Damien McBride: Get Ready for the Coming Crash

Damien McBride

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!

(Read the rest of the story here…)

1 thought on “Damien McBride: Get Ready for the Coming Crash”

  1. The only way I know to stop the entire thing is going to take a very innovative approach.
    We have here a chain reaction on a financial scale that is unheard of.
    Derivative packages are to blame and the banks have gambled on them and lost big time.
    Under current rules they should all be in jail awaiting trial. Not going to happen. AT the least they are guilty of fraud. Representing derivative packages as first class loans when they are not. Representing house mortgages to risky clients because of government discrimination laws as first class loans does not work.
    The entire real economy of this country is based on the average common person being able to find a job and hold down the job for a long time. Enough time to buy a house, a car, and get it all on high interest loans that eventually support the lazy bank.
    Even with all the cards stacked in their favor this will only work if people are employed and functionally slaves to the system of loans.
    What has happened instead is a lot of people are out of work. Their jobs have been farmed to cheap labor overseas. They no longer can afford all the toys that loans would bring.
    Instead we have an increasingly bad debt society and a lot of people having to resort to welfare to survive.
    Others after many years are living week to week and living at home with Mom and Pop.
    The Congress has taken the safety net off. And the result is most of those safety nets no longer work.
    We had an industrial complex and it has failed. Corporations have gone to cheap labor overseas.
    Middle aged people are often discriminated against and lose their jobs way before retirement can set in.
    401Ks are no substitute for a solid pension plan.
    It will take a person negotiating back the lifestyle of the middle class to reverse all that is going on.
    Don’t see a Congress willing, able, or capable of doing this any time soon. So depression no. two is very close to happening.

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