________
Source: The Saker
Financial debt-bergs, dead ahead!
The Irish "external debt to GDP" ratio is currently at 609%. In December 2010, it was well over 1,000% (1,091.5% to be precise). No other nation on Earth carries this much external debt to its GDP. The United States, the world champion of all debts for sure with an official national debt reaching almost $31 Trillion, only has 104% as its external debt to GDP.
What this means is that Ireland will be fleeced once again, meaning her people will be enslaved financially and economically . . . when interest rates rise. Interest rates are rising significantly and will rise dramatically. Ireland is the poster child of nations in debt slavery and what will happen to those who borrow way beyond their means.
Before we get into the nitty gritty of this unlucky Irish story, I want to state for the record that I am not an economist. Thank God! I am a mechanical engineer by profession and I understand numbers. Numbers don’t usually lie. Well, sometimes numbers can be manipulated. But most of the times, they also can tell the truth. We are going to take a 30,000 feet overview of this increasingly hot and very dangerous situation that is not adequately covered by the mainstream or the alternative media.
Great Black October
The financial and economic situation in Ireland will soon hit the debt-bergs dead ahead. By not managing and lowering her national debt and, more importantly, her external debts, Ireland is extremely vulnerable to upcoming dire world events.
October is always a month of karmic reckoning for the USA. Financially. Economically. And maybe even militarily this year.
The Great Depression officially started in October, 1929 with the Great Stock Market Crash on October 29, 1929. Other financial reckonings include the Black Monday of October 19, 1987 and the giant Bank Run aka the Bank Panic of October 14, 1907.
This year 2022 may be the Great Black October, officially precipitating the Great Depression 2.0. Incidentally, some nations like Argentina are already in an artificially-induced full blown Great Depression since at least 2020. Inflation in Argentina will probably reach 100% at the end of 2022.
If the USA manages to survive through this October, meaning no Great Stock Market Crash/es, look to December 5, 2022 when the USA and their G7 vassals, I mean partners, will implement the oil price cap on Russian oil exports. Russia has officially stated, President Putin that is, she will cease to export oil to any nation that implements this American-cartel oil price cap. Russian natural gas is for all intent and practical purposes ceased flowing to the EU due to the very recent American terrorist sabotage of the Nord Stream 1 and 2 underwater gas pipelines.
Starting shortly after December 5, 2022, prices of oil and therefore retail prices of gasoline and diesel in Ireland, Argentina and throughout the world will skyrocket.
Great Recession Dead Ahead?
New York University professor Nouriel "Dr. Doom" Roubini has recently predicted a "severe, long and ugly" recession dead ahead.
He made his dire prognostications in Bloomberg News which was reworked in a RT (Russia Today) article on September 20, 2022:
Dr. Doom is famous for, among other things, predicting the financial crisis of 2008-09. I also saw that one coming as early as 2004, and even wrote a self-published ebook in late 2008 on the housing market crash called, "NO Foreclosures! Guerrilla Principles to Save Your Family and Stick It to the Banks!".
However, I do believe Dr. Doom is being a bit conservative this time around, even though he said, "the S&P 500 could fall by between 30% and 40%". The reason is that it's not going to be just a "severe, long and ugly" recession, but a Great Depression.
Great Depression 2.0 to be precise.
Debts, Debts, Debts Everywhere!
Let's take a semi anal-retentive examination of national debts, shall we?
We are going to use the data from the World Debt Clocks provided by US Debt Clock.org. Here are some housekeeping parameters and some personal observations:
Love Letter to Ireland! (and to ALL the Debt-Enslaved Nations of the World)
November 05, 2022 | by David Chu for the Saker blog | 14 Comments
"How often have the Irish started out to achieve something and every time they have been crushed politically and industrially. By consistent oppression, they have been artificially converted into an utterly impoverished nation." ~ Friedrich Engels, 1856
November 05, 2022 | by David Chu for the Saker blog | 14 Comments
Look out, Ireland!
Financial debt-bergs, dead ahead!
The Irish "external debt to GDP" ratio is currently at 609%. In December 2010, it was well over 1,000% (1,091.5% to be precise). No other nation on Earth carries this much external debt to its GDP. The United States, the world champion of all debts for sure with an official national debt reaching almost $31 Trillion, only has 104% as its external debt to GDP.
What this means is that Ireland will be fleeced once again, meaning her people will be enslaved financially and economically . . . when interest rates rise. Interest rates are rising significantly and will rise dramatically. Ireland is the poster child of nations in debt slavery and what will happen to those who borrow way beyond their means.
Before we get into the nitty gritty of this unlucky Irish story, I want to state for the record that I am not an economist. Thank God! I am a mechanical engineer by profession and I understand numbers. Numbers don’t usually lie. Well, sometimes numbers can be manipulated. But most of the times, they also can tell the truth. We are going to take a 30,000 feet overview of this increasingly hot and very dangerous situation that is not adequately covered by the mainstream or the alternative media.
Great Black October
The financial and economic situation in Ireland will soon hit the debt-bergs dead ahead. By not managing and lowering her national debt and, more importantly, her external debts, Ireland is extremely vulnerable to upcoming dire world events.
October is always a month of karmic reckoning for the USA. Financially. Economically. And maybe even militarily this year.
The Great Depression officially started in October, 1929 with the Great Stock Market Crash on October 29, 1929. Other financial reckonings include the Black Monday of October 19, 1987 and the giant Bank Run aka the Bank Panic of October 14, 1907.
This year 2022 may be the Great Black October, officially precipitating the Great Depression 2.0. Incidentally, some nations like Argentina are already in an artificially-induced full blown Great Depression since at least 2020. Inflation in Argentina will probably reach 100% at the end of 2022.
If the USA manages to survive through this October, meaning no Great Stock Market Crash/es, look to December 5, 2022 when the USA and their G7 vassals, I mean partners, will implement the oil price cap on Russian oil exports. Russia has officially stated, President Putin that is, she will cease to export oil to any nation that implements this American-cartel oil price cap. Russian natural gas is for all intent and practical purposes ceased flowing to the EU due to the very recent American terrorist sabotage of the Nord Stream 1 and 2 underwater gas pipelines.
Starting shortly after December 5, 2022, prices of oil and therefore retail prices of gasoline and diesel in Ireland, Argentina and throughout the world will skyrocket.
Great Recession Dead Ahead?
New York University professor Nouriel "Dr. Doom" Roubini has recently predicted a "severe, long and ugly" recession dead ahead.
He made his dire prognostications in Bloomberg News which was reworked in a RT (Russia Today) article on September 20, 2022:
According to Roubini, large debt ratios of corporations and governments will lead to recession. As rates rise and debt servicing costs increase, "many zombie institutions, zombie households, corporates, banks, shadow banks and zombie countries are going to die," Roubini said. "So we’ll see who's swimming naked.""It's not going to be a short and shallow recession, it's going to be severe, long and ugly," Roubini said.
Dr. Doom is famous for, among other things, predicting the financial crisis of 2008-09. I also saw that one coming as early as 2004, and even wrote a self-published ebook in late 2008 on the housing market crash called, "NO Foreclosures! Guerrilla Principles to Save Your Family and Stick It to the Banks!".
However, I do believe Dr. Doom is being a bit conservative this time around, even though he said, "the S&P 500 could fall by between 30% and 40%". The reason is that it's not going to be just a "severe, long and ugly" recession, but a Great Depression.
Great Depression 2.0 to be precise.
Debts, Debts, Debts Everywhere!
Let's take a semi anal-retentive examination of national debts, shall we?
We are going to use the data from the World Debt Clocks provided by US Debt Clock.org. Here are some housekeeping parameters and some personal observations:
1. The data used is a snapshot taken as of September 22, 2022. Table 1 below is a summary of the world debts as listed on US Debt Clock (USDC) on September 22, 2022. All the data are constantly changing.2. National debt (or public debt) is defined as the money or credit owed by all levels of the government, from the local level to the central government.3. Private debt is the money or credit owed by private households or private corporations.4. External debt is the total of national (public) debt and private debt owed to nonresidents, i.e., foreigners or foreign nations.5. The Gross Domestic Product or GDP is the value of all goods and services a nation produces in a particular year (usually the calendar year).6. In Table 1, I have rounded off all the GDP numbers from USDC to the nearest Billion USD. USDC purposefully calculates the US "national (public) debt to GDP" ratio using some off balance sheet income that is not listed. This accounting trick is not used for any of the other nations.7. USDC's US "national debt to GDP" ratio is listed as 97.71%. I calculated it as 103.50% which is the correct figure.8. I back calculated the external debts using (1) the "external debt to GDP” data and (2) the GDP data provided by USDC.9. I calculated the "national debt to population" ratios (national debt per capital) using (1) the national debt and (2) the population data of each nation provided by USDC. 10. I also calculated the "external debt to population" ratios (external debt per capital) using (1) the external debt and (2) the population data of each nation provided by USDC.11. Taiwan, which is a province of China, is listed like a nation by USDC. Since Taiwan is not a nation, I deleted Taiwan's data from Table 1.12. South Africa, for some reason, is not included in the list of nations by USDC. South Africa, one of the BRICS nations, has a GDP (estimated at $345 Billion for the end of 2022) greater than Portugal ($266 Billion) and Greece ($288 Billion) which are included by USDC. Ok, now we can get started!
Here is Table 1 which is taken from USDC as of September 22, 2022 around 12 noon EST:
Table 1 is not that interesting by itself. However, spreadsheets like Microsoft's Excel and Apple's Numbers allow us to sort these seemingly hodgepodge data into some very interesting extrapolations and observations.
Before we get bored with numbers and roll our eyes, there is a reason to be anal-retentive with these 7 tables. The last third part of this article goes to the meat of this article. So read on and stay focused!
Table 2, which is more interesting, is a list of the 10 largest national debts in descending scale, starting with the largest indebted nations first.
Of course, the United States of America is #1!
Please go to The Saker to continue reading.
Before we get bored with numbers and roll our eyes, there is a reason to be anal-retentive with these 7 tables. The last third part of this article goes to the meat of this article. So read on and stay focused!
Table 2, which is more interesting, is a list of the 10 largest national debts in descending scale, starting with the largest indebted nations first.
Of course, the United States of America is #1!
Please go to The Saker to continue reading.
_______
This documentary is how the central Bank of Japan (BoJ) pulled it off with Japan now spending way beyond their means:
This documentary is how the central Bank of Japan (BoJ) pulled it off with Japan now spending way beyond their means:
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