Ominous signs of crisis that could explode around the world
Is America headed for an economic collapse?
If so, presidential candidates are remaining eerily quiet about what’s being described as “a huge disaster waiting to happen.”
The U.S. stock market is on the verge of a massive collapse, warned David Stockman, OMB director during the Reagan administration, on CNBC’s “Futures Now” program. He said the recent price action has him even more convinced than ever that the bottom is about to fall out.
Stockman believes the excessive monetary policy from central banks around the world has created a “debt supernova,” and all the signs point to “the end of the central bank enabled bubble,” which could cause a worldwide recession.
In fact, he said, there’s no way to roll back the artificially inflated bubbles the Federal Reserve has caused.
“I think what we are seeing is the beginning evidence that the central bank-driven credit economy is over, and we are in a new era,” he said. “It’s a huge disaster waiting to happen.”
Now that the presidential hopefuls are duking it out in debates, it’s hoped whoever ends up occupying the Oval Office in 2016 will be equipped to handle the seemingly insurmountable challenge of an economic crisis.
For years, Obama has attempted to convince Americans an economic recovery is just around the corner. But more and more, the stark numbers are not supporting this administration’s assurances. Both domestic and international affairs are contributing to increasing concerns that something “big” is imminent.
Financial Times reports the media sector has been “in free-fall” since Walt Disney revised its growth outlook for its ESPN sports channel this week. Viacom shares fell by more than 14 percent. Comedy Central, MTV and Paramount Pictures hit earnings forecasts, but missed estimates on revenues. 21st Century Fox closed down more than 6 percent.