Economic doomsday message has surprising source

crash061515Subscribers to a mailing list that promotes overseas living got a different type of message over the weekend.

Instead of touting azure blue skies, beach dwellings and cheap overseas living, the message predicted the collapse of the U.S. economy.

The message on the International Living mailing list did not come from some guy wearing a tinfoil hat and living in a yurt in rural Montana. The message was from  Bill Bonner, who correctly described himself as the founder of International Living.

The financial doomsday scenario he sketched told of a day when ATMs and credit cards stop working. He said:

“You see, back when I started International Living, you could retire overseas but still depend on U.S. banks . . . and the U.S. dollar . . .  and U.S. retirement benefits. . . .

“I believe that’s about to change. Very quickly.”

Bonner heads Agora, Inc., which counts International Living as one of its newsletters. The Maryland-based company also owns the  well-respected Stansberry & Associates Investment Research firm.

The email message was particularly scary for some readers who noted they depend on U.S. Social Security while living in Costa Rica.

In an online video Bonner spoke of black helicopters, “a systemic shock will disrupt our lives in ways we never thought possible,” the shutdown of all services including the gasoline supply and events that will bring the “entire nation to its knees.”

Bonner is a big believer in the value of precious metals to counter inflation and the uncertainties of paper money. His scare tactic on the usually upbeat mailing list appears to be an effort to promote another newsletter, this one on economic themes.

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