Economist: Unstoppable economic collapse is imminent

It's the end of the world as we know it...and Glenn finally isn't the only one saying it! Raoul Paul, who previously co-managed the GLG Global Macro Fund and is a Goldman Sachs alum, has a pretty bleak prediction for what is coming to Europe and the rest of the world. What does he think is coming? The worst economic shock the world has ever seen and, even worse, there's nothing we can do to stop it!

See the Pal's presentation HERE

"The world has no engine of growth with most of the G-20 countries approaching stall speed at the same time. Now, what is that? G-20, that's the 20 biggest countries in the world. Approaching stall speed. We have no engine of growth. Ask yourself this question: What is the engine of growth in the United States? Currently it is being set up that the engine of growth is the stimulus package, is the United States government. Is that real growth? I contend - and you know the answer - no," Glenn explained.

"The western world is about to enter a second recession in an ongoing depression. For the first time since the 1930's, we're entering a recession. Before industrial production, durable goods orders, employment, and private sector GDP have made back their previous highs. Hear that again. For the first time since the 1930's before we've made if back up on our feet. Usually we have a recession, it starts to grow again, and then we come back down. This is -- this is a new trend."

"Fact: This will to be the lowest cyclical peak in GDP growth in G-7 history. These are the weakest ever foundations on which to enter a recession."

"The problem is down to one thing: Debt."

"This is significant. The 10 largest debtor nations on earth have total debts of over 300% of world GDP. History tells us that when sovereign defaults occur, what does that mean? Sovereign defaults? Sovereign default, if a sovereign default occurs, that means Greece goes out of business, Spain goes out of business, Portugal goes out of business. The Euro is a bubble. It will crash," Glenn said.

"History tells us when sovereign defaults occur, they come in a series of defaults. We need to understand history in order to grasp the present. The domino effect. In history when you have a default, one falls into the other and the other and the other. So, he says, what is coming? EU sovereign debt defaults. UK sovereign default. Japan sovereign default. South Korea, sovereign default. China, sovereign default."

"So, he says all of these will default and the biggest banking crisis in world history. Then he's got a few of the charts saying the end of finance, the end of Europe, the end of world trade. Then he has a picture of a hurricane and the eye of the hurricane. He says, We are here. We don't know exactly what is to come, but we can all join the very few dots from where we are now to the collapse of the first major bank, with very limited room for government bailouts.Why is that? Do you remember when we spoke two -- four years ago now, maybe almost close to five, we said that there would come a time that these bailouts wouldn't work, that they would throw money at the system, and then I said, When they do this and it doesn't change any of the factors, they have to immediately shut the faucets off and go the other way. Otherwise, they'll continue to print too much money, they'll digitize too much money. They'll flood the market with too much money and the engine will stall because you flooded it or you will have a rocket ship on your hands and you will have hyperinflation and you'll have out of control interest rates eventually. With very limited room for government bailouts, meaning we've got nothing less -- nothing left now. There's no bullets in the gun except meaningless printed. We can easily join the next dots from the first bank closure to the collapse of the whole European banking system and then to bankruptcy of the governments themselves. There are almost no breaks in the system to stop this and almost no one realizes the seriousness of this situation."

"The problem is not government debt, per se. Listen carefully. The real problem is The 70 trillion in G-10 debt, the top 10 governments around the world, The 70 trillion is the collateral for $700 trillion in derivatives. That number equates to 1200% of global GDP and rests on very, very weak foundations."

"Imagine the UK defaulting. What do you think would happen to Japan and China? Would they not be next? And do you think that the U.S. would survive unscathed? This is the end of the fractional reserve banking system and of fiat money. It is the big reset. This is what we've been talking about for quite some time. The big reset. This is what George Soros has wanted, the big reset."

"When the system has to be rebooted, who are the players that are designing that? This is why when people say to you, George Soros, why would anybody want this to happen? Because if you know the reset is coming, anyway, if you know it's unsustainable, then you want to be the one to design what the future looks like."

Glenn continued to read, "From a timing perspective, I think 2012 and 2013 will usher in the end. You have to understand that the global banking collapse and massive defaults would bring about the biggest economic shock the world has ever seen. There would be no trade finance, no shipping finance, no finance for farmers, no leasing, no bond market, no nothing. The markets are, frankly, at a terrifying point of realizing that there is nothing they can do including quantitative easing to prevent this collapse. The next phase, as Spain and Italy go, will be to see nationalization of banks -- the nationalization of banks and the assumption of bank debts on government balance sheets. This is what we talked to you about on Friday. We have Tim knee Geithner coming out and saying, The governments have to take this debt on. Then expect to be shut out of financial markets. Bonds will be stuck at 1% in the U.S., Germany, and UK, and Japan for this phase. The whole bond market will be dead. That means nobody wants to invest in companies. Short selling on bonds will be banned. Short selling stocks will be banned. CBS, banned. Short futures, banned. Put options, banned. All that will be left will be the dollar and gold. As defaults in governments and banks come to fruition, we risk a closure of the stock market entirely and a closure of the banking system as occurred in Argentina in 2001, Russia in 1998, and Brazil in 1999. We have around six months of trading in western markets to protect ourselves or make enough money to offset future losses. Spend your time looking at the risks of custody safekeeping, counterparty, et cetera. Assume that no one and nothing is safe. After that put your tin helmet on and hide until the new system emerges. I wish I could see another option with an equally high probability, but I can't find one. All we can do is hope that I'm wrong, but either way, a new system will emerge and it will open up a whole new set of opportunities, but we are going back 40 years in time and 1500 to 3000 years in trading."

"This, again, from not a schlub. This again coming on the heels of what George Soros said this weekend. George Soros said that he felt the EU had three months. They're saying the same thing."

"Now, the question is: What do you do about it? What does this all mean? That's what this whole week is about on the Glenn Beck Program and GBTV. Four steps. And I want you to seriously consider them with your family. I want you to seriously consider actually getting involved more than you already are," Glenn said. "I promise you by the end of the week that you will see that there is a way out and all you have to do is not panic. The first step is to commit, not to tune out because you can't handle it. You can, you will, and you'll lead the way out."

Stop trying to be right and think of the children

Mario Tama/Getty Images

All the outrage this week has mainly focused on one thing: the evil Trump administration and its minions who delight in taking children from their illegal immigrant parents and throwing them all in dungeons. Separate dungeons, mind you.

That makes for a nice, easy storyline, but the reality is less convenient. Most Americans seem to agree that separating children from their parents — even if their parents entered the US illegally — is a bad thing. But what if that mom and dad you're trying to keep the kids with aren't really the kids' parents? Believe it or not, fraud happens.

RELATED: Where were Rachel Maddow's tears for immigrant children in 2014?

While there are plenty of heartbreaking stories of parents simply seeking a chance for a better life for their children in the US, there are also corrupt, abusive human traffickers who profit from the illegal immigration trade. And sorting all of this out is no easy task.

This week, the Department of Homeland Security said that since October 2017, more than 300 children have arrived at the border with adults claiming to be their parents who turned out not to be relatives. 90 of these fraud cases came from the Rio Grande Valley sector alone.

In 2017, DHS reported 46 causes of fraudulent family claims. But there have already been 191 fraud cases in 2018.

Shouldn't we be concerned about any child that is smuggled by a human trafficker?

When Homeland Security Secretary Kirstjen Nielsen pointed out this 315 percent increase, the New York Times was quick to give these family fraud cases "context" by noting they make up less than one percent of the total number of illegal immigrant families apprehended at the southern border. Their implication was that Nielsen was exaggerating the numbers. Even if the number of fraud cases at the border was only 0.001 percent, shouldn't we be concerned about any child that is smuggled by a human trafficker?

This is the most infuriating part of this whole conversation this week (if you can call it a "conversation") — that both sides have an angle to defend. And while everyone's busy yelling and making their case, children are being abused.

What if we just tried, for two seconds, to love having mercy more than we love having to be right all the time?

Remember when cartoons were happy things? Each panel took you on a tiny journey, carrying you to an unexplored place. In Understanding Comics, Scott McCloud writes:

The comics creator asks us to join in a silent dance of the seen and the unseen. The visible and the invisible. This dance is unique to comics. No other artform gives so much to its audience while asking so much from them as well. This is why I think it's a mistake to see comics as a mere hybrid of the graphic arts and prose fiction. What happens between . . . panels is a kind of magic only comics can create.

When that magic is manipulated or politicized, it often devolves the artform into a baseless thing. Yesterday, Occupy Wall Street published the perfect example of low-brow deviation of the artform: A six-panel approach at satire, which imitates the instructions-panel found in the netted cubbyhole behind seats on airplanes. The cartoon is a critique of the recent news about immigrant children being separated from their parents after crossing the border. It is a step-by-step guide to murdering US Immigrations and Customs Enforcement agents.

RELATED: Cultural appropriation has jumped the shark, and everyone is noticing

The first panel shows a man shoving an infant into a cage meant for Pomeranians. The following five panels feature instructions, and include pictures of a cartoonish murder.

The panels read as follows:

  1. If an ICE agent tries to take your child at the border, don't panic.
  2. Pull your child away as quickly as possibly by force.
  3. Gently tell your child to close his/her eyes and ears so they won't witness what you are about to do.
  4. Grab the ICE agent from behind and push your knife into his chest with an upward thrust, causing the agent's sternum to break.
  5. Reach into his chest and pull out his still beating heart.
  6. Hold his bloody heart out for all other agents to see, and tell them that the same fate awaits them if they f--- with your child again.

Violent comics are nothing new. But most of the time, they remain in the realms of invented worlds — in other words, not in our own, with reference to actual people, let alone federal agents.

The mainstream media made a game of crying racism with every cartoon depiction of Obama during his presidency, as well as during his tenure as Senator, when the New Yorker, of all things, faced scrutiny for depicting him in "Muslim clothing." Life was a minefield for political cartoonists during the Obama era.

Chris Hondros/Getty Images

This year, we saw the leftist outrage regarding The Simpsons character Apu — a cartoon representation of a highly-respected, though cartoonishly-depicted, character on a cartoon show composed of cartoonishly-depicted characters.

We all remember Charlie Hebdo, which, like many outlets that have used cartoon satire to criticize Islam, faced the wrath and ire of people unable to see even the tamest representation of the prophet, Muhammad.

Interesting, isn't it? Occupy Wall Street publishes a cartoon that advocates murdering federal agents, and critics are told to lighten up. Meanwhile, the merest depiction of Muhammad has resulted in riots throughout the world, murder and terror on an unprecedented scale.

The intersection of Islam and comics is complex enough to have its own three-hour show, so we'll leave it at that, for now. Although, it is worth mentioning the commentary by satirical website The Onion, which featured a highly offensive cartoon of all the major religious figures except Muhammad. It noted:

Following the publication of the image above, in which the most cherished figures from multiple religious faiths were depicted engaging in a lascivious sex act of considerable depravity, no one was murdered, beaten, or had their lives threatened.

Of course, Occupy Wall Street is free to publish any cartoon they like. Freedom of speech, and so on—although there have been several instances in which violent cartoons were ruled to have violated the "yelling fire in a crowded theater" limitation of the First Amendment.

Posting it to Twitter is another issue — this is surely in violation of Twitter's violent content policy, but something tells me nothing will come of it. It's a funny world, isn't it? A screenshot of a receipt from Chick-fil-A causes outrage but a cartoon advocating murder gets crickets.

RELATED: Twitter mob goes ballistic over Father's Day photo of Caitlyn Jenner. Who cares?

In Understanding Comics, Scott McCloud concludes that, "Today the possibilities for comics are — as they've always been — endless. Comics offers . . . range and versatility, with all the potential imagery of film and painting plus the intimacy of the written word. And all that's needed is the desire to be heard, the will to learn, and the ability to see."

Smile, and keep moving forward.

Crude and awful as the Occupy Wall Street comic is, the best thing we can do is nod and look elsewhere for the art that will open our eyes. Let the lunatics draw what they want, let them stew in their own flawed double standards. Otherwise, we're as shallow and empty as they are, and nothing good comes of that. Smile, and keep moving forward.

Things are getting better. Show the world how to hear, how to learn, how to see.

People should start listening to Nikki Haley

ANDREW CABALLERO-REYNOLDS/AFP/Getty Images

Okay. Let's take a vote. You know, an objective, quantifiable count. How many resolutions has the UN Human Rights Council adopted condemning dictatorships? Easy. Well. How do you define "dictatorship"?

Well, one metric is the UN Human Rights Council Condemnation. How many have the United Nations issued to China, with a body count higher than a professional Call of Duty player?

Zero.

How about Venezuela, where socialism is devouring its own in the cruelest, most unsettling ways imaginable?

Zero.

And Russia, home of unsettling cruelty and rampant censorship, murder and (actual) homophobia?

Zero.

Iraq? Zero. Turkey? Iraq? Zero. Cuba? Zero. Pakistan? Zero.

RELATED: Nikki Haley just dropped some serious verbal bombs on Russia at the UN

According to UN Human Rights Council Condemnations, 2006-2016, none of these nations is as dangerous as we'd imagined. Or, rather, none of them faced a single condemnation. Meanwhile, one country in particular has faced unbelievable scrutiny and fury — you'll never guess which country.

No, it's not Somalia. It's Israel. With 68 UN Human Rights Council Condemnations! In fact, the number of total United Nations condemnations against Israel outnumbers the total of condemnations against all other countries combined. The only country that comes close is Syria, with 15.

The Trump administration withdrew from the United Nations Human Rights Council on Tuesday in protest of what it perceives as an entrenched bias against Israel and a willingness to allow notorious human rights abusers as members.

In an address to the UN Security Council on Tuesday, Nikki Haley said:

Let's remember that the Hamas terrorist organization has been inciting violence for years, long before the United States decided to move our embassy. This is what is endangering the people of Gaza. Make no mistake, Hamas is pleased with the results from yesterday... No country in this chamber would act with more restraint than Israel has.

Maybe people should start listening to Haley. Hopefully, they will. Not likely, but there's no crime in remaining hopeful.

Here's a question unique to our times: "Should I tell my father 'Happy Father's Day,' even though he (she?) is now one of my mothers?"

Father's Day was four days ago, yes, but this story is just weird enough to report on. One enjoyable line to read was this gem from Hollywood Gossip: "Cait is a woman and a transgender icon, but she is also and will always be the father of her six children."

RELATED: If Bruce was never a he and always a she, who won the men's Olympic gold in 1976?

Imagine reading that to someone ten — even five — years ago. And, honestly, there's something nice about it. But the strangeness of its having ever been written overpowers any emotional impact it might bring.

"So lucky to have you," wrote Kylie Jenner, in the Instagram caption under pre-transition pictures of Bruce Jenner.

Look. I risk sounding like a tabloid by mere dint of having even mentioned this story, but the important element is the cultural sway that's occurring. The original story was that a band of disgruntled Twitter users got outraged about the supposed "transphobic" remarks by Jenner's daughter.

But, what we should be saying is, "who the hell cares?" Who cares what one Jenner says to another — and more importantly and on a far deeper level — who cares what some anonymous Twitter user has to say?

When are we going to stop playing into the hands of the Twitter mob?

When are we going to stop playing into the hands of the Twitter mob? Because, at the moment, they've got it pretty good. They have a nifty relationship with the mainstream media: One or two Twitter users get outraged by any given thing — in this case Jenner and supposed transphobia. In return, the mainstream media use the Twitter comment as a source.

Then, a larger Twitter audience points to the article itself as proof that there's some kind of systemic justice at play. It's a closed-market currency, where the negative feedback loop of proof and evidence is composed of faulty accusations. Isn't it a hell of a time to be alive?