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Author Topic: Economic red flags from 2018 onward  (Read 1305 times)

R.R. Book

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Economic red flags from 2018 onward
« on: August 01, 2018, 05:57:02 AM »
https://www.youtube.com/watch?v=VENSMed9PlU

Narrator of video published this morning says @ 6:51 that U.S. state and local government pension plans, totaling 5 trillion USD, are in trouble. 

Quote
The pension problem is the size of Japan's economy.

State and local pension plans at present have less than 75% of the funds needed to meet obligations to retirees.  An increasing number of funds are expected to become insolvent, defaulting on payments, unless one of three changes is made:

*Raise taxes
*Persuade pensioners to accept less than promised
*Divert funds earmarked for other budgetary line items

Examples given:

*A major pension fund for state employees in Kentucky has only 16% of the necessary reserve to meet current obligations

*A municipal retirement fund in Chicago has less than 30% of the reserves necessary to remain solvent.

*A New Jersey pension fund expects to be insolvent in less than 12 years.

*Central Falls, Rhode Island has been forced to cut monthly check payments to retired police and firefighters by 55%.  Even after the town filed bankruptcy, retirees are not receiving their full pensions.

Narrator expressed that the system is deliberately being permitted to fail so that a new financial structure can replace it, though no one knows to whose benefit a new system might be. 


https://www.bloomberg.com/graphics/2017-state-pension-funding-ratios/


https://www.economy.com/dismal/analysis/free/199915


https://www.zerohedge.com/news/2017-05-24/six-terrifying-graphs-simplistically-summarize-americas-public-pension-crisis

Percentage of retirees who naively believe their pensions are fully funded:

https://madhousenews.com/wp-content/uploads/2018/01/survey-shows-majority-of-pensioners-have-no-idea-their-pensions-are-underfunded.jpg



Quote
You need to be prepared for this, because we're going to go through some tough times.

R.R. Book

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Re: Economic red flags from 2018 onward
« Reply #1 on: August 01, 2018, 07:46:32 AM »
https://www.youtube.com/watch?v=ZXEaap_r6XA

Jim Willie's list of potential triggers capable of creating an economic collapse:

(All hypotheticals published yesterday)

1. Refusal of foreign traders to accept payment in Treasury bills (dollars)
This already began a year ago when Chinese exporters began requiring payment from US importers in Yuan (RNB), forcing American importers either to hold savings in Yuan or to use a currency exchange to cash in and out of it. 

Examples of US importers are Walmart, Target, Staples, Sears...

2. Other exporters besides China following suit en masse and refusing to accept USD from American importers, preferring instead to receive Chinese currency or gold trade notes.

3. China increasing the price of gold on the Shanghai Exchange by 20-30%, which would equal the premium already being paid by large buyers of gold in Eastern countries, whose gold sellers do not set prices according to the COMEX.

4. The COMEX shutting down due to lack of supply from the mining industry

5. An announcement by either China or Russia, or both, that they have 5,000 - 10,000 tons of physical gold in reserve, which would signal the world that a return to a gold standard among Eastern currencies is imminent, allowing the East to establish the rules for trade.  Even more consequential would be for China / Russia to announce a smaller amount of gold in their vaults than they really possess.

6. The BRICS nations announcing that one or more gold & silver-backed currencies is just in the planning stages, not even in existence yet, likely to include gold versions of the Russian Ruble, the Chinese Yuan/RNB, an Arab Gulf States currency, a German/Nordic/Euro currency, and possibly a Hong Kong dollar.  In addition, a Mexican Peso backed by silver could be on the table.

7. War on Russia for declining to hold and trade in Treasury bills any longer

8. The BRICS nations requiring gold-backed letters of credit from other nations for trading with their bloc

9. wider economic destabilization caused by bank derivatives (speculation on agreements of future sales at guessed-upon values), causing no one to know the true value of anything any more.

10. consequences of Quantitative Easing, such as loss of qualified investors in the US bond market (backing real estate) due to lack of confidence   

« Last Edit: August 01, 2018, 03:13:59 PM by R.R. Book »

R.R. Book

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Re: Economic red flags from 2018 onward
« Reply #2 on: August 01, 2018, 05:13:56 PM »
https://www.youtube.com/watch?v=Gpy0piXmZVc

Posted earlier today: The Kroger grocery store chain will stop accepting VISA credit cards at a number of its California grocery stores and gas stations as of the middle of August, citing prohibitive fees.  Debit cards will still be welcome.  Stores in other states may be following suit soon.

Kroger is the largest grocery chain in the U.S., and ranks 5th in the world in market share.
https://www.thebalancesmb.com/top-supermarket-retail-chains-2892136

« Last Edit: August 08, 2018, 03:13:02 PM by R.R. Book »

R.R. Book

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Re: Economic red flags from 2018 onward
« Reply #3 on: August 08, 2018, 02:59:15 PM »
Big red flag waving here:

Dr. Jim Willie remarks @ around 31:50 that he believes China now sits on the Federal Reserve Board - and he isn't speaking metaphorically. (Topic begins @ 29:00)

His rationale:

1. China has been dumping the U.S. debt instruments that it has purchased in the past by buying up U.S. port facilities (e.g. Long Beach), farmland, commercial properties, and mines.  This cannot legally be done directly by the Chinese government, but it can be done legally by Chinese corporations and individuals.
https://www.forbes.com/sites/wadeshepard/2017/09/06/chinas-seaport-shopping-spree-whats-happening-as-the-worlds-ports-keep-going-to-china/#457ca0844e9d

2. A Chinese conglomerate bought J.P. Morgan's headquarters on Park Avenue, which houses the largest private gold vault in the world

3. A Chinese interest has also taken over the J.P. Morgan Chase Event Center

4. China's ownership of commercial property in major U.S. cities has gone from 30% to 60%, Dr. Willie estimates.  All of it is located adjacent to major railways.

5. Dr. Willie believes that when Congress announced 6 months ago that the debt ceiling was suspended, that was code for declaring insolvency, at which time China called in its U.S. loans.
https://money.cnn.com/2018/02/08/news/economy/debt-limit/index.html

6. He further believes that, in order for the U.S. to save face and not have publicity about the Chinese owning large tracts of major cities, Wells Fargo is being used as a front for large Chinese transactions.  Even though that nation has 1.3 trillion USD in Treasury bonds which could be expended on the more sensitive real estate purchases, instead China goes through the motions of taking out mortgages through WF and then ostensibly paying them right off.

7. Dr. Willie feels that there have been foreign policy alterations in China's favor as a result

8. Large amounts of U.S. farm output are being exported to China, driving up prices here in the States due to less supply.

9. Chinese labor is being imported into the U.S. to do construction projects and run facilities

10. China is buying large tracts of residential neighborhoods in the U.S. (e.g. Detroit)

Quote
They're colonizing the United States.

Quote
It's weird now, but it's gonna get weirder.

Please click link to enlarge the 2014 Forbes image below for details that were current as of that year:

https://blogs-images.forbes.com/liyanchen/files/2014/11/Final-China-investment-map-in-the-mag-e1415139295300.jpg
« Last Edit: August 09, 2018, 07:14:28 AM by R.R. Book »

R.R. Book

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Re: Economic red flags from 2018 onward
« Reply #4 on: September 28, 2018, 01:20:58 PM »
https://www.zerohedge.com/news/2018-09-28/baffling-surge-oman-crude-price-sends-oil-market-turmoil

ZeroHedge is reporting today that Oman's crude oil price has shot up to over $90 per barrel. 

Quote
The relatively unknown Oman oil - a low-quality crude - this week unexpectedly turned into the world’s costliest oil benchmark, "confounding traders and throwing the market into turmoil" amid a double whammy of lower supply and surging demand.

This is a concern for a few reasons:

1. Saudi uses Oman to set the benchmark for its own prices

2. Prices approaching $100/barrel suggest we may be heading into a 2008-like recession, when crude reached $150/barrel

3. Oman has lower-quality, high-sulfur crude, which means that better quality crude could be driven up even higher in price

The article speculates on possible causes for the spike:

1. Sanctions against Iran

2. Large purchases by China

3. A large purchase by an individual or group from Saudi Arabia

Elsewhere, the price of crude oil has hovered in the low $80's per barrel, so the Oman spike represents roughly a sudden $10 jump:



http://www.infomine.com/investment/metal-prices/crude-oil/1-week/
« Last Edit: September 28, 2018, 03:47:34 PM by R.R. Book »

ilinda

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Re: Economic red flags from 2018 onward
« Reply #5 on: September 28, 2018, 08:39:42 PM »
Big red flag waving here:

Dr. Jim Willie remarks @ around 31:50 that he believes China now sits on the Federal Reserve Board - and he isn't speaking metaphorically. (Topic begins @ 29:00)

His rationale:

1. China has been dumping the U.S. debt instruments that it has purchased in the past by buying up U.S. port facilities (e.g. Long Beach), farmland, commercial properties, and mines.  This cannot legally be done directly by the Chinese government, but it can be done legally by Chinese corporations and individuals.
https://www.forbes.com/sites/wadeshepard/2017/09/06/chinas-seaport-shopping-spree-whats-happening-as-the-worlds-ports-keep-going-to-china/#457ca0844e9d

2. A Chinese conglomerate bought J.P. Morgan's headquarters on Park Avenue, which houses the largest private gold vault in the world

3. A Chinese interest has also taken over the J.P. Morgan Chase Event Center

4. China's ownership of commercial property in major U.S. cities has gone from 30% to 60%, Dr. Willie estimates.  All of it is located adjacent to major railways.

5. Dr. Willie believes that when Congress announced 6 months ago that the debt ceiling was suspended, that was code for declaring insolvency, at which time China called in its U.S. loans.
https://money.cnn.com/2018/02/08/news/economy/debt-limit/index.html

6. He further believes that, in order for the U.S. to save face and not have publicity about the Chinese owning large tracts of major cities, Wells Fargo is being used as a front for large Chinese transactions.  Even though that nation has 1.3 trillion USD in Treasury bonds which could be expended on the more sensitive real estate purchases, instead China goes through the motions of taking out mortgages through WF and then ostensibly paying them right off.

7. Dr. Willie feels that there have been foreign policy alterations in China's favor as a result

8. Large amounts of U.S. farm output are being exported to China, driving up prices here in the States due to less supply.

9. Chinese labor is being imported into the U.S. to do construction projects and run facilities

10. China is buying large tracts of residential neighborhoods in the U.S. (e.g. Detroit)

Quote
They're colonizing the United States.

Quote
It's weird now, but it's gonna get weirder.

Please click link to enlarge the 2014 Forbes image below for details that were current as of that year:

https://blogs-images.forbes.com/liyanchen/files/2014/11/Final-China-investment-map-in-the-mag-e1415139295300.jpg
When I read stuff like this, plus stuff about the new video "______  Majestic", and more seemingly bizarre stuff, I feel like it's:
Total Information Overload !

Does anyone else feel the same?  I'm weary just trying to figure out when I can watch even one of these videos or read these articles!

R.R. Book

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Re: Economic red flags from 2018 onward
« Reply #6 on: September 29, 2018, 05:06:48 AM »
I don't have time to read everything either Ilinda - just a quick scan sometimes. 

R.R. Book

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Re: Economic red flags from 2018 onward
« Reply #7 on: February 17, 2019, 01:17:34 PM »
Posting a ranking of the economic health of the 50 U.S. states, from most to least healthy based upon several criteria in 2018, for those still planning a move to a safe location.  Room for discussion exists:  For example, though Arkansas is ranked toward the bottom, the population-sparse Ozarks are widely believed to be a prime bug-out location.  Any cataclysm might re-order this map:




R.R. Book

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Re: Economic red flags from 2018 onward
« Reply #8 on: February 18, 2019, 05:51:35 AM »
Downdetector.com is reporting that PNC bank customers are having trouble accessing their accounts electronically this morning.

https://downdetector.com/status/pnc



H & R Block customers are experiencing glitches in the middle of attempting to access or file tax returns:

https://downdetector.com/status/hr-block




R.R. Book

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Re: Economic red flags from 2018 onward
« Reply #9 on: April 23, 2019, 10:44:48 AM »
Yesterday the trustees of the Social Security Trust Fund reported some sobering economic projections that potentially affect every American in one way or another:

The Medicare hospital benefits fund will become insolvent by 2026.

Social Security payouts would exceed revenues in 2020, and the fund would be entirely depleted by 2035.

Retirees may not be the only ones affected; younger adults may suffer as well, as the 84-year-old social contract either becomes funded at a higher payroll deduction rate, or is renegotiated entirely from scratch or scrapped completely?

https://www.washingtonexaminer.com/policy/economy/social-security-trust-funds-set-to-run-out-in-2035-trustees-warn

Referred by ZeroHedge:
https://www.zerohedge.com/news/2019-04-22/dont-tell-bernie-medicares-hospital-fund-will-run-out-money-seven-years


« Last Edit: April 26, 2019, 04:09:21 AM by R.R. Book »

Yowbarb

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Yowbarb

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Re: Economic red flags from 2018 onward
« Reply #11 on: April 23, 2019, 02:14:11 PM »
Downdetector.com is reporting that PNC bank customers are having trouble accessing their accounts electronically this morning.

https://downdetector.com/status/pnc



H & R Block customers are experiencing glitches in the middle of attempting to access or file tax returns:

https://downdetector.com/status/hr-block



A family member been having with his PNC account for some time.
Log ins getting changed. Recently the bank came out and said getting hacked

R.R. Book

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Re: Economic red flags from 2018 onward
« Reply #12 on: May 29, 2019, 12:01:14 PM »

 

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