11 Signs That We Are Entering The Next Phase Of The Global Economic CrisisBy Michael Snyder Unfortunately, the truth is that stocks have not been soaring because the U.S. economy is fundamentally strong. Just like the last two times, what we are witnessing is an irrational financial bubble. Sometimes these irrational bubbles can last for a surprisingly long time, but in the end they always burst. And even now there are signs of economic trouble bubbling to the surface all around us. The following are 11 signs that we are entering the next phase of the global economic crisis #1 It is being projected that half of all fracking companies in the United States will be dead or sold by the end of this year. #2 The rig count just continues to fall as the U.S. oil industry implodes. Incredibly, the number of rigs in operation in the United States has fallen for 19 weeks in a row. #3 McDonalds has announced that it will be closing 700 poor performing restaurants in 2015. Why would McDonalds be doing this if the economy was actually getting better? #4 As I wrote about the other day, we could be right on the verge of a Greek debt default. In fact, we learned on Thursday that the Greek government has been running on empty for months #5 Coal accounts for approximately 40 percent of all electrical generation on the entire planet. When the price of coal starts to drop, that is a sign that economic activity is slowing down. Just prior to the last financial crisis in 2008, the price of coal shot up dramatically and then crashed really hard. Well, guess what? The price of coal has been crashing again, and it is already lower than it was at any point during the last recession. #6 The price of iron ore has been crashing as well. It is down 35 percent in the last nine months, and David Stockman believes that this is because of a major deflationary crisis that is brewing in China #7 At this point, China accounts for more total global trade than anyone else in the world. That is why it is so alarming that Chinese imports and exports are both absolutely collapsing #8 The number of publicly traded companies in the United States that filed for bankruptcy during the first quarter of 2015 was more than double the number that filed for bankruptcy during the first quarter of 2014. #9 New home sales in the United States just declined at their fastest pace in almost two years. #10 U.S. manufacturing data has been shockingly weak lately #11 When priced according to the average blue-collar hourly wage, U.S. stocks are the most expensive that they have ever been in history right now. To say that this financial bubble is overdue to burst is a massive understatement. For a long time, I have been pointing to 2015 as a major turning point for the global financial system, and I still feel that way. But for the first four months of this year, things have been surprisingly quiet at least on the surface. So what is going on? Well, I believe that what we are experiencing right now is the proverbial calm before the storm. There is all sorts of turmoil brewing just beneath the surface, but for the moment things seem like they are running along just fine to most people. Unfortunately, this period of quiet is not going to last much longer. And those that are in the know are already moving their money in anticipation of what is coming. For example, consider the words of Snapchat founder and CEO Evan Spiegel It may not happen next week, or even next month, but big financial trouble is coming. And when it finally arrives, it is going to shock the world, even though anyone with any sense can see the coming crisis approaching from a mile away. This article first appeared here at the Economic Collapse Blog. Michael Snyder is a writer, speaker and activist who writes and edits his own blogs The American Dream and Economic Collapse Blog. Follow him on Twitter here. 