Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

I Hope You’re Ready: “The Sell-Off Today Is The Start. Not the End.”

IMG Auteur
Published : February 26th, 2013
607 words - Reading time : 1 - 2 minutes
( 5 votes, 4.2/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : Crisis Watch

They’d have us believe that happy days are here again. And, if your only source of information for economic news is the mainstream media and their talking heads, then in all likelihood you’ve bought into the hype about an economy on the rebound, consumers being more confident, housing prices in recovery and a government that’s soon to resolve America’s fiscal woes.

Nothing could be further from the truth. We are very rapidly approaching a situation that could be much, much worse than what we experienced in 2008.

Remember, in 2008 then Secretary of the Treasury Hank Paulson warned that we were literally on the brink of collapse and Congressional representatives were told that the situation was so serious that should the economy, financial markets and the US dollar crash, it would lead to riots and the need for martial law.

We’re not making this up – see for yourself:

One non-mainstream economist who has been warning of the coming disaster since the last disaster is Market Ticker’s Karl Denninger. He uses something called basic mathematics (with a healthy mix of advanced analysis) to come to his conclusions, and prior to the massive collapse of October/November 2008, Denninger sounded the alarm when he spotted numerous data points, including central bank manipulation in credit markets, suggesting that a massive crash was coming.

Two weeks later markets around the world fell apart.

Over the last several years Denninger has continued to warn Americans about the fiscal crisis, unsustainable debt levels and wealth destruction.

The prescient analyst and commentator is once again sounding the alarm:

Bernanke’s machinations and other games “gave” the Congress four years to do the right thing.  They didn’t, because that same “gift” also destroyed all market signals of urgency.

As such you have people like Krugman and others claiming that it’s all ok and that we can spend with wild abandon, taking our fiscal medicine never.

They were wrong.  Congress was wrong.  The Republicans were wrong, the Democrats were wrong, and the Administration was wrong.

Congress is out of time; as I noted the deficit spending must stop now, irrespective of the fact that it will cause significant economic damage.

We will survive it if we do it now.

Time’s up; we either have serious people who will take serious actions right now or we’re going to find out what a real ”discontinuity” looks like.

I promise that you won’t like it.

The sell-off today is the start.  Not the end. 

And it’s also the end of the rope for our Congress, if they don’t get off their butts, which I do not expect them to do.

Therefore, I hope you’re ready.

I bet you’re not.

Source: Market Ticker ; Market Ticker 2

If we were on the brink in 2008, and we spent the last five years injecting TRILLIONS of dollars into the system, why are we once again at the cusp of another crash?

Because they fixed nothing.

In fact, they made it worse.

Back in 1930 Americans thought they were out of the woods and that the economy and financial markets had recovered.

They were dancing, drinking and spending like nothing was wrong; as if the crash had been nothing more than a short-term blip.

Congress was being warned about the possibility of tanks in the streets in 2008. All of  the economic, financial and monetary policy measures implemented by the government and the Federal Reserve since then have failed.

Should we be worried?

The short answer is ‘Yes’.

This is going to happen. And this time people should be terrified of the consequences.

Most don’t even have a clue what’s coming.

Thanks to Mac Slavo from www.shtfplan.com
<< Previous article
Rate :Average :4.2 (5 votes)
>> Next article
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
A Salvo in the Battle for the Go...
27 Febovertheedge
I would argue that the devil is in the details, i.e. the definition of money. What the people of the US are using is currency. Currency bei...
A Salvo in the Battle for the Go...
26 FebFrankinca1
Sort of written for a PHD in economics, which gold believers (myself) are not often that well educated, have difficulty following. The definition o...
A Salvo in the Battle for the Go...
26 Feb07788525833
The dollar has a monopoly over all other types of money which is rammed down peoples throats by gun and drones , any one wanting to change this...
In Search of the Magic Wand: Car...
25 FebDoom
Yes, stay away from University of Phoenix, a school with a 9% graduation rate, that only gets students because it spends $200,000 a day on Google a...
Emails From Kiev: Free Speech Va...
25 Febovertheedge
"The problem is, the asshats associated with Poroshenko are even worse than he is." I'm assuming you mean the predators in the US White Ho...
The Bull Case For Gold This Year...
25 Febdepourcq
You talked about all the wrong reasons that gold will rise or fall, their is only one that everyone should know. The US has a debt of 18.134 trilli...
The Bull Case For Gold This Year...
25 Febneville
The fact that you are very lowly rated might be one of two things .1.You have been playing this card to often (Bear Joker) 2,The other is that you ...
Interventionism Kills: Post-Coup...
24 FebJosu O.
A nice summary of what actually happened. It's sad that few europeans and even fewer americans are going to read it. My opinion is that US...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
Tinka Resources(Ag)TK.V
Announces AGM Results
CA$ 0.27-12.90%Trend Power :
Corporate news
Silver Standard(Ag-Au-Cu)SSO.TO
Early Glance: Silver companies
CA$ 6.57-0.90%Trend Power :
Corporate news
Pan American Silver(Ag-Au-Cu)PAAS
Early Glance: Silver companies
US$ 9.68+1.04%Trend Power :
Corporate news
Gold Fields(Cu-Ni-Mo)GFI
Early Glance: Gold companies
US$ 4.65+0.87%Trend Power :
Corporate news
Randgold Res.(Au)GOLD
- Total Voting Rights
US$ 79.19+0.24%Trend Power :
Corporate news
Continental Precious Min.(Ag-Au-Co)CZQ.TO
Engages Golder Associates for the Next Step in the Development of the Viken Project
CA$ 0.56-6.67%Trend Power :
Corporate news
Beaufield Res.(Ag-Au-Ni)BFD.V
Reports Annual General Meeting Results
CA$ 0.04-11.11%Trend Power :
Corporate news
Probe Mines(Ag-Au-Cu)PRB.V
Leading Independent Advisory Firms ISS and Glass Lewis Recommend Shareholders of Probe Mines
CA$ 4.94+0.82%Trend Power :
Corporate news
Newmont(Cu-Le-Ni)NEM
Why the Earnings Streak Will Continue for Newmont Mining (NEM) - Tale of the Tape
US$ 26.33+0.08%Trend Power :
Corporate news
Newmont(Cu-Le-Ni)NEM
Increased Earnings Estimates Seen for Newmont Mining (NEM): Can It Move Higher? - Tale of the Tape
US$ 26.33+0.08%Trend Power :
Corporate news
Comments closed
Subscribe to 24hGold’s daily market briefing
  • Prices and data of precious metals in 119 currencies and world mining companies
  • Daily analysis of the economy, markets and more
  • Free, daily and indispensable
Stay informed, subscribe now !
* Your email will never be shared.