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Folks Doom and Gloomers have been around a long time, but the book listed in the paragraph below does make some good points!
" Date: Wednesday - February 24, 2016
Host: George Noory
Guests: John Truman Wolfe, David Icke
In the first half, the author of The Coming Financial Crisis, John Truman Wolfe, discussed the state of the US and world economies and why he thinks the events of 2007 and 2008 were a prelude for more economic disaster. The next crisis, he predicts, will take the "bail-ins" used in the economic meltdowns in Cyprus and Greece and apply them worldwide, leaving depositors and consumers holding the bag, yet again. "Bail-ins" were set up by the Dodd-Frank Act as an alternative to the bank bailouts, but they end up protecting derivatives, and allowing troubled banks to be restored by unsecured creditors, he outlined.
The Federal Reserve is like the "Emperor's New Clothes," just creating money out of nothing by entering amounts in a bank account, and then using these funds to buy bonds and treasury debt, which the government pays them interest on, he explained. There seems to be a big push to eliminate cash, and make all money digital, he cited. Wolfe recommends keeping some cash out of the banks, as well as investing in precious metals-- he does not believe this is a good time to be in the stock market."
Those "Bail Ins" sound scary. People in Greece had suffered through this , and anyone here with a sizable bank or CD account could lose some cash if these Bail Ins come to past!
" Date: Wednesday - February 24, 2016
Host: George Noory
Guests: John Truman Wolfe, David Icke
In the first half, the author of The Coming Financial Crisis, John Truman Wolfe, discussed the state of the US and world economies and why he thinks the events of 2007 and 2008 were a prelude for more economic disaster. The next crisis, he predicts, will take the "bail-ins" used in the economic meltdowns in Cyprus and Greece and apply them worldwide, leaving depositors and consumers holding the bag, yet again. "Bail-ins" were set up by the Dodd-Frank Act as an alternative to the bank bailouts, but they end up protecting derivatives, and allowing troubled banks to be restored by unsecured creditors, he outlined.
The Federal Reserve is like the "Emperor's New Clothes," just creating money out of nothing by entering amounts in a bank account, and then using these funds to buy bonds and treasury debt, which the government pays them interest on, he explained. There seems to be a big push to eliminate cash, and make all money digital, he cited. Wolfe recommends keeping some cash out of the banks, as well as investing in precious metals-- he does not believe this is a good time to be in the stock market."
Those "Bail Ins" sound scary. People in Greece had suffered through this , and anyone here with a sizable bank or CD account could lose some cash if these Bail Ins come to past!
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