Is a second Great Depression coming? (Economic Reality Confronts Our Debt)

[INVAR]

You younger folks should know that a large chunk of it's own debt our government owns is in your Social Security trust fund.   

What 'Trust Fund'?

You mean the 'General Fund' where all that money is spent and Government IOU's tossed in the SoSec 'Trust' for payout to current beneficiaries from payroll deductions from current withholding?

Ponzi is blushing.

[Frank Cannon]

The Zero Hedge kooks have been saying this for like a decade, it's never happened.

Wake up. It's already happened....

https://www.thetrumpet.com/16266-chinas-new-gold-backed-oil-benchmark-to-deal-blow-to-us-dollar

[INVAR]

Wake up. It's already happened....

https://www.thetrumpet.com/16266-chinas-new-gold-backed-oil-benchmark-to-deal-blow-to-us-dollar

I'm baffled by the source you used.

On the surface you do not exactly strike me as church going fella.

More like a strip club owner.  But hey - one man's plain truth is another man's ticket to the robes of Caiphas.

[Frank Cannon]

I'm baffled by the source you used.

On the surface you do not exactly strike me as church going fella.

More like a strip club owner.  But hey - one man's plain truth is another man's ticket to the robes of Caiphas.

I just picked the top article I came to. Doesn't matter whether the source is a bunch of Jesus freaks or effing Druids. Gold backed crude oil futures are here and the Chinamen are doing them.

[Weird Tolkienish Figure]

Wake up. It's already happened....

https://www.thetrumpet.com/16266-chinas-new-gold-backed-oil-benchmark-to-deal-blow-to-us-dollar

Mr. Armstrong’s forecast was based on Bible prophecies, such as those recorded in Leviticus 26 and Deuteronomy 28, showing that if the people of America rejected God, He would bring the nation to ruin: “Those of you who truly believe the prophecies of your Bible know such economic collapse is prophesied to happen!” Mr. Armstrong wrote. “We have shown how God prophesied a virtual trade war will get underway against the United States and Britain—and how our national economics will falter, and then collapse!”

Trumpet editor in chief Gerald Flurry has also written in his booklet Isaiah’s End-Time Vision about the nations of Asia working in conjunction with European states to block the U.S. and Britain out of world trade. “[W]e believe there may be a brief alliance between the German-led Holy Roman Empire and certain Asian powers (Russia, China, Japan—the kings of the east),” he writes.

This group of Asian and European countries will function as a “dynamic market of nations,” he writes, adding that they are “going to besiege America, Britain and the Jewish nation.”

In Ezekiel: The End-Time Prophet, Mr. Flurry offers more details about this prophesied siege against the English-speaking countries: “The United States and Britain are going to be left out in the cold as two gigantic trade blocs, Europe and Asia, mesh together and begin calling the shots in world commerce. These nations … are going to be literally besieged—economically frozen out of world trade!”

This prophecy is based on specific Bible passages in Ezekiel 5 and 27, Isaiah 22 and 23 and Revelation 18, and is thoroughly explained in Mr. Flurry’s free books Isaiah’s End-Time Vision and Ezekiel: The End-Time Prophet.

 

Like @INVAR said: you don't strike me as the bible thumping jeebus hallejujah kook type, franky.

[jmyrlefuller]

In a word, no.

The world economic system is much different than 1929. Back then, there was no welfare state to speak of, a gold standard, and unskilled labor was still a necessary cog in the economy.

What we're more likely to see now, and arguably are seeing now, is the Slow Bleed: the situation slowly and barely noticeably deteriorates. Like the proverbial boiling frog, by the time the damage has been done, it wlll feel normal. That's what fiat money does. The booms and crashes are blunted.