In the latest release by Gregory Mannarino, both on his YouTube channel and his Seeking Alpha blog, he discusses complete global economic collapse, stating on his website "the next phase is here," highlighting China's latest actions which have roiled the markets, predicting what will happen next and stating outright that "no action by any world government or central bank can stop what is coming, and that is a bursting of the debt bubble. The ramifications of the inevitable bursting of the debt bubble will be Biblical."
China's 2 percent devaluation of the yuan hit global equities and U.S. oil prices on Tuesday with investors fearing a new currency war as well as declining Chinese economic momentum.
Mannarino has been ahead of the curve, accurately predicting, months ago, what we are seeing in the global markets today, specifically in relation to China, currency wars and stock market rigging.
The current environment is causing massive capital misallocation across the spectrum, thus forcing this hyper-inflationary debt bubble to gain even more strength, and there lies the problem. World central banks, including the Chinese central bank, are so desperate to keep these bubbles inflated that they will do anything and why? Because the alternative is too horrible to contemplate. As I have been saying for years, the global debt crisis IS NOT simply a financial issue, it is a resource crisis. In order to just sustain the current global population, more debt in greater and greater amounts must be borrowed into existence.
It should be evident to everyone that China, the worlds second largest economy, is in deep trouble. Moreover, because we now live in a global economy situation, the ramifications of a China meltdown is going to affect every single aspect of the world economy-the US is certainly not immune.
Mannarino is a trader and as such his livelihood depends on his accuracy in predicting what is coming next in the global markets.