The global financial system is approaching a breaking point.
October 22 (King World News) – Eric King: “James, you wanted to talk about the report that came out from the United States today.”
James Turk: “Yes, they reported the deficit for the fiscal year ending on September 30 as $1.4 trillion but the numbers are actually a lot worse than that. They hide the true deficit. The federal debt over the course of the past year grew by $2.5 trillion. They increased the cash position by $400 billion, so the net, true deficit was $2.1 trillion. That’s $700 billion more than what was reported, and that $700 billion was money that was spent ‘off budget.’ So the takeaway from this, Eric, is they are struggling to try to keep the true picture out of the public domain. But the situation just keeps getting worse and worse. The counterparty risk continues to grow in the banking and financial system and we are approaching a breaking point here. Rising interest rates are the trigger that’s putting a lot of financial institutions against the wall. And when that happens, you then go into a monetary, financial crisis and panic like we saw back in 2008. And when that happens…to continue listening to James Turk discuss the world hurtling into a financial panic that will rival 2008 CLICK HERE OR ON THE IMAGE BELOW.
***To listen to Alasdair Macleod discuss the global collapse that will rival the Great Depression CLICK HERE OR ON THE IMAGE BELOW.
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