal Reserve. In 2017, interest on the national debt will be nearly a trillion dollar. That means that close to 1000 billion of our tax dollars will go out the door before our government spends a single penny on the military, on roads, on health care or on anything else. And we continue to pile up debt at a rate of more than 200 million dollar an hour.
According to the Congressional Budget Office, the federal government will add more than a trillion dollars to the national debt once again in 2019… When economy comes crashing down and a great crisis happens, we are going to have a choice. We could try to rebuild the fundamentally flawed old system, or we could scrap it and start over with something much better. My hope is that we will finally learn our lesson and discard the debt-based central banking model for good.
The reason why I am writing about this so much ahead of time is so that people will actually understand why the coming economic collapse is happening as it unfolds. If we can get everyone to understand how we are being systematically robbed and cheated, perhaps people will finally get mad enough to do something about it.
The China debt tsunami will bring down the world economy, and Basel III implementation on March 31st could bring down some heavily leveraged international banks. It’s a crazy time in which we live, Bob Kudla joins me to discuss.
That’s extremely unfortunate because an overly indebted Beijing is again set to push the world into recession. China, through predatory policies, precipitated the global downturn last decade, and it looks like it will cause the next one as well.
Last time, the Chinese benefitted handsomely from worldwide misery. This time, they will not be so fortunate and will almost certainly end up being the greatest victims.
Why? Trump talks about trade deficits, but his administration’s actions are focused on technology. A tech struggle, more than a trade one, looks like a contest for the future. As Thomas Friedman of the New York Times wrote in early May, this is not a fight about tariffs or even about trade; this is a fight for the future. Friedman’s conclusion is not so much his own analysis but the views of Chinese sources. Many in China view this as, or almost as, an existential struggle. Americans, in time, will see it the same way.
In any event, Trump’s actions are putting severe pressure on the Chinese economy. “I actually believe that Trump’s determination to reduce the amount of U.S. dollars in circulation will induce a Chinese crisis, as you can see from current bond yields, the A-share stock market, and renminbi value,” Anne Stevenson-Yang, co-founder of Beijing-based J Capital Research, told the National Interest. “This is not a Trump intention but an effect of rising interest rates, partly a function of the tax giveaway, since borrowing so much more money raises rates, plus what will have to be a decline in U.S. trade. The reason this may spark the long-expected debt crisis is that the Chinese economy is very dependent on incoming U.S. dollars to support expansion of the money supply. Without that, they have to just print, and that’s inflationary.”
Chinese technocrats may be approaching the outer limits of what they can print to keep the economy going. At the end of last year, China’s M2, the broad gauge of money in circulation, amounted to $25.98 trillion, a whopping 202.3 percent of 2017 GDP. In comparison, America’s M2 at the time was $13.82 trillion, only 71.8 percent of GDP.
Trump is reducing the flow of money just when Beijing needs it most. The People’s Bank of China, the central bank, in recent weeks has been adding cash in a hurry. As Collier told the National Interest, Chinese officials have in general thought that recent tightening had gone too far and they also have tried “to respond to the impact of a trade war on the economy.”
And China, a trade-surplus country, is especially vulnerable to a trade war. The World Bank estimates that exports accounted for 19.8 percent of China’s 2017 GDP.
Collier does not expect a Chinese financial crisis, but the short-term move of adding credit will, he says, result in “more bad projects” and therefore “a weaker underlying economy.”
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