19 Reasons To Start Preparing for a Global Economic Collapse!

• The world is heading towards a global economic, financial and monetary metldown! Emphasis mine: 
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  19 Reasons to Start Preparing for a Global Economic Collapse! 
  by Michael Snyder, Contributor Activist Post
  Yes, it is officially time to start freaking out about the global economy. The European financial system is falling apart and it is going to go down hard. If Europe was going to be saved it would have happened by now. The big money insiders have already pulled their funds from vulnerable positions and they are ready to ride out the coming chaos.
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  Over the next few months the slow motion train wreck currently unfolding in Europe will continue to play out and things will likely really start really heating up in the fall once summer vacations are over.
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  Most Americans greatly underestimate how much Europe can affect the global economy. Europe actually has a larger population than the United States does. Europe also has a significantly larger economy and a much larger banking system. The world is more interconnected today than ever before, and a collapse of the financial system in Europe will cause a massive global recession. Once the global economy slides into another major recession, it is going to take years to recover. The pain is going to be immense. Yes, that is going to include the United States. Sadly, we never recovered from the last recession, and it is frightening to think about how much further this next recession is going to knock us down.
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  The big problem is that there is simply way, way, way too much debt in the United States and Europe. It has been a lot of fun spending all of this borrowed money, but now we get to pay the price.
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  The following are 19 reasons why it is time to start freaking out about the global economy….
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  #1 The yield on 10 year Italian bonds has now risen to more than 6 percent.
  #2 The yield on 10 year Spanish bonds has now risen to more than 7 percent. This is considered to be an unsustainable level.
  #3 Citigroup Chief Economist Willem Buiter says that both Italy and Spain are going to need major bailouts.
  #4 The Spanish banking crisis continues to get worse. The following is from a CNN article that was posted on Monday….
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  But the depth of the nation’s crisis has raised doubts about whether €100 billion will be enough to recapitalize the banks. For example, the Bank of Spain, the nation’s central bank, released data Monday showing that “doubtful” loans — those that are more than 3 months overdue — rose to €152.7 billion in April, equal to 8.7% of all the loans held by the nation’s banks.
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  #5 Unemployment in Spain is sitting at a record high of over 24 percent with no hope in sight
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  read more!

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