Glenn has been talking about the perilous state of the economy for years, far longer than nearly every host or pundit out there and now many others are starting to come around to seeing the dire consequences Glenn sees coming. Jim Cramer, host of the popular program 'Mad Money' recently came out with an incredibly shocking quote about possible economic collapse. Glenn has more on the fragile state of the global economy on radio today.
"That's why tonight I'm going to begin to think about the situation in DEFCON terms. Remember DEFCON? I'm calling this DEFCON 3. Two stages away from a financial collapse that it's so huge, it's hard to get your mind around," Jim Cramer told listeners.
"Now he's talking about Europe. Now let me ‑‑ let me share one thing with you, and this, this really, I can't believe I missed this. One of the stories that came out last week was that the Germans couldn't sell 35% of their bonds. The Germans couldn't. Now, Germany - it's the engine of Europe. There is no question that Germans have it down. That Germans are the engine. Everybody's looking to Germany to bail the rest of Europe out," Glenn explained.
"Germany can't sell its bonds, yet at the same time Spain and Italy can. Well that doesn't make sense. So they put their bonds up. People don't buy them, but they buy Italy's bonds. What? Why would you buy Italy which you know is on the verge of collapse but you wouldn't buy Germany, which, Germany is not on the verge of collapse? Then the German Finance Minister comes out and says we might, we might back off a bit on the demands of the private banks, hold all the troubled, you know, sovereign debt from Greece and Italy and Spain and we might accept part of the cost of the bailout by writing off some of the debt ourselves. Excuse me. Wait a minute. You can't sell your bonds and then you reverse yourself on something. And Germany couldn't sell its bonds but Italy could," Glenn said.
"Is there the possibility that you are seeing for the first time the muscle of places like Goldman Sachs and the Fed and the Central Bank saying to Germany, making threats to a sovereign nation? Really? You're not going to bail the rest of Europe out? You watch what happens when you put your bonds up for sale. And Goldman Sachs and their ilk went and stood guard and made sure that people were not buying German bonds and thus Germany reverses itself. You have ‑‑ you already have lost control of much of this planet to technocrats and to global financing. It's already happened. It's already happened. And I contend there's a possibility that what you saw in the German bond market was really an act of war. If it was a country that did this, not the Fed or Goldman Sachs or the Central banks, it would be an act of war. And they are threatening Germany. There's a possibility that that's what's happened. How do you prove that? I have no idea. But just ask yourself, why would Italy's bonds sell and Germany's wouldn't? It doesn't make any sense. Something's not right."