Today the keynote speaker who recently addressed the Federal Reserve, IMF and the World Bank warned King World News that the stock market crash in China was just a warm up, the global financial collapse is coming and it will devastate people.
Chinese Stock Market Crash Just A Warm Up
Eric King: “The timing of your last interview at KWN was so amazing in the sense that you had just warned the IMF, World Bank, and the Federal Reserve officials about a coming collapse. You said to me, ‘The coming collapse will be more devastating.” Is what we just saw unfold in China (the stock market crash) just a preview of things to come?”
Nomi Prins: “Yes, it definitely is. It’s a question of when and how in terms of the ultimate impact of the cheap liquidity that’s been infused into the markets and where that ultimately creates a vacuum that pulls the markets downward….
Continue reading the Nomi Prins interview below…
“But the reason the next financial crisis or the next leg of this one will be more devastating is that it’s now coming from a higher height of artificiality for global stock markets.
Between the Federal Reserve and the European Central Bank we’ve had $7 trillion worth of debt buying, and much of it has come from or through the major private banks that caused the major financial crisis to begin with. That helps nothing in terms of solidity.
So when I spoke at the Federal Reserve-IMF-World Bank conference last month, I warned about the instability. And part of the reason for the conference was to address what supervisors and regulatory bodies could do to help (in a crisis) because the instability (in the global financial system) is huge.
The Global Financial Collapse Is Coming And It Will Be Devastating
And so because there’s been no reform, no change in policy because it’s only been a kick-the-can sort of mentality with this freely printed, electronically created money throughout the system, there is no way it (the financial system) can’t collapse from this higher height.
After the Glass-Steagall repeal in 1999 we had all these banks merging and they created all this debt. They were all happy because energy and telecom companies could merge. It was a big mergerfest with all the cheap money, and stock markets went up really quickly and then they just imploded. The credit markets also went up when money was cheap and then they imploded.
So that pattern will happen again but it will happen from a higher height, which is why it will be quicker when it unravels and it will be more devastating for individuals.”
***KWN has now released the incredibly powerful KWN audio interview with Nomi Prins, where she discusses why the Chinese stock market crash was just a preview of things to come, the coming financial destruction that is still in front of us, what investors can do to protect themselves and much more, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: A Major Warning After A Wild Week Of Chaos In China And Greece CLICK HERE.
***KWN has also now released the extraordinary KWN audio interview with Egon von Greyerz where he discusses the incredible turmoil of the past two weeks, what to expect next, the coming financial destruction that is still in front of us, what investors can do to protect themselves and much more, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
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The audio interviews with Nomi Prins, Gerald Celente, Andrew Maguire, Michael Pento, Dr. Paul Craig Roberts, Rick Rule, Bill Fleckenstein, Stephen Leeb, Eric Sprott, Robert Arnott, David Stockman, Chris Powell, John Mauldin, Egon von Greyerz, Dr. Philippa Malmgren, Marc Faber, Felix Zulauf and Rick Santelli are available now and you can listen to them by CLICKING HERE.