Eventual Financial Death Spiral Now Imminent – John Rubino
by Greg Hunter
USA Watchdog
Analyst and financial writer John Rubino warned nearly four months ago of a “U.S. Financial Death Spiral.” This past week, Bank of America caught up to Rubino and issued a warning about a “US dollar death spiral” because the federal government was going deeper in the red by creating “$1 trillion in new debt every 100 days.” Maybe this is why gold and Bitcoin have been hitting new all-time highs day after day. Rubino says, “When a building was worth $200 million and someone sells it for $48 million, that means there is a loss that someone has to take. Those losses are mostly on the books of regional and local banks. So, they are in big trouble financially. . . . You will get these massive bank runs that the government will have to step in and bail out. This is one of many things that will happen in the not-so-distant future. This will impact government finances in a scary way that will send people’s attention to the currency. In other words, if we have another $3 trillion bailout on top of everything else that’s going on . . .what is that going to do to the dollar? . . . . Currencies are being inflated away with all these bailouts, deficits, wars and all these things that are going on that are bad for the currency. So, people start selling government bonds, which push up interest rates and blows up even more bad real estate and paper . . . until you get a debt spiral, a real live financial death spiral than cannot be fixed. . . . I was talking to a real estate guy the other day, and he said this is not just inevitable, it is imminent. It is happening now. It is happening quickly, and it is going to hit the headlines. . . . In this case, what is inevitable in commercial real estate is also looking imminent.”
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Source: https://www.financialsurvivalnetwork.com/2024/03/eventual-financial-death-spiral-now-imminent-john-rubino/
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