{"id":14156,"date":"2015-11-05T07:04:46","date_gmt":"2015-11-05T12:04:46","guid":{"rendered":"http:\/\/olduvai.ca\/?p=14156"},"modified":"2015-11-05T07:04:46","modified_gmt":"2015-11-05T12:04:46","slug":"former-reagan-administration-official-warns-that-financial-disaster-is-dead-ahead","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=14156","title":{"rendered":"Former Reagan Administration Official Warns That Financial Disaster Is Dead Ahead"},"content":{"rendered":"

Former Reagan Administration Official Warns That Financial Disaster Is Dead Ahead<\/a><\/h3>\n

\"Disaster<\/a>Why won\u2019t the American people listen to the warnings?\u00a0 David Stockman was a member of the U.S. House of Representatives from 1977 to 1981, and he served as the Director of the Office of Management and Budget under President Ronald Reagan from 1981 to 1985.\u00a0 These days, he is running a website called \u201cContra Corner<\/a>\u201d which I highly recommend that you check out.\u00a0 Stockman believes that a global \u201cdebt super-cycle<\/a>\u201d that has been building for decades is now bursting, and he is convinced that the consequences for the U.S. and for the rest of the planet will be absolutely catastrophic.\u00a0 His findings are very consistent with what I have been writing about on\u00a0The Economic Collapse Blog<\/em>, and if Stockman is correct the times ahead of us are going to be exceedingly painful.<\/p>\n

But right now, most people don\u2019t seem to be in the mood to listen to these types of warnings.\u00a0 Even though there is a mountain of evidence that the global economy\u00a0has already plunged into recession<\/a>, U.S. stocks had a great month in October, and so most Americans seem to think that the crisis has passed.<\/p>\n

Of course the truth is that the stock market is not an accurate barometer of the economy and it never has been.\u00a0 Back in 2008, almost everything else started to go downhill before stocks did, and the same thing is happening once again.\u00a0 In a recent article, Stockman explained that stocks are surging to absolutely ridiculous levels even though corporate earnings\u00a0are actually way down<\/a>\u2026<\/p>\n

At this point, 75% of\u00a0S&P 500 companies have reported Q3 results,\u00a0and\u00a0earnings are coming in at $93.80 per share on an LTM basis. That happens to be\u00a07.4% below the peak $106 per share reported last September,<\/strong><\/em>\u00a0and means that the market today is valuing these shrinking profits at a spritely\u00a022.49X PE ratio<\/strong><\/em>.<\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

Former Reagan Administration Official Warns That Financial Disaster Is Dead Ahead Why won\u2019t the American people listen to the warnings?\u00a0 David Stockman was a member of the U.S. House of Representatives from 1977 to 1981, and he served as the Director of the Office of Management and Budget under President Ronald Reagan from 1981 to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[10472,3598,2120,195,10473,3316,5983,6061,9378,364,10474,4901,10475,10476,3098,6593],"class_list":["post-14156","post","type-post","status-publish","format-standard","hentry","category-economics","tag-catastrophic","tag-contra-corner","tag-david-stockman","tag-debt","tag-debt-super-cycle","tag-disaster","tag-economiccollapseblog","tag-financial","tag-financial-disaster","tag-global-debt","tag-global-debt-super-cycle","tag-michael-snyder","tag-painful","tag-reagan","tag-ronald-reagan","tag-warning"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14156"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14156\/revisions"}],"predecessor-version":[{"id":14157,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14156\/revisions\/14157"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}