The 2008 Financial Crisis 10 YEARS LATER! - Has Anything Changed?

in #money6 years ago

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In this video, I talk with author and economic analyst John Sneisen @TheEconomicTruth on the 10th anniversary of the 2008 financial crisis. On September 15th, 2008, Lehman Brothers declared bankruptcy and the Dow dropped 504.48 points!

Now there were a lot of warning signs of the imminent recession, but people were far too involved in their bullish speculation. There was investor confidence but not necessarily fundamental value. Housing bubbles were popping left and right but people still didn't figure it out that the whole system was starting to cave in.

Well... On comes the Financial Stability Board...

The entire stock market and economy was propped up further and that which caused the problem continued at an even worse pace.

The banks are insolvent/bankrupt. Their cash to deposit ratio is worse than ever with many of the biggest banks sitting around 0.5% of deposits covered in cash. They are also being called on to pay fines for crisis era misconduct while still giving people the same advice today as massive housing bubbles are propped up throughout the United States and elsewhere.

From collateralized debt obligations to mortgage backed securities, credit default swaps, we are seeing the return of all the insanity of the housing crash.

Then we have a pension bubble that is set to hit 400 trillion dollars globally by the year 2050. That's more than 4 times the world GDP.

The derivatives bubble is at the multi-quadrillion dollar level.

House hold debt continues to skyrocket.

The auto bubble continues to be propped up.

The problem is, we need to see this crash, the sooner the better. If we continue to watch this centralized and propped up, it will simply come down even harder. What have we learned from 2008? Nothing. What has changed since 2008? Nothing, except everything that was done before is being done again on an even greater scale. The dollar will inevitably fall as the world reserve currency and it's likely we will see a centrally planned cashless society out of a place like China replace it as China buys up countries with loans they cannot repay like the IMF. But will it actually be a successful move for them? We have doubts, but nonetheless it's being attempted.

Robert Shiller, Ray Dalio, Ron Paul, Robert Kiyosaki and a whole bunch of others are warning of an inevitable calamity. Will you listen and get yourself prepared? Or turn a blind eye and face the fire?

Decentralize everything folks! Be self sustainable, independent, rule yourself.

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European stuff seems to be all of a sudden cheaper in Canada. May be we are among the less dirty shirts....

And nobody has learned SHIT .

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