Ron Paul chimes in, saying that "we're on the brink of a massive financial crisis infinitely worse than the crisis of 2008. And that's because it won't just be a banking and mortgage problem... but a full-blown "currency crisis," the likes of which we've never experienced in this country.
"The savings of millions of people could be wiped out, overnight. The stock market could crash by 50% or more. The way of life we've enjoyed as Americans for fifty years could come to an end. It's not a question of "if" this will happen, but "when."
We've heard all this before from a variety of sources
Could it this time be true? If so, how and why would all this come to pass?
It's the ultimate irony: The recent American energy boom started as a "renaissance," a "rebirth," even an "economic revival." Trillions of gallons of fuel, billions in profits, dirt-cheap gasoline, and landowners turned into millionaires overnight. However, while America cheers its status as the new oil superpower, the rest of the oil-producing world has been getting angry.
Saudi Arabia. Iran. China. Venezuela. Russia. These countries enjoyed huge profit margins from oil for years. It's sustained their economies. And made their leaders some of the richest in the world. But now, with our greatly ramped up production of oil, the US has begun grabbing ever more of their business and profits.
Over the past two years, the US has slashed our oil imports from Saudi Arabia. In December 2013, we were importing some 1.5 million barrels a day. A year later, we cut that number nearly in half. What's worse, the increase in American oil production has led to a 62% collapse in global oil prices. This obliterated Saudi profit margins.