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New Year Economic Update

  • Broadcast in Self Help
Jon David Miller

Jon David Miller

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There is a major world financial crisis. The devastating effects of unsustainable debt, a dubious funny money dollar, a huge bubble of shaky derivatives and blatant disinformation and deception are about to shake up the economic scene.

It is time to move as much as possible of our financial assets out of the paper and digital accounts and markets. Stocks, bonds, bank accounts and pensions are likely to take big hits in the coming months.

Overview: Although there has been great improvement in the last couple of years, the economic reality is that the world economy never fully recovered from the sub-prime mortgage crisis and the financial crash of 2008. The teetering financial house of cards in Europe is an indication of thisThe previously claimed recovery was propaganda utilizing the tricks of tweaked numbers and free play money.

Projection: It is expected that the banking, debt and derivative bubbles will be popping soon. The exposure of banks, companies and governments to these speculative derivative contracts based on sub-prime assets leaves little confidence in the financial system. There is no more debt leverage to sustain it and nowhere near enough assets to back the ultimately worthless paper.

A trigger that sets off a financial collapse could result in closing banks, plummeting stock prices, locking of bond redemptions and wiping out of pensions, bank accounts and other paper assets.

There may be little time to complete preparedness for the economic changes already underway. Let us hope that a well-thought out resolution plan will be introduced before chaos breaks out.

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