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At the end of the day the collapse will happen one way or another. Not much can be done to stop it but we can prepare. The loss of jobs and rise of unemployment will continue to increase. I've taken the step to starting my own home based business to counter not having a job. Getting started on breaking away from relying on your hourly income is vital. I'm affiliated with Ambit Energy, earning income when people pay their electric bills. E mail me at harrisjoshuanyc@gmail.com
Wow, the only options he gives are "do nothing, or extend and pretend." Maybe he should have listened a little closer before he kicked Peter Schiff off his show. Seriously, Peter Schiff has been saying this will happen for years and gives a real way out. This guy is clueless or in serious denial.
Wow, the only options he gives are "do nothing, or extend and pretend." Maybe he should have listened a little closer before he kicked Peter Schiff off his show. Seriously, Peter Schiff has been saying this will happen for years and gives a real way out. This guy is clueless or in serious denial.
For those hawkish simpletons that are afraid of printing more money, you have to realise that inflation is better than 10+ years of very high unemployment. In the economy it is the elixir of life. Debt levels can be curbed when the world economy is actually growing. Germany wants "internal devaluations" which will lower growth and make debt even worse. The world can escape this crisis but only if there isn't more economic mismanagement.
It won't be the Germans fault for pulling the string - they should be proud for standing up for what is right. Let it all fall and burn, then hunt down those that are responsible for letting all of this happen over the years. Rebuild a just society based on principles.
did they JUST figure this out? How about this - how about all of the greedy fcks stop making financial bubbles and, instead, run off of REAL economy. How about that. No - because they would have to admit that economies CANNOT continue to grow, grow, grow,
When the whole damn thing collapses they will say: hey guys, we know how to solve this! A single world currency which will be printed in the US. Russia and China will say no and a war starts.
The problem with world economy: Federal reserve, banking function is private, gold is not world currency, rich aren't taxed and congress is legaly bribed. And also stock exchange which are based on speculation. I personally believe the most cancerous part is Federal reserve, which can't be healed.
Economic collapse is realism for those who really have money. For regular people it's totally irrelevant political theatre. They still go to work, eat, drink... and nothing REAL changes. Wealthy people just cant share our goods and essential resources without greed?
Our current economic model and the monetary system can't sustain itself. We're in need of a complete redesign of our economic system. Anyone interested (and you should be interested) look up "resource based economy" and watch the Zeitgeist movies 'Zeitgeist Addendum' and 'Zeitgeist Moving Forward' on YouTube.
How about instead of printing billions a day we don't print until there's actually a money shortage. which I doubt there will ever be for years and even then it'll be like 10's are rare so you'll get two 5's instead. which I can tell you me being a cashier for 8 years that bothers some people not much. only 1 out of 50 and if I ran out of quarters and have to give em two dimes and a nickel all hell would break loose seriously...!
Honestly, the US's pole position in the world economy is history. The EU's real GDP has already surpassed the US and real growth in Europe (excluding the backwards UK) is much higher than anything the US is bringing to the table. Bailing out Greece was a mistake. They have no underlying economy to power growth, huge corruption and a non-functional tax collecting system. Greece is a waste of time and has to go. The rest of Europe CAN and WILL come out stronger and more unified than before.
@JaysGOP No. They are not. Portugal is the most threatened, but it will survive. Europe will survive. I would suggest that Americans stop pointing fingers at the rest of the world and get their shit in order. From what it looks like, the US has some of the biggest long term problems known to economics. Once they fix their own country, maybe we'll start listening to what they say.
@LiberalCounterpart The European debt crisis is much deeper and more severe than the American one. The fact that these indebted nations do not control their own currencies is going to bring them down. If Greece controlled its currency, it could inflate its way out of its debt. Not a desirable outcome, but a preferred alternative to national bankruptcy. America controls its currency, it can buy debt for much cheaper than most Europeans nations, and its currency is the worlds reserve.
@JaysGOP America controls its currency, but that does NOT represent a less deep crisis than the European crisis. What point is there in controlling your own currency when you are turning it worthless without a tangible gain? In Europe, except for Greece and the UK, we have real and potential growth, along with strong investment from savings. America has lived on credit for over a decade now and hasn't learned from its mistakes. No investment, no good public education... THAT is a crisis
@LiberalCounterpart The problem is that germany had no political power, like it does now, to impose rules on greece. The EU will have to create a long term program or greece to reorganize the state, throwing them out will not solve that and will create a precedent, but the greeks also need to get their act toguether. Portugal will also need a similar program.
@MrsNikkolas Greece is a special case all to itself. It never should have been accepted into the Union. Kicking them out will have consequences, but ones we can weather more easily than keeping them on. If you are German, then please read the "Der Spiegel" articles on the subject.
@LiberalCounterpart That would be true if this was just economics but it is not, it is an attack and under that circunstace to throw someone to the wolves expecting them to be pleased it will not work, they will became more elbolden. Once one goes they will realise that with enough persistence it is possible to bring down a target. They will move to the next and do the same. Were will it stop? Better to isolate it there and even if it becames expensive it is still manegable.
I just laugh when I hear people claim that a U.S. government policy (de-regulation, Fannie & Freddie, or CRA) were the primary causes of the housing bubble and financial collapse. These policies simply could not have caused the dozens of real estate bubbles or leveraged financial system in dozens of other countries. The cause was credit expansion by central/private banks buying government securities (primarily the Fed) ->low interest rates-> increase demand for buying houses->price inflation
@MrKT410 The Fed had nothing to do with it. The extraordinary amount of money that became available to the financial sector in the 1970s is what caused this. This created a rash of new financial institutions that the government had never heard of, and regulations couldn't keep up. Massive quantities of money were being moved at lightening speeds in irrational ways and eventually the system collapsed upon itself. I know Ron Paul likes to chime on about the Fed but it didn't cause the recession.
@JaysGOP So, what you are saying is artificially record low mortgage rates had nothing to do with the demand in buying housing? Of course it did! Talk to someone who bought a house, it was because rates were at record lows. And as I said, explain how de-regulation of the U.S. housing market could have effected the world-wide price of housing. We saw housing bubbles in dozens of other countries. The primary cause of the world wide housing bubble was easy money and excessive credit.
@JaysGOP That is not to say financial instruments (derivatives) didn't make the problem worse. Mortgage backed securities and Fannie & Freddie bought up mortgages and as a result took the risk off of mortgage creators. The mortgage creator now had no reason to act responsibly because they were not holding the risky mortgages in the end. These were factors, not the primary cause.
@MrKT410 Yes. Easy money and excessive credit. Not caused by the fed, caused by hot money. Hedge funds and other investment firms who bought into the housing market, party because Barney Frank forced the banks to decrease standards for home ownership. Houses became a financial commodity, not something to live in. Thats created the bubble, the bubble burst. The housing bubbles in other countries occurred because that easy money moved around the world at lightening speeds.
@JaysGOP If we agree excess credit was a problem, why would you not think easy money and credit would be fueled by an interest rate of 1-2% for 2+ years when the historical interest rate is between 4-8%? We saw the Fed in particular expanding the money supply and lowering interest rates by buying U.S. government securities. My point is money became "hot" when rates became so low. Had rates not been so low we would have went through a recession to correct the tech bubble.
@MrKT410 Interest rates were still floating around 5-8% in the years leading up to the collapse. There was just so much money moving around that the interest rates didn't matter because housing prices were rising exponentially and there was an incredible amount of money to be made. The money became hot because of various events in the 1970s surrounding OPEC that led to the creation of sovereign wealth funds. The roots of this crisis started in the 70s and 80s, it didn't happen overnight.
@JaysGOP I agree with you that other factors led to a generalized bubble which we saw burst in 2000-2001. The difference I see is that had intervention at the central bank level not taken place, we would have experienced a correction (recession) that would have cleared the excessive debt/credit in the economy. Instead, we saw the Fed in particular buy government securities to prevent deflation. As of last week the Fed is the largest holder of U.S. securities at $1.65 trillion.
@MrKT410 The recession was caused because the bubble burst and consumer demand dropped precipitously. You're talking from an Austrian perspective and nearly every mainstream economist agrees that the business cycle theory is just plain wrong. Of course the Fed would attempt to cut interest rates as the recession began. Thats called expansionary monetary policy and without it the situation would have been a lot worse. Deflation is a much bigger problem than inflation.
@JaysGOP The problem with your logic is a vast majority of mainstream economists did not see either the tech or housing bubble before they burst. The Austrians did. And its entirely inaccurate to say the Austrian Business Cycle Theory is dismissed by most economist. Even Krugman wrote an article about how it is entirely plausible explanation of bubbles. I don't agree with everything the Austrians say but in the case of interest rates they have been accurate.
@JaysGOP An important component of a scientific theories is its ability to predict future events. The Austrian Business Cycle Theory has been very successful at such predictions. A prediction does not prove it is true, as almost no economic theory can be proved, but its predictive nature suggests it is a reliable theory.
1.Banks do not lend at an intentional loss during recession.
2. Because banks do not lend at a loss, credit will always rise faster than productive output during periods of economic growth.
3. Mathematics: The law of exponents says any two compound (exponential) functions where one is larger, the larger will eventually run away from the smaller.
4. Accounting: If the smaller (GDP/Revenues) must service the larger function (debt/credit), bankruptcy is inevitable.
@JaysGOP Increasing government/private debt to "mitigate" recession prevents math from asserting itself and is necessary to clear the economy of excessive debt/credit (deflation). In math this is called regression toward the mean. The economy is seeking equilibrium through deflation. Governments can only defer the damage and to do so, mathematically it must result in further compounding of debt and credit. But this can not last forever due to #4 in previous post.
Most people have to understand the fact that in order to maintain the lifestyle you might have lived before the downturn, you have to create your own personal economy and take care of yourself. As Kennedy said, "Its not what your country can do for you, its what you can do for your country (in this case yourself)." I lost my job over 2 and a half years ago and shifted to making an online living (made $82,000 in 2011 and $77,000 in 2010). I did this through a site called daily100dollars(dot)com.
Peter Schiff has been telling us this for years now. He even told Uygur, a long time ago... He finally gets it.
Be safe America, be hopeful, we are counting on you to recover your place in this world, or it could get really messy--you're now the third largest economy of the world. You look like the first, but that's just an accounting illusion--you may start by electing Ron Paul.
If you do not elect Ron Paul... You'll be doomed, and the rest of us will be Chinese.
@vamoslemingada By third largest economy do you mean largest economy? Are you under the delusion that Ron Paul is some wizard that will solve every single on of our problems singlehandedly?
@JaysGOP Nope, I mean THIRD. Number ONE: CHINA, number TWO: Japan. Why are you in first place? Just an accounting illusion that the Japanese, the Chinese, and the rest of the world have been playing along--hurting themselves--but can't afford to play anymore.
Ron Paul would weaken your main problem: government. And, without it, people most likely be able to tackle their own problems. (but the adjustment will be very painful for some, mainly the Gov' minions)
@vamoslemingada American GDP is bigger than China and Japan put together so I don't know where you're getting your numbers. If you really believe that theres some conspiracy to keep American GDP ranked first I feel sorry for you.
@JaysGOP You know that the Chinese currency is purposefully undervalued--their stupid idea of helping their economy--, how much? General agreement: about 17%. Add to that the PPP, and that's it. Look for the IMF report, or the this article: 'age of america nears end'. This is what I'm talking about... It's not a conspiracy, it's just plain stupidity. Conspiracies are hard, stupidities are far easier. HELP RON PAUL.
@vamoslemingada Thats why you use PPP. American PPP is listed at around 14. China is at 9-10. And of course America's per capita numbers are much high, and the Chinese growth is going to blow up in their faces. Can they pass them? Sure, but they're not there yet and even if they do it will be more symbolic than anything.
@JaysGOP This is too short to summarize the whole thing. Per head, yes, the U.S. is incredibly far wealthier than the Chinese, and that won't change anytime soon. But the U.S. has so far over reached, that you are going to feel it when it falls (but, as you mentioned, there's hope, you'd still be very wealthy no matter what), and that's happening soon: march 20th, greece thingie, or end may early june, french thingie. Support Ron Paul now, he's the only one who can help. Luck to U.
@vamoslemingada Randomly calling for me to support Ron Paul discredited everything you say. The US has problems, and unless something changes bad things are going to happen, but its not irreversible and its not as dire as the European situation. China has vast problems that America wouldn't even dream of getting themselves into.
the thing I can't understand is how anyone can be profiting off of imaginary money lol. none of the financial institutions can pay their debts without going bankrupt yet they still post record profits and hand out multi-milloin dollar bonuses to execs. cover an infection with a band-aid without cleaning it and the body will eventually become toxic. the ppl in power won't fix the problems so a total collapse will be the only solution like Udinbak says.
have you tried switching the world economy off, waiting 30 seconds and then switching it back on again? That's how economies work right? it's just like any technology. probably just need to clear the cache or something. maybe even go as far as apply the latest firmware, write off the corrupt data as collateral damage and start again from scratch.
I agree! Lets hang all the politicians because they're the ones who caused this mess,big business just took advantage of it as businesses are wont to do.Also the lack of political will to try those who broke the law contributes to the problem...moral hazard.The govt. is too big and powerful and just looks after it's own interests and that of it's powerful friends.Reduce govt. and it's power is the answer.
Cenk, the Germans are in bad shape themselves. When the time comes to re-capitalize their banks it's game over. The idea that they've been fiscally responsible is just flat out wrong.
This guy is thick as pig shit when it comes to finance.He interviewed Schiff and Ron Paul and they told him the problem and the solutions....he didn't listen....or want to hear..
Peter Schiff and Ron Paul are capitalists, which means they measure the success of an economy by 1 thing: profit or financial success. If you have to die for a businessman to make a profit, then capitalists will say that business man succeeded and is doing good in the economy.
I for one think people are worth more than the commodities being traded.
@SSTTEEAALLTTHH Actually, capitalists measure economic success by the average quality of life of those who live in a country, which is usually a product of the country's financial success. Adam Smith himself exclaimed that the populations quality of life a country could rise if the country reduced or removed tariffs, since that'll allow businesses to trade in those countries, which would allow a country to obtain more and better quality of a particular product. Google Absolute advantage.
Also, i'm a capitalist lover myself, but worker and consumer protection are important in my book. So the idea that capitalist don't care if people die for a business man is exaggerated. Please, try not to stigmatize an ideal.
Often, this average quality of life is measured by nothing more than the average financial assets per family.
If capitalists actually measured their success by the quality of life itself, they would realize their system failed. The more capitalistic a country becomes, the less happy people are, in general. The most capitalistic countries are after all in central Africa.
Are you trying to use absolute advantage to defend capitalism? Because I only have to point at a Nike-sweatshop or so to show how that does not augment the quality of life of people very much.
@SSTTEEAALLTTHH well you would have to ask what the quality of life was like before they worked for Nike.There is no unemployment benefits in China so I would say they work for Nike to increase their,or their families quality of life.if they didn't why would they work in the first place? To eat or not to eat is the question...are you saying these people are better off with no bread on their table? Who is going to provide that bread ?
Ron Paul is the only presidential candidate that will rebuild a *free* America in a post collapse environment. All other candidates will usher in a totalitarian police state. The choice is yours... choose wisely.
You know that property rights are part of what got us in this mess, as landless peasants, don't you? And you want to fix that by voting for Ron 'capitalism run amok' Paul? What a horrible idea.
Ignoring home ownership, 5% of the people own virtually all the remaining land on the planet. You think voting for the biggest capitalist in the run will benefit you?
so far we are seeing transfer of wealth from western nations to B.R.I.C's nations, this is being facilitated by top of the food chain. china slaved for us 'work for rice' and now we are going to return the favour. western world is uncompetative and policy is making it almost imposible to complete, china controls indust.& manufacturing and India controls service jobs.the west will be squeezed out of the markets and earnings won't keep up with inflation, slow death work for rice program coming...
Peter schiff deserves a lot of respect, he called 08 crash like some others did, rubine is flakey and subscribes to zytgyste hocus pocus, and is fanancially broke, zero trust.
gates and buffets are 'too big to failers' they are guaranteed full coverage and shtf govt. backed insurance...oh and when peter schiff was on your show he couldnt hear you he said thats why things got out of control on that interview. peter schiff subscribes to austrian economics, he believes in free market economics not corprate facism which is what we have, peter shiff isn't very good at bringing his point across with sensitivity he just blurts out his vast knowledge on 5xspeed talks to fast
I have been worried enough the last two or three years about the economic decline in Europe. Personally I think we have arrived at a point of no return. I forsee a gradual decline into poverty for the great majority of Europeans. Most of the economies money has been sucked out by the bankers leaving the regular girl and guy in the street struggling to live. This the start of a great depression. Time to rely less on the state, stock up , strive for self sufficiency, and live a new kind of life.
Gosh, wake up guys. I've got THE ONLY solution and I've been out there making award-winning documentaries for 16 years. "The MoneyMasters" is in the top 20 of total views of all movies on the Internet for all time! There is a way to fix this.
The EU blocked the Merger of the U.S stock exchange and German Stock exchange. The Fed today said they are taking steps to immune us from the Europe crisis. Looks like Europe might collapse into the dark ages reading between the lines. Seems like Germany and America is trying to sheild itself from the impending collapse. Europe is fucked! You have Asian and African countries that economies are rising quickly because they have alot of natural resources. Europe has none! House of cards collapsed!
extend and pretend would be a much better thing for the world because the rest of the world can recover from the current recession america and a shit load of country's have a massive deficits right now extending it will time to at least minimize the damage by giving companies time to build up massive capital to absorb some of the shit storm. no doubt that as much capital as you build up its not going to negate this but it will lessen the blow somewhat if we can recover before this happens
@G0lfYankee of course i didnt take it serious. but maybe you do really believe in your clichés, because the first thing in the top of your head is that germans have no humor and getting angry ^^ sry didnt mean to offend you, and neither did google translator. ;)
@MzBUZZKILINGTON It was more of an ironic statement than an acknowledgement of validity. I don't actually believe that Germans are going to try and destroy the world. For a third time. But it would be rather hilarious if they did it accidentally this time, don't you think?
What does the crisis have to do with our social programs? The average debt per capita in EU is far below that of the US. And Denmark where I live only have a debt of some 45% of our GDP. I will concede that there are a few countries in EU who are more in debt than others, but let me ask you this:
If Greece goes bankrupt how is that different than California going bankrupt? Anything bad you can say about Greece or Spain I can say about California.
In the US that own the largest corporations globally. Gutting the economic infrastructure has been popular for a few extra dollars.
Take jobs at a living wage. Give it to a slave. Poor quality made by slaves. Sell it back to the shithead nation that now cannot sustain itself from giving away the jobs that the nation relied on.
Geee....wonder why nobody is buying. Fuckers took away the jobs. Gave them to slaves.
When your big sources are Roubini and Soros - two of the biggest bears out there - it's hard to take it seriously. But the truth is the mood in Davos was glum and the Greek settlement to come and it's implications are weighing heavily. Best ways to get out of debt are to grow your economy or inflate away the problem; neither of those options is available to the EU nor her member-states. It'll be tough, but this is not the end... more like America in the 70s - don't buy the hype of catastrophe
No disrespect but Ron Paul cant change anything that is about to happen. In fact its rather silly to elect him expecting him to magically vanish the trillions upon trillions of dollars of debt. I do believe however Mr Ron Paul could change the way America stabilizes itself and its economy after the dollar collapses and it loses its status as the world super power.
Ron Paul is not God, he will not fix the solution out right. Carry on Paul supporters he will not win. He's not the saviour of your liberties. even if he does win the presidency he probably won't complete his first term with a guy that old.
Ron Paul is still the only one in Washington willing to speak out on key issues that are more important than the peripheral hot-button issues the establishment uses to divide us [via the MSM].
He doesn't need to have all the answers-- he only needs dismantle the unholy government/corporate alliance that perpetuates bailout economics before we the people can get back to honest left/right debates again, and collectively decide the direction of the country moving forward.
It's stupid to say that Ron Paul could fix it. He would never get the spending cuts passed in Congress. It's over. Not only do we have trillion dollar deficits. We also have $5 trillion a year in unfunded liabilities. America takes in $2 trillion and spends $9 trillion.
Seeing a liberal like Cenk finally saying the stuff that the Ron Pauls of the world have been SCREAMING for years... that is the scariest part. As i see more liberals hinting at the fiscal insolvency of their Utopian Euro-model, the writing appears that much clearer on the wall.
All the folks that made fun of the "tin-foil-hat-wearing doomsdayers", preferring instead to focus on hot-button peripheral issues like *ahem* 20 year old newsletters *ahem*-- THEY are the ones that will look foolish!!
The whole monetary system has created those problems FOR Greece, Spain, Italy, Portugal, Ireland... they're now "trapped in a euro prison", the words of Nigel Farage.
Eurozone "rescue" packages ultimately benefit the 1% (government too of course) more than anyone else. Force-feeding these bailouts against the people's long-term interests only serves to kick the can down the road-- more "extend and pretend".
Our leaders are only postponing an economic depression. We simply extended the boom and bust cycle. It was every couple years we'd have a crash then a recovery, then crash again in the late 1800s, but we've simply shifted to a boom and bust cycle that lasts every 50 years or so.
Our leaders don't want to admit it, but without proper regulation on banks and corporations, these economic depressions are inevitable. It seems our leaders will risk financial collapse in exchange for money.
Economic collapse won't hurt many people. Most though fear a regression into the stone ages, but here is the deal, civilization can continue unsustainable deceptions like war for profit, or instead invest the money in the infrastructure of the country. We have an abundance of untaped hydro power. That alone would solve 90% of our economic problems. I'm just sayin there is no actual problem. Just ignorant choices.
Sounds like I need more guns before this whole thing coming crashing down and there isn't a government left. Once the structure has collapsed, who's going to protect you?
Buy a gun and get efficient at shooting it. And bullets. Lots of bullets.
kind of exciting at the same time. here's hoping some sor of anarchism, true socialism will lead us out of this, it seems that way. could go the other way though, we could get fascism.
I don't see another way out; anything else is just a temporary solution. no matter how many times you tell a kid to wear a helmet when he rides a bike, he won't wear it till he hits his head. If we let the economy collapse, maybe then we'll be more careful. Until then we'll just keep hitting the snooze button, never waking up
Keep sending jobs to China and selling the debt to China, and then default China, and then start a war with China, and then use nuclear weapons and then destroy the world =D
Thank you, Cenk, for reporting this. It's critical we face what's coming. I appreciate you standing up and and in some way making this more than a "conspiracy theory".
In this vain, although you seem to disagree, even if I do not agree with all that Ron Paul says, not at all, I do believe under his watch, things will not be as bad as under the watch of the other choices. It's as simple as that. I may not like it, but Ron Paul seems to be the only I can trust of the current field of hacks.
Cenk fundamentally does not know how monetary systems function, how money is created, the difference between Euro nations, who do not create their own currency & sovereign nations such as the US, who are the monopoly issuers of their respective currencies.
All net financial assets by accounting DEFINITION come from government deficit spending.
This is why surpluses are in general incredibly destructive as they force the private sector into an increasing amount of debt if the economy is to grow.
i like the idea of a complete meltdown. the 99% don't have a trillion to lose...it's monopoly money to us. IF the CEO's lose everything who cares....cancel the debt and move on. The good will come when companies shut down and workers cannot get paid. THEN AND ONLY THEN....will the pitchforks, torches, and the guillotines come out. After we clean out the trash on a nice sunday full of beheadings....we will cancel the debt and start all over with a real economy backed by real goods and services
Ron Paul is the ONLY one talking about this, RIGHT! People would rather be lied to than to acknowledge the bitter truth staring in their face.. A weakness of our species.
This appears inevitable. You think they will be so nice as to tell us of this impending doom. The people that do have money will be able to buy up everything on the cheap.
The solution is: we going to get hurt either way, id prefer to rip the bandage off fast and take all the pain in one go than slowly and painful which we've been doing since 08. Ofcourse i say WE but its o.
America and europe debt is due and we got nothing no collateral whatsever. Atleast if we'd created uclear fusion then we got trade but we just thieves whos time is up! You can blame oth countries, governments, political parties it dont matter. What matters is you lose any deluded thoughts that evertything well turn out alright and start preparing. Good luck folks, enjoy the show
Worldwide bankruptcy... Perhaps everyone needs to accept bills will not be paid and your dues will not be received, count your losses and move on, a worldwide economic reboot. Still a destructive course to take but maybe the only one available.
@TheOkham You mean Britain/US and your lovely zionist criminals. I understand now why you hate the germans, they actually produce something unlike the anglos and your jew/zio parasites.
Cenk I know you're busy but could you please inform yourself a bit better about the eurozone situation. At least be partly aware of what the possible 'solutions' are and their implications.
Maybe its me but we had a better economy when the working class had more disposable income. If everyone would stop transferring wealth from the bottom to the top everything will work itself out. Europe can be fixed if the bankers and investors stop making these high risk bets which is crippling the country. My solution would be to do what accountants do for failing businesses liquidate the debt or write it off as a lost. Let Europe start off with a more sustainable economy.
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But who controls all of this? Here ya go - watch?v=oAK5xzEYq7I
MuchoNews 16 hours ago
Hi there! Check out my videos on fractional reserve banking, the IMF and World bank, as well as the American history of monetary domination domination of the people. Lots more videos going up over the next few days. Subscribe!
economicliberty77 5 days ago
@economicliberty77 No one wants to watch your stupid non-economic videos.
JaysGOP 17 hours ago
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@JaysGOP But who controls all of this? Here ya go - watch?v=oAK5xzEYq7I
MuchoNews 16 hours ago
At the end of the day the collapse will happen one way or another. Not much can be done to stop it but we can prepare. The loss of jobs and rise of unemployment will continue to increase. I've taken the step to starting my own home based business to counter not having a job. Getting started on breaking away from relying on your hourly income is vital. I'm affiliated with Ambit Energy, earning income when people pay their electric bills. E mail me at harrisjoshuanyc@gmail.com
Joshuatheleader718 2 weeks ago
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Wow, the only options he gives are "do nothing, or extend and pretend." Maybe he should have listened a little closer before he kicked Peter Schiff off his show. Seriously, Peter Schiff has been saying this will happen for years and gives a real way out. This guy is clueless or in serious denial.
cdoftx 2 weeks ago
Wow, the only options he gives are "do nothing, or extend and pretend." Maybe he should have listened a little closer before he kicked Peter Schiff off his show. Seriously, Peter Schiff has been saying this will happen for years and gives a real way out. This guy is clueless or in serious denial.
cdoftx 2 weeks ago
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cdoftx 2 weeks ago
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For those hawkish simpletons that are afraid of printing more money, you have to realise that inflation is better than 10+ years of very high unemployment. In the economy it is the elixir of life. Debt levels can be curbed when the world economy is actually growing. Germany wants "internal devaluations" which will lower growth and make debt even worse. The world can escape this crisis but only if there isn't more economic mismanagement.
redarrowhead2 2 weeks ago
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redarrowhead2 2 weeks ago
It won't be the Germans fault for pulling the string - they should be proud for standing up for what is right. Let it all fall and burn, then hunt down those that are responsible for letting all of this happen over the years. Rebuild a just society based on principles.
rarelibra 2 weeks ago
did they JUST figure this out? How about this - how about all of the greedy fcks stop making financial bubbles and, instead, run off of REAL economy. How about that. No - because they would have to admit that economies CANNOT continue to grow, grow, grow,
rarelibra 2 weeks ago
When the whole damn thing collapses they will say: hey guys, we know how to solve this! A single world currency which will be printed in the US. Russia and China will say no and a war starts.
The problem with world economy: Federal reserve, banking function is private, gold is not world currency, rich aren't taxed and congress is legaly bribed. And also stock exchange which are based on speculation. I personally believe the most cancerous part is Federal reserve, which can't be healed.
TheKeinash 2 weeks ago
thats what you get for having a debt based economy.
gianlucanders 2 weeks ago in playlist Uploaded videos
Maybe Ron Paul has a few good ideas, eh?
allsaintsmonastery 2 weeks ago
Economic collapse is realism for those who really have money. For regular people it's totally irrelevant political theatre. They still go to work, eat, drink... and nothing REAL changes. Wealthy people just cant share our goods and essential resources without greed?
seulottu 2 weeks ago
The captions are totally off. LOL
EnigmaticConduct 2 weeks ago
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EnigmaticConduct 2 weeks ago
Our current economic model and the monetary system can't sustain itself. We're in need of a complete redesign of our economic system. Anyone interested (and you should be interested) look up "resource based economy" and watch the Zeitgeist movies 'Zeitgeist Addendum' and 'Zeitgeist Moving Forward' on YouTube.
FreeFromWar 2 weeks ago
i enjoyed the part where it says WOLF GANG!
chamblizi 3 weeks ago in playlist Uploaded videos 2
How about instead of printing billions a day we don't print until there's actually a money shortage. which I doubt there will ever be for years and even then it'll be like 10's are rare so you'll get two 5's instead. which I can tell you me being a cashier for 8 years that bothers some people not much. only 1 out of 50 and if I ran out of quarters and have to give em two dimes and a nickel all hell would break loose seriously...!
METALMAN4Wii 3 weeks ago
Honestly, the US's pole position in the world economy is history. The EU's real GDP has already surpassed the US and real growth in Europe (excluding the backwards UK) is much higher than anything the US is bringing to the table. Bailing out Greece was a mistake. They have no underlying economy to power growth, huge corruption and a non-functional tax collecting system. Greece is a waste of time and has to go. The rest of Europe CAN and WILL come out stronger and more unified than before.
LiberalCounterpart 3 weeks ago
@LiberalCounterpart Italy, Spain, Portugal. They're going down too.
JaysGOP 3 weeks ago in playlist Uploaded videos
@JaysGOP No. They are not. Portugal is the most threatened, but it will survive. Europe will survive. I would suggest that Americans stop pointing fingers at the rest of the world and get their shit in order. From what it looks like, the US has some of the biggest long term problems known to economics. Once they fix their own country, maybe we'll start listening to what they say.
LiberalCounterpart 3 weeks ago
@LiberalCounterpart The European debt crisis is much deeper and more severe than the American one. The fact that these indebted nations do not control their own currencies is going to bring them down. If Greece controlled its currency, it could inflate its way out of its debt. Not a desirable outcome, but a preferred alternative to national bankruptcy. America controls its currency, it can buy debt for much cheaper than most Europeans nations, and its currency is the worlds reserve.
JaysGOP 3 weeks ago
@JaysGOP America controls its currency, but that does NOT represent a less deep crisis than the European crisis. What point is there in controlling your own currency when you are turning it worthless without a tangible gain? In Europe, except for Greece and the UK, we have real and potential growth, along with strong investment from savings. America has lived on credit for over a decade now and hasn't learned from its mistakes. No investment, no good public education... THAT is a crisis
LiberalCounterpart 3 weeks ago
@LiberalCounterpart The problem is that germany had no political power, like it does now, to impose rules on greece. The EU will have to create a long term program or greece to reorganize the state, throwing them out will not solve that and will create a precedent, but the greeks also need to get their act toguether. Portugal will also need a similar program.
MrsNikkolas 3 weeks ago
@MrsNikkolas Greece is a special case all to itself. It never should have been accepted into the Union. Kicking them out will have consequences, but ones we can weather more easily than keeping them on. If you are German, then please read the "Der Spiegel" articles on the subject.
LiberalCounterpart 3 weeks ago
@LiberalCounterpart That would be true if this was just economics but it is not, it is an attack and under that circunstace to throw someone to the wolves expecting them to be pleased it will not work, they will became more elbolden. Once one goes they will realise that with enough persistence it is possible to bring down a target. They will move to the next and do the same. Were will it stop? Better to isolate it there and even if it becames expensive it is still manegable.
MrsNikkolas 3 weeks ago
I just laugh when I hear people claim that a U.S. government policy (de-regulation, Fannie & Freddie, or CRA) were the primary causes of the housing bubble and financial collapse. These policies simply could not have caused the dozens of real estate bubbles or leveraged financial system in dozens of other countries. The cause was credit expansion by central/private banks buying government securities (primarily the Fed) ->low interest rates-> increase demand for buying houses->price inflation
MrKT410 3 weeks ago in playlist Uploaded videos
@MrKT410 The Fed had nothing to do with it. The extraordinary amount of money that became available to the financial sector in the 1970s is what caused this. This created a rash of new financial institutions that the government had never heard of, and regulations couldn't keep up. Massive quantities of money were being moved at lightening speeds in irrational ways and eventually the system collapsed upon itself. I know Ron Paul likes to chime on about the Fed but it didn't cause the recession.
JaysGOP 3 weeks ago in playlist Uploaded videos
@JaysGOP So, what you are saying is artificially record low mortgage rates had nothing to do with the demand in buying housing? Of course it did! Talk to someone who bought a house, it was because rates were at record lows. And as I said, explain how de-regulation of the U.S. housing market could have effected the world-wide price of housing. We saw housing bubbles in dozens of other countries. The primary cause of the world wide housing bubble was easy money and excessive credit.
MrKT410 3 weeks ago
@JaysGOP That is not to say financial instruments (derivatives) didn't make the problem worse. Mortgage backed securities and Fannie & Freddie bought up mortgages and as a result took the risk off of mortgage creators. The mortgage creator now had no reason to act responsibly because they were not holding the risky mortgages in the end. These were factors, not the primary cause.
MrKT410 3 weeks ago
@MrKT410 Yes. Easy money and excessive credit. Not caused by the fed, caused by hot money. Hedge funds and other investment firms who bought into the housing market, party because Barney Frank forced the banks to decrease standards for home ownership. Houses became a financial commodity, not something to live in. Thats created the bubble, the bubble burst. The housing bubbles in other countries occurred because that easy money moved around the world at lightening speeds.
JaysGOP 3 weeks ago
@JaysGOP If we agree excess credit was a problem, why would you not think easy money and credit would be fueled by an interest rate of 1-2% for 2+ years when the historical interest rate is between 4-8%? We saw the Fed in particular expanding the money supply and lowering interest rates by buying U.S. government securities. My point is money became "hot" when rates became so low. Had rates not been so low we would have went through a recession to correct the tech bubble.
MrKT410 3 weeks ago
@MrKT410 Interest rates were still floating around 5-8% in the years leading up to the collapse. There was just so much money moving around that the interest rates didn't matter because housing prices were rising exponentially and there was an incredible amount of money to be made. The money became hot because of various events in the 1970s surrounding OPEC that led to the creation of sovereign wealth funds. The roots of this crisis started in the 70s and 80s, it didn't happen overnight.
JaysGOP 3 weeks ago
@JaysGOP I agree with you that other factors led to a generalized bubble which we saw burst in 2000-2001. The difference I see is that had intervention at the central bank level not taken place, we would have experienced a correction (recession) that would have cleared the excessive debt/credit in the economy. Instead, we saw the Fed in particular buy government securities to prevent deflation. As of last week the Fed is the largest holder of U.S. securities at $1.65 trillion.
MrKT410 3 weeks ago
@MrKT410 The recession was caused because the bubble burst and consumer demand dropped precipitously. You're talking from an Austrian perspective and nearly every mainstream economist agrees that the business cycle theory is just plain wrong. Of course the Fed would attempt to cut interest rates as the recession began. Thats called expansionary monetary policy and without it the situation would have been a lot worse. Deflation is a much bigger problem than inflation.
JaysGOP 3 weeks ago
@JaysGOP The problem with your logic is a vast majority of mainstream economists did not see either the tech or housing bubble before they burst. The Austrians did. And its entirely inaccurate to say the Austrian Business Cycle Theory is dismissed by most economist. Even Krugman wrote an article about how it is entirely plausible explanation of bubbles. I don't agree with everything the Austrians say but in the case of interest rates they have been accurate.
MrKT410 3 weeks ago
@JaysGOP An important component of a scientific theories is its ability to predict future events. The Austrian Business Cycle Theory has been very successful at such predictions. A prediction does not prove it is true, as almost no economic theory can be proved, but its predictive nature suggests it is a reliable theory.
MrKT410 3 weeks ago
@JaysGOP Why stimulus is wrong:
1.Banks do not lend at an intentional loss during recession.
2. Because banks do not lend at a loss, credit will always rise faster than productive output during periods of economic growth.
3. Mathematics: The law of exponents says any two compound (exponential) functions where one is larger, the larger will eventually run away from the smaller.
4. Accounting: If the smaller (GDP/Revenues) must service the larger function (debt/credit), bankruptcy is inevitable.
MrKT410 3 weeks ago
@JaysGOP Increasing government/private debt to "mitigate" recession prevents math from asserting itself and is necessary to clear the economy of excessive debt/credit (deflation). In math this is called regression toward the mean. The economy is seeking equilibrium through deflation. Governments can only defer the damage and to do so, mathematically it must result in further compounding of debt and credit. But this can not last forever due to #4 in previous post.
MrKT410 3 weeks ago
Whats up whith your retarded captions
MrPhilosophyStuff 3 weeks ago
Most people have to understand the fact that in order to maintain the lifestyle you might have lived before the downturn, you have to create your own personal economy and take care of yourself. As Kennedy said, "Its not what your country can do for you, its what you can do for your country (in this case yourself)." I lost my job over 2 and a half years ago and shifted to making an online living (made $82,000 in 2011 and $77,000 in 2010). I did this through a site called daily100dollars(dot)com.
carvalli009 3 weeks ago
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twomells 3 weeks ago
Peter Schiff has been telling us this for years now. He even told Uygur, a long time ago... He finally gets it.
Be safe America, be hopeful, we are counting on you to recover your place in this world, or it could get really messy--you're now the third largest economy of the world. You look like the first, but that's just an accounting illusion--you may start by electing Ron Paul.
If you do not elect Ron Paul... You'll be doomed, and the rest of us will be Chinese.
vamoslemingada 3 weeks ago
@vamoslemingada By third largest economy do you mean largest economy? Are you under the delusion that Ron Paul is some wizard that will solve every single on of our problems singlehandedly?
JaysGOP 3 weeks ago in playlist Uploaded videos
@JaysGOP Nope, I mean THIRD. Number ONE: CHINA, number TWO: Japan. Why are you in first place? Just an accounting illusion that the Japanese, the Chinese, and the rest of the world have been playing along--hurting themselves--but can't afford to play anymore.
Ron Paul would weaken your main problem: government. And, without it, people most likely be able to tackle their own problems. (but the adjustment will be very painful for some, mainly the Gov' minions)
Vote RON PAUL, HELP HIM IN ANY WAY
vamoslemingada 1 week ago
@vamoslemingada American GDP is bigger than China and Japan put together so I don't know where you're getting your numbers. If you really believe that theres some conspiracy to keep American GDP ranked first I feel sorry for you.
JaysGOP 1 week ago
@JaysGOP You know that the Chinese currency is purposefully undervalued--their stupid idea of helping their economy--, how much? General agreement: about 17%. Add to that the PPP, and that's it. Look for the IMF report, or the this article: 'age of america nears end'. This is what I'm talking about... It's not a conspiracy, it's just plain stupidity. Conspiracies are hard, stupidities are far easier. HELP RON PAUL.
vamoslemingada 1 week ago
@vamoslemingada Thats why you use PPP. American PPP is listed at around 14. China is at 9-10. And of course America's per capita numbers are much high, and the Chinese growth is going to blow up in their faces. Can they pass them? Sure, but they're not there yet and even if they do it will be more symbolic than anything.
JaysGOP 1 week ago
@JaysGOP This is too short to summarize the whole thing. Per head, yes, the U.S. is incredibly far wealthier than the Chinese, and that won't change anytime soon. But the U.S. has so far over reached, that you are going to feel it when it falls (but, as you mentioned, there's hope, you'd still be very wealthy no matter what), and that's happening soon: march 20th, greece thingie, or end may early june, french thingie. Support Ron Paul now, he's the only one who can help. Luck to U.
vamoslemingada 1 day ago
@vamoslemingada Randomly calling for me to support Ron Paul discredited everything you say. The US has problems, and unless something changes bad things are going to happen, but its not irreversible and its not as dire as the European situation. China has vast problems that America wouldn't even dream of getting themselves into.
JaysGOP 17 hours ago
Not surprised, of course this is going to happen. Guess who is prepared: The rich. Choas is coming to your nearest town/country.
Stingerbillion 3 weeks ago
This is why I have plent of guns, ammo, food, water, and gasoline on hand.
AirForcedude5 3 weeks ago
Ron Paul has been warning about this for decades, just saying.
joeynyc321 3 weeks ago
the thing I can't understand is how anyone can be profiting off of imaginary money lol. none of the financial institutions can pay their debts without going bankrupt yet they still post record profits and hand out multi-milloin dollar bonuses to execs. cover an infection with a band-aid without cleaning it and the body will eventually become toxic. the ppl in power won't fix the problems so a total collapse will be the only solution like Udinbak says.
regtracker 3 weeks ago
have you tried switching the world economy off, waiting 30 seconds and then switching it back on again? That's how economies work right? it's just like any technology. probably just need to clear the cache or something. maybe even go as far as apply the latest firmware, write off the corrupt data as collateral damage and start again from scratch.
Udinbak 3 weeks ago
I agree! Lets hang all the politicians because they're the ones who caused this mess,big business just took advantage of it as businesses are wont to do.Also the lack of political will to try those who broke the law contributes to the problem...moral hazard.The govt. is too big and powerful and just looks after it's own interests and that of it's powerful friends.Reduce govt. and it's power is the answer.
kiwicox 3 weeks ago
Solution to the problem: Publicly hang the corrupt assholes who caused this problem and take their money and re-distribute it going bottom-up.
ProductionMarx 3 weeks ago in playlist Uploaded videos
Cenk, the Germans are in bad shape themselves. When the time comes to re-capitalize their banks it's game over. The idea that they've been fiscally responsible is just flat out wrong.
kileer7 3 weeks ago
N.W.O. WELCOME TO THE COUNTRY CALLED EARTH
master11422 3 weeks ago
This guy is thick as pig shit when it comes to finance.He interviewed Schiff and Ron Paul and they told him the problem and the solutions....he didn't listen....or want to hear..
kiwicox 3 weeks ago
@kiwicox Schiff is hilarious. He is one of my favorite popular fiction writers, I highly recommend reading How an Economy Grows and Why It Crashes.
kileer7 3 weeks ago
@kiwicox
Peter Schiff and Ron Paul are capitalists, which means they measure the success of an economy by 1 thing: profit or financial success. If you have to die for a businessman to make a profit, then capitalists will say that business man succeeded and is doing good in the economy.
I for one think people are worth more than the commodities being traded.
SSTTEEAALLTTHH 3 weeks ago
@SSTTEEAALLTTHH Actually, capitalists measure economic success by the average quality of life of those who live in a country, which is usually a product of the country's financial success. Adam Smith himself exclaimed that the populations quality of life a country could rise if the country reduced or removed tariffs, since that'll allow businesses to trade in those countries, which would allow a country to obtain more and better quality of a particular product. Google Absolute advantage.
silos201 3 weeks ago
@silos201
Also, i'm a capitalist lover myself, but worker and consumer protection are important in my book. So the idea that capitalist don't care if people die for a business man is exaggerated. Please, try not to stigmatize an ideal.
silos201 3 weeks ago
@silos201
Often, this average quality of life is measured by nothing more than the average financial assets per family.
If capitalists actually measured their success by the quality of life itself, they would realize their system failed. The more capitalistic a country becomes, the less happy people are, in general. The most capitalistic countries are after all in central Africa.
SSTTEEAALLTTHH 3 weeks ago
@silos201
Are you trying to use absolute advantage to defend capitalism? Because I only have to point at a Nike-sweatshop or so to show how that does not augment the quality of life of people very much.
SSTTEEAALLTTHH 3 weeks ago
@SSTTEEAALLTTHH well you would have to ask what the quality of life was like before they worked for Nike.There is no unemployment benefits in China so I would say they work for Nike to increase their,or their families quality of life.if they didn't why would they work in the first place? To eat or not to eat is the question...are you saying these people are better off with no bread on their table? Who is going to provide that bread ?
kiwicox 3 weeks ago
Cenk... "so we got that to look forward to"
shit he just made it real..... it will be the lead story on every news bulletin all over the world... Red red red boards........crash. shit
stuartjamesgemmell 4 weeks ago
Ron Paul is the only presidential candidate that will rebuild a *free* America in a post collapse environment. All other candidates will usher in a totalitarian police state. The choice is yours... choose wisely.
sparx832 4 weeks ago
@sparx832
You know that property rights are part of what got us in this mess, as landless peasants, don't you? And you want to fix that by voting for Ron 'capitalism run amok' Paul? What a horrible idea.
Ignoring home ownership, 5% of the people own virtually all the remaining land on the planet. You think voting for the biggest capitalist in the run will benefit you?
SSTTEEAALLTTHH 3 weeks ago in playlist Uploaded videos
so far we are seeing transfer of wealth from western nations to B.R.I.C's nations, this is being facilitated by top of the food chain. china slaved for us 'work for rice' and now we are going to return the favour. western world is uncompetative and policy is making it almost imposible to complete, china controls indust.& manufacturing and India controls service jobs.the west will be squeezed out of the markets and earnings won't keep up with inflation, slow death work for rice program coming...
WisdomOrb 4 weeks ago
Peter schiff deserves a lot of respect, he called 08 crash like some others did, rubine is flakey and subscribes to zytgyste hocus pocus, and is fanancially broke, zero trust.
WisdomOrb 4 weeks ago
gates and buffets are 'too big to failers' they are guaranteed full coverage and shtf govt. backed insurance...oh and when peter schiff was on your show he couldnt hear you he said thats why things got out of control on that interview. peter schiff subscribes to austrian economics, he believes in free market economics not corprate facism which is what we have, peter shiff isn't very good at bringing his point across with sensitivity he just blurts out his vast knowledge on 5xspeed talks to fast
WisdomOrb 4 weeks ago
I have been worried enough the last two or three years about the economic decline in Europe. Personally I think we have arrived at a point of no return. I forsee a gradual decline into poverty for the great majority of Europeans. Most of the economies money has been sucked out by the bankers leaving the regular girl and guy in the street struggling to live. This the start of a great depression. Time to rely less on the state, stock up , strive for self sufficiency, and live a new kind of life.
frugalboy 4 weeks ago
This has been flagged as spam show
As scary and terrible as all of this is, I actually laughed out loud when Cenk said, "so we have that to look forward to!"
jbonzo3191 4 weeks ago in playlist Uploaded videos
Comment removed
jbonzo3191 4 weeks ago in playlist Uploaded videos
James Cameron et al, are hauling ass! infowars . com/cameron-fleeing-america-to-escape-collapse/
fatpius 4 weeks ago
If America and Europe collapse, who will Asia sell it's cheap plastic crap?
RaynMan718 4 weeks ago
@RaynMan718 and who cares......
frugalboy 4 weeks ago
Gosh, wake up guys. I've got THE ONLY solution and I've been out there making award-winning documentaries for 16 years. "The MoneyMasters" is in the top 20 of total views of all movies on the Internet for all time! There is a way to fix this.
bstill3 4 weeks ago
Hey TYT: How do I get in touch with you?
Bill Still - "The MoneyMasters", "The Secret of Oz"
bstill3 4 weeks ago
@bstill3 I am sure you can go to theyoungturks . com and email them
I am sure they have a more reliable email than trying to message them on youtube where videos get thousands of views
waltermh111 4 weeks ago
@bstill3 Good luck with the presidential run!
sparx832 4 weeks ago
Not to sound reactionary, but, QUICK! Beam Wikipedia into space so something might survive from our species!
StevenBee2 4 weeks ago
slowpoke.jpg
SuperZuescannon 4 weeks ago in playlist More videos from TheYoungTurks
Watch the movie "Margin Call" EXCELLENT movie!
quetzalel 4 weeks ago
The EU blocked the Merger of the U.S stock exchange and German Stock exchange. The Fed today said they are taking steps to immune us from the Europe crisis. Looks like Europe might collapse into the dark ages reading between the lines. Seems like Germany and America is trying to sheild itself from the impending collapse. Europe is fucked! You have Asian and African countries that economies are rising quickly because they have alot of natural resources. Europe has none! House of cards collapsed!
Straightshooter513 4 weeks ago in playlist More videos from TheYoungTurks
@Straightshooter513 You cant shield yourself from a whole continents collapse.
Europe is too big of a market.
US is already in bad enough shape, them crashing is highly likely to crash us.
Russia, china, and some other countries have deals and are in good shape, so they would likely survive, but we wont likely fair so well.
But we like to always think we are immune from everything.
Of course Russia and China have their own problems growing, but its another topic.
waltermh111 4 weeks ago
extend and pretend would be a much better thing for the world because the rest of the world can recover from the current recession america and a shit load of country's have a massive deficits right now extending it will time to at least minimize the damage by giving companies time to build up massive capital to absorb some of the shit storm. no doubt that as much capital as you build up its not going to negate this but it will lessen the blow somewhat if we can recover before this happens
Etheoma 4 weeks ago in playlist Uploaded videos
@1Pr0digy How about you grow the fuck up? What's the matter, can't take a joke? Humourless bastard.
G0lfYankee 4 weeks ago
@G0lfYankee of course i didnt take it serious. but maybe you do really believe in your clichés, because the first thing in the top of your head is that germans have no humor and getting angry ^^ sry didnt mean to offend you, and neither did google translator. ;)
1Pr0digy 3 weeks ago
@MzBUZZKILINGTON It was more of an ironic statement than an acknowledgement of validity. I don't actually believe that Germans are going to try and destroy the world. For a third time. But it would be rather hilarious if they did it accidentally this time, don't you think?
G0lfYankee 4 weeks ago
@morcova
What does the crisis have to do with our social programs? The average debt per capita in EU is far below that of the US. And Denmark where I live only have a debt of some 45% of our GDP. I will concede that there are a few countries in EU who are more in debt than others, but let me ask you this:
If Greece goes bankrupt how is that different than California going bankrupt? Anything bad you can say about Greece or Spain I can say about California.
itsjustameme 4 weeks ago
how scared should a white, 20 year old female be about this? asking for a friend
pinkycheeks 4 weeks ago
@pinkycheeks Everyone should be scared .. this is a third world country looking scenario here in the US
nacho2290 4 weeks ago in playlist Uploaded videos
Ehem... Ron Paul 2012.
TheMango121 4 weeks ago in playlist Uploaded videos
Fun times ahead, folks!!
hootiemack 4 weeks ago in playlist More videos from TheYoungTurks 2
In the US that own the largest corporations globally. Gutting the economic infrastructure has been popular for a few extra dollars.
Take jobs at a living wage. Give it to a slave. Poor quality made by slaves. Sell it back to the shithead nation that now cannot sustain itself from giving away the jobs that the nation relied on.
Geee....wonder why nobody is buying. Fuckers took away the jobs. Gave them to slaves.
WildBuck007 4 weeks ago in playlist Uploaded videos
When your big sources are Roubini and Soros - two of the biggest bears out there - it's hard to take it seriously. But the truth is the mood in Davos was glum and the Greek settlement to come and it's implications are weighing heavily. Best ways to get out of debt are to grow your economy or inflate away the problem; neither of those options is available to the EU nor her member-states. It'll be tough, but this is not the end... more like America in the 70s - don't buy the hype of catastrophe
Relbl 4 weeks ago
I HAVE NEVER VOTED, BUT I MAY VERY WELL, VOTE FOR RON PAUL, THIS TIME AROUND.
tomcat624u 4 weeks ago
VOTE RON PAUL PRESIDENT 2012!!!!!!!!!!!!! THE ONLY SENSIBLE CHOICE!!!!!!!!!
tomcat624u 4 weeks ago
NEIN NEIN NEIN
Sun0fABeach 4 weeks ago
No disrespect but Ron Paul cant change anything that is about to happen. In fact its rather silly to elect him expecting him to magically vanish the trillions upon trillions of dollars of debt. I do believe however Mr Ron Paul could change the way America stabilizes itself and its economy after the dollar collapses and it loses its status as the world super power.
MAADMO 4 weeks ago
Ron Paul is not God, he will not fix the solution out right. Carry on Paul supporters he will not win. He's not the saviour of your liberties. even if he does win the presidency he probably won't complete his first term with a guy that old.
3PiD3MiCGX 4 weeks ago in playlist More videos from TheYoungTurks
@3PiD3MiCGX
Ron Paul is still the only one in Washington willing to speak out on key issues that are more important than the peripheral hot-button issues the establishment uses to divide us [via the MSM].
He doesn't need to have all the answers-- he only needs dismantle the unholy government/corporate alliance that perpetuates bailout economics before we the people can get back to honest left/right debates again, and collectively decide the direction of the country moving forward.
bobshenix 4 weeks ago
Search/OPERATION BLACK MARCH
jollycholly8 4 weeks ago
It's stupid to say that Ron Paul could fix it. He would never get the spending cuts passed in Congress. It's over. Not only do we have trillion dollar deficits. We also have $5 trillion a year in unfunded liabilities. America takes in $2 trillion and spends $9 trillion.
lingsun52 4 weeks ago
Seeing a liberal like Cenk finally saying the stuff that the Ron Pauls of the world have been SCREAMING for years... that is the scariest part. As i see more liberals hinting at the fiscal insolvency of their Utopian Euro-model, the writing appears that much clearer on the wall.
All the folks that made fun of the "tin-foil-hat-wearing doomsdayers", preferring instead to focus on hot-button peripheral issues like *ahem* 20 year old newsletters *ahem*-- THEY are the ones that will look foolish!!
bobshenix 4 weeks ago
@bobshenix I don't think liberals ever pointed to spain, greece or italy as utopian models. And those countries are the ones creating the problems.
wtfdoihavetodohere 4 weeks ago in playlist Uploaded videos
@wtfdoihavetodohere
The whole monetary system has created those problems FOR Greece, Spain, Italy, Portugal, Ireland... they're now "trapped in a euro prison", the words of Nigel Farage.
Eurozone "rescue" packages ultimately benefit the 1% (government too of course) more than anyone else. Force-feeding these bailouts against the people's long-term interests only serves to kick the can down the road-- more "extend and pretend".
Small wonder the Eurocrats HATE referendums!!
bobshenix 4 weeks ago
I'm ashamed to have such ignorant and self-important fool being the leader of HK
lccester 4 weeks ago
REACTIONARY? HAHAHAHA
tomcat624u 4 weeks ago
@tomcat624u Nice to see you're up as early as me.
Crimson7588 4 weeks ago
WHO CARES.
tomcat624u 4 weeks ago
Now is the time to start looking at the possibility of societies without money.
Slanghappy 4 weeks ago
@Slanghappy
Absolutely.
FedupwithR 4 weeks ago
Thanks...unfettered capitalist greed
10290gilmore 4 weeks ago
Our leaders are only postponing an economic depression. We simply extended the boom and bust cycle. It was every couple years we'd have a crash then a recovery, then crash again in the late 1800s, but we've simply shifted to a boom and bust cycle that lasts every 50 years or so.
Our leaders don't want to admit it, but without proper regulation on banks and corporations, these economic depressions are inevitable. It seems our leaders will risk financial collapse in exchange for money.
MrZash313 4 weeks ago
Economic collapse won't hurt many people. Most though fear a regression into the stone ages, but here is the deal, civilization can continue unsustainable deceptions like war for profit, or instead invest the money in the infrastructure of the country. We have an abundance of untaped hydro power. That alone would solve 90% of our economic problems. I'm just sayin there is no actual problem. Just ignorant choices.
wolfrider2fast4u 4 weeks ago
Sounds like I need more guns before this whole thing coming crashing down and there isn't a government left. Once the structure has collapsed, who's going to protect you?
Buy a gun and get efficient at shooting it. And bullets. Lots of bullets.
killerdudee 4 weeks ago
The chances of It collapsing are as inevitable as the sun will someday be depleted of light.. In the end.. We will ALL DIE!!!!
EyEnOtgAy 4 weeks ago
@EyEnOtgAy "Only Faggots fear death".
-Anon
The1stPoster 4 weeks ago
kind of exciting at the same time. here's hoping some sor of anarchism, true socialism will lead us out of this, it seems that way. could go the other way though, we could get fascism.
JagjeetMann 4 weeks ago
Hmm
ratmdeathwan 4 weeks ago
Chaos theory!
timoback3000 4 weeks ago
Extend and pretend. Isn't that what Enron did?
Silents30 4 weeks ago in playlist Uploaded videos
Let it collapse.
I don't see another way out; anything else is just a temporary solution. no matter how many times you tell a kid to wear a helmet when he rides a bike, he won't wear it till he hits his head. If we let the economy collapse, maybe then we'll be more careful. Until then we'll just keep hitting the snooze button, never waking up
KamiGrimm 4 weeks ago
Unfortunately, Ron Paul is a racist who hates blacks and jews.
ledzeppie 4 weeks ago
@ledzeppie
Crawl under a hole and turn into a zombie. So when you crawl out, somebody might enjoy braining you.
katey1dog 4 weeks ago
@ledzeppie
That's just a red herring... a way to distract from the fact he was right about this shit all along. Don't believe everything you read.
bobshenix 4 weeks ago
This has been flagged as spam show
holy fuck... this was germanys plan all along...
prepare for the 4th Reich fuckers
TwistedComplex 4 weeks ago
Comment removed
TwistedComplex 4 weeks ago
Keep sending jobs to China and selling the debt to China, and then default China, and then start a war with China, and then use nuclear weapons and then destroy the world =D
azrodrigues 4 weeks ago
Wake up world!
This is why we need to get Paul into the White House ASAP!
VilanAlarga 4 weeks ago in playlist Uploaded videos 12
@VilanAlarga Who would vote for a white supremacist?
Silents30 4 weeks ago in playlist Uploaded videos
@VilanAlarga Lololol, why? So that racist dinossaur will make it quicker?
CarlosMonteiro1985 4 weeks ago
@VilanAlarga paul is a fucking loser, and he always will be. America is broken beyond repair, it's time to let go and vote for romney.
4795623 4 weeks ago in playlist More videos from TheYoungTurks
@VilanAlarga
Who would change nothing?
RonTards, should be forcibly donated to science for advancement of medical knowledge. Would make you idiots useful for once in your lives.
mecher3k 4 weeks ago
Thank you, Cenk, for reporting this. It's critical we face what's coming. I appreciate you standing up and and in some way making this more than a "conspiracy theory".
In this vain, although you seem to disagree, even if I do not agree with all that Ron Paul says, not at all, I do believe under his watch, things will not be as bad as under the watch of the other choices. It's as simple as that. I may not like it, but Ron Paul seems to be the only I can trust of the current field of hacks.
illuminate1970 4 weeks ago
DEFCON 2
waldentree 4 weeks ago
Fucking Greeks, Portugese, and Spanish shits.
Just annex their fuckedup little countries and end this shit there.
WangDugay 4 weeks ago in playlist Uploaded videos
@WangDugay
Annexation is not the answer. Liquidation is a better anser. Annexation historically leads to war.
katey1dog 4 weeks ago
Cenk fundamentally does not know how monetary systems function, how money is created, the difference between Euro nations, who do not create their own currency & sovereign nations such as the US, who are the monopoly issuers of their respective currencies.
All net financial assets by accounting DEFINITION come from government deficit spending.
This is why surpluses are in general incredibly destructive as they force the private sector into an increasing amount of debt if the economy is to grow.
WilhelmDrake 4 weeks ago
i like the idea of a complete meltdown. the 99% don't have a trillion to lose...it's monopoly money to us. IF the CEO's lose everything who cares....cancel the debt and move on. The good will come when companies shut down and workers cannot get paid. THEN AND ONLY THEN....will the pitchforks, torches, and the guillotines come out. After we clean out the trash on a nice sunday full of beheadings....we will cancel the debt and start all over with a real economy backed by real goods and services
desmondakkari 4 weeks ago in playlist Uploaded videos 5
awesome!!!
519ist 4 weeks ago
The songwords of MGMT ring through here: 'we are fated to pretend' lol
02xstanley 4 weeks ago
Ron Paul is the ONLY one talking about this, RIGHT! People would rather be lied to than to acknowledge the bitter truth staring in their face.. A weakness of our species.
This appears inevitable. You think they will be so nice as to tell us of this impending doom. The people that do have money will be able to buy up everything on the cheap.
afterniatis 4 weeks ago 21
@afterniatis Oh don't when we generated huge surpluses was under Clinton after the revocation of the gold standards.
Meade556 4 weeks ago
Humans can't do anything right ... What an awful idea for a species.
gkniffen 4 weeks ago 2
No but the 1% can't pay their proper share in Taxes and help save the global economy, they have Yachts to buy and Billion Dollar Parties to throw
TheOdhisattva 4 weeks ago in playlist Uploaded videos
The solution is: we going to get hurt either way, id prefer to rip the bandage off fast and take all the pain in one go than slowly and painful which we've been doing since 08. Ofcourse i say WE but its o.
life0is0just0a0ride 4 weeks ago
Interesting video.....
But.....I just want to know how this affects the working class? How does this affect me personally? And who's to blame?
stefers08 4 weeks ago
Sorry for bad english its my second language
life0is0just0a0ride 4 weeks ago
America and europe debt is due and we got nothing no collateral whatsever. Atleast if we'd created uclear fusion then we got trade but we just thieves whos time is up! You can blame oth countries, governments, political parties it dont matter. What matters is you lose any deluded thoughts that evertything well turn out alright and start preparing. Good luck folks, enjoy the show
life0is0just0a0ride 4 weeks ago
Why is there a question mark in the title should be a full stop.
life0is0just0a0ride 4 weeks ago
Worldwide bankruptcy... Perhaps everyone needs to accept bills will not be paid and your dues will not be received, count your losses and move on, a worldwide economic reboot. Still a destructive course to take but maybe the only one available.
EthanJM 4 weeks ago
@TheOkham You mean Britain/US and your lovely zionist criminals. I understand now why you hate the germans, they actually produce something unlike the anglos and your jew/zio parasites.
MrsNikkolas 4 weeks ago
Cenk I know you're busy but could you please inform yourself a bit better about the eurozone situation. At least be partly aware of what the possible 'solutions' are and their implications.
mert1264 4 weeks ago
Fuck the racist memos, they are of no consequence.!
If Ron Paul gets elected he will deregulate further and he will make this coming crash even worse!
LiBlub1 4 weeks ago in playlist Fler videoklipp från TheYoungTurks
how much longer do we have until this happens????
RustyRhymesOrange 4 weeks ago in playlist More videos from TheYoungTurks
Cenk seems to have watched a couple of Ron Paul videos.
TheCarambah 4 weeks ago in playlist Uploaded videos
Maybe its me but we had a better economy when the working class had more disposable income. If everyone would stop transferring wealth from the bottom to the top everything will work itself out. Europe can be fixed if the bankers and investors stop making these high risk bets which is crippling the country. My solution would be to do what accountants do for failing businesses liquidate the debt or write it off as a lost. Let Europe start off with a more sustainable economy.
demarcus39209 4 weeks ago