|The political hacks are importing millions of new workers while American citizens |
are working multiple part time jobs to try and survive.
Back to the Future
- Is the Wall Street bubble ready to burst? Literally trillions of dollars in pretend "funny money" has been printed by the world banking system to keep the economy afloat.
- At some point the game of musical chairs must end and a lot of nations are not going to have a seat.
(Newsmax) - The current global stock-market crash is eerily reminiscent of the Wall Street crash of 1929, investment expert and author James Dale Davidson told Newsmax TV.
“What we're seeing, if I could say it this way, is a rerun of 1929 with the main crash falling in Shanghai rather than in Wall Street,” he told “Newsmax Prime.”
“If you're not scared, you're not watching,” he said. “Since the last time I was on Newsmax TV on the 11th of August to discuss the Chinese devaluation, which was a small step, I said it was only the beginning of a major change that was going on. And since that time, $5 trillion have gone to money heaven, which is a significant change,” he said.
|Did the Wall Street Bubble Burst?|
“If you look back at these economic crises and stock market collapses that are associated with depressions, the first stage is what we've already seen, which is the big fall off in commodity prices,” he said.
“If you go back to the Great Depression, it didn't start in 1929 in all the countries, he said.
“It started in 1928 in Australia and in Argentina and Brazil, Uruguay, and Finland, Bulgaria, and in Germany. The depression had already begun by 1928 and then we had a huge, huge sell-off in Wall Street, which sort of rang the bell so that anybody who was not watching then knew” that we were in deep trouble.
“We’re into this same kind of cycle as it relates to the collapse of world demand, the fact that we've had commodity prices plunging,” he said.
“If you go back to December of 2011, the price of iron was $190 a metric ton. Now it's down to $44. We remember the price of oil being up at $140 some dollars and now it's the low $40,” he said.
“This is a very significant indication of weakness in the global economy.”
And while it’s human nature to think that tumbling oil prices are a good thing, it’s often a mixed blessing.
Already trading at six-year lows on a prolonged slump, U.S. crude fell $2.21 Monday to finish at $38.24 per barrel.
Oil hadn't closed below $40 since February 2009, although it briefly traded below that level on Friday. Monday's closing price was the lowest since Feb. 18, 2009, the AP reported.
“It is a good thing if you're buying gasoline. It is not a good thing if you're pumping energy from the ground,” he said.
“If you're looking at the employment numbers in the United States, where did employment grow during this so-called recovery that we've been living through for the last six years? It grew in areas where they were drilling oil. It didn't grow any place else," he said.
"And this is probably not a coincidence because there really hasn't been that much vigor in our so-called recovery and probably it's going to go back down again.”
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