Bonner
Hi, my name is Bill Bonner.
You may not know me, but I'm the president of Agora Inc., the largest underground news and research network in the world. I started this company in 1979, and today we're actually bigger than the New York Times and the Wall Street Journal.
The information I'm about to share with you has never been released to the general public before.
You see, right now - at this very moment - the highest levels of our government and banking system are locked in a desperate last stand against a disturbing shock...
One you would never expect... or even think possible.
Yet our leaders have already spent $4.5 trillion - more than we spent on World War II - trying to contain this problem...
And it looks like they're about to lose the fight...
In fact, when they do - and believe me, they will - a systemic shock will disrupt our lives in ways you never thought possible...
You will suddenly be locked out of your bank account... unable to withdraw cash or deposit a check... your stocks will swing wildly out of control... your Social Security payments will pile up unopened on your kitchen table... no one will cash them...
It will spread to a weak link in our food supply chain, causing massive shortages in the cities and suburbs... The same will happen to our gas network... America's highways will become empty...
And one by one every service you've come to depend on, from your bank to your grocery store to our Federal government... will shut down...
A Disturbing and Sudden Shock That Could Break This Country Apart
I realize that must sound outrageous.
But as I hope to show you, I'm simply following my firm's massive amount of research on this subject to its logical conclusion.
What I've since realized is over 30 years time is that the government's debt is more of a symptom than a disease itself...
In short, our national debt is actually a smaller part of a much larger... and far more dangerous threat...
There's no official record of this, but I estimate that somewhere from $958 billion to $1.5 trillion changes hands in the U.S. every month.
People buy milk and pay babysitters. They pay their mortgages and their taxes. Consumer spending alone is $11.2 trillion annually.
But there is only $1.2 trillion worth of actual dollars - physical money - in the entire world.
We can't be entirely sure how much of that is actually here in the U.S. Estimates hold that 50% to 75% of our money is in overseas bank accounts or held by foreign governments.
A lot of what's left here in the States is called "dead money" - it's stuffed in mattresses and safety deposit boxes...
In fact, the amount of U.S. dollars being hoarded this way - i.e., the amount of dead money - is now at an all-time high...
All in all, there might be as little as 250 billion actual U.S. dollars circulating here in the United States...
And while that might seem like a lot of money, consider that a single U.S. company - Walmart - takes in nearly twice that amount in annual revenue... and that our government spends 14 TIMES that amount in just a year...
So if there's only 250 billion physical U.S. dollars in this country... where are all those trillions of dollars coming from?
Let me remind you that those physical U.S. dollars are America's only legal money - or "tender." There is no "digital dollar" (at least not yet)... and the average Joe isn't buying his groceries with Bitcoins...
One explanation is that people are just spending a lot... so that $250 billion gets transferred around so much that at the end of a year, you see trillions changing hands...
Only that can't be possible...
What I've just described is called "monetary velocity." And you can measure it.
And right now monetary velocity is at its lowest point in history. People aren't spending that $250 billion in actual US dollars... it's staying put in those mattresses and safety deposit boxes...
So people are spending something else...
And here it is...
The terrifying source of all our money...
It's our credit system.
For the past 30 or so years it's been growing exponentially.
That's why...
...Although wages have been falling since the 1970s...
...And although we spend our dollars less and less...
America still appears to be getting richer and richer...
Since the 1970s, the credit system in America has grown to become our biggest - and most crucial - asset...
More than TWICE the value of every single home in America put together...
More than THREE TIMES the value of every single U.S. bank's assets combined...
More than 20 TIMES the trillions of dollars the U.S. government collects in taxes every year...
But it's also our biggest liability...
Because at some point all that credit can only exist if people believe they'll get paid back...
That is... if they believe that there's enough money in America to pay back all of that $60 trillion in outstanding credit...
And here's the truth... There isn't.
Our credit system is insolvent...
And when it fails... which it will surely do... it could wipe out more wealth than any other crisis in history...
To put that in context, $10.2 trillion vanished during the financial meltdown of 2008...
This crisis will wipe out SIX TIMES that amount...
I'm not talking about a few credit cards getting denied...
In modern America, long, complex chains of production and distribution put food on your table and gas in your car
.
Eight out of ten people live in cities or suburbs. Almost no one - not even the farmers themselves - can feed themselves from their own gardens on their own land. Instead, they all depend on credit.
First the farmer gets a loan from the bank to buy his farm.
Then he uses credit to buy supplies, fuel, fertilizer, seed... everything.
After the crops are grown, the wholesaler - who got a loan to build his warehouse and processing center - uses credit to buy the raw food from the farmer so he can process and package it.
Then a trucker - who got an auto loan to buy his truck - uses credit to buy fuel so he can haul the food to a retailer.
The retailer needs credit to keep the lights on, the shelves stocked, and the stores open.
Each part of this chain can afford to take on that debt... because they know that eventually the consumer will buy that food... most likely using a credit card.
If the one crucial piece of that chain - credit - stops working...
Suddenly suburbs and cities are cut off from their food supplies...
Businesses can't run... they can't meet payroll...
When the credit system starts to implode, it not only destroys the mechanism that runs our economy...
It shuts down our access to our own money...
Imagine what happens as lenders try to redeem $60 trillion worth of credit when there's only $250 billion to go around...
Dollars become ultra-scarce... prices skyrocket... banks go under...
* * * In fact, it would only take about three hours for our entire country to shut down...
I know that must sound impossible, but I know this for a fact...
You see, the last time our credit system came to the verge of collapse... that's exactly what nearly happened...
On a Friday in 2008, a senator on the Intelligence Committee called his wife, Brooke, to tell her that he wasn't coming home that weekend... he had urgent business in D.C.
He also gave her one very important instruction: Go to an ATM. Take out everything you can.
Out in California, the CEO of PIMCO, the largest mutual fund in the world, was telling his wife the same thing...
"I said, just go to the ATM. I'm not sure the banks are going to open tomorrow. And she said to me, you must be kidding. I said, 'no.'"
I'll bet that sounds extreme... But what you may not know is that at the time, the U.S. was just hours away from total systemic shock...
At 11 a.m. the Federal Reserve had noticed hundreds of billions of dollars starting to disappear from the American economy...
A massive loss of faith in the system had prompted big players to get their money out while they still could...
In response, the government began injecting money... billions... trying to "liquefy" the system... And watched helplessly as it vanished without a trace.
Congressman Paul Kanjorski remembers panicked meetings with Secretary of the Treasury Hank Paulson and Chairman of the Federal Reserve Ben Bernanke behind closed doors in Washington that day...
He would later admit that if not for one last-ditch effort...
The entire United States of America would have gone dead in the water by 2 p.m. that afternoon...
Shocking I know... especially because most people today still don't realize how close we came to a full-scale shutdown...
Or how close we still are...
You see, this situation never actually got resolved... The credit system is still dangerously high... And growing.
In fact, it's being artificially pumped up by the Federal Reserve...
Our current credit system started around 1950...
In the late '70s traditional American industries - such as cars, steel, televisions, radios, even computers - moved overseas... * * * Credit came in and replaced traditional wage increases as a way to prop up our economy... That's what triggered the massive growth phase it entered around that time...
Agora warned in 1993 that it would begin to unwind... that the "credit cycle" would come to an end...
That nearly happened in 2000 when the credit system first stalled out and the Dot Coms went bust...
Luckily, housing was there to support it... All that credit rushed into the housing market, which then shot up to meteoric levels...
But when housing collapsed from under the credit system... there was nothing else to keep us going...
That's when the Federal Reserve started buying up bonds and mortgages...
Starting with a balance sheet of just $700 billion before the crisis... the Federal Reserve is now on the hook for $4.5 trillion.
Our lender of last resort, the Federal Reserve, has become too big to fail...
Unfortunately, if it does, there is no higher entity that can step in to save our credit system... It has simply grown too big.
Will foreigners help us out? Doubtful... In fact, the International Monetary Fund just asked the U.S. to give up its voting rights in favor of China.
And all it takes is just one small loss of faith... a few big players getting their money out while they still can...
And a systemic shock will paralyze our nation...
Even former Federal Reserve chairman Alan Greenspan is sounding the alarm...
"Unless we come to grips with this problem... I'm afraid we're going to run into some kind of political crisis..."
- Former Federal Reserve chairman Alan Greenspan
In the 36 years Agora has been providing its subscribers with information... we've seen countries get hit with financial shocks like this again and again...
In just the last century I can name at least 38 events very similar to what I'm describing...
But none of them has even come close to the scale of a potential collapse here in America...
That's because none of these countries has ever been able to borrow so much...
America's unique status as the world's superpower has enabled us to keep borrowing at unheard-of levels...
All on the assumption that we're good for it.
But we aren't... and at some point, someone will realize that...
When Americans can no longer use their credit cards... when grocery stores are hoarding food rather than selling it... when we become stranded in our homes because there's no gas... when our retirements vanish... when our government benefits are cut off...
What will happen to America as a country? I'd like to be able to say that we'll band together and take care of each other... but will we?
In the 1970s, we had a near miss with a very similar kind of crisis...
Our steel and auto industries began to fail... gas prices soared... riots broke out in major cities like Philadelphia, Boston, and Chicago...
One woman - a teenager at the time - remembers:
"Everyone was on edge, trying to save a buck and alert to anyone else trying to cut a corner."
Working at a country gas station, she remembers being swarmed by an angry mob one day, after the station ran out of gas...
"It was like that Twilight Zone episode in which aliens turn off a town's electricity, street by street, and eventually the confused and angry neighbors turn on each other. Several men barricaded the door to protect me, while a growing crowd milled around outside."
In terms of economic crisis... it was tiny compared to what we're facing today...
Yet, it shook America to its very foundation.
Can you imagine a full-blown collapse in today's America?
Where anger at police is reaching a boiling point...?
Where teenagers can use the Internet to summon "flash mobs" in just minutes...?
Where half of the population pays no taxes and depends on aid from the federal government...?
Where students crippled by college loans can't get jobs...?
Given what we just saw in Baltimore... and in Ferguson, New York, Oakland, and other cities last fall... with people seizing just about any excuse to loot stores and break windows...
How long do you think those same people will refrain from stealing and violence when they can't get a meal?
My feeling is... not very long.
How Long Before Americans Turn on Each Other?
All this must seem incredible...
But I've seen these types of crises play out again and again all over the world...
Because of the nature of my business, I've lived on three continents and visited probably a hundred countries...
I was an economic adviser to Belarus in 1992 just before a crisis turned the country into a socialist dictatorship...
I recommended that they establish a firm system of private property rights, auction off state-owned property, and let the free market do the rest...
But the Soviet-era communists who controlled the country weren't willing to let go of their own power... They chose an opposite course...
A few years later... I witnessed one of our most powerful rivals undergo a similar collapse... People desperately tried to find cash as ATMs went dark, debit cards stopped working, and banks shuttered (later to disappear altogether).
Millions of seniors were cut off from their pensions, without warning.
The government made it illegal to withdraw money from your own bank account...
They shut down the stock market after it plummeted 10% in 40 minutes... People couldn't get rid of their investments for any price!
Flour, butter, rice, and sugar disappeared... hospitals ran out of medicine...
Elderly women were forced to dig through trash bins for food...
The situation grew so severe that the government organized a special SWAT team to conduct "tax raids" on the homes of its citizens to get every last dime it could out of them.
And I'm not talking about ancient history either.
This happened in 1999.
And there are plenty more examples where that came from...
For instance, most people think of Argentina today as a poor country...
What they don't know is that before America became the dominant superpower on the planet, Argentina was one of her main competitors...
It was a lot like the U.S., with similar resources, a similar population... and a similar spirit of free enterprise and liberty...
In fact, Argentina was actually growing faster than America.
Buenos Aires, its capital, was settled by immigrants from Ireland, Italy, and Germany... It combined the rich agriculture and industry of Chicago with the boulevards, parks, and buildings of Paris.
A few years ago I bought an isolated cattle ranch about the size of Rhode Island up in the Andes Mountains of South America... I pass through Buenos Aires regularly on my way there...
Walking down the streets you'll see decaying subway trains - state of the art many years ago... big beautiful buildings covered in graffiti... windows broken... old cars - top of the line in their day - sitting junked by the side of the road...
It's as if a war had broken out...
And in fact, when you look at the damage that events like this can cause... it's no small wonder our government has already put $4.5 trillion - more than it cost to liberate Europe - toward stopping it...
For example, in the '90s, riots killed 1,500 people and destroyed 4,000 buildings, when a country in Asia got hit with a similar economic disaster.
But worse than the property damage... the violence... even the food shortages...
Events like this have a strange power...
Greater even than a wide-scale physical disaster...
A power to not only make your wealth... and the stability you've grown accustomed to... disappear...
But also your very way of life... the traditions... the values... things passed down for generations...
For example, when a violent monetary trauma hit Germany's first republic, thousands of years of German tradition disappeared overnight.
Families collapsed as the young turned on the old... women were forced into prostitution... mothers begged to keep their children fed... political gangs assassinated one another in the streets...
A young man recalls that time saying:
"It was dreadful to watch... It was more than disorder that smashed over people; it was something like daily explosions; if anything survived one explosion, it got into another the next day...."
Another writer, Kurt Kersten, recorded the downfall as it happened:
"German culture, as much as it existed, is perishing... The middle class is worn out... one has only two choices: either slowly perish or join the [leftwing] revolutionary party."
Imagine that in today's America... when our very culture is already under attack... where the young already seem to be at war with our traditions...
Imagine for a second...
Truckers can't get the gas for their rigs...
Grocery store shelves start to go bare...
Homebuyers can't get loans... and prices crash...
Bonds become worthless... IRAs and 401(k)s can't be cashed out...
Stocks fall dramatically before the markets close altogether...
Prices swing widely out of control...
People take to the streets demanding action from the government...
Strikes paralyze our industries...
Rioting destroys homes, shops, even entire neighborhoods...
I'm not saying you'll wake up tomorrow and suddenly America will no longer be the land of the free...
Or that tonight someone will try to kick down your door looking for cash and valuables...
But what I am saying is that when this does start... things will go bad very quickly...
You never think it'll happen to you...
In fact, no one does... It's human nature... your brain actually won't let you believe that a disaster can happen...
Even when the evidence is clear that a major upheaval is on its way... Even when it's a simple matter of common sense that danger is near...
Most people convince themselves that it cannot happen...
For instance... back in the late 1980s I became convinced that the Japanese stock market was about to crash.
At the time, the Japanese had just bought New York City's Rockefeller Center for $846 million... They had also bought Columbia Pictures for $4.4 billion... and American tire maker, Firestone, was also suddenly a Japanese company...
They were selling more cars than us... making better computers and TVs... On the face of it, it was crazy to bet against them...
Yet, on page 87 of our annual forecast of 1989, we wrote:
"In our view, the Japanese stock market is one of the two most overvalued markets in the world... the long-running bull market in Tokyo may be nearing an end."
That year the Japanese stock market was at its highest point in history.
Movies and books at the time were depicting a future with Japan as the No. 1 superpower...
Maybe that sounds foolish now, but back then it was fact...
And everyone thought we were crazy for predicting the end of Japanese domination.
I remember in October of that year, one of my friends - economist and author Mark Skousen - made a joke of it. As a present he gave me a mock-up of a book
"How I Called the Crash in Japan by Bill Bonner"
I wish I had written that book. Two months later the Japanese stock market began a decline that is still ongoing today, as Japan entered what would later be called "the lost decade."
People just refused to believe that big change was on its way... and that Japan would fizzle out...
At Agora we've run into that many times...
For example, in 1987 we predicted the fall of the Soviet Union...
Back then we wrote: "The same hidden megapolitical forces of decentralization that broke up the European empires are doing their work... the Soviet Empire will inevitably crack apart."
Remember that at the time our politicians in Washington had amassed huge weapons stockpiles to guard against what they thought was superior Soviet technology...
The famous Team B report commissioned by the CIA years earlier had claimed the Soviet economy was booming... that they were capable of mass-producing bombers and missiles...
And that they wouldn't hesitate to attack America.
Yet, in 1987 we weren't fooled. We wrote, "We have no doubt that sooner or later, but probably sooner, many of the characteristic features of the Soviet system... will be abandoned... To put it simply, communism is in its twilight."
Sure enough, two years later the empire started to break apart... By 1991 it was all over...
Yet scholars and politicians here in the U.S. had been unwilling to believe it was possible...
Even a report commissioned by the CIA - and approved by George H.W. Bush - had warned about Russia's economic and military strength...
People just could not imagine that a world superpower would suddenly become irrelevant...
Just as people could not believe that Japan would ever break down... or that the tech boom would ever stop... or that housing prices would fall...
As I've said before, Agora has been at the forefront of nearly every great world event of the past 30 years...
Even the government has acknowledged it...
After 9/11 the CIA requested copies of a note I had sent subscribers warning about trouble ahead for America...
And years before that, the CIA actually tried to convince me to use Agora as a front for their international operations...
(In case you were wondering, I said no...)
Yet despite all that, we've encountered the same resistance each and every time we release new research...
In fact, we've actually studied it...
And there's a very good reason why human beings are so resistant to the notion that things can and will change, often in ways you never expect...
Now I'm from southern Maryland... I grew up in a poor family and as soon as school let out, we'd go work out in the tobacco fields (this was in the '50s, back when that sort of thing was still allowed).
Every year in mid-spring my uncle Edward would get my cousin, my brother, and me to sit on the back of his old tractor and plant tobacco while he drove up and down the field...
Now, imagine my uncle wasn't sure summer would come that year... that he wasn't sure the tobacco crop would grow...
Well, I'll tell ya, Uncle Edward would have sat on his porch with a six-pack instead...
You see, human beings need to believe that things will happen more or less as they always have...
That the sun will come up every morning... that plants will grow... that the rains will come...
If we didn't... we wouldn't plant food... or buy houses... or start businesses... or do much of anything.
Of course, believing nothing will ever change is actually a form of delusion... It's totally irrational... But it's necessary for our survival...
The problem, though, is that it causes us to be underprepared when REALLY BIG CHANGES are about to strike...
People refuse to believe what's often right in front of them...
Lawyers call this "willful blindness"... psychologists call it the "normalcy bias"
That's why, while I was warning our subscribers about the Dot Com bubble, plenty of people thought it would never end...
A famous book at the time, Dow 36,000, argued that the stock market was cheaper than ever...
An article published by the Atlantic read, "Stock prices could double, triple, or even quadruple tomorrow and still not be too high."
Then suddenly, the NASDAQ started falling... and eventually wiped out 77% of its value...
Today I'm seeing the same "willful blindness" here in America
People believe that our credit economy can just keep going forever... That we can keep borrowing and spending money that isn't really there...
But few of these same people realize that our highest government officials are still locked in a desperate struggle to keep the credit system going...
And the fact of the matter is, they've already used up all the tools they have...
They've kept credit cheap by reducing interest rates to near zero.
How much lower can they put that rate if the system runs into trouble again?
They've already bought up as much bad debt as they can... expanding the Fed's balance sheet by 542% in just a few years...
How much more can they do when the Fed itself has become too big to fail? Not much at all...
Now, although I run a multinational research firm with an amazing track record in economics...
I'm actually more of a historian...
So if you walk into my office in Baltimore... or come visit me here at my ranch (where I'm actually writing this)... you won't find me hunched over a Bloomberg terminal...
Instead you'll probably find me hunched over a book about Napoleon's failed invasion of Russia... or designing a house using ancient Roman techniques... or studying how economics worked in Nazi Germany...
And let me tell you... history is full of people who thought they were the exception... just like most Americans believe today.
These stories always play out the same way...
People think the rules don't apply to them...
That they can get away with something no one else has...
And our credit economy is no different...
The rules still apply... Credit is not real money...
And many, many Americans are about to learn this eternal truth the hard way.
We can't build the biggest credit system in world history and expect it to stay standing forever...
Eventually someone loses faith...
In fact, we've even seen this before, right here in America...
In 1819, people in America started noticing that banks were increasingly unwilling to honor cash deposits... They'd give you an IOU instead, supposedly as good as real money...
But attempts to redeem those notes for actual money were usually blocked or stalled in some way.
Suddenly cash started to skyrocket in value... with banks trying desperately to cover up the fact that they couldn't actually honor their deposits...
When the American public - along with foreign creditors - caught on to this...
A third of America's money vanished into a black hole...
The Western territories ran out of cash completely and switched back to a barter system using grain.
Real estate and land prices dropped off a cliff, as did income from rents...
You couldn't sell anything... because no one had the money to buy it from you... and no one would risk a loan because there was no certainty that there'd be enough cash to get paid back... Nearly half of all the money in the country disappeared...
The resulting economic collapse stretched on well into the following decade.
And we were lucky... Because we were young and the collapse happened before the problem was bad enough to do permanent damage...
Today, though, it's a different story...
We have a credit system worth more on paper than the national wealth of most countries.
And it's already starting to come apart...
Ever since that 2008 morning, when the Treasury noticed billions disappearing from the U.S. economy...
The Federal Reserve has been locked in a desperate struggle to keep this event at bay...
And it hasn't worked.
They've even been flooding the U.S. economy with more new money than ever to try to make up the shortfall...
You see, the Fed's goal is to hit 2% inflation... when that happens, they'll know what they're doing is working...
Except inflation won't budge... They're already doing everything they can...
And now they're running out of time
By this summer, the Federal Reserve was already supposed to be raising its interest rates...
Only now the consensus is that they will keep rates low at least till the fall...
And frankly I don't believe they'll raise them then either...
Because we're already starting to see dollars being drained from investment funds...
In just one week $7.2 billion disappeared from U.S. stock funds... the ninth major withdrawal in the last 10 weeks...
Just one fund has already seen $38 billion pulled out this year... To compare, the previous record for withdrawals, set in 2009, was just $20 billion.
And Wall Street's already on edge...
A note from a Bank of America analyst is now warning, "Correction risks will grow in the absence of fresh inflows in the coming weeks."
It's not yet clear where this money is going, but billionaires are thought to be hoarding an average of around $600 million in cash each...
What is clear is that cash dollars are already skyrocketing in value...
As we get closer and closer to this crisis... I fully expect more and more restrictions on your ability to deposit, to withdraw, and to use your own cash...
In fact, we've already seen this happening in Europe...
Just recently a Swiss pension fund tried to withdraw a very large amount of cash from its bank... with the idea of storing that cash in a guarded vault instead...
The bank refused to give the fund its money...
And when the pension fund complained, the government backed the bank! In fact, it admitted that it had been "recommending that banks with cash demands ... act restrictively."
And it's already starting to happen here in the U.S....
Meanwhile, the state of Louisiana has just banned cash in all secondhand transactions...
That means you can't go to a garage sale, buy a used lawn mower, and pay for it with dollar bills...
Even some in the mainstream media have started to notice what's going on. Bloomberg has reported
:
"There's a surge of creativity around ways to drive interest rates deeper into negative territory... As this new world takes shape, cash becomes pivotal."
Is this over-the-top paranoia? I hope so...
Maybe it won't happen. Maybe it won't be so bad. But as you'll see in just a moment, something must give... the credit economy cannot last...
And it's anyone's guess just how bad it will be when it finally gives way...
America on the Verge of Being Ripped Apart
In America today, we're seeing protests... rioting... young people fighting police and turning their backs on American values in favor of newer - usually leftwing - ideals...
A majority of people in the U.S. now favor taking some people's money to distribute to others...
A majority also favor higher taxes...
It's already beginning to look like a very different America from the one you and I grew up in.
Today 1 in 5 Americans do not think the U.S. will remain a single country going forward
There have already been secession movements in Texas and now in Hawaii.
In fact, a consultant for the Pentagon recently revealed plans by the Chinese to provide arms to these Hawaiian separatists...
And Chinese officials have actually threatened the U.S. secretary of State, saying they would not hesitate to assert their territorial claims over the islands.
According to at least one source, the U.S. military even has contingency plans in place for the withdrawal of all U.S. troops from Hawaii.
Meanwhile, a recent report by Pew Research finds Americans more divided than ever before...
But frankly, you don't need a scientific study to prove that.
From the violence that ripped through Baltimore last April... to the complete inability of our Congress to act when necessary... to the massive decline in marriage rates in our young men and women... to the increasingly vocal and sometimes violent opposition to traditional American values...
I'm just not sure how well America - at least as I know it - could withstand food shortages... banks closing... bonds, retirement accounts, and benefits becoming worthless...
Realize that if you collected every single dollar bill in this country...
You'd have less money than the GDP of Finland...
And not much more than that of Greece...
I've seen cases where economic shocks like this last years...
Where people are cut off from their bank accounts for months at a time...
Where prices swing wildly out of control... where strikes cripple services and shut down highways...
Where hospitals can't get medicine... where governments become increasingly desperate and violent...
Whether this will happen today... or tomorrow... or a month from now... I don't know. No one does...
But I do know that no country in history has ever maintained the course that America is on right now...
I know that no one gets away with creating fake wealth... Credit can't be free... There's always a price to pay.
Many of my closest friends and colleagues - some of the richest, most well-connected people I know - are already preparing themselves... Some are buying gold and silver... Some are moving to foreign countries... or even renouncing their U.S. citizenship...
Pretty extreme, I know...
Myself, I actually own property on three separate continents... including an isolated and entirely self-sufficient mountain ranch... and I've also amassed a good deal of gold, silver, and other currencies as a hedge against this scenario...
Of course, I realize that most people can't put measures like this in place...
So in just a moment I'm actually going to let you in on a couple of things I've put together to help you...
But before I do, there's just one thing I haven't told you yet.
All that I've just mentioned in this message...
is only Act One...
You see, the story doesn't end with the shutdown of our credit networks... and the massive systemic shock that comes along with it...
What I've just warned you about is merely the run-up to an event that will change the course of world history... and bring the American era to a shocking conclusion...
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GOOD VIDEO HERE: -- moneyweek.com
AFTER-ARTICLE COMMENTARY AND INFO ABOUT MR. BONNER'S FURTHER WRITINGS:
Bill Bonner: -- Now I know that you've already given me a lot of your time. And I appreciate that.
So I won't go into the second part of this story right now...
But I have laid it all out in The Great American Credit Collapse, a never-before-published exposé on this crisis.
It's not long... only 18 pages... You can read it fast and get ready quickly...
And it's NOT some boring textbook on economics...
It's written as a thrilling, easy-to-read account of what the future holds for America... what the collapse of our system will look like for you... and what the government will do in response...
It details...
Your day-to-day life in the post-credit economy
The SHOCKING SECOND ACT of this story that I haven't even told you yet...
The DESPERATE policies our government will try... and why they won't work
HOW food shortages will break out all across this country... and WHERE YOU should be when they hit
WHERE the money and opportunities will be in the post-credit economy
WHY I do NOT believe we are going into a 30-year depression...
And much more...
The fact of the matter is, the failure of our credit system won't just push down profits... and produce a few layoffs...
It will change everything about how you live in America... from how you get around... to the stores you shop at... to the brands you buy...
Now, I've written two New York Times bestsellers. And about five books in total. You can go online and buy any of them.
But I would recommend you read The Great American Credit Collapse before anything else.
Only you won't be able to find it on Amazon or at Barnes & Noble... In fact, I didn't even give it to my book publisher...
That's because it's not for sale. Or intended to make me any profit.
I've prepared The Great American Credit Collapse to be THE definitive resource in understanding how this collapse will unfold...
That's why you're about to get the opportunity to claim your own FREE copy in just a moment...
It's the first step you can take, right now, to get protected...
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