The Numbers Say That a Major Global Recession Has Already Begun
It is one thing for The Economic Collapse Blog to warn that “the world economic order is collapsing,” but this is one of the biggest newspapers in the U.K.
I was writing about these emerging market problems in July, but at that time very few really understood the true gravity of the situation. But now giant banks such as Goldman Sachs are calling this the third stage of the ongoing global financial crisis. The following comes from a recent CNBC piece titled “Is EM turmoil the third wave of the financial crisis? Goldman thinks so“:
Emerging markets aren’t just suffering through another market rout—it’s a third wave of the global financial crisis, Goldman Sachs said.
“Increased uncertainty about the fallout from weaker emerging market economies, lower commodity prices and potentially higher U.S. interest rates are raising fresh concerns about the sustainability of asset price rises, marking a new wave in the Global Financial Crisis,” Goldman said in a note dated last week.
The emerging market wave, coinciding with the collapse in commodity prices, follows the U.S. stage, which marked the fallout from the housing crash, and the European stage, when the U.S. crisis spread to the continent’s sovereign debt, the bank said.
You know that it is late in the game when Goldman Sachs starts sounding exactly like The Economic Collapse Blog. I have been warning about a “series of waves” for years.
When will people wake up?
What is it going to take?
The crisis is happening right now.
Of course many Americans will refuse to acknowledge what is going on until the Dow Jones Industrial Average collapses by several thousand more points. And that is coming. But let us all hope that day is delayed for as long as possible, because all of our lives will become much crazier once that happens.
And the truth is that many Americans do understand that bad times are on the horizon. Just check out the following numbers that were recently reported by CNBC:
The CNBC All-America Economic Survey finds views on the current state of the economy about stable, with 23 percent saying it is good or excellent and 42 percent judging it as fair. About a third say the economy is poor, up 3 points from the June survey.
But the percentage of Americans who believe the economy will get worse rose 6 points to 32 percent, the highest level since the government shutdown in 2013. And just 22 percent believe the economy will get better, 2 points lower than June and the lowest level since 2008, when the nation was gripped by recession.
If you want to believe that everything is going to be just fine somehow, then go ahead and believe that.
All I can do is present the facts. For months I have been warning about this financial crisis, and now it is playing out as a slow-motion train wreck right in front of our eyes.
We are moving into a period of time during which events are going to start to move much more rapidly, and life as we know it is about to change in a major way for all of us.
Hopefully you have already been preparing for what is about to come.
If not, I wouldn’t want to be in your position.
