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Catastrophic Meltdown Coming to America - Doug Casey & Greg Hunter Video

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By Greg Hunter’s USAWatchdog.com 

Investor/author Doug Casey says most Americans are ill-prepared for what is coming.  Casey explains, “This huge recession that started in 2007, and the bottom was 2009 and 2010, has cyclically recovered.  So, people think it’s going to be happy days again, but it’s not.  The way the government engineered this recovery is by creating trillions in currency units, and as we speak, they are creating $55 billion a month more by buying government bonds and mortgage securities.  All of this paper money which is currently sitting in banks, at some point, is going to wash over the U.S.  You’ll see very high levels of inflation.  It’s going to be quite catastrophic.”   Casey, who has a new video called“Meltdown America,” contends, “The standard of living for the average American has been dropping for years now.   The average American can’t lay his hands on $2,000.  A recent poll came out and said 40% of Americans, if they had to get $2,000 cash in 30 days, couldn’t do it.  So, things are pretty strapped, and when the economy goes off the deep end again, and I think it could happen this year quite frankly, there’s going to be a lot of unemployed people, a lot of people without any money and a lot of people with a lot of debt.  There is nothing the government can do at this point except print more money.  The problem is all the money they are printing is coming out of a financial fire hose at the Federal Reserve.  The rich guys are where the fire hose is, and the little people are just getting some dribs and drabs.  This is why the country is becoming polarized, where the rich are becoming richer and the poor are becoming poorer.  It’s exactly because of these government actions that are incredibly stupid. . . It’s just bailing out the rich.  The prognosis is extremely grim.  There’s no way out.” 

 

What does Casey mean when he says, “There’s no way out”?  Casey explains, “It means, in the real world, there is cause and effect.  Actions have consequences . . . .  What could happen?  You could have lots of bank failures.  You could have a stock market crash.  All this money that the government has created has bulled up the stock market to new highs.  So, the next step is likely to be down.  A lot of people have assets in the stock market, and if they don’t, their pension funds are in the stock market.  Most of the cities in this country have and most of the states in this country have gigantic pension liabilities that are underfunded, underfunded even though the stock market is at all-time highs and the bond market is in a super bubble.  Now, when interest rates inevitably go up from these artificially suppressed levels where they are now, the bond market is going to collapse, the stock market is going to collapse, and with it, the real estate market is going to collapse.  These pension funds are going to be wiped out.  Then what’s going to happen?  This is a very bad situation.  The U.S. is digging itself in deeper and deeper.” 

 

So, could the U.S. one day just default on its enormous debt?  Casey says, “There is really no pleasant solution to this problem, but actually, for years, I have advocated the U.S. doing exactly that.  Right now, the U.S. has official government debt of $17 trillion.  This is not repayable.  In addition to that, there is another $65 trillion in obligations that it has to make good on, like Social security, for instance.  I suggest the U.S. government default on all these things because, otherwise, it is going to mean the next generation of Americans is going to be indentured servants.  It’s an insoluble problem at this point.  It’s just as if you or I had borrowed a million dollars and we lived high off the hog for a year.  At the end of the year, after an artificially high standard of living, we would have a very real decrease in our standard of living if we were going to pay the million dollars back.  I think the U.S. should default.  I think it would also serve as a good thing to punish the people who loaned the U.S. the money and enabled it to do all the stupid things it has done with the money.  Another advantage would be the U.S. wouldn’t be able to borrow again for a good long time, and that’s a plus too.  The U.S. is going to default one way or another.  I’m just saying they ought to do it overtly and honestly as opposed to catastrophically by destroying the dollar, which is the way they are actually going to default on all that debt.” 

 

What will happen to your retirement funds that are not wiped out by a crash?  Will the government simply take what it needs to survive?  Casey thinks, “The U.S government is not ‘We the People.’  The U.S. government is an entity unto itself.  It’s as separate from U.S. society as General Motors or Apple Computer.  So, its first interest is to look out for itself, and its only source of revenue is confiscating wealth from the American people.  Of course, it will. Governments are always doing this type of thing.  Here in Argentina, they confiscated everybody’s pension account three years ago. . . . Of course, it’s going to happen in the U.S.” 

 

Join Greg Hunter as he goes One-on-One with Doug Casey of CaseyResearch.com. 

 

(There is much more in the video interview.)

 

After the interview:

 

If you would like to see the new video from CaseyResearch.com called “Meltdown America,” click here.  For Doug Casey’s most recent book “Right on the Money” click here.

 

http://usawatchdog.com/catastrophic-meltdown-coming-to-america-doug-casey/ 



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    Total 7 comments
    • RICH99

      It’s ALWAYS coming isn’t it ???
      This COULD happen and that COULD happen ….could …could …could !!!
      6 years later and I call b.s.

    • Dustdevil

      Suggesting the government default is idiotic.

      How about a President saying that effective tomorrow, we will begin using the U.S. Blueback instead of the U.S. Dollar, and that all debts to the Federal Reserve Bank are in violation of the RICO Statute, and that we will NOT pay any debts to them, and that effective immediately all of our cash will be printed by (and ONLY by) the U.S. Treasury in the form of the U.S. Blueback (or widget, or whatever you want to call it), and that we will honor ONLY valid debts with the new Blueback – starting with paying all FOREIGN DEBT HOLDERS in 100-percent Bluebacks (to keep good international policies and relations), and we will stop foreign financial support otherwise.

      This is not only a feasible answer that would work without going insolvent, but would leave the Federal Reserve to collapse overnight (we owe them at LEAST that much), and put the rich man’s balls in a vice, and crush the international wall-street trading protocols that have left us speculating on gasoline, natural gas, coffee, sugar and orange juice as if they were betting commodities.

      Nah, you rich toads would NEVER go for that – makes too much sense, and leaves you as poor as the rest of us then, and you would NEVER stand for that.

    • Kate Friday

      The U.S. Government has been printing money and robbing paul to pay peter for quite some time now already. I don’t doubt (my) Canadian government isn’t doing the same. I see Canadian idiots on here all the time saying, “not our government”, and, “this will never happen in Canada”, and, “my government wouldn’t do such things”. .. truth be known, th

    • Kate Friday

      oops. . truth be known, the Canadian government is so far up the U.S. governments ass, it’s hard to tell them apart. We are all in the same boat when it comes to the world stage. Trust NO Government!

    • PeterPalms

      A pessimistic scenario of future events includes a banking crisis, followed by a government bailout and the eventual nationalization of all banks. The final cost is staggering and is paid with money created by the Federal Reserve. It is passed on to the public in the form of inflation.
      Further inflation is caused by the continual expansion of welfare programs, socialized medicine, entitlement programs, and interest on the national debt. The dollar is finally abandoned as the de facto currency of the world. Trillions of dollars are sent back to the United States by foreign investors to be converted as quickly as possible into tangible assets. That causes even greater inflation than before. So massive is the inflationary pressure that industry and commerce come to a halt. Barter becomes the means of exchange. America takes her place among the depressed nations of South America, Africa, and Asia—mired together in economic equality.
      Politicians seize upon the opportunity and offer bold reforms. The reforms are more of exactly what created the problem in the first place: expanded governmental power, new regulatory agencies, and more restrictions on freedom. But this time, the programs begin to take on an international flavor. The American dollar is replaced by a new UN money, and the Federal Reserve System becomes a branch operation of the IMF/World Bank.
      Electronic transfers gradually replace cash and checking accounts. This permits UN agencies to monitor the financial activities of every person. A machine-readable ID card is used for that purpose. If an individual is red flagged by any government agency, the card does not clear, and he is cut off from all economic transactions and travel. It is the ultimate control.
      Increasing violence in the streets from revolutionary movements and ethnic clashes provide an excuse for martial law. The public is happy to see UN soldiers checking ID cards. The police-state arrives in the name of public safety.
      Eventually all private dwellings are taken over by the government as a result of bailing out the home-mortgage industry. Rental property is also taken, as former landlords are unable to pay property taxes. People are allowed to live in these dwellings at reasonable cost, or no cost at all. It gradually becomes clear, however, that the government is now the owner of all homes and apartments. People are living in them only at the pleasure of the government. They can be reassigned at any time.
      Wages and prices are controlled. Dissidents are placed into work armies. There are no more autos except for the ruling elite. Public transportation is provided for the masses, and those with limited skills live in government housing within walking distance of their assigned jobs. Men have been reduced to the level of serfs who are subservient to their masters. Their condition of life can only be described as high-tech feudalism.
      There is no certainty that the future will unfold in exactly that manner, because there are too many variables. For example, if we had assumed that there will not be a banking crisis, then our journey would be different. We would not see long lines of depositors or panic-buying in the stores or closing of the stock market. But we would still witness the same scenes of despair in the more distant future. We merely would have traveled a different path of events to get there. That is because the forces driving our society into global totalitarianism would not have changed one iota. We still would have the doomsday mechanisms at work. We would have the Council on Foreign Relations in control of the power centers of
      government and the media. We would have an electorate which is unaware of what is being done to them and, therefore, unable to resist. Through environmental and economic treaties and through military disarmament to the UN, we would witness the same emergence of a world central bank, a world government, and a world army to enforce its dictates. Inflation and wage/price controls would have progressed more or less the same, driving
      consumer goods out of existence and men into bondage. Instead of moving toward The New World Order in a series of economic spasms, we merely would have traveled a less violent path and arrived at exactly the same destination.

    • Jango

      Here’s the Best Way to Get Ready…..www.itshisstory.com

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