: 2015

Global Financial Devastation

Off the keyboard of Michael Snyder

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Published on the Economic Collapse on June 29, 2015

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16 Facts About The Tremendous Financial Devastation That We Are Seeing All Over The World

As we enter the second half of 2015, financial panic has gripped most of the globe.  Stock prices are crashing in China, in Europe and in the United States.  Greece is on the verge of a historic default, and now Puerto Rico and Ukraine are both threatening to default on their debts if they do not receive concessions from their creditors.  Not since the financial crisis of 2008 has so much financial chaos been unleashed all at once.  Could it be possible that the great financial crisis of 2015 has begun?  The following are 16 facts about the tremendous financial devastation that is happening all over the world right now…

1. On Monday, the Dow fell by 350 points.  That was the biggest one day decline that we have seen in two years.

2. In Europe, stocks got absolutely smashed.  Germany’s DAX index dropped 3.6 percent, and France’s CAC 40 was down 3.7 percent.

3. After Greece, Italy is considered to be the most financially troubled nation in the eurozone, and on Monday Italian stocks were down more than 5 percent.

4. Greek stocks were down an astounding 18 percent on Monday.

5. As the week began, we witnessed the largest one day increase in European bond spreads that we have seen in seven years.

6. Chinese stocks have already met the official definition of being in a “bear market” – the Shanghai Composite is already down more than 20 percent from the high earlier this year.

7. Overall, this Chinese stock market crash is the worst that we have witnessed in 19 years.

8. On Monday, Standard & Poor’s slashed Greece’s credit rating once again and publicly stated that it believes that Greece now has a 50 percent chance of leaving the euro.

9. On Tuesday, Greece is scheduled to make a 1.6 billion euro loan repayment.  One Greek official has already stated that this is not going to happen.

10. Greek banks have been totally shut down, and a daily cash withdrawal limit of 60 euros has been established.  Nobody knows when this limit will be lifted.

11. Yields on 10 year Greek government bonds have shot past 15 percent.

12. U.S. investors are far more exposed to Greece than most people realize.  The New York Times explains…

But the question of what happens when the markets do open is particularly acute for the hedge fund investors — including luminaries like David Einhorn and John Paulson — who have collectively poured more than 10 billion euros, or $11 billion, into Greek government bonds, bank stocks and a slew of other investments.

Through the weekend, Nicholas L. Papapolitis, a corporate lawyer here, was working round the clock comforting and cajoling his frantic hedge fund clients.

“People are freaking out,” said Mr. Papapolitis, 32, his eyes red and his voice hoarse. “They have made some really big bets on Greece.”

13. The Governor of Puerto Rico has announced that the debts that the small island has accumulated are “not payable“.

14. Overall, the government of Puerto Rico owes approximately 72 billion dollars to the rest of the world.  Without debt restructuring, it is inevitable that Puerto Rico will default.  In fact, CNN says that it could happen by the end of this summer.

15. Ukraine has just announced that it may “suspend debt payments” if their creditors do not agree to take a 40 percent “haircut”.

16. This week the Bank for International Settlements has just come out with a new report that says that central banks around the world are “defenseless” to stop the next major global financial crisis.

Without a doubt, we are overdue for another major financial crisis.  All over the planet, stocks are massively overvalued, and financial markets have become completely disconnected from economic reality.  And when the next crash happens, many believe that it will be even worse than what we experienced back in 2008.  For example, just consider the words of Jim Rogers

“In the United States, we have had economic slowdowns every four to seven years since the beginning of the Republic. It’s now been six or seven years since our last stock market problem. We’re overdue for another problem.”

In Rogers’ view, low interest rates caused stock prices to increase significantly. He believes many assets are priced beyond their fundamentals thanks to the ultra-easy monetary policies by the Federal Reserve. Fed supporters argue such measures are good for investors, but Rogers takes a different view.

The Fed might tell us we don’t have to worry and that a correction or crash will never happen again. That’s balderdash! When this artificial sea of liquidity ends, we’re going to pay a terrible price. When the next economic problem occurs, it will be much worse because the debt is so much higher.”

Of course Rogers is far from alone.  A recent article by Paul B. Farrell expressed similar sentiments…

America’s 95 million investors are at huge risk. Remember the $10 trillion losses in the crash and recession of 2007-2009? The $8 trillion lost after the dot-com technology crash and recession of 2000-2003? This is the third big recession of the century. Yes, America will lose trillions again.

Especially with dead-ahead predictions like Mark Cook’s 4,000-point Dow correction. And Jeremy Grantham’s warning of a 50% crash around election time, with negative stock returns through the first term of the next president, beyond 2020. Starting soon.

Why is America so vulnerable when the next recession hits? Simple: The Fed’s cheap-money giveaway is killing America. When the downturn, correction, crash hits, it will compare to the 2008 crash. The Economist warns: “the world will be in a rotten position to do much about it. Rarely have so many large economies been so ill-equipped to manage a recession,” whatever the trigger.

Things have been relatively quiet in the financial world for so long that many have been sucked into a false sense of security.

But the underlying imbalances were always there, and they have been getting worse over time.

I believe that we are heading into a global financial collapse that will make what happened in 2008 look like a Sunday picnic by the time it is all said and done.

Global debt levels are at all-time highs, big banks all over the planet have been behaving more recklessly than ever, and financial markets are absolutely primed for a huge crash.

Hopefully things will calm down a bit as the rest of this week unfolds, but I wouldn’t count on it.

We have entered uncharted territory, and what comes next is going to shock the world.

Financial Turmoil In Europe, China And The United States

Off the keyboard of Michael Snyder

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Published on The Economic Collapse on June 19, 2015

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As we move toward the second half of 2015, signs of financial turmoil are appearing all over the globe.  In Greece, a full blown bank run is happening right now.  Approximately 2 billion euros were pulled out of Greek banks in just the past three days, Barclays says that capital controls are “imminent” unless a debt deal is struck, and there are reports that preparations are being made for a “bank holiday” in Greece.  Meanwhile, Chinese stocks are absolutely crashing.  The Shanghai Composite Index was down more than 13 percent this week alone.  That was the largest one week decline since the collapse of Lehman Brothers.  In the U.S., stocks aren’t crashing yet, but we just witnessed one of the largest one week outflows of capital from the bond markets that we have ever witnessed.  Slowly but surely, we are starting to see the smart money head for the exits.  As one Swedish fund manager put it recently, everyone wants “to avoid being caught on the wrong side of markets once the herd realizes stocks are over-valued“.

I don’t think that most people understand how serious things have gotten already.  In Greece, so much money has been pulled out of the banks that the European Central Bank admits that Greek banks may not be able to open on Monday

The European Central Bank told a meeting of euro zone finance ministers on Thursday that it was not sure if Greek banks, which have been suffering large daily deposit outflows, would be able to open on Monday, officials with knowledge of the talks said.

Greek savers have withdrawn about 2 billion euros from banks over the past three days, with outflows accelerating rapidly since talks between the government and its creditors collapsed at the weekend, banking sources told Reuters.

All over social media, people are sharing photos of long lines at Greek ATMs as ordinary citizens rush to get their cash out of the troubled banks.  Here is one example

 

And if there is no debt deal by the end of this month, the Greek debt crisis is going to totally spin out of control and financial chaos will begin to erupt all over Europe.  But instead of trying to be reasonable, EU president Donald Tusk “has delivered an ultimatum to Greece”, and it almost appears as if EU officials are more concerned about winning a power struggle than they are about averting financial catastrophe…

EU president Donald Tusk has delivered an ultimatum to Greece, claiming the country must ‘accept an offer or default’ at an emergency summit set for Monday – in a last-ditch effort to stop the debt-stricken nation crashing out of the euro.

‘We are close to the point where the Greek government will have to choose between accepting what I believe is a good offer of continued support or to head towards default,’ Mr Tusk said today.

His comments come as Greek Prime Minister Alexis Tsipras warned that his country’s exit from the eurozone would trigger the collapse of the single currency.

‘The famous Grexit cannot be an option either for the Greeks or the European Union,’ he said in an Austrian newspaper interview.

‘This would be an irreversible step, it would be the beginning of the end of the eurozone.’

While all of this has been going on, the obscene stock market bubble in China has started to implode.  Just check out the following numbers from Zero Hedge

As the carnage began last night in China we noted the extreme levels of volatility the major indices had experienced in recent weeks. By the close, things were ugly with the broad Shanghai Composite down a stunning 13.3% on the week – the most since Lehman in 2008 (with Shenzhen slightly better at down 12.8% and CHINEXT down a record-breaking 14.99%).

Under normal circumstances, numbers like these would be reason for a full-blown financial panic over in Asia.  But these are not normal times.  Even with these losses, stock prices in China are still massively overinflated.  For example, USA Today is reporting that the median stock over in China is “trading at 95 times earnings”…

Margin debt in China has soared to a record $363 billion, according to Bloomberg, and the median stock in mainland China is now trading at 95 times earnings, which even tops the price-to-earnings multiple of 68 back at the 2007 peak.

That is absolutely ridiculous.  When a stock is trading at 25 or 30 times earnings it is overpriced.  So these numbers that are coming out of China are beyond crazy, and what this means is that Chinese stocks have much, much farther to fall before they get back to any semblance of reality.

Meanwhile, in the U.S. money is flowing out of bonds at a staggering pace.  The following quote originally comes from Bank of America

“High grade credit funds suffered their biggest outflow this year, and double the previous week (and also the biggest since June 2013). High yield outflows also jumped to $1.1bn, the biggest since the start of the year. However, government bond funds suffered the most amid the recent spike in volatility, with outflows surging to the highest weekly number on record ($2.7bn). This brings the total outflow from fixed income funds to almost $6bn over the last week, the highest since the Taper Tantrum and the third highest outflow ever.”

What this means is that big trouble is brewing in the bond markets.  This is something that I warned about in my previous article entitled “Experts Are Warning That The 76 Trillion Dollar Global Bond Bubble Is About To Explode“.

For the moment, U.S. stocks are doing fine.  But just about everyone can see that we in a massive financial bubble that could burst at any time.  Presidential candidate Donald Trump says that what we are witnessing is a “big fat economic and financial bubble like you’ve never seen before”

Yesterday during an interview on MSNBC, presidential candidate Donald Trump said he has some big names in mind for the Treasury secretary if he wins the White House. “I’d like guys like Jack Welch. I like guys like Henry Kravis. I’d love to bring my friend Carl Icahn.” He also opined on the economy and the stock market, admitting that the Fed has benefited people like him but that the economy and is in a “big fat economic and financial bubble like you’ve never seen before.

Ron Paul also believes that this financial bubble is going to end very badly.  Just check out what he told CNBC earlier this week

Despite record highs in the market, former Rep. Ron Paul says the Fed’s easy money policies have left stocks and bonds are on the verge of a massive collapse.

“I am utterly amazed at how the Federal Reserve can play havoc with the market,” Paul said on CNBC’s “Futures Now” referring to Thursday’s surge in stocks. The S&P 500 closed less than 1 percent off its all-time high. “I look at it as being very unstable.”

In Paul’s eyes, “the fallacy of economic planning” has created such a “horrendous bubble” in the bond market that it’s only a matter of time before the bottom falls out. And when it does, it will lead to “stock market chaos.”

Yes, this financial bubble has persisted far longer than many believed possible, but all irrational bubbles eventually burst.

And you know what they say – the bigger they come the harder they fall.

When this gigantic financial bubble finally implodes, it is going to be absolutely horrifying, and the entire planet is going to be shocked by the carnage.

Brace for Impact: Interview with Tom Lewis-Part 2

logopodcastOff the microphones of Tom Lewis, Surly, Monsta & RE

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Aired on the Doomstead Diner on January 10, 2015

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Part 2 of the Podcast with Tom Lewis focuses on what is coming down the pipe in 2015, what is necessary to do to prepare, and what issues you need to focus on to keep from getting totally blindsided by Collapse.  For more, visit Tom on The Daily Impact or just find his work here on the Doomstead Diner.

In case you missed it, here is Part 1 of the Podcast:

Also, don’t miss our 2014-2015 Vidcast, where Tom pitches in his 2 cents with the rest of the crew. 🙂

Left to Right in the Thumbnails: Tom Lewis, Steve Ludlum, RE, Monsta, Gail Tverberg, Surly & Albert Bates

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New Year’s Day Rant: The End of the Beginning

logopodcastOff the microphone of RE

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Aired on the Doomstead Diner on January 1, 2015

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Snippet:

…On the Audio Level, this is the first year of the FFDR on the Diner, though of course I have been on a non-stop RANT since I first started pitching my spin on collapsing industrial civilization on the peak oil forum back around the end of 2007 as I recall, just before the collapse of the investment banking firm Bear Stearns and the financial crisis of 2008, which also saw the banking firm of Lehman brothers run by Dick-ass Fuld go to the Great Beyond.

The first year here of the audio stuff has seen extraordinary growth, when I first started doing these things if I got 50-75 listeners this was doing pretty good. Nowadays, I get 500 to 1000 listeners, an order of magnitude increase in under a year, so I must be doing something right here. lol.

The last 6 years since then have been a roller coaster ride of non-stop bullshit and lying from TPTB of Illuminati all over the Globe, from bullshit figures published by the Bureau of Lies and Statistics here in the FSoA, to the bullshit figures published by the Chinese Politburo and PboC, to the bullshit and jawboning of Super Mario Dragon from the European Central Bank, all working it’s way up to the final distillation of Bullshit coming out of the mouthpieces of folks like Obama-sama, the Head of State Puppets of the Banksters whose job it is to sell to J6P that ALL is WELL and really, we DO know WTF we are doing, REALLY we DO! LOL….

For the rest, LISTEN TO THE RANT!!!

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FBI Facial Recognition SKYNET Goes LIVE!

Off the keyboard of Michael Snyder

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Published on The Economic Collapse on September 17, 2014

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Nowhere To Hide As Minority Report-Style Facial Recognition Technology Spreads Across America

What is our society going to look like when our faces are being tracked literally everywhere that we go?  As part of the FBI’s new Next Generation Identification System, a facial recognition database known as the Interstate Photo System will have collected 52 million of our faces by the end of 2015.  But that is only a small part of the story.  According to Edward Snowden, the NSA has been using advanced facial recognition technology for years.  In addition, as you will see below, advertising companies are starting to use Minority Report-style face scanners in their billboards and many large corporations see facial recognition technology as a tool that they can use to serve their customers better.  Someday soon it may become virtually impossible to go out in public in a major U.S. city without having your face recorded.  Is that the kind of society that we want?

To the FBI, this technology does not represent an invasion of privacy.  Rather, they are very proud of the fact that they are not going to be so dependent on fingerprinting any longer.  The FBI has been developing the Next Generation Identification System for years, and this month it was announced that it is finally fully operational

The federal government’s Next Generation Identification System — a biometric database that relies largely on facial-recognition technology — is now fully operational, the FBI announced Monday.

“This effort is a significant step forward for the criminal justice community in utilizing biometrics as an investigative enabler,” the FBI said in a statement.

The latest advance in the technology gives users the ability to receive “ongoing status notifications” about individuals’ criminal histories, the FBI said. That means if, for instance, a teacher commits an offense, law enforcement can be immediately informed — and then pass that information on to administrators.

It’s to monitor criminal histories of those “in positions of trust,” the FBI said.

As part of this new system, every American will eventually be assigned a “Universal Control Number”.

Does that sound creepy to you?

Even mainstream news reports are admitting that it sounds like something out of a science fiction movie

It aims to eventually replace fingerprinting with a complex array of biometrics, assigning everyone with a “Universal Control Number”, in what sounds like a plotline from a sci-fi movie.

And it won’t just be the FBI using this database.

According to Fox News, more than 18,000 law enforcement agencies will have access to this information…

More than 18,000 law enforcement agencies and other authorized criminal justice partners across the country will have access to the system 24 hours a day, 365 days a year.

So if your face is scanned somewhere or you do something noteworthy that is registered by the system, virtually every law enforcement agency in the country will instantly know about it.

Pretty scary stuff, eh?

But the FBI is actually lagging far behind the NSA.

According to Edward Snowden, the NSA has been using “sophisticated facial recognition programs” for many years

The National Security Agency is harvesting huge numbers of images of people from communications that it intercepts through its global surveillance operations for use in sophisticated facial recognition programs, according to top-secret documents.

The spy agency’s reliance on facial recognition technology has grown significantly over the last four years as the agency has turned to new software to exploit the flood of images included in emails, text messages, social media, videoconferences and other communications, the N.S.A. documents reveal. Agency officials believe that technological advances could revolutionize the way that the N.S.A. finds intelligence targets around the world, the documents show.

Do you remember that stuff you saw in the Jason Bourne movies about how the NSA can track people?

Well, most of that stuff is real.

If you don’t like it, that is just too bad.  At this point not even Congress has much control over what the NSA does.

And there are police departments around the nation that are also way ahead of the FBI.

For example, just check out what has been going on in southern California

In a single second, law enforcement agents can match a suspect against millions upon millions of profiles in vast detailed databases stored on the cloud. It’s all done using facial recognition, and in Southern California it’s already occurring.

Imagine the police taking a picture: any picture of a person, anywhere, and matching it on the spot in less than a second to a personalized profile, scanning millions upon millions of entries from within vast, intricate databases stored on the cloud.

It’s done with state of the art facial recognition technology, and in Southern California it’s already happening.

At least one law enforcement agency in San Diego is currently using software developed by FaceFirst, a division of nearby Camarillo, California’s Airborne Biometrics Group. It can positively identify anyone, as long as physical data about a person’s facial features is stored somewhere the police can access. Though that pool of potential matches could include millions, the company says that by using the “best available facial recognition algorithms” they can scour that data set in a fraction of a second in order to send authorities all known intelligence about anyone who enters a camera’s field of vision.

Widespread use of facial recognition technology by our law enforcement authorities is becoming a way of life.

If the American people don’t like this, they need to stand up and say something.

But instead, in an era of widespread Internet hacking and identity theft, many Americans are actually clamoring for the implementation of more biometric identification.

For instance, the following is a brief excerpt from a Fox News article entitled “Biometric security can’t come soon enough for some people“…

In a world where nearly every ATM now uses an operating system without any technical support, where a bug can force every user of the Internet to change the password to every account they’ve ever owned overnight, where cyber-attacks and identity theft grow more menacing every day, the ability to use your voice, your finger, your face or some combination of the three to log into your e-mail, your social media feed or your checking account allows you to ensure it’s very difficult for someone else to pretend they’re you.

As financial institutions adopt this kind of technology, a day may come when virtually all of us are required to have our faces scanned at the checkout counter.

That may sound crazy to you, but according to the Daily Mail a company in Finland has already launched this technology…

Bank cards are already being replaced by phones and wristbands that have payment technology built-in but the latest threat to the lowly plastic in your pocket could be your face.

A Finnish startup called Uniqul has launched what it calls the first ever payment platform based on facial recognition.

The system doesn’t require a wallet, bank card or phone – instead a camera is positioned at the checkout and takes a photo of a shopper’s face when they are ready to pay.

It then scans a database for the face and matches it to stored payment details in order to complete the transaction.

And advertisers are even more eager to adopt facial recognition technology.  In fact, the kind of face scanning billboards that we saw in “Minority Report” are already a reality.  For example, a company called Amscreen says that it already has more than 6,000 face scanning digital screens that are being viewed by approximately 50 million people each week…

Advertising network Amscreen recently launched a unique face-detection technology, originally developed by automated audience measurement firm Quividi.

Cameras have been installed in Amscreen’s digital advertising displays that can scan a person’s face and determine their gender, age, date, time and volume of the viewers.

This is so adverts are served to the most appropriate audience.

Amscreen already has over 6,000 digital screens seen by a weekly audience of over 50 million people.

Even dating websites are starting to use facial recognition technology at this point.

Just check out what Match.com has been doing…

Popular dating site Match.com will use photos of users’ exes to determine which type of look they’re attracted to in order to find them a dating match.

The dating site has partnered with Three Day Rule, a Los Angeles-based matchmaking service, which has dating experts that act as personal dating concierges who hand-select and personally meet every potential match before making a formal introduction to clients, Mashable reports.

Members of Match.com will be able to upgrade to Three Day Rule’s premium service which will ask users to send pictures of exes to determine the type of look they’re attracted to. Three Day Rule will then use facial-recognition technology in an effort to help users find dates.

Our world is changing at a faster pace than ever before.

Powerful new technologies are literally being introduced every single day now, and the future is probably going to look far different than any of us are imagining.

But with all of this new technology, will we end up losing what little personal privacy that we have left?

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To fight climate change, you need to get the world off of fossil fuels. And to do that, you need to [...]

Americans are good on the "thoughts and prayers" thing. Also not so bad about digging in f [...]

In the echo-sphere of political punditry consensus forms rapidly, gels, and then, in short order…cal [...]

Discussions with figures from Noam Chomsky and Peter Senge to Thich Nhat Hanh and the Dalai Lama off [...]

Lefty Greenies have some laudable ideas. Why is it then that they don't bother to really build [...]

Top Commentariats

  • Our Finite World
  • Economic Undertow

So we've ruined this Planet, we're ruining outer space and we want to start life on other [...]

If I lived in Southern Florida, I would be a lot more concerned about the effects of sea level rise [...]

From the table of contents of the report, Kissinger and others well looking at fertility reduction t [...]

How do pension funds make money at these interest rates? [...]

Hi Steve. I recently found what I believe is a little gem, and I'm quite confident you'd a [...]

The Federal Reserve is thinking about capping yields? I don't know how long TPTB can keep this [...]

As some one who has spent years trying to figure out what the limits to growth are. let me say that [...]

Peak oil definitely happened for gods sake. Just because it isn't mad max right now is no indic [...]

@Volvo - KMO says he made some life choices he regrets. Not sure what they were. And I don't th [...]

RE Economics

Going Cashless

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Simplifying the Final Countdown

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Bond Market Collapse and the Banning of Cash

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Do Central Bankers Recognize there is NO GROWTH?

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Singularity of the Dollar

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Kurrency Kollapse: To Print or Not To Print?

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SWISSIE CAPITULATION!

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Of Heat Sinks & Debt Sinks: A Thermodynamic View of Money

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Merry Doomy Christmas

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Peak Customers: The Final Liquidation Sale

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Collapse Fiction

Useful Links

Technical Journals

The creation of realistic gridded precipitation fields improves our understanding of the observed cl [...]

A recent article reviewed data on Great Salt Lake (Utah) and concluded falsely that climate changes, [...]

Stretching along the border of North Dakota and Minnesota, The Red River Valley (RRV) of the North h [...]

The idea of compact cities is attracting enthusiasts, and some have proposed sustainable options for [...]