Yet Another Scientist Agrees With My Predictions – Collapse Imminent

This time it’s a neuroscientist agreeing with my economic predictions.

Christopher Martenson explains:

The Breakdown Draws Near

Things are certainly speeding up, and it is my conclusion that we are not more than a year away from the next major financial and economic disruption.

Alas, predictions are tricky, especially about the future (credit: Yogi Berra), but here’s why I am convinced that the next big break is drawing near.

In order for the financial system to operate, it needs continual debt expansion and servicing. Both are important. If either is missing, then catastrophe can strike at any time. And by ‘catastrophe’ I mean big institutions and countries transiting from a state of insolvency into outright bankruptcy.

In a recent article, I noted that the IMF had added up the financing needs of the advanced economies and come to the startling conclusion that the combination of maturing and new debt issuances came to more than a quarter of their combined economies over the next year. A quarter!

The country does not have decades to deal with its debt problem, as has been proposed by the fraudulent budgets put forth in the Congress.  This nation is going to face an economic disaster from its reckless printing and spending much sooner than that.

I have been predicting a meltdown for over a year now.  Back then I was giving us two years tops.  I think we are still on track to meet with my original prediction and will see a collapse sometime around the turn of the year.

We’ll see.

Austrian economics is bad at giving specific time frames for when bubbles burst, it can only say that eventually they will burst.  This time the bubble is going to be in bonds, which means the dollar is going bye-bye.

Martenson concludes:

There are two entirely, completely, utterly different narratives at play here. One of them is that the economy is recovering, policies are working, and the vaunted consumer is either back in the game or close to it. The other is that the world is saturated with debt, there’s no realistic or practical model of growth that could promise its repayment, and the level of austerity required to balance the books is so far beyond the political will of the Western powers that it borders on fantasy to ponder that outcome.

If we believe the first story, we play the game and continue to store all of our wealth in fiat money. If we believe the second, we take our money out of the system and place it into ‘hard’ assets like gold and silver because the most likely event is a massive financial-currency-debt crisis.

The IMF, the World Bank, the BIS, and numerous other institutions with access to $2 calculators have finally arrived at the conclusion that there’s still ‘too much debt’ and that it cannot all be paid back. And they are now alert to the idea that the predicament only has two outcomes: either the living standards of over-indebted countries will be allowed to fall, or the global fiat regime will suffer a catastrophic failure.

Couldn’t agree more.