Economic Crisis News 2015-08-29
Global markets are going crazy this week with volatility like we haven't seen in perhaps years.
Stock Market to Crash More
Last friday we saw the 10th largest Dow Jones point loss in history at 530 points but Monday saw the 8th largest at 588. In fact, Monday saw the largest ever intra-day point swing of near 1,100 points, the Dow opening down a record 1,000 points. This Friday the Dow only closed down about 12 points, making this week up 184 points despite the severe losses early in the week.
With September almost here, it's time to revisit some warnings and prophecies. In May we released a video that still gets over a thousand views per week: “September 2015 Prophecies for Disaster.” Now we're seeing one of the supposed prophesized items, the stock market crash. History and media have been pointing to September this year as a time more ripe for catastrophes. Most notably of these is the 7 year cycle of the Shemitah that many crashes have occurred on including the 1987 crash, 2001 dot-com bust and, everyone's most recent memory, the 2008 crash.
Analysts are predicting at least a crash in the stock market coming; including:
- Tom McLennan says we're headed for an ugly decline, Harry Dent says we're weeks away from global financial collapse, Gerald Celente says global economy has collapsed and we'll see global market crash before the end of 2015.
- Larry Edelson says he is 100% confident we will see a financial crisis of epic proportions within the next few months that will bring Europe, Japan and the United States to their knees.
- Jeff Berwick even created a new site and newsletter “Survive the Shemitah” to warn about what could happen next month. Even our friend David Morgan is weary of something big happening.
- Our very own analyst Joshua Enomoto says we could see the Dow crash as much as 10,000 in the very near future.
Though the US Dollar index has recovered back over 96, signs of the dying dollar are becoming more apparent, perhaps the oil rally is part of this, or due to Saudi Arabia furthering the war with Yemen. The currency wars will heat up as the yuan is DE-pegging from the dollar and more trade will be conducted in the Chinese currency.
Oil after falling significantly over the last month, temporarily dipped under $40 but has since recovered to over $42 for WTI and $47 for Brent Crude. This and the stock market rally could just be a dead cat bounce...unless the whole system IS rigged and we'll see a spike in oil back up just to shock the markets, give profits to the elite, and cause world turmoil.
Gold has seen a crash to a 5 year low under $1120 and is now at $1135 while Silver reached a 6-year low under $14.20. Almost needless to say at this point, premiums are back up and stock is delayed at major bullion dealers.
Back in 2008 delivery times were months long for silver and premium were up to 100%. Andy Schectman, President of Miles Franklin bullion dealer stated this Friday that most of his supplying mints were on back-order, he also said quickly some will be impossible to get.
Bitcoin also saw a volatile week, though ending up close to where it started off at $232. Like we mentioned months ago, perhaps bitcoin was becoming the wall street currency. The closer ties with wall street have gave it a bad position now as it crashed with our stock market. Bitcoin should be doing the opposite; it is a new financial system that should do better as the old one shows more and more weakness.
If you remember last week we said the proposed block change, the software dubbed 'Bitcoin XT', new subreddit had 7,000 members, it now has 12,000. The bitcoin community basically runs on a consensus that the majority view will dictate any changes in how the system operates. Though price may not always show, bitcoin is steadily growing and spreading to new users; NYU, Duke, Princeton, Stanford and other universities now have cryptocurrency courses.
In Greece news, the replacement for Tsipras was appointed Friday and is the first female Prime Minister.