In his latest weekly column, "The Downward Trend Is Unstoppable," Jeffrey Nyquist, author, radio host and editor of jrnyquist.com, offers his insights on the state of the world and references Financial Armageddon.
We see the statistics on test scores, on measurements of consumption and narcissism, on growing debt and the sinking dollar, on the chaos in government, the disorder one finds on all sides, and a certain analysis naturally follows. Call it pessimism if you want. But it is merely common sense. We ought to be realistic about the future. And yes, scary things are happening. We read about an impending cyber-storm and the storm super-worm. Is someone taking over the world’s computers for sinister purposes? It seems they are. Last June the Chinese military successfully hacked into Pentagon computers, demonstrating a capability to disable U.S. defense systems. In Europe Russia is rearming and one if its new weapons is the world’s most powerful fuel-air bomb, made specifically for destroying urban resistance. The news in the Middle East gets worse and worse. The United States has announced sanctions on Iran despite Russian and Chinese objections. Meanwhile, the U.S. government appears nervous about an impending terror attack. The American public is confused and the people are no longer united. The economic news is even more frightening.
The United States is headed into a crisis of unprecedented proportions. The dollar continues to lose its value versus other currencies. Look at the price of oil this week. Look at the price of gold. These are objective measurements that defy market optimism. Consider the following sources of trouble: (1) runway debt, (2) credit inflation, (3) the bursting real estate bubble, (4) government spending and (5) hidden monetary inflation. In Michael J. Panzner’s book, Financial Armageddon, we learn how creaky America’s retirement regime is, and how liable to collapse. We read about that great house of cards, the derivatives business. In fact, it now appears that default is inevitable on many fronts. The U.S. government has made big promises related to financial and economic matters. Today’s government takes care of millions of people; but this cannot continue indefinitely. And America’s financial crisis isn’t an exclusively American problem. The welfare state advances toward bankruptcy in Europe, North America and Japan.
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