The Economic Collapse Blog’s Michael Snyder was kind enough to answer some of GoldSilverBitcoin’s questions. In the following written interview you will read about Snyder’s predictions for the coming months and years.
GSB:24 nations are currently facing a debt crisis. How unprecedented is this in the history of the world?
M: Right now, global debt is at an all-time high. When you add up all forms of debt, the debt to GDP ratio for the entire planet has reached a staggering 286 percent. We have never seen anything like this before, and anyone that is not entirely blind can see that this is going to end very, very tragically.
GSB: Is it hyperbole to say that Germany is taking over Greece?
M: I think that it is more complicated than that. There are some very powerful forces in Europe that are not satisfied with the status quo. I expect that we are going to see some dramatic things happen in Europe very soon, but the end result will be a Europe that is much more centralized and much more integrated.
Do people underestimate the potential for contagion from the second largest stock market in the world, China, to the US?
Definitely. The global financial system is more interconnected than it ever has been before, and just like we witnessed in 2008, when one area of the planet starts to feel immense pain the entire world will eventually.
But I don’t think that China is the big story. Watch the big banks in Europe, and once things in Europe begin to unravel watch the U.S. markets very closely.
GSB: Is Puerto Rico the US’s Greece?
M: You could definitely say that, and the crisis in Europe is going to hit some players in the U.S. pretty hard, but in the end Puerto Rico is not that significant. It is just another symptom of a much bigger global debt problem.
Why is it significant that shadow banking assets are greater than traditional banks?
The reason why it is so important is because the shadow banks are largely unregulated. They have been running around doing absolutely crazy things, but because they are not really regulated much their behavior has gone under the radar pretty much.
But when this next great financial crisis erupts, we are going to hear a lot about them. They play a critical role in the flow of money around the world, and once they start imploding it is going to cause tremendous problems.
GSB: Why is your new documentary, Economic Collapse, World War III & The Death Of America, so important?
M: In that DVD, I address some things that I have never addressed publicly before. Sometimes people may read my articles and come away with the impression that I am not revealing everything that I know. And that is 100 percent accurate. As with so many things in life, timing is everything. There are some things that were not meant to be revealed yet, and there are still many things that are not meant to be revealed. But in this DVD, I have gone further than I have ever gone before. Many that are familiar with my work are going to be absolutely stunned by what I have to say about the future of America. Over the course of two hours, I lay out the most comprehensive roadmap of what I believe the coming years will bring that I have ever come across. The material that I cover is for those that are truly interested in “taking the red pill” and going quite a bit further “down the rabbit hole”.
GSB: What else are you keeping your eye on currently?
M: On June 25th, I released an article entitled “The Economic Collapse Blog Has Issued A Red Alert For The Last Six Months Of 2015”. This is the first time that I have ever done anything like this. I believe that a major financial collapse is imminent.
When I say “imminent”, I do not mean that I believe that it is coming within the next couple of weeks. And I do not mean that it will be over by the time 2016 arrives. But what I am saying is that we are right on the verge of a 2008-style financial collapse, and that it will eventually turn out to be much worse than 2008.
I believe that we are entering a time unlike anything that any of us have ever experienced before. The debt-fueled prosperity that we have all been enjoying is ending, and now a lot of pain is on the way. That is why my new book is entitled “Get Prepared NOW”. I put an emphasis on the word NOW because I don’t believe that there will be a chance to prepare for the coming crisis later.
I know that the relative calm of the last few years has lulled a lot of people into a false sense of security.
But none of our underlying problems have been fixed.
Instead, they have gotten much, much worse.
If I am right, the months ahead of us are going to be very chaotic and events are going to start accelerating greatly.
So buckle up – we have got quite a bumpy ride ahead of us.