We dodged the first (for now). Here comes the second.
The day is November 23rd, and it’s an open question whether we will get past this one. That’s when the “Super Committee” must come up with an answer to rampant budget deficits.
The problem is that I’m not sure that we’ll get a solution.
Here’s an article from Money and Markets:
Two Big Days of Reckoning — Oct. 26 and Nov. 23!
Martin D. Weiss Ph.D. | Monday, October 24, 2011
Mark your calendar for two historic days that could shake Wall Street to its foundation and change the Western world forever …
The first is Europe’s day of reckoning, postponed to Wednesday, October 26 — just two days from now.
If the leaders of the European Union cannot agree to a master plan that saves Greece from utter ruin … shields Spain and Italy from the contagion of wholesale investor selling … protects France from a fatal downgrade … avoids failure for the world’s largest banks … and persuades German voters NOT to dump its government … all hell will break loose in Europe, as I’ll explain this morning.
[Of course, they DID agree, and all Hell did NOT break loose. – jl]
The second is America’s day of reckoning on Wednesday, November 23 — just one month from now.
If all members of the “Super Committee” in Congress cannot agree to precisely the same kind of compromises that Democrats and Republicans rejected during the debt ceiling debate … if they cannot find $1.2 trillion in painful deficit cuts … then all hell will break loose for the United States, as I’ll also explain this morning.
These are not isolated, random events. They come after more than a HALF CENTURY of judgment days that our leaders have faced — and failed — each time escalating the crisis to a more dangerous level.
So before I lay out the consequences of what’s likely to happen next, let me walk you through the dramatic days of reckoning that brought us to this climactic phase …
You might also take a moment to watch this video produced by the writer of the above article:
A world-changing event is about to crush the U.S. economy and stock market. Only a minority of investors will survive intact. If you act on the easy-to-follow recommendations we’ll give you in this presentation, you could be one of them.
[Play Video »]
As if THAT wasn’t enough, here’s another gloomy video that should hammer any reluctant nails home:
Please, everyone, protect yourself.