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."

This was one of the first homesteads in the area in the 1880's and was just begging to be brought back to its original glory — with a touch of modern. When we first purchased the property, it was full of old stuff without any running water, central heat or AC, so needless to say, we had a huge project ahead of us. It took some vision and a whole lot of trust, but the mess we started with seven years ago is now a place we hope the original owners would be proud of.

To restore something like this is really does take a village. It doesn't take much money to make it cozy inside, if like me you are willing to take time and gather things here and there from thrift shops and little antique shops in the middle of nowhere.

But finding the right craftsman is a different story.

Matt Jensen and his assistant Rob did this entire job from sketches I made. Because he built this in his off hours it took just over a year, but so worth the wait. It wasn't easy as it was 18"out of square. He had to build around that as the entire thing we felt would collapse. Matt just reinforced the structure and we love its imperfections.

Here are a few pictures of the process and the transformation from where we started to where we are now:

​How it was

It doesn't look like much yet, but just you wait and see!

By request a photo tour of the restored cabin. I start doing the interior design in earnest tomorrow after the show, but all of the construction guys are now done. So I mopped the floors, washed the sheets, some friends helped by washing the windows. And now the unofficial / official tour.

The Property

The views are absolutely stunning and completely peaceful.

The Hong Kong protesters flocking to the streets in opposition to the Chinese government have a new symbol to display their defiance: the Stars and Stripes. Upset over the looming threat to their freedom, the American flag symbolizes everything they cherish and are fighting to preserve.

But it seems our president isn't returning the love.

Trump recently doubled down on the United States' indifference to the conflict, after initially commenting that whatever happens is between Hong Kong and China alone. But he's wrong — what happens is crucial in spreading the liberal values that America wants to accompany us on the world stage. After all, "America First" doesn't mean merely focusing on our own domestic problems. It means supporting liberal democracy everywhere.

The protests have been raging on the streets since April, when the government of Hong Kong proposed an extradition bill that would have allowed them to send accused criminals to be tried in mainland China. Of course, when dealing with a communist regime, that's a terrifying prospect — and one that threatens the judicial independence of the city. Thankfully, the protesters succeeded in getting Hong Kong's leaders to suspend the bill from consideration. But everyone knew that the bill was a blatant attempt by the Chinese government to encroach on Hong Kong's autonomy. And now Hong Kong's people are demanding full-on democratic reforms to halt any similar moves in the future.

After a generation under the "one country, two systems" policy, the people of Hong Kong are accustomed to much greater political and economic freedom relative to the rest of China. For the protesters, it's about more than a single bill. Resisting Xi Jinping and the Communist Party means the survival of a liberal democracy within distance of China's totalitarian grasp — a goal that should be shared by the United States. Instead, President Trump has retreated to his administration's flawed "America First" mindset.

This is an ideal opportunity for the United States to assert our strength by supporting democratic values abroad. In his inaugural address, Trump said he wanted "friendship and goodwill with the nations of the world" while "understanding that it is the right of all nations to put their interests first." But at what point is respecting sovereignty enabling dictatorships? American interests are shaped by the principles of our founding: political freedom, free markets, and human rights. Conversely, the interests of China's Communist Party are the exact opposite. When these values come into conflict, as they have in Hong Kong, it's our responsibility to take a stand for freedom — even if those who need it aren't within our country's borders.

Of course, that's not a call for military action. Putting pressure on Hong Kong is a matter of rhetoric and positioning — vital tenets of effective diplomacy. When it comes to heavy-handed world powers, it's an approach that can really work. When the Solidarity movement began organizing against communism in Poland, President Reagan openly condemned the Soviet military's imposition of martial law. His administration's support for the pro-democracy movement helped the Polish people gain liberal reforms from the Soviet regime. Similarly, President Trump doesn't need to be overly cautious about retribution from Xi Jinping and the Chinese government. Open, strong support for democracy in Hong Kong not only advances America's governing principles, but also weakens China's brand of authoritarianism.

After creating a commission to study the role of human rights in U.S. foreign policy, Secretary of State Mike Pompeo wrote last month that the principles of our Constitution are central "not only to Americans," but to the rest of the world. He was right — putting "America First" means being the first advocate for freedom across the globe. Nothing shows the strength of our country more than when, in crucial moments of their own history, other nations find inspiration in our flag.

Let's join the people of Hong Kong in their defiance of tyranny.

Matt Liles is a writer and Young Voices contributor from Austin, Texas.

Summer is ending and fall is in the air. Before you know it, Christmas will be here, a time when much of the world unites to celebrate the love of family, the generosity of the human spirit, and the birth of the Christ-child in Bethlehem.

For one night only at the Kingsbury Hall in Salt Lake City, on December 7th, join internationally-acclaimed radio host and storyteller Glenn Beck as he walks you through tales of Christmas in the way that only he can. There will be laughs, and there might be a few tears. But at the end of the night, you'll leave with a warm feeling in your heart and a smile on your face.

Reconnect to the true spirit of Christmas with Glenn Beck, in a storytelling tour de force that you won't soon forget.

Get tickets and learn more about the event here.

The general sale period will be Friday, August 16 at 10:00 AM MDT. Stay tuned to for updates. We look forward to sharing in the Christmas spirit with you!