11 Economic Crashes That Are Happening RIGHT NOWMichael Snyder Bitcoins are crashing, gold and silver are plunging, the price of oil and the overall demand for energy continue to decline, markets all over Europe are collapsing and consumer confidence in the United States just had the biggest miss relative to expectations that has ever been recorded. In many ways, all of this is extremely reminiscent of 2008. Other than the Bitcoin collapse, almost everything else that is happening now also happened back then. So does that mean that a horrible stock market crash is coming as well? Without a doubt, one is coming at some point. The only question is whether it will be sooner or later. Meanwhile, there are a whole lot of other economic crashes that deserve out attention at the moment. The following are 11 economic crashes that are happening RIGHT NOW #1 Bitcoins As I write this, the price of Bitcoins has fallen more than 70 percent from where it was on Wednesday. This is one of the reasons why I have never recommended Bitcoins to anyone. Yes, alternative currencies are a good thing, but there are a lot of big problems with Bitcoins. Why would anyone want to invest in a currency that could lose 70 percent of its purchasing power in just two days? Why would anyone want to invest in a currency where a single person can arbitrarily decide to suspend trading in that currency at any time? #1) The bitcoin infrastructure cannot handle a selloff. Once the rush for the exits gains momentum, you will not be able to get out. Only those who sell early will be able to exit the market. #2) The bitcoin infrastructure is subject to the whims of just one person running MTGox who can arbitrarily decide to shut it down whenever he thinks the market needs a cooling period. This is nearly equivalent to a financial dictatorship where one person calls the shots. #3) Every piece of bad news will be spun by exchanges like MTGox into good-sounding news. As bitcoin was crashing yesterday by 60% in value in mere hours, MTGox announced it was a victim of our own success! So while bitcoin holders watched $1 billion in market valuation evaporate, MTGox called it a success. Gee, then what would you call it when bitcoin loses 99%? A raging success? #2 Gold The price of gold was down by about 4 percent on Friday. Gold has now fallen below $1500 an ounce for the first time since July 2011. Overall, the price of gold has fallen by about 10 percent since the beginning of the year, and it is about 22 percent below the record high set back in September 2011. Yes, the price of gold is likely being pushed down by the banksters. And yes, gold is a fantastic investment for the long-term. But there will be times when the price of gold does fall dramatically just like we saw back in 2008. #3 Silver The price of silver fell title=by about 5 percentby about 5 percent on Friday. If it falls much more it is going to be at a level that presents a historically good buying opportunity. Just like gold, there will be times when the price of silver swings dramatically. But the truth is that silver is probably an even better long-term investment than gold is. #4 Oil The price of oil declined by about 3 percent on Friday. Many will consider this a positive thing, but just remember what happened back in 2008. Back then, the price of oil dropped like a rock. If the price of oil gets below $80, that could very well be a clear signal that a major economic crisis is about to happen. #5 Consumer Confidence As I mentioned above, consumer confidence in the U.S. just had its biggest miss relative to expectations that has ever been recorded. The following is from an article posted on Zero Hedge on Friday Well if this doesnt send the market into all-time record high territory, nothing ever will: seconds ago the UMich Consumer Confidence plummeted from 78.6 to 72.3, on expectations of an unchanged 78.6 print. This was not only a 9 month low in the index, but more importantly the biggest miss to expectations in recorded history! #6 Retirement Accounts According toWells Fargo, the number of Americans taking loans from their 401(k) accounts has risen by 28 percent over the past year Through an analysis of participants enrolled in Wells Fargo-administered defined contribution plans, the bank announced today that in the fourth quarter of 2012, there was a 28 percent increase in the number of people taking loans out from their 401(k) and that the average new loan balances increased to $7,126 from those taken out in the fourth quarter of 2011 a 7% increase from $6,662. Of the participants who took out loans, the greatest percentage were to people in their 50s (34.2%), followed by those in their 60s (28.9%) and then by those in their 40s (27.3%). The increase among participants in their 50s was nearly double the increase among those under 30. This is based on an analysis of a subset of 1.9 million eligible participants in retirement plans that Wells Fargo administers. The increased loan activity particularly among older participants is concerning because those are the years when workers can start to make catch-up contributions and really need to focus on preparing for retirement, said Laurie Nordquist, director of Wells Fargo Retirement. #7 Casino Spending Casino spending is declining again. Many people (including myself) would consider this to be a good thing, but casino spending is also one of the most reliable indicators about the overall health of the economy. Remember, casino spending crashed during the last financial crisis as well. That is why it is so alarming that casino spending is now back to levels that we have not seen since the last recession. #8 Employment In Greece Over in Europe, things just continue to get worse. According to numbers that were just released, the unemployment rate in Greece has soared to 27.2 percent, which was up from 25.7 percent the previous month. That means that the unemployment rate in Greece rose by 1.5 percent in just a single month. That is not just a crash that is an avalanche of unemployment. #9 European Financial Stocks European financial stocks have been hit particularly hard lately. And for good reason actually most of the major banks in Europe are essentially insolvent at this point. This week, European financial stocks fell to seven month lows, and this is probably only just the beginning. #10 Spanish Bankruptcies According to Reuters, the number of Spanish companies going bankrupt has risen by 45 percent over the past year A record number of Spanish companies went bust in the first quarter of 2013 as companies remained under intense pressure from tight credit conditions and meager demand, a study showed on Monday. The 2,564 firms filing for insolvency proceedings in first three months of the year was a 10 percent rise from the previous quarter and a 45 percent increase on the same period in 2012, the survey by credit rating agency Axesor said. #11 Demand For Energy Just like we saw back in 2008, the overall demand for energy in the United States is falling rapidly. There are some shocking charts that prove this that were recently posted on Zero Hedge that you can find right here. Yes, it is good for people to use a bit less energy, but it is also a clear indication that economic activity is really starting to slow down. But despite everything that you have just read, the Dow and the SP 500 have been setting new record highs. And if you listen to the mainstream media, you would think that this stock market bubble can continue indefinitely. Fortunately, there are a few voices of reason out there. For example, just check out what Marc Faber recently told CNBC In the near-term, the U.S. stock market is overbought and adding that any more near-term gains portend big trouble for the market, The Gloom, Boom Doom Report publisher Marc Faber told CNBC on Monday. If we continue to move up, the probability of a crash becomes higher, Faber predicted in a Squawk Box interview, saying it could happen sometime in the second half of this year. As I have written about previously, a bubble is always the biggest right before it bursts. I hope that we still have at least a little bit more time before it happens, but I wouldnt count on it. The economic fundamentals tell us that the stock market should be plunging, not rising. At some point the boys over on Wall Street will get the message and the market will catch up to reality very, very rapidly. But for the moment, the American people are feeling really good. According to CNN, Americans are now more optimistic than they have been in six years As the stock market continues to show record highs, the number of Americans who say things are going well in the country has reached 50% for the first time in more than six years, according to a new national survey. So what do you think will happen for the rest of the year? Do you think that the good times will continue to roll, or do you believe that the bubble is about to burst? Please feel free to share your opinion by posting a comment below 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. linkwithin_text=Related Articles: 