Global Economic Crisis
According to polls, the average person on the street is sensing danger. A recent survey found that 61% of people believe a catastrophe is looming - yet only 15% feel prepared for such a deeply troubling event.
So the questions remain: Is the threat of collapse for real? And if so, when?
In order to move forward, we first need to understand why this is happening. Back in 2008, when the US became incapable of supporting its debt, US consumption went into reverse, global trade crashed and the global economy spiraled toward disaster. Governments stepped in and caught the collapsing global economy in a safety net of loans and bonds. And that's where we are today, on government life support.
Governments around the world are borrowing, printing and spending on an unprecedented scale but it can't go on forever. The current structure of the global economy is unstable and unsustainable. We've seen this happen in Italy, Greece, Spain, Ireland, to name a few. And a global catastrophic economic breakdown may be unavoidable.
And, there's more. The crisis in the global financial system is far from resolved. Run away credit growth, mismanaged trade, financial sector deregulation and numerous other policy mistakes have brought the world to the brink of disaster.
What's going to happen? Richard Duncan says to take a look back at the last time a similar scenario happened - the Great Depression. If it happened today, it would look like this: banks would collapse under the debt correction, people's savings would be wiped out, ATM machines would not work, people would lose their jobs, the government would have no money to support them, there would be no subsidies for medical treatment, there would be super high inflation and no one would be able to afford to buy food, and in a worst-case scenario, it could lead to the next World War just like the Great Depression in the 30€s led to World War II.
If a breakdown of the global economy is to be averted, policymakers must confront the structural nature of this crisis and quickly implement an aggressive strategy to restructure and rebalance the global economy. This can be done, but only a five to 10 year window of opportunity exists. The government could invest in renewable energy and new technologies like nanotechnology, genetic engineering, solar energy, and be sustained by these new markets through to the next century.
Meanwhile, what can the average person do?
People need to begin to make preparations with their investments, retirement savings, and personal finances before it's too late. Perhaps building assets that aren't dependent on the global currency system. These avenues exist and are available for anyone. You just need to find out how to get started.
So the questions remain: Is the threat of collapse for real? And if so, when?
In order to move forward, we first need to understand why this is happening. Back in 2008, when the US became incapable of supporting its debt, US consumption went into reverse, global trade crashed and the global economy spiraled toward disaster. Governments stepped in and caught the collapsing global economy in a safety net of loans and bonds. And that's where we are today, on government life support.
Governments around the world are borrowing, printing and spending on an unprecedented scale but it can't go on forever. The current structure of the global economy is unstable and unsustainable. We've seen this happen in Italy, Greece, Spain, Ireland, to name a few. And a global catastrophic economic breakdown may be unavoidable.
And, there's more. The crisis in the global financial system is far from resolved. Run away credit growth, mismanaged trade, financial sector deregulation and numerous other policy mistakes have brought the world to the brink of disaster.
What's going to happen? Richard Duncan says to take a look back at the last time a similar scenario happened - the Great Depression. If it happened today, it would look like this: banks would collapse under the debt correction, people's savings would be wiped out, ATM machines would not work, people would lose their jobs, the government would have no money to support them, there would be no subsidies for medical treatment, there would be super high inflation and no one would be able to afford to buy food, and in a worst-case scenario, it could lead to the next World War just like the Great Depression in the 30€s led to World War II.
If a breakdown of the global economy is to be averted, policymakers must confront the structural nature of this crisis and quickly implement an aggressive strategy to restructure and rebalance the global economy. This can be done, but only a five to 10 year window of opportunity exists. The government could invest in renewable energy and new technologies like nanotechnology, genetic engineering, solar energy, and be sustained by these new markets through to the next century.
Meanwhile, what can the average person do?
People need to begin to make preparations with their investments, retirement savings, and personal finances before it's too late. Perhaps building assets that aren't dependent on the global currency system. These avenues exist and are available for anyone. You just need to find out how to get started.
