"This Is Going To Be Far Worse Than The Great Depression..."
Via Greg Hunter’s USAWatchdog.com,
Financial writer and precious metals broker Bill Holter has been documenting all the unpayable debt that has been building up in the financial system like cancer.
The latest black hole of default is coming from a big bank in Japan. Norinchukin Bank is selling $63 billion in Treasuries and other sovereign bonds to stay afloat. Then there is recent news announced by the FDIC that 63 US banks (the names are being kept secret) have more than $500 billion in losses, and let’s not forget about the trillions in losses sitting on the books of European banks ready to suck the world into a black debt hole. This is just a few of many on a long list of destabilizing problems that can tank the entire over-indebted financial system.
Holter warns, “The list is so long..."
"it could be a banking problem. It could be a derivatives problem. It could be a derivatives problem in the stock market, the bond market and you could see a failure to deliver in silver. Some type of warfare could crash the system. You could see warfare in Ukraine, Israel or Tiawan.
The system is so unstable, at this point, it could be anything that could bring it down.
Unpayable debt is not just a US problem. This is all over the world. Central banks are having to issue huge amounts of debt because we are in the exponential decay phase. We are exactly where Richard Russell said we would be 20 years ago. It’s inflate or die, and the only way to inflate is to create more money supply.”
Add to that the $10 trillion in debt the US Government has to roll over by the end of the year. Meanwhile, the US government piles on $1 trillion in new debt every 100 days. What could go wrong?
Holter said the last time he was on USAW that there was a little less than a 50% chance we would even have an election. Now, he predicts it is more likely there will be no 2024 Presidential Election. Holter says:
“There is no way the system, as it is now, survives. It’s mathematically impossible. So, if it is mathematically impossible, are they going to blow smoke . . . up until the day it blows up? Or are they going to do something to blow it up and then say our programs and policies were working except for XYZ this or whatever.
They have to kick the table over. They cannot allow the table to fall over on its own because then there is going to be finger pointing. To avoid the finger pointing, they have got to kick the table over.”
Holter also thinks gold is going to exponential numbers to back all the debt the USA has.
If you go with the 8,030 tons of gold the government claims is in Fort Knox, you will need a dollar price of gold at “$125,000 per ounce for 100% gold backing of the dollar.”
Holter also says, “The dollar is being pushed out of the global financial system..."
"Demand for dollars is shrinking at a time when borrowing demand is rising.” This is a going to be a disaster for America and anyone holding dollars in the future.
In closing, Holter says, “The financial collapse that is coming will be worse than anything we have ever experienced..."
"This is going to be far worse than the Great Depression simply because society itself is far worse. . . . Back in the Great Depression, you had neighbors helping neighbors. Today you will have neighbors picking on other neighbors like vultures.”
There is much more in the 51-minute interview.
Join Greg Hunter as he goes One-on-One with financial writer and precious metals expert Bill Holter for 6.22.24.
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