The physical economy does not match what stock prices are at all--not even close. . . . The mainstream media keeps saying things are good and all people have to do is look out their window. There is a trigger mechanism and it’s what I call financial survival instinct. . . . You cannot stop reality.
The reality is we are in a debt based economic system in a scenario that has never happened before. . . . When this thing busts, it will make the 1930’s look like a warmup parade because it will not be centered in Europe and the United States. It will be China. It will be India. It will be Australia, Europe, the United States, Canada, Mexico and South America. It is going to be everybody.” Morgan goes on to point out, “It’s all about trust, and now these big banks don’t trust each other, and that was the same problem in 2008. They did not want to accept each other’s paper because they didn’t trust it.”
- Source, USA Watchdog