Are we running out of time? I sure as hell feel like I am…. The illusion of economic stability we are bombarded with from the media and governments of all flavours has convinced most people that the great economic crisis of 2008 was just a blip and that things are just fine again…. Well, it’s not like that at all… The truth is that the crash of 2008 was just the first wave of our economic tsunamis. We have not even come close to recovering from that wave, and the second wave of the economic collapse is fast approaching. Think of the exponential curve…. and we are on the vertical bit. The number of crises is growing exponentially. Capitalism is like a gigantic global sand castle built on a foundation of debt and toilet paper currency. As each wave of the crisis hits us, the solutions that our dear leaders will present us will will involve even more debt and even more toilet paper printing. And every time we wipe our collective arses, everything gets worse. Right now, events are unfolding in Europe and in the US that are pushing us toward the next crisis….
The following is a list of 12 things that were published on Zero Hedge that only too clearly show the next wave of the economic tsunami is almost here…
#1 According to TrimTab’s CEO Charles Biderman, corporate insider purchases of stock have hit an all-time low, and the ratio of corporate insider selling to corporate insider buying has now reached an astounding 50 to 1….
#2 On Friday we learned that personal income in the United States experienced its largest one month decline in 20 years… Personal income decreased by $505.5 billion in January, or 3.6%, compared to December (on a seasonally adjusted and annualized basis). That’s the most dramatic decline since January 1993, according to the Commerce Department.
#3 In a stunning move, Michigan Governor Rick Snyder says that he will appoint an emergency financial manager to take care of Detroit’s financial affairs… If this does not work, Detroit will almost certainly have to declare bankruptcy. If that happens, it will be the largest municipal bankruptcy in U.S. history.
#4 On Friday it was announced that the unemployment rate in Italy had risen to 11.7 percent. That was a huge jump from 11.3 percent the previous month, and Italy now has the highest unemployment rate that it has experienced in 21 years.
#5 The youth unemployment rate in Italy has risen to a new all-time record high of 38.7 percent.
#6 On Friday it was announced that the unemployment rate in the eurozone as a whole had just hit a brand new record high of 11.9 percent.
#8 The youth unemployment rate in Greece is now an almost unbelievable 59.4 percent.
#9 On Saturday, hundreds of thousands of protesters filled the streets of Lisbon and other Portuguese cities to protest the austerity measures that are being imposed upon them. It was reportedly the largest protest in the history of Portugal.
#10 According to Goldman Sachs, bank deposits declined all over Europe during the month of January.
#11 Over the weekend, the deputy governor of China’s central bank declared that China is prepared for a “currency war“…
#12 Italy is an economic basket case at this point, and the political gridlock in Italy is certainly not helping matters. Former comedian Beppe Grillo’s party could potentially tip the balance of power one way or the other in Italy, and over the weekend he made some comments that are really shaking things up over in Europe. For one thing, he is suggesting that Italy should hold a referendum on the euro… In addition, Grillo is also suggesting that Italy’s debt has gotten so large that renegotiation is the only option… He’s my man, renegotiation means CANCELLATION!!
The so called “sequester cuts” in the US ($95 billion) have now gone into effect, and they will definitely affect on the U.S. economy. And of course we all know the U.S. economy has already been showing plenty of signs of tanking lately. If you doubt this, read “Consumer Spending Drought: 16 Signs That The Middle Class Is Running Out Of Money“.
So what comes next? Keep your fingers and toes crossed…… trust me, there are no solutions to this mess. Except for Grillo’s and mine!