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Max Keiser: Economic Collapse Is Imminent


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#16 ARSEN

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Posted 05 September 2012 - 09:53 PM

When I lived through economic collapse, food supply was not an issue. The real issue was useless local currency and insane inflation. Salaries were paid in local currency so most people got broke (yes, people worked pretty much for free). One day, bread was 20 rubils, 2 weeks later the same bread was 150 rubils. People who invested in foreign currency (99% bought dollars) survived, people that didn't, lost everything. My family would take $20 and exchange it to local currency and spend it on food right away. Unemployment rate jumped to 50%, crime rate skyrocketed... My dad found work in another country, he moved abroad to support us. He came home for only 3 weeks a year.

#17 ARSEN

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Posted 05 September 2012 - 10:04 PM

Imaging that... You owe $300,000 in mortgage. US economy collapses but right before crazy inflation hits US dollar, you decide to exchange $10k you have saved for 50k Yuan so 1US = 5Y. US dollar sinks and China becomes new superpower so now 1US = 0.10Y. So now you have $500k... You can easily payoff your mortgage. If you decided to stick with $10k you've been saving for the last 2 years, imaging how screwed you'd be... Before USSR collapsed 1US = 1RU. 5 years after collapse 1US = 12,000,000RU

#18 pstall

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Posted 05 September 2012 - 10:15 PM

while a tough thing to go thru arsen a key word to note. local. im talking GLOBAL. and super severe.

#19 ARSEN

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Posted 05 September 2012 - 10:18 PM

If dollar fails, so will many people and countries. Dollar has way more power than rubil ever had...

#20 Proudiddy

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Posted 06 September 2012 - 12:50 AM

Thanks for your posts Arsen. That's a tough experience to go through, and I certainly hope that's not where we are headed, but I have no idea how we could avoid it with the current state of things unless the system is drastically overhauled. I feel like if we don't try to revamp it purposely, then we are headed for an economic collapse regardless.

And to my previous post to Tensor and it kind of ties in with what Arsen just posted as well. In the video, a caller asks what would happen to his mortgage and Kesier says, as Arsen suggested, it would basically "inflate your mortgage value away." Meaning, you'd no longer have a mortgage. But he mentioned that although that sounds like a good thing for the homeowner, it would be the least of one's worries because society would be "breaking down around you." So yes, he was suggesting it meant a total collapse of the system.

#21 Bronn

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Posted 06 September 2012 - 08:38 AM

For all the doubters, I'd take pstall's word on this...

This is an inevitable thing, and no matter how much you stick your fingers in your ears and go "lalalala" it isn't going to change it...

The dollar is toast, and you can't eat and drink gold and silver...

#22 ARSEN

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Posted 06 September 2012 - 09:14 AM

Gold and silver is bad idea because if dollars fails most people will start selling their jewelry to survive. Supply and demand will drive prices of gold and silver down.

#23 ARSEN

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Posted 06 September 2012 - 09:17 AM

The only way US can shut down and restart their economy and continue to be worlds main super power is through world war 3.

#24 mmmbeans

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Posted 06 September 2012 - 11:36 AM

Gold and silver is bad idea because if dollars fails most people will start selling their jewelry to survive. Supply and demand will drive prices of gold and silver down.



relative to what?

if the dollar is collapsing what are gold and silver depreciating in relation to?

#25 pstall

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Posted 06 September 2012 - 09:09 PM

keep this in mind. tv shows are a LAGGING indicator of what is close at hand. look at the shows that were on flipping houses. bam, housing bubble/crash.

now look at all the shows on storage units and now even bartering. ominious.

#26 Iceberg Slim

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Posted 06 September 2012 - 09:10 PM

meh

#27 pstall

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Posted 06 September 2012 - 09:15 PM

chance favors the prepared man. don't live in fear sure but don't live in denial either. people really don't fully understand how thin the ice remains right now financially.

Spain is trying to be as creatively possible with its current state of affairs and Greece is being told to work 6 days. There will be a cause and effect if those two don't get things right.

i always says this and will say it again. don't panic until i do. i should be at least a year or just under ahead of the curve if its' going to be really bad.

#28 venom

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Posted 06 September 2012 - 09:27 PM

Hopefully China will save the day...

China Launching Gold Backed Global Currency