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."

TRUMP: The twilight hour of socialism has arrived

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The other day, at Florida International University in Miami, facing large American and Venezuelan flags, President Trump gave a rousing speech in Miami, including this line, the "twilight hour of socialism has arrived."

Trump went on to say:

Socialism is about one thing only—power for the ruling class. They want the power to decide who wins and who loses, who's up and who's down…and even who lives and who dies.

He then repeated a phrase that helped define his State of the Union address this year:

America will never be a socialist country.

Fittingly, Fox News posted an article yesterday exposing the overlooked evils of Che dangers of socialism that all too often disappear behind a flashy design on a t-shirt.

  1. Guevara said he killed people without regard to guilt or innocence. In an interview, Guevara said, "in times of excessive tension we cannot proceed weakly. At the Sierra Maestra, we executed many people by firing squad without knowing if they were fully guilty. At times, the Revolution cannot stop to conduct much investigation; it has the obligation to triumph."
  2. Humberto Fontova, author of "Exposing the Real Che Guevara," told Fox that Guevara created system that put gay people in labor camps. "The regime that Che Guevara co-founded is the only one in modern history in the Western Hemisphere to have herded gays into forced labor camps."
  3. Guevara opposed a free press: "In 1959, leftist journalist José Pardo Llada reported that Guevara told him: 'We must eliminate all newspapers; we cannot make a revolution with free press. Newspapers are instruments of the oligarchy.'"
  4. Guevara made racist statements: Guevara went on to write: "the black is indolent and a dreamer; spending his meager wage on frivolity or drink; the European has a tradition of work and saving."

These are just some of the many historical examples of the failure of socialism. President Trump is right. If the frivolities of Alexandria Ocasio-Cortez and Bernie Saunders catch on and spread, we could have an unbelievable problem on our hands.

Poor Jussie: His narrative is falling apart completely

Tasia Wells/Getty Images for Espolòn

Here's how the media works now: Find a story that confirms their narrative, run it constantly and relentlessly. When the real story comes out, minimize exposure of the correction. Repeat.

We're seeing this pattern play out over and over again.

RELATED: John Ziegler isn't buying what Jussie Smollett's selling either

Here are some of the knee-jerk reactions that the media had to this Jessie Smollett hoax, from Insider Edition, CNN, E! News, Headline News, CNBC, TMZ, to name a few:


Montage: Watch the Media Uncritically Accept Another Outlandish 'Hate Crime' youtu.be


And those are just the reactions on TV. It was just as bad, at times worse, in print and online. I'll give you one special example, however. Because, you know the situation is bad when TMZ is connecting the dots and seeing through this guy's story:

The sources say there were red flags from the get go. Cops were extremely suspicious when Jussie took them out to the area where he said he was attacked and pointed to an obscure camera saying how happy he was that the attack was on video. Turns out the camera was pointing in the wrong direction. Cops thought it was weird he knew the location of that camera. And there's this. We're told investigators didn't believe the 2 alleged attackers screamed 'This is MAGA country' because 'Not a single Trump supporter watches 'Empire.''

Here's the man himself, in an interview just days after the alleged beating…I'm sorry, the alleged "modern day lynching." Here he is in an interview with ABC News, complaining about people making up stuff:



Strong words, spoken by a man who, allegedly, created the whole narrative to begin with.

This compromise is an abomination

Zach Gibson/Getty Images

Three decades ago, "The Art of the Deal" made Donald Trump a household name. A lot has happened since then. But you can trace many of Trump's actions back to that book.

Art of the Deal:

In the end, you're measured not by how much you undertake but by what you finally accomplish.

People laughed when he announced that he was running for President. And I mean that literally. Remember the 2011 White House Correspondents' Dinner when Obama roasted Trump, viciously, mocking the very idea that Trump could ever be President. Now, he's President.

You can't con people, at least not for long. You can create excitement, you can do wonderful promotion and get all kinds of press, and you can throw in a little hyperbole. But if you don't deliver the goods, people will eventually catch on.

This empire-building is a mark of Trump.

RELATED: 'Arrogant fool' Jim Acosta exposed MSM's dishonest border agenda — again.

The most recent example is the border wall. Yesterday, congress reached a compromise on funding for the border wall. Weeks of tense back-and-forth built up to that moment. At times, it seemed like neither side would budge. Trump stuck to his guns, the government shut down, Trump refused to budge, then, miraculously, the lights came back on again. The result was a compromise. Or at least that's how it appeared.

But really, Trump got what he wanted -- exactly what he wanted. He used the techniques he wrote about in The Art of the Deal:

My style of deal-making is quite simple and straightforward. I aim very high, and then I just keep pushing and pushing and pushing to get what I'm after.

From the start, he demanded $5.7 billion for construction of a border wall. It was a months' long tug-of-war that eventually resulted in yesterday's legislation, which would dedicate $1.4 billion. It would appear that that was what he was after all along. Moments before the vote, he did some last-minute pushing. A national emergency declaration, and suddenly the number is $8 billion.

Art of the Deal:

People think I'm a gambler. I've never gambled in my life. To me, a gambler is someone who plays slot machines. I prefer to own slot machines. It's a very good business being the house.

In a rare show of bipartisanship, Senate passed the legislation 83-16, and the House followed with 300-128. Today, Trump will sign the bill.

It's not even fair to call that a deal, really. A deal is what happens when you go to a car dealership, fully ready to buy a car, and the salesman says the right things. What Trump did is more like a car dealer selling an entire row of cars to someone who doesn't even have a licence. When Trump started, Democrats wouldn't even consider a wall, let alone pay for it.

Art of the Deal:

The final key to the way I promote is bravado. I play to people's fantasies. People may not always think big themselves, but they can still get very excited by those who do. That's why a little hyperbole never hurts. People want to believe that something is the biggest and the greatest and the most spectacular. I call it truthful hyperbole. It's an innocent form of exaggeration—and a very effective form of promotion.

He started the wall on a chant, "Build the wall!" until he got what he wanted. He maneuvered like Don Draper, selling people something that they didn't even know they wanted, and convincing them that it is exactly what they've always needed.