It is quite possible the global economy is on the verge of collapse...

[ehrnst]

Events in Europe are proceeding at a break neck pace. Berlusconi is out the door in Italy, while the Banks have ousted Papandreou from Greece and put in their own man, Papademos.

But even with all of that, the banks cannot control the market, and the market is saying that it's over for Europe.

Overnight we saw yields on Italian 10 year debt skyrocket from 6.40% to 7.40%! Anything above 7% is considered unsustainable...

Stocks End Down Over 3% on Euro Zone Fears
http://www.cnbc.com/id/45222594/

[JoePhilly]

1. Nonsense.

The Dow dropped 3% today ...OHHH NOOOOOOOOOO!!!!!

If it drops below 10,500, let me know, so I can buy!

The world is not coming to and end ... but the regular predictions of that end help cause swings of about 10% ... and if you watch those, you will buy at 10.5 sell above 11.5, but more at 10.5, sell again at 11.5 ... and repeat.

Simply go back to the day Obama took office, and use my description above, under 11.5 BUY ... above it, sell.

You make money.

[Laelth]

14. The rich require these volatile swings to generate mega-profits.

They don't give a rip about the pension funds and starving people who suffer as a result.

Indeed, the world is not coming to an end.

-Laelth

[JoePhilly]

16. You don't have to be rich to take advantage of this.

Anyone who pays attention and has a 401k can manage their investment, regardless of how large, relative to this model.

A 401k, by definition, is a long term investment. If the Dow jumps up fast, you should pull out some gains. And when it cools off and drops down again, you buy back in. Then repeat.

I don't make the rules, but I do recommend that everyone understand them.

What I don't advocate is the periodic screaming on DU every time the Dow drops some. Every summer, DU explodes with the predictions of the "double-dip" ... then it does not happen.

Anyone who on DU who SELLS off during those dips LOSES money.

You do not SELL LOW. You SELL HIGH, and you BUY LOW. If you understand the trading ranges, then you know when to sell and when to buy.

Bottom line ... those who scream "the its the end of the world" every time the DOW drops some, are not helping anyone on DU.

[Zoeisright]

2. Would someone please tell me what that means?

Money becomes worthless? Banks go under? Supermarkets empty? The energy grid collapses? Would there still be mortgages and credit cards and checking accounts?

[roguevalley]

12. I'm so confused I almost welcome it. I was also pulling for the

asteroid that just missed us too. :P

[closeupready]

3. We've heard this before.

nt

[TheKentuckian]

4. We have been at the brink for three years. The house of cards is steadily propped up

but remains in danger of collapse.

It was true every time you've heard it, is true now, and will continue to be true for some time until we change the underlying structural weakness/flaws or we go over the cliff.

[defendandprotect]

7. Ending Wars, MEDICARE4ALL -- and return to GLASS STEAGALL would be a beginning ...!!

Good start to putting America back on her feet --

Then we need to remove pretty much every Dem or Repug who is pre-bribed and

pre-owned by corporations ---

and find out what's left of the Dem part after 20 and more years of RW Koch Bros.

funding of DLC -- and now Third Way control over the Dem Party!


Who's going to support this corporate/fascist Third Way agenda?

[Kaleko]

18. Totally agree.

But denial born from wishful thinking is rampant on this thread, so I won't try to explain more than you already have.

[defendandprotect]

20. Don't know if there is ....

any advice which could help anyone -- ?

If there is -- pass it along!


We've had years of watching gold prices rise because so many were talked

into buying it. Gold buying shops are opening now in our neighborhood!

Common thing to see everywhere now.


How many bars of gold can you carry around -- ?


Take cash out of the bank and hold onto it -- ?


Was just watching a very old movie today with Marie Dressler -- think it's 1932 --

very tough times -- and they're all back to understanding that PEOPLE MAKE THE

ECONOMY and not banks and other financial institutions which simply seek to manipulate

the economy. They pretty much UNINVENT the dollar bill!

Think the name of it was "Prosperity"?


Reality is that ...

"We are all in the same boat and half the boat is not going down" -- !!

[robdogbucky]

5. Well, there is this guy, with a rep of predicting earlier collapses....

From 2009, but what he says resonates somewhat. He is still somewhat of a dork, but who can argue with a track record.


Economic Nostradamus fears another bust

http://www.news.com.au/business/economic-nostradamus-fears-another-bust/story-e6frfm1i-1225772339621


"...Talbott is now warning of another impending implosion of the global economy.

Any signs of economic recovery being seen around the world are due to huge stimulus packages, which will only prop up economies for about a year.

"Where is the consumption demand going to come from to drive the local economies?" he asks.

"I can tell you it's not going to come from US consumers any more - they are tapped out."

Crippling debt, high unemployment and the retirement of baby boomers means people's ability to spend will diminish.

"Stimulus (packages) around the world are a mistake because if government could create jobs we wouldn't need private enterprise," he said.

"I mean if all you had to do was go and spend a trillion dollars as a government we'd never have recessions, depressions and the greatest socialist countries in the world would be the richest - but just the opposite is true.

"What they're really doing is applying trillion-dollar bandaids..."


http://www.news.com.au/business/economic-nostradamus-fears-another-bust/story-e6frfm1i-1225772339621





Then there was Schiff in 2008, also well-documented:

Guy who predicted mortgage crisis now predicts total collapse of the U.S. economy 10/19/2008 5:13PM

Read more: http://www.letsrun.com/forum/flat_read.php?thread=2721353&page=0#ixzz1dFPmBJir
Buy your shoes from LetsRun and save 20% everday http://www.letsrun.com/save


And Stiglitz in 2006:

http://www.prisonplanet.com/articles/october2006/301006globalcrash.htm






Also Jones, Rabini, Baker, etc., etc., etc.......

[defendandprotect]

9. BS ... "Government can't create jobs" ... ??? New Deal was one of the greatest economic stimulus

packages ever -- !!

And not like America doesn't need a lot of care --

End the trade agreements -- also known as "treaties" which should have required 2/3rd

vote by Senate --

Renew Tariffs --


EVERYONE WHO GETS A PAYCHECK SHOULD BE ENROLLED IN 'US LABOR UNITED' -- and let's go --


5 hour work day -- 4 days a week!! LIVING WAGE $25 AN HOUR --


EVERYONE WHO WANTS A JOB GETS ONE!!

[defendandprotect]

6. PEOPLE create an economy -- not banks, not financial institutions, not Wall Street -- except by

corrupt manipulation ---

Depressions are put in play by elites --

Recessions are put in play by elites --

Let elites earn their own way -- and let's have labor organized to benefit ourselves.

Capitalism is over one way or the other -- it's an evil the world can do without!!

[Lorien]

13. Yep:

http://thrivemovement.com/infographics/historyofthefed/

[defendandprotect]

21. "Secrets of the Temple" -- Wm. Greider -- Thanks for this info... hadn't seen this

particular website before --



:hi:

[dtexdem]

8. All Obama's fault. He should have saved Berlusconi, or was it Papandreou?

Anyway, by passing Obamacare and trying to tax the U.S. rich at rates they paid when Dubya took office, he caused the Euro to fail.

Or something.

;-)

[defendandprotect]

10. Right -- it's all about Obama -- not the 66 million impoverished or the homeless ....

and the many more suffering during his presidency --

Not the lack of MEDICARE FOR ALL while he made back room deals with Big Pharma and

the private health care industry to preserve it --

Not Obama/Dems keeping Bush wars going for years which bankrupted the Treasury --

Not keeping Bush trade agreements going and adding three more to the list --


Le's exaggerate what he certainly isn't responsible for so that maybe no one will

notice the rest of the stuff?


:rofl:

if it wasn't so sad -- !!

[Lorien]

11. Yep. A friend of mine has to get new health insurance because what he has

won't cover his son's medical condition-the medication for which costs $750.00 a month. He tried the the new www.pcip.gov which is part of Obama's "help for those with pre-existing conditions". If you click on the site it says:

Question: Who is eligible for Pre-Existing Condition Insurance Plan?
Answer: To be eligible for the Pre-Existing Condition Insurance Plan,

* You must be a citizen or national of the United States or reside in the U.S. legally.
* You must have been without health coverage for at least the last six months. Please note that if you currently have insurance coverage that doesn’t cover your medical condition or are enrolled in a state high risk pool, you are not eligible for the Pre-Existing Condition Insurance Plan.
* You must have a pre-existing condition or have been denied coverage because of your health condition.

Go to their "questions and answers" page for more ways to get screwed. Oh, and by the way, only those with certain pre-existing conditions may apply, many are not covered!

[Laelth]

15. Lovely. Why am I not surprised? n/t

-Laelth

[defendandprotect]

19. How sad ... !! Thanks for the info -- What Obama did in preserving the private h/c industry ....

is disgraceful --

We have millions of citizens suffering without health care --

and Obama is out raising more money from Elites -- !!


Sad for your friend -- and imagine many will be shocked if they think Obama's program

is going to help. I had little confidence, but I'm shocked to see that info!



:hug:

[onenote]

17. By saying "its quite possible" the global economy is on the verge of collapse

you also believe that its quite possible that, well, its not.