For this article, I want to bring forward a very important article that comes courtesy of the blogsite:The Economic Collapse at www.theeconomiccollapseblog.com, entitled: "The Number One Catastrophic Event That Americans Worry About: Economic Collapse". In this article, that I am presenting in its entirety, the facts are stated crystal clear that unless something major happens, the economic collapse of the United States will happen very early in the upcoming year. I have my own comments to follow:
The Number One Catastrophic Event That Americans Worry About: Economic Collapse
Natural Disaster: 46%
Terrorist Attack: 44%
Global Disease Outbreak: 33%
Global War: 27%
Nuclear Accident: 25%
Global Warming: 22%
Fuel Shortage: 15%
Cyber War: 8%
Oil Spill: 6%
Industrial Accident: 5%
- BofA: -60.38%
- Citi: -44.76%
- Goldman Sachs: -46.41%
- JPMorgan: -23.03%
- Morgan Stanley: -45.24%
- RBS: -50%
- Barclays: -34.32%
- Lloyds: -63.02%
- UBS: -29.33%
- Deutsche Bank: -28,55%
- Crédit Agricole: -56.04%
- BNP Paribas: -37.67%
- Société Générale: -59.57%
"If European banks are still this concerned, it's not a good sign," said Karl Schamotta, senior markets strategist with Western Union Business Solutions. "That underlines the possibility that this liquidity crunch is getting worse and will continue into the new year."
Simon Ward from Henderson Global Investors said "narrow" M1 money – which includes cash and overnight deposits, and signals short-term spending plans – shows an alarming split between North and South.
While real M1 deposits are still holding up in the German bloc, the rate of fall over the last six months (annualised) has been 20.7pc in Greece, 16.3pc in Portugal, 11.8pc in Ireland, and 8.1pc in Spain, and 6.7pc in Italy. The pace of decline in Italy has been accelerating, partly due to capital flight. "This rate of contraction is greater than in early 2008 and implies an even deeper recession, both for Italy and the whole periphery," said Mr Ward.
Even after the European Central Bank doled out nearly half a trillion euros of loans to cash-strapped banks last week, fears about potential financial problems are still stalking the sector. One big reason: concerns about collateral.
The only way European banks can now convince anyone—institutional investors, fellow banks or the ECB—to lend them money is if they pledge high-quality assets as collateral.
Now some regulators and bankers are becoming nervous that some lenders' supplies of such assets, which include European government bonds and investment-grade non-government debt, are running low.
"Psychologically we were all in a bit of a mess," said Gasparinatos. "We were sleeping on mattresses on the floor, the rent hadn't been paid for months, something had to be done."
And so, with Christmas approaching, the 42-year-old took the decision to put in an official request for three of his boys and one daughter to be taken into care.
"The crisis had killed us. I am ashamed to say but it had got to the point where I couldn't even afford the €2 needed to buy bread," he told the Guardian. "We didn't want to break up the family but we did think it would be easier for them if four of my children were sent to an institution for maybe two or three years."
NTS Notes: I have said it many times before, and I will say it again.. This collapse has been a long time coming, and is a direct result of having a fractional monetary reserve system based on debt. America has nobody to blame except itself for not ending the power of the criminal Federal Reserve System a long time ago, and restoring the nation to solvency by having its own government print its own currency interest and debt free.
What we are witnessing is just a repeat of history. Throughout history, any nation that has had its monetary system based on debt Usury has always collapsed. The United States itself may shortly be added to that long list of failed nations, and I guarantee that it will not be the last...
To everyone, have a happy and safe new year... From what I see is coming, 2012 will definitely be a year of major upheaval!
More to come