These warnings come from Damien McBride, former Campaign Manager for UK Prime Minister Gordon Brown’s election in 2007 and special advisor to Gordon Brown from 2007 to 2010. He was also Head of Communications for the UK Treasury from 2003 to 2008. He bases his warnings only on the reality of what is happening in our world today.
As shown in the following tweets copied from his twitter page (@DPMcBride), Mr. McBride is advising his followers to stock up on cash, bottled water, canned goods, and other essential items in preparation for the coming crash. He recommends establishing a meeting location where family members can find each other in the event communication systems are down. He also says it is going to be 20 times worse than the 2008 crash.
11:01 PM – 23 Aug 2015:
For 18 months, the first thing I’ve done waking up on a weekday is search ‘Shanghai Composite’ on Twitter. This has been coming a long time.
5:24 AM – 24 Aug 2015:
Advice on the looming crash, No.1: get hard cash in a safe place now; don’t assume banks & cashpoints will be open, or bank cards will work.
5:25 AM – 24 Aug 2015:
Crash advice No.2: do you have enough bottled water, tinned goods & other essentials at home to live a month indoors? If not, get shopping.
5:25 AM – 24 Aug 2015:
Crash advice No.3: agree a rally point with your loved ones in case transport and communication gets cut off; somewhere you can all head to.
5:36 AM – 24 Aug 2015:
We were close enough in 2008 (if the bank bailout hadn’t worked), and what’s coming is on 20 times that scale.
5:37 AM – 24 Aug 2015:
None of the levers we could pull in 2008 are available now given the economy’s already flooded with cheap money.
6:10 AM – 24 Aug 2015:
That’s because in 2008, we were fighting to stop it reaching that stage. And succeeding. But this crash will be much, much worse.
6:48 AM – 24 Aug 2015:
I’m presuming the Central Banks will intervene to stop this market slide but that will just make the eventual, inescapable crash even worse.
8:37 AM – 24 Aug 2015:
The real problem will be when all the bad loans fueled by cheap borrowing (and in China, shadow banking) start to default.
8:38 AM – 24 Aug 2015:
$14 trillion alone in junk bonds for energy exploration (shale!) and emerging market investments. All looking worthless.
8:43 AM – 24 Aug 2015:
Today is just the stock market catching up with the terror over defaults that’s been gripping the bond market for months.
3:28 AM – 25 Aug 2015:
Just like mid-October last year, the market howls; the Fed panics & puts the dummy back in; and we all pretend it’s OK again. It’s madness.
3:31 AM – 25 Aug 2015:
Every day the era of easy borrowing persists just means even more loans that won’t be repaid when the real crash finally comes.
12:08 PM – 25 Aug 2015:
The longer the Central Banks string out the boom, the more beans you’ll need when it busts!