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Dr. Jim Willie and Peter Schiff: Match That Lights the U.S. Tinderbox is Brexit (Videos)

Thursday, June 30, 2016 21:56
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As a mortgage loan officer for Merrill Lynch back in 2006, I distinctly remember telling anyone who would listen that the U.S. housing market was headed for a nosedive, and telling them it was going to take the rest of the U.S. economy with it, probably the world. When the Dow was still at 12,000+, I predicted the carnage would be so bad, the Dow might very well lose 50% of its value. Needless to say, people thought I belonged in a white padded room. The mere suggestion that the floor would drop out from beneath housing prices when housing prices had been appreciating at 10% annually for years was considered blasphemy, and I was laughed at. 

Prior to working for Merrill Lynch, I had been a stock broker and financial planner for some years, so after the 2008 crash people would credit my “lucky guess” based on the fact that I had an above average knowledge of the stock market and how the economy worked from my prior experience. Nonsense. After the big crash in 2008, someone suggested I read Peter Schiff and listen to his podcast, so I did, and I’ve been listening ever since. Why? Peter sums it up at 1:55 mark in the video below.

When the Host on Fox Business says she’s known Peter since high school, and he’s always been bearish, his response: 

“It’s not about being bearish. It’s about being correct.”   

Those were the words I used in 2006, and the words I use today. Call me whatever you want… but I’d prefer you hold off for now, and just call me correct when it’s all said and done. I don’t profess to be a genius, not hardly. I do however, profess that common sense is a flower that still grows in my garden, which is more than I can say for most TV and radio pundits. 

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Before the 2008 crash, it was well known the average adjustable mortgage rate was for 7 years, and the vast majority of borrowers wanted interest only loans. It didn’t take a rocket scientist back then or now to realize that most Americans are obsessed with keeping up with the Jones’. Most bought as much house as they could afford based on their interest only payment, and it was just a matter of time before the seven years ran out… and everything went bust. From there, everything was like dominos. People still ask how I saw the crash coming; Frankly, I don’t know how they DIDN’T! It wasn’t then, and it’s not now! 

Today is no different. In 2006, Peter Schiff released Crashproof: How to Profit From the Coming Collapse. Peter was one of the only people warning of what was to come. Everyone laughed. Fast forward to today. As you’ll learn in the video below, Peter says his firm is having one of its best years ever, and the last two days were the best he’s had since 2009. Wake Up America!!!!!

THIS IS WHERE RED WARNING SIGNS SHOULD BE FLASHING!

LISTEN TO WHAT PETER SAYS!!!!! 

If people would ignore what the talking heads on mainstream media TV say, and use just a little bit of middle school arithmetic, it’s not too hard to figure out how this all ends. Peter points it out in the video below, and yet people STILL refuse to listen. He says:

“People are worried about the UK. We are going to have a much worse recession in the United States. You know, we have 50 states that are trapped in a much worse union than the EU. And unfortunately, we’re stuck. We can’t get out. Britain is able to extricate itself from the mess in Europe, but we’re stuck with a bigger mess here in the United States.”

It’s almost as if people refuse to prepare for the economic tsunami currently cresting, about to break, and ultimately wipe out middle America just to spite those who are trying to help them… Absolutely NOTHING suggests the economy is going to be ok, yet far too many Americans are bitterly clinging to the notion that if they ignore the problem, rather than prepare for it, it will go away. They are sorely mistaken!

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Peter goes on:

First of all, this is not about Brexit. Brexit is all the media. Brexit is the catalyst. It is like the match that lights the tinderbox. The markets are artificially propped up by central banks, by cheap money, by QE, and it’s all hype and hope. The markets never should have been where they were. And what Brexit is doing is challenging the belief that the markets have the confidence in central bankers to keep all these bubbles in the air…There’re a lot of dominoes that are going to come down. Yes, the Fed is going to use this maybe as an excuse to cut rates and do QE 4. It was looking for an excuse for a long time. But we have some real serious problems that go beyond what is happening in Britain.

In a post last week titled, Top CEO Warns: “We’re Getting Very Close to Armageddon Here,” Keith Neumeyer, Chief Executive of First Majestic Silver, discussed in an interview BEFORE the Brexit vote just how close the U.S. economy is to financial Armageddon, so I ask the reader: Have conditions gotten better or worse since Brexit? Then what are you waiting for to begin preparing? 

Prior to the 2008 collapse, the U.S. economy was a tinderbox, and it was Lehman Brothers that lit the match. In the article below, Michael Snyder explains how the U.S. economy is once again a tinderbox (one doused in gasoline I would argue), and he explains that the U.S. markets have lost over $1 TRILLION in U.S. assets within just the last few days. Snyder also reviews the danger posed to Western banks by Deutsche Bank, something Dr. Jim Willie has been warning of consistently in recent weeks.

If you recall, starting back in February Dr. Willie warned that when Deutsche Bank fails, Barclays, Citigroup, and others will fall like dominos. Then of course, in April Dr. Willie’s suspicion that Deutsche Bank was Rigging Gold Markets was confirmed when they admitted as much. Finally, most recently in May, he predicted that Deutsche Bank Could Very Well Collapse Entire Banking System. As of today, Deutsche Bank holds $33 Trillion in interest rate derivatives, and another $6.3 Trillion in currency derivatives that have Dr. Willie very nervous. You can hear what he has to say again in the interview below.

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Michael Snyder Writes: 

Over the last two trading days, European banks have lost 23 percent of their value.  Let that number sink it for a bit.  In just a two day stretch, nearly a quarter of the value of all European banks has been wiped out.  I warned you that the Brexit vote “could change everything“, and that is precisely what has happened.  Meanwhile, the Dow was down another 260 points on Monday as U.S. markets continue to be shaken as well.  Overall, approximately three trillion dollars of global stock market wealth has been lost over the last two trading days.  That is an all-time record, and any doubt that we have entered a new global financial crisis has now been completely eliminated.

But of course the biggest news on Monday was what happened to European banks.  The Brexit vote has caused financial carnage for those institutions unlike anything that we have ever seen before.  Just check out this chart from Zero Hedge

Banks

I knew that things would be bad if the UK voted to leave the European Union, but I didn’t know that they would be this bad.

Prior to all of this, a whole bunch of “too big to fail” banks all over Europe were already in the process of imploding, and now this chaotic financial environment may push several of them into full-blown collapse mode simultaneously.  Just consider the following commentary from Wolf Richter

Healthy big banks would get over Brexit and the political turmoil it is spawning, particularly non-UK banks. But there are no healthy big banks in Europe. And non-UK banks are crashing just as hard, and some harder. This is about a banking crisis morphing into a financial crisis.

These bank stocks got crushed on Friday. And they got crushed again today. Italian banks have been reduced to penny stocks. Spanish banks are getting closer. Commerzbank, Germany’s second largest bank, and still partially owned by the German government as a consequence of the last bailout, is well on the way.

One institution that I have been warning about for months is German banking giant Deutsche Bank.  On Monday, their stock fell another 5.77 percent to a fresh all-time closing low of 13.87.  I have been convinced that Deutsche Bank is going to zero for a long time, but these days it seems in quite a hurry to get there.

Of course Deutsche Bank is far from alone.  The following are other “too big to fail” European banks that have lost at least one-fifth of their value over the past two trading days…

-Barclays

-Royal Bank of Scotland

-Lloyds Banking Group

-Credit Suisse

-BNP Paribas

-Societe Generale

-UniCredit

-Intesa SanPaolo

-Banca Monte dei Paschi di Siena

-Banco Santander

-CaixaBank

This is what a full-blown financial crisis looks like, and U.S. banks have been getting hit very hard too

The Brexit contagion is spreading as USD liquidity and counterparty risk in the interconnected global financial system has reached US banks with Goldman at 3 year lows and BofA and Citi plunging over 12%. This happens just two days after the Fed released its latest stress test results finding that none of the 33 banks tested would need additional capital in case of a “severe” financial crisis. That conclusion may be tested soon.

Meanwhile, the British pound continues to get absolutely pummeled.  As I write this, the GBP/USD is down to 1.32, and some are now warning that the British pound may hit parity with the U.S. dollar by the end of the year.

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One of the reasons why I expect the British pound to continue to tumble is because the global elite have to show the British people that they made the wrong decision, and they need to scare off any other countries that would consider holding similar votes.

So it was no surprise that the elite had two of their major credit rating agencies downgrade the UK on Monday

Two major rating agencies downgraded the United Kingdom’s credit rating on Monday.

S&P Global Ratings lowered the UK to AA from AAA, with a “negative” outlook. And, Fitch cut its rating to AA from AA+, with a negative outlook as well.

And as I mentioned yesterday, Bank of America and Goldman Sachs have already projected that the UK economy is heading into recession.

As much economic and financial pain as possible will be inflicted upon the British people, and meanwhile they will be bombarded by mainstream news stories telling them that they made a stupid decision.

Hopefully the British people will stand strong and will not give in to the pressure.

But of course it isn’t just the British people that will be feeling the pain.  The Brexit vote has sent shockwaves all over the planet, and global investors are losing tremendous amounts of money.  For instance, here in the United States approximately 1.3 trillion dollars of stock market wealth has been wiped out so far…

Brexit isn’t just a European problem after all. The United Kingdom’s decision to quit the European Union is costing U.S. investors a pretty penny.

U.S.-based companies in the broad Russell 3000, including online advertising company Alphabet (GOOGL), software maker Microsoft (MSFT) and global bank JPMorgan Chase (JPM), have suffered a collective loss of $1.3 trillion since Friday’s shocker from the United Kingdom, according to a USA TODAY analysis of data from S&P Global Market Intelligence.

Hopefully tomorrow will be better.  It is very rare for global financial markets to crash for three days in a row, but it could happen.  More likely, however, is that we will see some kind of temporary bounce as long as some really negative event doesn’t hit the news.

But let there be no doubt about what has just happened.  The collapse of Lehman Brothers was the “trigger event” that really accelerated the crisis of 2008, and now it appears as though the Brexit vote will be the “trigger event” that greatly accelerates the crisis of 2016.

Global investors had already lost trillions over the past 12 months, and a full-blown financial implosion was going to happen no matter how the vote turned out, but thanks to British voters the fun and games have arrived early.

Unfortunately, only a very small fraction of the population understands just how bad things are going to get in the months ahead…

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IF YOU READ NOTHING ELSE, THE FOLLOWING POSTS ARE ESSENTIAL:

How Will the U.S. Conduct Trade With Worthless U.S. Dollars and No Gold? (Video)

Why Did Illuminated George Soros Liquidate 37% of His Stock to Buy Gold? (Video)

What Exactly Does Global Economic Collapse Coming May 2016 Mean? 

Dr. Willie and Peter Schiff Together: Total Currency Collapse and Reset Coming

Economic Implosion Will Lead to Stock Market at 5,000 by 2017 Forecaster Says

When Obama Suspends 2016 Election, a Guide to Survive Martial Law (Videos)

SKINNY DOLLAR

FOR MORE GREAT MATERIAL FROM JIM WILLIE:

Dr. Jim Willie: The Corruption Cannot Stop the Masses! 3 Part Interview (Videos)

Dr. Jim Willie: Brexit Result Could Detonate Deutsche Bank!

Dr. Jim Willie: We’ve Got “Educated People” That Are Stupid As Bedposts

Dr. Jim Willie: Death Sentence for Banks, Businesses, Families, and the US Dollar

Dr. Jim Willie: There Are No Prisoners Taken in The Global Money War

Dr. Jim Willie: Deutsche Bank Could Very Well Collapse Entire Banking System

Dr. Jim Willie: 7 Signs U.S. Economy Collapses; Gold Will Soon Back US Dollar!

Dr. Jim Willie: “Violent Gold and Silver Breakout” Coming to Economic Markets!

Dr. Jim Willie: Western Economic Markets Collapsing; Eurasian Markets Rise

Dr. Jim Willie: The Dollar is Dead! Even Mainstream Media Realizes it!

Dr. Jim Willie – Secret Meeting at the G20 to Take Down the US Dollar

Dr. Jim Willie: Financial Deals Happening Behind Closed Doors; US Not Invited

Jim Willie: “The Quickening” is Approaching Global Economic Markets

Jim Willie: U.S. Dollar is Now a Matter of National Security Due to Poor Decisions

Dollar

FOR MORE GREAT MATERIAL FROM PETER SCHIFF:

Peter Schiff: “Trump’s Very Massive Recession May Have Already Begun”

Peter Schiff: Americans Fear Future With ‘Dead-End Economy, Crap Jobs, and Awful Wages’

Peter Schiff: “Can Donald Trump Really Make America Great Again?”

Peter Schiff: Dollar Collapse Will Be the Single Biggest Event In Human History

Peter Schiff: Obama “Peddling Fiction” As Unemployed Tops 100 Million People

Peter Schiff: Here Comes the Great, Great, Great, Great Recession!

Peter Schiff: “Whatever Obama Was Calling Recovery… is OVER!”

CNBC Actually Admits Peter Schiff Was Right… Again (Video)

Peter Schiff and Reagan Advisor: Complete Economic Collapse Immediately Ahead

Peter Schiff: Warning! Economic Storm Clouds Ready to Rain

Peter Schiff: Death of the US Dollar Is Imminent; Fed Out of Options

 

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