bitcoins

Eleven economic crashes that are already underway

Tuesday, April 23, 2013 by: Ethan A. Huff, staff writer
Tags: economic crash, bitcoins, stock market

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(NaturalNews) It would be difficult to deny with any sort of credence that the global economy is currently in anything other than dire straits. Almost everywhere you look these days, the system is broken and in desperate need of repair or major overhaul. And even though the stock market has yet to crash in the same way that it did back in 2008, there are a number of major indicators at the present time that point to a major unraveling in the near future. Here is a summary of 11 economic crashes that are currently underway, and that point to tough times ahead, as compiled by the blog The Economic Collapse:

1) Bitcoins. If you have been following NaturalNews recently, you are already aware of the downward spiral of this alternative, online currently. Having recently lost nearly 80 percent of its perceived value in just a few days, bitcoins have proven, at least at this current time, to be highly volatile. However, bitcoins may still be a viable alternative to central bank-issued Federal Reserve notes, which continue to be backed by nothing.

2) Gold. For the first time since July 2011, gold has dropped below $1,500/ounce, and is currently valued about 22 percent lower than its record high of $1,921/ounce back in September 2011. Though obviously manipulated by central bankers, the price of gold in fiat currency has fallen dramatically in recent days.

3) Silver. The same goes for silver, which has dropped in fiat currency price to its lowest level in nearly two years. Both gold and silver will always be more valuable in real terms than paper fiat currency, though, and the new lows for silver represent a viable buying opportunity for those who wish to protect their wealth.

4) Oil. Though a drop in oil prices is a good thing at the gas pump, any significant decrease in price could be indicative of a major economic crisis. And with oil prices currently hovering around $87 per barrel as of this writing, this may be cause for concern.

5) Consumer confidence. A measure of how the overall population feels about the current state of the economy, consumer confidence levels have been in free fall mode recently. Having dropped to a nine-month-low of 72.3 on the scale, current consumer confidence levels reflect major concerns about an impending economic crisis.

6) Retirement accounts. The number of Americans taking out loans on their 401(k) retirement accounts has risen by nearly 30 percent of the past year, indicating uncertainty about not only the viability of such accounts, but also about financial stability moving into the future.

7) Casino spending. A commonly-referenced indicator of economic health, casino spending has seen major declines in recent months. Similar declines occurred back in 2008 right before the stock market plummeted, which bodes ominous for the near future.

8) Employment in Greece. The current economic situation in Greece has gone from bad to worse, with unemployment soaring more than 25 percent in just one month to 27.2 percent. As stated by The Economic Collapse, this is an "avalanche of unemployment."

9) European Financial Stocks. Most of the major banks in Europe are basically insolvent, which helps explain why the financial markets in Europe have plummeted to seven-month lows.

10) Spanish bankruptcies. Like Greece, Spain is currently hobbling through major turmoil, particularly with regards to its business climate. The number of Spanish companies that have gone bankrupt over the past year has risen by 45 percent.

11) Demand for energy. Another major indicator of economic turbulence is energy usage, and it is continuing to decline across the U.S. What this means is that economic activity is also slowing down, with job growth decline and unemployment rising. The writing is on the wall.

Be sure to check out the full report at The Economic Collapse:
http://theeconomiccollapseblog.com

Sources for this article include:

http://www.naturalnews.com

http://www.zerohedge.com

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