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Red alert.... the second stage of the credit crunch

The main reason for me compiling the digest is to highlight that the 2008 financial meltdown was only deferred. We are now at the next stage of the credit crunch.

After the US stock market closed last Friday, Standard & Poors downgraded the U.S.’s AAA credit rating for the first time ever. The US dollar is the global reserve currency and is the foundation of the petrodollar.

This is the biggest economic news that any of us born since WW2 will likely ever read. Many investment bodies such as global pension funds are only allowed to buy AAA-rated bonds. US debt yields will rise, and with them the overall borrowing costs of all Western economies.

What’s on the cards in the near future

Bank Runs - On the banks, by the banks.
Numbers - really ugly economic data, more layoffs
Stock and bond markets - extreme volatility
Defaults - Greece, Portugal, Italy, Spain, Cyprus, Ireland etc. But will they call it a default this time?
Bankruptcies and foreclosures leading to……..
Debt destruction and, as fiat currency is debt, then money will be destroyed ( remember 97% of all money is digital, not cash)
Deleveraging and wealth destruction of all asset classes –
Leading to a deflationary spiral
Inflation will not happen despite every government trying to make its exports more competitive by printing more money through quantitative easing. The debt mountain is simply too large
Recession probably depression - GDP growth goes negative.

Cash is king during a deflationary spiral. Commodities and land are king in times of high inflation. Gold and silver are king during periods of monetary fear and high inflation

Fear peaked at the end of last week. In the mid-term, a lot more fear is in the pipeline.

Cheers Mike