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Congratulations! We’ve Managed to Repeat History – Greater Depression Incoming

Soup kitchen depression

With businesses struggling, a run on ATM’s, banks and other cash deposits, central bank calling back cash and every day people defaulting on every day credit – yeah, another global depression might be closer than thought.

Americans are suddenly defaulting on their personal debt at an alarming rate. Heck, even the American icon Colt is considering some form of bankruptcy.

Greece just pulled back every single bank’s reserve cash stockpile – just to keep them solvent. It won’t last long and the Greek people will soon want their money from those banks that now have no way to refund it. Bank run!!!!  (it’s not a new movie)

What’s going on in America?

Well, banks are starting to put in cash controls, businesses are struggling to increase sales and energy stockpiles are growing from a lack of consumption.

Bank of America now charges a “cash handling fee” if a business or individual deposits a lot of cash.

Chase is reportedly forbidding its customers from storing cash in safety deposit boxes or using cash to pay bills:

As of March, Chase began restricting the use of cash in selected markets, including Greater Cleveland. The new policy restricts borrowers from using cash to make payments on credit cards, mortgages, equity lines, and auto loans. Chase even goes as far as to prohibit the storage of cash in its safe deposit boxes .



In a letter to its customers dated April 1, 2015 pertaining to its “Updated Safe Deposit Box Lease Agreement,” one of the highlighted items reads: “You agree not to store any cash or coins other than those found to have a collectible value.” Whether or not this pertains to gold and silver coins with no numismatic value is not explained.

Petroleum reserves grew another 5.3 million barrels even though production has slowed. Companies aren’t using as much energy to make/grow, transport, package and sell their goods because demand is dying – consumers are flat broke and running out of credit.

Producer after producer, company after company is reporting dropping top-line numbers.

Top line revenue represents money coming in before expenses – and it is dropping RAPIDLY.

Construction giant Caterpillar has had 28 months of declining sales.

The only choice American companies have is to reduce expenses to meet the reduction in income. People and services (advertising, cleaning, driving, inventory management, sales, etc) are their greatest expense and are going to take the brunt of the hit while companies are forced to get more competitive.

The way companies meet the need for efficiency is through automation – not hiring. The HUGE U6 unemployment figure is just the start as Google, Amazon and other monopolistic giants hire armies of robots to do the jobs Americans used to do – but it is necessary.

Asia has Alibaba and soon other nations will have something similar. That’s global competition.

Google may struggle with international relations and Chinese regulatory obstacles. A Chinese firm, Baidu, is replicating the Google model and is able to include billions of Chinese consumers while Google is shut out of the EU due to regulation and relegated out of Asia due to the great Chinese Firewall.

Consider the Chinese controlled and funded Asian Infrastructure Investment Bank (AIIB) which replaces the IMF and World Bank in the global community, it won’t be long until the Chinese can ignore the rest of the world completely (especially the U.S.)

As China’s numbers keep coming in so weak, one has to imagine – what happens if both America and China’s economies go south .. right.. fricking .. now?!?

Kind of hard to imagine this happening without a plan… just .. so .. hard.

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Rich Mitchell

Rich Mitchell is the editor-in-chief of Conservative Daily News and the president of Bald Eagle Media, LLC. His posts may contain opinions that are his own and are not necessarily shared by Bald Eagle Media, CDN, staff or .. much of anyone else. Find him on twitter, facebook and

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  1. The ‘human touch’ has always been the most expensive part of any business…… ‘Big’ business, like the corner mom & pop store, are there to make money. With forced health care insurance, ridiculous tax levies and daily ‘new’ regulations that can’t be cut, automation is a natural. (natural isn’t always desirable)

    China has become a PacMan, and getting fat gobbling up trade agreements that locks out other countries…you guessed it…until China is THE economic power with all others becoming ‘dependent’ on them. (know how to say Comrade in Mandarin?)

    Regardless of what led the government in Greece to ‘have their way’ with the people’s personal accounts, it demonstrates just what a disfunctional government can do. Perhaps many Americans feel vulnerable and think it’s wise to invest in ‘survival’ products and keep a stash of cash.????

    KATY, BAR THE DOOR !!! While I check the stock level of Johnny Walker

  2. while we joke about stocking up, holding gold and silver is a good idea. but…that said…a stash of good whiskey is always a trade-able commodity. and if things get really bad, well…shiite……johnny is a good friend as well at the end of the world.

    and since the idiots in charge always think a war is a good thing when things get really bad….and the idiots are considering nukes this time… may get hairy-er than we can contemplate this beautiful afternoon.

  3. I guess we must call on fearless leader to tell us of these things after all it was his know it all self that caused a bunch of this nonsense,I think we should not leave it to him to fix this mess…. This has to do with this socialist nonsense and the fact that since becoming the ruler of the world Obama has steadily imposed his form of socialism here in America. As for Europe they already had many socialist governments in place, this is not good. I just can’t for the life of me understand why with all its failures do these governments even try this type of rule it just never works never will,I guess Obama will never figure that one out, hell I guess the only thing he has figured out was how to put a country into ruin and blame it on somebody else

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