By Greg Hunter On February 24, 2016, In Political
Analysis: USAWatchdog.com
Journalist and book author Michael Snyder says the collapse
is not an event, but a “process.” Snyder explains, “I believe it is already in
the process of coming apart. . . . One-fifth of the global stock market value is
already gone.
That means we only have four-fifths left. At one
point this month, $16.5 trillion had been wiped out from global stock markets
since mid-2015. So, this started last year.
That means we only have four-fifths left. At one
point this month, $16.5 trillion had been wiped out from global stock markets
since mid-2015. So, this started last year.
We saw oil collapse. We’ve seen junk bonds
collapse. We’ve seen commodity prices collapse. The $16.5 trillion
I just mentioned is just for stocks, and when you add up the other losses,
that’s trillions of dollars more wealth that has been wiped out all over the
world.
What we have seen already has been extraordinary, but we are still
in the process. People want to think of it as an event or a single day or
a month, but this is a process.”
Snyder also contends, “The Baltic Dry Index dropped below
300 for the first time ever. We did not even see that during 2008 Great
Recession and financial crisis. I didn’t know the Baltic Dry Index could
go that low.
We are seeing exports decline dramatically in South
Korea. New numbers for Japan came out . . . their exports were down 12%
year over year. Exports in China have been falling month, after month,
after month.
The U.S. exports were down 7% for the last monthly figure we
had. India’s exports are down. This is happening all over the world. Real
economic activity is grinding to a halt.”
Snyder says the problems with some global banks are far
worse than in 2008. Snyder says, “The collapse of Deutsche Bank would be a far
bigger event than the collapse of Lehman Brothers was back in 2008.
If
you are looking for another Lehman Brothers moment with their derivatives
exposure . . . and now the biggest bank, in the biggest and most important
economy in Europe, is in the process of coming apart.”
On war, Snyder says to keep your eyes on the Middle East and
Syria. Snyder explains, “Saudi Arabia and Turkey have to give up and cut their
losses or they have to go in and do the job themselves.
The Sunni
militants, including ISIS, are not getting the job done. Turkey and Saudi
Arabia are seriously considering a ground invasion of Syria. Are the
Russians and Hezbollah and Iran going to stand aside and let them do it?
I say almost certainly not and, in fact, could very easily erupt into WWIII.”
Either way, Snyder thinks we get “global financial collapse”
and “World War III” but does not know which one comes first. Snyder says, “We
already have the global economy grinding to a halt, but if we get WWIII, that
just accelerates things greatly.
It’s the chicken or the egg, whichever
comes first, but without a doubt, we are moving into a time described as a
perfect storm.”
On precious metals, Snyder says, “I think silver will
absolutely skyrocket in the years ahead. We like gold, but absolutely love
silver.”
Join Greg Hunter as he goes One-on-One with Michael Snyder,
creator of TheEconomicCollapseBlog.com.