Finance Experts Warn, Economic Meltdown 2016: Global financial collapse is Imminent
THE world is staring at a catastrophic economic meltdown – and the devastating collapse is IMMINENT, financial analysts have warned.
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The 64-year-old predicted 2016 would be the year of a “gut-wrenching Great Crash”, leading to social disorder and even war.
Hartmann predicted the crash would be spearheaded by major businesses in the west.
He claims massive companies are sitting on trillions of pounds in cash without doing anything with it.
The Institute of International Finance calculated companies in the US, the UK, the Eurozone and Japan are sitting on nearly $8 TRILLION-worth (£5 trillion) of cash, he claims in the book.
But that figure is insignificant compared to what the world’s wealthiest people have stashed away in overseas financial institutions, he writes.
As much as $32 trillion is stored away for safe keeping by the richest people on the planet, a study by the Tax Justice Centre revealed.
And the reason for doing this?
Hartmann believes the billionaires KNOW a catastrophe is coming this year.
“he billionaires are preparing for a series of economic shocks on the horizon, probably beginning in Europe and spreading across the planet, eventually toppling the United States”
“Suddenly, the primary cheap-labour source the Western economies, in particular the United States, rely on will be wiped out.”
Last week China suspended its stock exchange for a second day as investors panic.
Beijing has seen the yen fall 5.8% against the dollar since August as its financial plunge continues.
This week billionaire investor George Soros said China’s instability bears similarities to the crash eight years ago.
He said: “When I look at the financial markets there is a serious challenge which reminds me of the crisis we had in 2008.
“Unfortunately China has a major adjustment problem and it has a lot of choices it can actually transfer to the rest of its own problems by devaluing its currency and that is what China is doing.”
He writes: “The billionaires are preparing for a series of economic shocks on the horizon, probably beginning in Europe and spreading across the planet, eventually toppling the United States.”
Staggeringly Hartmann’s book accurately foresees China’s economy slowing down in 2016.
The superpower’s problems are stemming from a housing bubble, Hartmann writes, but “even worse than the one that popped in the United States”.
He claims huge cities are “being constructed at breakneck speed, complete with brand-new high-rise condominiums, office buildings, and infrastructure such as roads and bridges” as China gambles with its economy.
The problem is no one is living there.
This in turn will, Hartmann predicts, lead to the country’s upper and middle classes investing their cash and leveraging wealth with bank debt.
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