Game Over, They’re Pulling The Plug – Bill Holter
Precious metals expert and financial writer Bill Holter said in early April that he thought we did not have much time until the financial meltdown started. He gave it 60 days. Two months later, the meltdown started in earnest right on time. The world is at debt levels never seen before, and Holter contends rising interest rates are the key driver here and now. Holter explains, “Interest rates are the key to the whole collapse. Mortgage rates, as of right now, are about 6.15%. Mortgage rates started the year just over 3%. In the fourth quarter of last year, we had mortgage rates as low as 2.75%. What that tells you is if you qualified for a $1 million mortgage at the end of last year, you only qualify for a $500,000 mortgage now. If you are a property owner, that means the pool of potential buyers is far less than 6 months ago, simply because interest rates have basically doubled. Holter also says that means property values are dramatically cut.
by Greg Hunter
