Could The Collapse Of America Be Only A Week Away?

By Graham Summers

Let's talk about the REAL situation in the markets today.



1) The US just passed its debt ceiling...AGAIN (bet the news didn't announce it). This comes only one month after the last desperate extension was passed (and the US credit rating was downgraded).

2) The banks are now facing a MASSIVE lawsuit that could be on par with what happened to Big Tobacco a decade ago.3) Bank of America is literally on the verge of collapse with a new lawsuit seeking a whopping $31 billion in damages. If it goes under the damage will make Lehman look like a joke.Those are just three of the dozens of Black Swans lurking in the financial system. Indeed, things are so bad that Treasuries are forecasting a Crisis on par with 2008.

Remember, the US is bankrupt. Literally the only reason to buy Treasuries is as a safe haven in the short term. So for Treasuries to be closing in on their ALL-TIME HIGHS (the ones set during the darkest period of the 2008 Collapse) you better believe bad things are coming down the pike.And if you thought this week's sell off was bad, consider that most of Wall Street weren't even at their trading desks. This week's collapse came at a time when there wasn't even a huge amount of selling pressure.So what do you think will happen next week when institutions get involved in the markets again in a big way?Ka-BOOM.We are literally on the eve of a Crisis that will make 2008 look like a joke. We're going to see systemic risk emerge again in a BIG WAY. What will follow will involve market Crashes, bank holidays, food shortages, civil unrest, and more.

Comment:

Gee, that didn't take long.

It was less than a month when the United States got its debt ceiling raised (that's like having the credit limit on your card raised). Now we're maxed out again. What's next? Another credit limit increase? And another? And still another?

This is just utter madness. It can't go on much longer. According to Mr. Summers, it won't. The collapse could come as early as next week.

Most people would simply refuse to believe it. People tend to believe only what they find acceptable. The unacceptable is oft times dismissed as nonsense, or at least unlikely.

Because of Judeo-Capitalist greed and government incompetence, we are on the verge of a situation that will make the Great Depression of 1929 - 1934 look like a time of prosperity. The collapse of the system is definitely coming. The only question is when. Will it be next week? We must be prepared if we hope to survive.

"Hope for the best, prepare for the worst." - Benjamin Franklin.