Analyst: Skyrocketing Debt Cannot Be Supported By Money Printing Forever

Something is eventually going to have to give.  The United State’s debt which has shot up over $21 trillion dollars cannot be sustained by printing money forever, says a financial analyst.

According to TeleTradeBel analyst Mikhail Grachev, the US debt, supported by the printing of dollars could be coming to an end. “From 2009 to 2014. The Fed was actively buying Treasuries as part of a quantitative easing policy (QE). After the QE was scrapped, the Fed continued to purchase the securities, only in smaller quantities. American legal entities and individuals have always been the third major buyer of debt. The growth of debt and the volume of issuance of securities was possible due to the continuous flow of liquidity from the Fed at zero interest rate. It has also supported the unrestrained growth of the American stock market,” Grachev told RT.

But the tides have now turned and the Federal Reserve has begun hiking interest rates citing a “strong” market. In fact,  interest rates are expected to increase to 3.75 percent by 2020, the analyst noted. The investors’ interest in treasuries began to decline and the yield automatically went up. This week, 10-year securities showed a yield of 3.018 percent. “This factor led to nervousness in the markets and raised a lot of questions,” Grachev says.

As other analysts have pointed out, rising interest rates and a $21 trillion debt present a problem. With the rising interest rate and Treasuries’ yields, the question of servicing the mounting debt could become a problem for the US economy, the analyst warns. “Although the economy of the US is great, even they don’t always have the extra money,” said Grachev. When the yields on the 10-Year US Treasury Note rise, it indicates that the demand for the American securities falls, Grachev explains.

“If the yield continues to grow, it can lead to a massive exodus of capital from Treasuries, and even result in the collapse of the world dollar financial system,” Grachev said. The analyst added that a dollar collapse seems far-fetched at the moment since the global economy is very dependent on the greenback. According to the expert, it is more likely that the dollar bubble will continue growing for the while, but a dollar collapse is all but imminent.

Peter Schiff: ‘We Will Live Through Another Great Depression Which Will Be MUCH MUCH WORSE’

Financial guru, Peter Schiff, who accurately predicted the recession of 2008 says the problems we face now are even bigger. We will live through another Great Depression if Schiff is correct. And One of the main concerns is something very few dare to even mention or show a concern about: the national debt.

Schiff’s podcast from a few days ago highlights a very important problem with not only the economy as we know it but the mainstream media as well.  Unable to take their attention off gun control regulations for even a moment to focus on a much bigger concern, the national debt, the mainstream media is effectively trying to hide what’s coming down the pipe.  The lack of coverage seems to be spurring a lackadaisical attitude about the almost $21 trillion debt.

Let’s start at the beginning. Schiff begins his podcast talking about a book his father wrote; one of the only books to have been banned by the United States government. Yes, the US government banned a book titled “The Federal Mafia: How It Illegally Imposes And Unlawfully Collects Income Taxes” by Irwin Schiff in the “land of the free.”

“The bad news is, we are going to live through another Great Depression and it’s going to be very different. This will be in many ways, much much worse, than what people had to endure during the Great Depression,” Schiff says. “This is going to be a dollar crisis.”

“These hot inflation numbers that we’ve been getting are going to get a lot hotter…all this inflation that has been in the financial markets, in the stock markets, in the bond market, in the real estate market, everybody loved inflation when it was making you rich…the problem is going to be when it makes you poor. That’s when it starts showing up in the cost of living; all the things you need to buy end up being a lot more expensive.”

“When you are talking about the magnitude of the debt we have, that extra money [raising interest rates] is big. That’s going to be a big drain on the economy to the extent that we have to pay higher interest to international creditors…a lot of this phony GDP is coming from consumption, while the average American who is consuming is deeply in debt and they are going to impacted dramatically in the increase in the cost of servicing that debt…given how much debt we have, and how much debt is going to be marketed the massive increase in supply will argue for interest rates that are higher.”

“The Fed thinks they create economic growth…by [saying] ‘let’s jack up the stock market and then the economy’s going to grow and people are going to go out and spend more money.’ It’s actually doing damage.  If you create a bunch of phony wealth, and people end up spending money that they otherwise would have saved, you are undermining economic growth.”

“Everything the Fed has done has undermined real economic growth, that is why this coming collapse is going to be so devastating,” says Schiff. “It’s shrinking government that grows the economy.  When you make government smaller and you free up resources back into the private sector, that’s what grows the economy.”

 Schiff again suggests looking at gold as a way to protect yourself against the dollar’s collapse.

Prepping is often difficult and if you’ve just begun, a great resource is a book titled “The Prepper’s Blueprint.”

The U.S. Deficit Is Beyond Control: Markets Don’t Like Long-Term Government Insolvency

Economist John Williams sat down with USA Watchdog‘s Greg Hunter to discuss the dire state of the dollar and United States economy.  The monetary path the US is on is out of control, and the unwillingness of government officials to reduce the deficit and stop spending money will cause major problems in the very near future.

Years of socialist policies and reckless spending will eventually end in a complete collapse. Williams is not the only economist to sound the alarm either. As the tax cuts are always positive (people keeping more of their money is always good for the economy) the unwillingness to decrease the size and scope of the government with an expanded deficit will be the downfall of a once great nation.

The interview with Williams begins with him declaring the drop in the stock market to be the fault of the federal reserve. “Did the Fed trigger this most recent round of selling?” asks Hunter.

“It looks like it. If you recall, the story was, bond yields are rising. Rising bond yields means someone’s selling bonds. The Fed wasn’t actually selling bonds, they just were not rolling over the bonds that they normally would…I think you’re gonna see the dollar selling off very rapidly and gold rallying as a flight to safe haven.”

Then the discussion of the tax cuts comes up, as Hunter asks Williams to deliver his take on the lower taxes.

“The tax cuts are generally positive. Anytime you cut taxes that is generally a plus for the economy. The problem is the average guy is still not making ends meet. Anything that increases the disposable income is a plus. This does not necessarily go to the guys at the lower end of the income scale, at the moment, but generally there should be a little economic pick up here from it. The problem is what happens to the budget deficit. We just went through a round of the government shutdown and a package that supposedly lays things out for the next two years, but it widens the deficit. The deficit is beyond control…We have $100 trillion in unfunded liabilities. That means you need $100 trillion in hand right now to cover the federal obligations going forward. . . . Printing money to meet obligations is what happened in the Weimar Republic in Germany. This happened in Zimbabwe. This kind of thing eventually gives you a hyperinflation. . . . Ongoing budget deficit and debasing of the dollar will give you global selling pressures in the currency markets. . . . We haven’t seen much selling in the dollar, but that is going to change. You are going to see flight from the dollar and flight from the markets as well.”

Hunter then said that the government must make massive and deep cuts to salvage the economy, but no one in Washington wants to make the difficult decision.

“It’s the long-term insolvency of the US government that the markets don’t like.”

Then Hunter asked if Williams thinks there’s a “pretty severe hit” to the economy coming because of the expanding deficit, which will expand the national debt by $10 trillion. Because there are no plans to cut the deficit, Williams simply responds, “right.”

 

 

Peter Schiff: In The Impending Collapse ‘Everything That Can Go Wrong, Will’

The impending economic collapse is hidden from most. People only see a rising stock market, not the negative underlying factors that will cause the whole system to crash.

The weakening of the U.S. dollar is just getting started, warned veteran market forecaster Peter Schiff, CEO of Euro Pacific Capital. “We have just begun a major, long-term bear market in the dollar,” he said, which should cause a spike in oil prices. He thinks oil will reach $80-$100 a barrel in 2018. The commodity currently trades at roughly $63 a barrel. Shiff focuses on oil as just one example of the inflation that will help collapse the dollar.

When the price of oil rises, it reverberates through the economy. Peter called it a gigantic tax hike for consumers. But the Fed is still worried prices aren’t going up fast enough and that they won’t hit the mystical 2% goal.

“They’re going to hit that out of the park. They’re going to be looking at 2% in the rearview mirror – in the distant rearview mirror. That is going to be the big story. They’re going to way overshoot and they’re not going to be able to do anything about it.” –Peter Schiff

Schiff also warns that the dollar’s decline is just getting starting.  He also says “everything that can go wrong, will.” We are not experiencing economic growth.  We are experiencing inflation.

“High inflation is not good for the dollar. By definition, high inflation means the dollar is losing purchasing power. If the dollar is losing purchasing power, that is bad for the dollar,” Shiff explains.

“If they [the public and investors] don’t think there’s going to be inflation, they’re wrong. Those expectations are totally wrong. People are ignoring what is going on in the currency market, what’s going on in the commodities markets, what’s going on in the bond markets. All of this stuff is flashing inflation – at least the way you measure it – consumer prices.” –Peter Schiff

 

Shiff continues with even more dire news. “We are very close to a major breakdown in the bond market. Now, I know the bond market has dodged a lot of bullets…so you could say ‘cryin’ wolf. Look how long the bond market has held in there. But you know what? It’s gonna hold up until it doesn’t. And when it breaks…this bond market is gonna unravel. The whole thing could unravel very, very quickly. This is what is so dangerous here. You have the bond market potentially about to break down, a major 30-year bull market about to unravel, you have the dollar getting ready to go over the edge of a cliff. “

Shiff also warns to not put your trust in the government or their bonds.

“Everybody belives the fed is going to shrink it’s balance sheet. Now, I don’t believe that but the markets believe it. Now, I checked the balance sheet on Thursday again. So far, it hasn’t shrunk at all. So there’s been no tapering.

The risk of a big drop in the bond market has never been this high. And what happens if the bond market tanks? That’s it. The stock market is gonna crash…there’s a massive crash coming. And if the fed is gonna panic, they’re gonna try to stop it.”

The feds will try to fix a stock market crash by not raising rates, which will lead to the imploding of the dollar.  Everything that can go wrong, will.

“I don’t know if this is going to unravel very quickly.  But it is close,” Shiff warns.

Phil Sloan: The Financial Crisis Will Be ‘A Shock To This Country. It Will Be Chaos’

Phil Sloan has been in the Investment business since 1962 and he’s sounding the alarm for those willing to listen.  He is saying “prepare yourself; your way of life in the United States is about to change.”

Sloan was the Managing Director of Fox Asset Management, a subsidiary of Easton Vance at Fox. He was also on the Investment Committee, the Strategy Committee, and the Management Committee. Sloan was also the Vice President of PaineWebber (now UBS) Investment Consulting services and worked with financial advisors nationwide, setting Investment Policy, Asset Allocation, hiring outside managers, and monitoring results. As if that wasn’t enough, Sloan was also the Vice President consulting services for Merrill Lynch.  It’s safe to say he may know a thing or two about the financial crises (both past and future) in the United States.

Sloan was recently interviewed by the X22 Spotlight, and he is asking people to prepare themselves now for what’s coming.

Sloan says the economy is moving at a snail’s pace, but that isn’t all. He expects that at some point we (the US economy) will run out of gas. He says that pension problems are headed our way. “Pensions have problems because they were never funded properly and the idea that somebody could retire and get paid their full compensation for 20 or 30 years is a ludicrous concept. So, therefore, now that you have an aging population and they have all these crazy schemes built in that ‘we’re gonna pay you for the next 20…25 years at your full salary..there’s just no pension in the world that can do that. ”  Pension issues are becoming a problem.  Many states are struggling with these unfunded liabilities.

“The pensioners are going to wake up one day and get an email or a phone call or whatever, saying ‘by the way, you were supposed to get 100 bucks, but unfortunately, we don’t have enough money, so you’re going to get 50 bucks’…60 bucks…40 bucks…or whatever their number is. I can’t tell you what that number is, but it’s not going to be 100.”  Sloan goes on to say that the United States is $20 trillion in debt, so governors that seek to pad pensions with money from the treasury are going to be massively disappointed.  Sloan also says that if anyone ever approves funding pensions this way, the US will become Zimbabwe.  “There is no way to pay these Ponzi schemes,” Sloan said.

When Sloan was asked about his take on the elites keeping gold down, he said:

“…it’s some central bank trying to disrupt the marketplace. If you look around the world, the Chinese central banks are getting gold reserves. The Russian central bank; getting gold resesrves. So, they want to have a currency system, a payment system, whatever you wanna call it, that’s based on real money. Gold has been around for thousands of years and has always had value.”

Sloan was also asked what happens in the United States when the dollar system finally breaks apart, which it will do inevitably. Sloan said:

“Inflation will come back rampantly in this country, and we will be, you know, having this real problem of potentially hyperinflation to deal with.  Because if the dollar goes down by 25%, and you are, you know, China or Europe or whomever, selling goods to the United States, you’re no longer gonna say ‘well, I’m gonna accept the dollar, you want a dollar and a quarter, a dollar and a half, a dollar and three quarters, etc. So, I think, if inflation comes back, it will affect everybody in a very negative way. AND, we will no longer be able to live beyond our means…Which is going to be a shock to this country….it will be chaos.” -Phil Sloan

Saudi Coup Signals War And The New World Order Reset

This article was originally published by Brandon Smith at Alt-Market.com

For years now, I have been warning about the relationship of interdependency between the U.S. and Saudi Arabia and how this relationship, if ended, would mean disaster for the petrodollar system and by extension the dollar’s world reserve status. In my recent articles ‘Lies And Distractions Surrounding The Diminishing Petrodollar’ and ‘The Economic End Game Continues,’ I point out that the death of the dollar as the premier petrocurrency is actually a primary goal for establishment globalists. Why? Because in an effort to achieve what they sometimes call the “global economic reset,” or the “new world order,” a more publicly accepted centralized global economy and monetary framework is paramount. And, this means the eventual implementation of a single world currency and a single global economic and political authority above and beyond the dollar system.

But, it is not enough to simply initiate such socially and fiscally painful changes in a vacuum. The banking powers are not interested in taking any blame for the suffering that would be dealt to the masses during the inevitable upheaval (or blame for the suffering that has already been caused). Therefore, a believable narrative must be crafted. A narrative in which political intrigue and geopolitical crisis make the “new world order” a NECESSITY; one that the general public would accept or even demand as a solution to existing instability and disaster.

That is to say, the globalists must fashion a propaganda story to be used in the future, in which “selfish” nation-states abused their sovereignty and created conditions for calamity, and the only solution was to end that sovereignty and place all power into the hands of a select few “wise and benevolent men” for the greater good of the world.

I believe the next phase of the global economic reset will begin in part with the breaking of petrodollar dominance. An important element of my analysis on the strategic shift away from the petrodollar has been the symbiosis between the U.S. and Saudi Arabia. Saudi Arabia has been the single most important key to the dollar remaining as the petrocurrency from the very beginning.

The very first oil exploration and extraction deal in Saudi Arabia was sought by the vast international oil cartels of Royal Dutch Shell, Near East Development Company, Anglo-Persian, etc., but eventually fell into the hands of none other than the Rockefeller’s Standard Oil Company. The dark history of Standard Oil aside, this meant that Saudi business would be handled primarily by American interests. And the Western thirst for oil, especially after World War I, would etch our relationship with the reigning monarchy in stone.

A founding member of OPEC, Saudi Arabia was one of the few primary oil-producing nations that maintained an oil pipeline that expedited processing and bypassed the Suez Canal. (The pipeline was shut down, however, in 1983). This allowed Standard Oil and the United States to tiptoe around the internal instability of Egypt, which had experienced ongoing conflict which finally culminated in the civil war of 1952.

Considered puppets of the British Empire at the time, the ruling elites of Egypt were toppled by the Muslim Brotherhood, leading to the eventual demise of the British pound sterling as the top petro-currency and the world reserve. The British economy faltered and has never since returned to its former glory.

Perhaps we are seeing some parallels here?

Civil war may not be in the cards for Saudi Arabia; so far a quiet coup has been rather effective in completely changing the power base of the nation over the past few years. The primary beneficiary of that change in power has been crown prince Mohammed Bin Salman, who only answers to King Salman, an 81-year-old ruler barely involved in leadership.

To understand how drastic this coup has been, consider this — for decades Saudi Kings maintained political balance by doling out vital power positions to separate, carefully chosen successors. Positions such as Defense Minister, the Interior Ministry and the head of the National Guard. Today, Mohammed Bin Salman controls all three positions. Foreign policy, defense matters, oil and economic decisions and social changes are now all in the hands of one man.

But the real question is, who is behind that man?

Well, the recent political purge of various “neo-conservative” tied Saudis might lead some to believe that Prince Mohammed is seeking an end to globalist control of Saudi oil and politics. These people would be wrong for a number of reasons.

Prince Mohammed’s revolutionary “Vision for 2030” developed as he entered power was touted as a means to end Saudi reliance on oil revenues to support economic stability. However, I believe this plan is NOT about ending reliance on oil, but ending reliance on the U.S. dollar. In fact, the plan indicates a move away from the dollar as the world’s petrocurrency and a de-pegging of the Riyal from the dollar.

Prince Mohammed has also established much deeper ties to Russia and China, creating bilateral agreements which may end up removing the dollar as the mechanism for oil trade between the nations.

You would think that this kind of strategy would be highly damaging to the West and to American interests in particular and that the corporate establishment would be doing everything in their power to stop it. However, this is not at all the case. In reality, the globalist establishment is fully behind Mohammed Bin Sulman’s “Vision for 2030.”

Corporate behemoths such as the Carlyle Group (Bush family, etc), Goldman Sachs, Blackstone and Blackrock have ALL been backing the Vision for 2030 and Prince Mohammed through his Public Investment Fund (PIF), of which he is the chairman.

Trillions in capital are flowing through PIF, most of it from the coffers of globalist establishment companies. Once again I point out that the so-called “East versus West division” and the Eastern “opposition” to the globalists is complete nonsense; banking elites and globalists are the true influence behind the move away from the dollar, as the Saudi example and the Vision for 2030 shows. The end of the dollar as world reserve works in their favor — it is planned.

This does not end with the death of the dollar’s petro-status, though. These kinds of upsets in the power dynamic invariably lead to war. War acts as a kind of cleansing of the historical record; it tends to distract the public, for generations, from those that truly benefit from geopolitical and economic strife.

Prince Mohammed has already triggered conflicts with Yemen and Qatar, but this seems to have only been a precursor to greater kinetic displays of force. The next target appears to be Lebanon, and eventually Iran and Syria.

The first signal came with the resignation of Lebanon’s Prime Minister Saad Hariri on November 4, a resignation Hezbollah claims was forced by the Saudi government. Interestingly, Saad Hariri recorded the televised announcement in Saudi Arabia.

This shocking disruption to Lebanon’s political apparatus has been followed by an escalation in saber rattling by Saudi Arabia against Hezbollah (which is considered by many to be merely a puppet organization of the Iranian government). If official polls are to be believed, the Lebanese population is in extreme disagreement over Iran and Hezbollah, which could add to internal divisions and civil war if tensions continue to grow. Add to this the suspected (but officially denied) “secret visit” by Prince Mohammed to Israel in September, and the newfound “friendship” between the two nations in the months since, and we have quite a bit of momentum for a war in Lebanon.

The question is, will a war between Saudi Arabia and perhaps Israel against Hezbollah in Lebanon remain a proxy war, or will it gestate into a wider conflict drawing in Iran, Syria and perhaps even the U.S.?

First, keep in mind that Prince Mohammed has already frozen and/or confiscated approximately $800 billion in assets from his imprisoned political enemies. More than enough to fund a war campaign for several years, maybe even an expanded war against Iran.

Trump’s rhetoric against Iran and his re-institution of sanctions seems to coincide nicely with the increasing tension between the Saudis and Hezbollah. Israel attempted an invasion of Lebanon in 2006 and was soundly and embarrassingly defeated. But, the Israeli government does still showcase a willingness to enter into a ground war in the region, and with the combined forces of the Saudis and the Israelis, we might see a different outcome. Iran would be forced to intervene.

Syria under the Assad regime would also most likely be drawn in through its mutual defense pact with Iran.

I believe that major powers like the U.S. and Russia will probably not become involved in a wider sense, but continue to insert covert forces into the region and support opposing nations through funding and armaments. As with North Korea, I would not expect “world war” on the scale of a nuclear conflagration to develop in the Middle East.

What I do expect is something far more devastating — namely an accelerated disintegration of our already collapsing economic structure as war plays out abroad and the loss of the dollar’s world reserve and petro-status hits us hard at home. So far, in my view it appears that the insanity in Saudi Arabia, (along with the continued war drums against North Korea), is a perfect trigger point that provides a catalyst for mass distraction.

World economic war is the real name of the game here, as the globalists play puppeteers to East and West. It is a geopolitical crisis they will have created to engineer public support for a solution they predetermined.

 

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You can contact Brandon Smith at: brandon@alt-market.com

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Rothschild Just Dumped Massive Amounts of US Assets, Sending an Ominous Signal

In what is a sure signal to oligarchs across the globe, Lord Jacob Rothschild, founder and chairman of RIT Capital Partners, has substantially minimized his exposure to what he views as a risky and unstable U.S. capital market. In the half-yearly financial report for RIT Capital Partners, Rothschild explained the company’s aggressive moves to significantly reduce exposure to U.S. assets.

“We do not believe this is an appropriate time to add to risk. Share prices have in many cases risen to unprecedented levels at a time when economic growth is by no means assured,” Rothschild said in his semi-annual report.

Additionally, Rothschild stated that he believes quantitative easing (QE) programs employed by central banks, such as the Federal Reserve Bank in the U.S. will “come to an end.”

Rothschild was quoted in the report as saying, “The period of monetary accommodation may well be coming to an end.”

Signaling a potential disaster in the making in the United States financial markets, Rothschild reduced the investments RIT Capital Partners has in the U.S. dollar by nearly fifty percent. On December 31, 2016, RIT Capital Partners reported a 62 percent net value asset investment in U.S. dollars. In the latest report released by RIT Capital Partners on June 30, 2017, the company has a 37 percent net value asset investment in U.S. dollars.

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Over that same period of time, Rothschild increased RIT’s investment in Sterling and the Euro.

Just last year, the bond manager of what was once the world’s largest bond fund had a dire prediction about how “all of this” will all end. And by “all of this,” he means the propping up of financial markets by central banks.

Gross: Global yields lowest in 500 years of recorded history. $10 trillion of neg. rate bonds. This is a supernova that will explode one day

— Janus Henderson U.S. (@JHIAdvisorsUS) June 9, 2016

When the U.S. stock market is trading at all-time highs, but Lord Rothschild is divesting RIT from those same markets, the central bank manipulation of market valuations becomes apparent.

READ MORE:  "Sell Everything" - Top Mega Banks Warn that a "Cataclysmic" Collapse has Begun

Additionally, it’s worth noting that Rothschild’s RIT investment portfolio has returned roughly 2,000% since its formation – so he obviously understands how to position his assets to get big returns on investments, thus these recent moves should be a red flag to every American.

In explaining his recent investment moves, Rothschild, the RIT chairman stated:

“We have a particular interest in investments which will benefit from the impact of new technologies, and Far Eastern markets, influenced by the growing demand from Asian consumers.”

The report also noted that RIT had invested in Social Capital, a tech investment firm based in Silicon Valley, and that Francesco Goedhuis, Chief Executive of J. Rothschild Capital Management, will serve on the company’s advisory board. Social Capital provides seed funding for companies in the education, finance, and health care business sectors.

Rothschild also mentioned the advent of a fourth industrial revolution in the RIT Capital Partners report, noting, “As the ‘Fourth Industrial Revolution’ develops, it becomes increasingly important for your Company to be able to assess investment opportunities in the innovation driven changes which are affecting almost every business sector.”

The fourth industrial revolution will be driven by new technologies that work to integrate the digital, biological, and physical worlds. Rothschild indicated in the report that the fourth industrial revolution was a driving factor in his investment in Social Capital.

The latest report is simply a continuation of a narrative that was clearly seen in Rothschild’s last half-yearly RIT report when he stated:

The six months under review have seen central bankers continuing what is surely the greatest experiment in monetary policy in the history of the world. We are therefore in uncharted waters and it is impossible to predict the unintended consequences of very low interest rates, with some 30% of global government debt at negative yields, combined with quantitative easing on a massive scale.

To date, at least in stock market terms, the policy has been successful with markets near their highs, while volatility on the whole has remained low. Nearly all classes of investment have been boosted by the rising monetary tide. Meanwhile, growth remains anaemic, with weak demand and deflation in many parts of the developed world.

Many of the risks which I underlined in my 2015 statement remain; indeed the geo-political situation has deteriorated with the UK having voted to leave the European Union, the presidential election in the US in November is likely to be unusually fraught, while the situation in China remains opaque and the slowing down of economic growth will surely lead to problems. Conflict in the Middle East continues and is unlikely to be resolved for many years. We have already felt the consequences of this in France, Germany and the USA in terrorist attacks.

With global yields at their lowest in recorded history, and with $10 trillion of neg. rate bonds, there is likely only one way that this ends – with a massive global financial collapse, the likes of which would make the Great Depression look like the “good old days.” Make no mistake that when Lord Rothschild begins to move his assets out of the U.S., it is surely a sign of ominous things on the horizon.

READ MORE:  Despite Global Economy Plummeting into Despair, Mega Banks Boast All-Time Record Profits