Is the world approaching a devastating global economic meltdown? Right now there are a large number of factors that are creating economic stress points all over the globe. All of the crazy money printing that the Federal Reserve and other central banks have been doing is putting inflationary pressure on agricultural commodities, oil and precious metals.
Massive floods, horrific droughts and extreme weather patterns all over the globe are ruining crops and creating food shortages.
Some nations are now actually hoarding food, and in other nations rising prices have sparked food riots. The price of oil has been moving back towards $100 a barrel, and if it stays at a high level for an extended period of time that is going to have very serious consequences for the global economy.
In addition, the growing sovereign debt crisis could erupt again at any time. Half a dozen nations in Europe are on the verge of insolvency, Japan’s national debt is now well over 200 per cent of GDP, and the global financial system is growing increasingly concerned about the exploding national debt of the United States. The truth is that the entire world financial system is a house of cards balanced on a razor’s edge and it could come down at any time.
Sadly, very little has changed since the world financial system experienced almost a complete meltdown back in 2008. Global financial markets are still a whirlpool of debt and speculation. One really bad week could put us right back where we were prior to the infamous Wall Street bailouts. Very little in our world is truly stable anymore. As we have seen recently in Egypt, the globe can literally change almost overnight. All it would take is for one really bad event to happen and world financial markets would instantly start imploding.
So when will the coming economic collapse happen? Nobody knows for sure, but the fact that the global economy is increasingly becoming less stable as we approach the year 2012 is making a lot of people very nervous.
In early February the worst freeze in 60 years wiped out entire crops all across the southwestern U.S. and northern Mexico
It is being reported that due to the recent horrible freeze in Mexico cases of tomatoes that would usually cost shop owners around $13 are now going for up to $40
The FAO says that up to two-thirds of China's wheat crop could be at risk of failing due to weather conditions
Officials in Mexico are estimating that four million tons of corn have been lost because of the recent freeze.
It appears that Chinese imports of corn will be about 9 times larger than the USDA originally projected them to be for 2011
In the event of a global catastrophe, current global stockpiles of wheat would only be able to feed the world for 82 days
New home sales in the state of California were at the lowest level ever recorded in the month of January
The number of job openings in the United States declined for a second straight month during December
Average household debt in the United States has now reached a level of 136% of average household income
It is estimated that there are about 5 million homeowners in the United States that are at least two months behind on their mortgages
Americans now owe more than $889 billion on student loans, which is even more than they owe on credit cards
When you adjust wages for inflation, middle class workers in the United States make less money today than they did back in 1971
The number of Americans that have become so discouraged that they have given up searching for work completely now stands at an all-time high
35 per cent of Americans believe that unemployment is currently the most important problem in the United States
Gallup also says that 19.6 per cent of the workforce in America is currently either unemployed or underemployed
The Obama administration is projecting that the federal budget deficit will be 1.65 trillion dollars for fiscal 2011
It is estimated that the total U.S. national debt will be greater than 100 per cent of GDP by the end of this fiscal year
The U.S. government relies on foreign nations such as China and Japan to finance 40 per cent of all new government debt
According to the U.S. Conference of Mayors, visits to soup kitchens are up 24 per cent over the past year
Gasoline prices in the United States are now the highest that they have ever been in the middle of February
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