Forum Post: Public Will Not Wake Up Until At Least One Million Private Accounts Are Stolen !!!!
Posted 12 years ago on Dec. 7, 2011, 4:40 a.m. EST by Scout
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" According to Jim, US & European investors are at incredible risk. “The entire financial system of the Western world is imploding,” said Jim. “There is exponentially rising risks for individuals and their money…the risk right now–is people losing their entire life savings. I cannot seem to get people to understand this.
“Several million private accounts may vanish–Brokerage accounts, Pension funds, Mutual funds, they’re all at risk. We are getting into the middle stages of implosion, where I believe the public will not wake up until at least one million private accounts are stolen, and completely vanish.“”
Australia is the safe haven, Oprah's australia extravaganza was an advertisment to the rich and wealthy to have a "vacation" there for a "little while"
actually while I don't live there right now I am Australian myself. I hate to tell you this but Australia is no different to USA. If you don't believe me Google Steve Keen on BBC Hartalk and listen to him speaking. He is Prof of economics in Sydney and he is brilliant. We have the same debt problems, the same housing bubble nothing is different except China has kept our country going. Now there are so many signs that China is slowing down also this will have a dramatic effect on the Australian economy.
oh yes I agree, but, there is one thing that Australia has that the US does not, the Australian government has guaranteed the banks, and more than that, it has guaranteed the accounts of all those banks, so an Australian bank technically can't collapse, another note, the goldmines form the central west of Australia are currently producing reserves for Australia, Canada, the UK, New york, Singapore and more, so when this collapse happens, Australia has a reserve to essentially pay off all it's debts, Wayne Swan was awarded the Best Financial minister in the world by Euromoney, I'm not saying it will be smooth sailing for the average Australian, they will suffer too, but the difference lies in where the Rich "1%" can base their operations, the other thing is that China's demand for iron ore and natural gas is not a production based demand (ie it's not for making goods to export to the US/ Europe etc), it's actually part of their economic plans, that are set in motion no matter what, for self sufficiency within China, so Australia's suppyling to China is pretty much Guaranteed for at least the next 50 years, maybe more
but I do agree with you it's not a safe haven for me or you, but I meant that it's a safe haven for big business, CEO wages, executives, and just generally super rich people
interesting i'm watching the hardtalk vid now, thanks for the info
well I do thank you for your enthusiasm for my country! :-) At the risk of being branded like Steve Keen himself ( the merchant of doom ! ha ha ) after you have listened to BBC hard talk maybe after you would like to listen to ChrisMartenson interviewing Gordon Chang on pod cast at this link :-
http://www.chrismartenson.com/blog/gordon-chang-reasons-chinas-imminent-bust/65040
I would be interested in your comments afterwards about the prospects for China based on what Gordon Chang says.
I hope you like Steve Keen and find what he says to be stimulating and interesting.
Australia has its problems but it has a relatively tiny population sitting on masses of resources so it would weather a fallout pretty well.
the smaller population is an advantage I agree with you. But the message I was trying to convey to realtv is I see no safe havens in the world any more.
Yeah, just "less screwed". Though I see a lot of talented Australians jumping ship. The white population in my estate in Singapore is going up drastically in the past year. Tons of Aussie engineers, bankers, etc. I am also seeing the same things up in TW, China, Thailand, etc.
At work my co-workers, won't listen to, or believe any of this; even as they state they are losing money. They have faith that the markets will restore themselves if they just wait it out.
that to me is unimaginable!? get them to read this article
http://ncrenegade.com/editorial/portugal-confiscates-private-pension-funds-can-it-happen-in-the-united-states/
Thank you so much Scott for this post; there's so much great information; and yes I'll pass it on.
Yep, if you don't move your CASH to Canada, or Australia, or Singapore, or HongKong, ... You could be in a world of shit,
It's all going down, and it Obama did nothing to stop it.
Keep up the good reporting scout, glad somebody here understand economics.
Yeah there are ways to mitigate this. I actually have my savings in either hard currency or gold at the moment, with me in Singapore
Canada? They rely on our economy. Canada, like most others would fall in the event of our economic collapse.
I hope Americans understand it better for them to get out of their 401(k) now even if they have to pay a penalty rather than stay in and lose the whole lot? Look what happened in Portugal the other day
" Portugal Confiscates Private Pension Funds – Can It Happen in the United States? "
http://ncrenegade.com/editorial/portugal-confiscates-private-pension-funds-can-it-happen-in-the-united-states/
Thanks :-) I have to say little Timmy Geithner looks terribly desperate hopping from one European country to another . I have never seen such a bizarre circus!