You Are Being Lied To – The West Is In Bad Shape, Particularly The United States

"As the great propaganda machine that is the Western mainstream media continues to tell the public there is a tremendous economic recovery, it turns out the West is in bad shape, particularly the United States.  Below a 50-year veteran sets the record straight and also issues a major warning for the people of the United States. 

John Embry:  “I think the drop in oil is getting overdone on the downside, but it’s going to create major problems in the derivatives world.  There are an awful lot of derivatives written against oil and there’s a lot of junk paper written against oil.  There will be serious ramifications to all of this….

“I am amazed at how sanguine most people are in Canada regarding the collapse in the commodity sector in general, but most particularly in oil prices.  This is an incredibly negative development for Canada.

Toronto is where I live and it has been sustained by a condo boom of historic  proportions.  The Canadian housing markets have rivaled or even exceeded those seen at the peak of the housing bubble in the United States.  I don’t think any of this is sustainable, so I think Canadian optimists should be very wary..."

at http://kingworldnews.com/lied-west-bad-shape-particularly-united-states/