Socio-Economics History Blog

Socio-Economics History Blog

C.E.O. in Europe Sounds the Alarm: Heading into Banking Crisis, Collapse of Industry, Households, Economy, Currency — “Weeks Away”

by mosesman

  • C.E.O. in Europe Sounds the Alarm: Heading into Banking Crisis, Collapse of Industry, Households, Economy — “Weeks Away”
    by HAL TURNER, https://halturnerradioshow.com/
    Tuomas Malinen is the Chief Executive Officer (CEO) of GnS Economics in Helsinki, Finland. Today, Wednesday, September 7, 2022, he is publicly saying that Europe is heading into a total collapse of business, and its currency, within weeks.
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    According to its website, GnS Economics is an independent, Helsinki-based macroeconomic consultancy specialized in forecasting and analyzing the risks of the world economy and the financial markets.
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    CEO Tuomas Malinen, PhD, is CEO and the Chief Economist of GnS Economics. He is also an Associate Professor of Economics at the University of Helsinki. He has studied economics at the University of Helsinki and at New York University. He specializes in economic growth, economic crises, central banks and the business cycle.
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    In a series of public messages on his Twitter account, Malinen publicly warned today “My (our) monthly forecasts are out, and oh man that they look horrible. Europe is sinking and she is pulling the rest of the world with her…” Accompanying that message is a chart showing the trouble: (here)
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    He went farther . . . much farther.  Malinen warned “I am telling you people that the situation in Europe is much worse than many understand. We are essentially on the brink of another banking crisis, a collapse of our industrial base and households, and thus on the brink of the collapse of our economies.”
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    He went on to tell the public:
    ” . . . the speed of deterioration is massive now, and it’s only a matter of time, when markets catch up. I am betting that we still have few weeks (months at max.) before “mayhem” truly begins. Take precautionary measures. Stock: 1. Cash. 2. Food. 3. Water. 4. Wood (if you have a stove). 5. Other necessities. No harm will come from preparation, if somehow miraculously we can avoid the onset of an outright economic collapse. You just have more cash (no meaningful interest in banks), food, water and wood.”
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    As most readers likely already know, this is heavyweight advice from a guy in his position.  Generally, CEO’s never go out on a limb like this and say such things publicly.  Yet, Malinen is doing exactly that.  and it gets worse.
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    EURO COLLAPSE?
    One reader of his public posts asked Malinen “Is euro collapse in the cards do you think?” and he replied bluntly “It is.” Not to put too fine a point on it, but this is coming from a guy who is holds a PhD in economics!
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    Clearly the EURO is falling in value compared to the U.S. Dollar.  Back on August 22, the EURO which in the past was worth about $1.25, fell below parity to about $0.99.  This is because investors are rapidly losing confidence in Europe due to the self-inflicted energy woes brought about by Sanctions against Russia over the Ukraine situation.  Those Sanctions have completely back-fired and are now harming Europe itself.
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    Europe cannot produce enough natural gas to run its electric plants, and due to their own economic sanctions, they are refusing to buy from Russia.   This means Europe has to go out to other markets to buy natural gas and those markets have skyrocketed as demand  reaches all-time highs. 
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    read more.

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