January 24, 2020
Special World Report

The Coming Crash

The Coming Crash [Podcast] – Special World Report Jan. 23, 2020 – A Friend of Medjugorje shares what many do not want to hear about – what is coming. He looks back at 1929 and how it tells us of today.

Episode Transcript

[THEME MUSIC]

[ANNOUNCER]

This is a Special World Report with a Friend of Medjugorje

 

[A FRIEND OF MEDJUGORJE]

We’ve moved in the year 2020. What you’re about to hear broadcasted is very important for this year and the next year. It will give you insights of Our Lady, when She said, “…Everything…is passing…everything is falling apart, only the glory of God remains…” What does that sound like? It means “crash.” Crash means crash. What’s the chances of an economic crash? What will happen? When will it happen? What’s the basics of it? How will it affect the behavior of people? If you made a list about an economic crash, what would you put on your list? What kind of condition would you be in immediately? Where are you going to get your food? Where do you get your water? How would you live?

 

Our Lady gave an amazing message, an agrarian message, August 25, 2013. It concerns economics. As always, Our Lady’s messages mean many things. But in the context of what we’re about to broadcast, it is relevant. Our Lady says,

 

“…Every day I am sowing and am calling you to conversion…”

 

Conversion means change your mentality. It’s metanoia. So, when you convert something, be it yourself or a product or whatever it may be, that changes the situation.

 

“…I am sowing and am calling you to conversionthe grain that by dying will give birth a hundredfold…

 

Is there a mystery to those words? Yes. Grain is something to grow that you eat. There’s going to be a conversion of the way we live, back to the basics, back to the soil.

 

So, the messages have these mysteries in it, and when Our Lady says, “…grain that by dying will give birth a hundredfold…” We have an economy now that is going to die. There is no way for it to sustain itself.

 

So, Our Lady says,

 

“…that by dying will give birth a hundredfold. I do not desire for you, dear children, to have to repent for everything that you could have done but did not want to…”

 

Amazing words. Everything is passing. Everything is falling apart. Only the glory of God remains. And what remains? The basics, tied to real worth. The money is worthless. God gave precious metals, silver and gold, to have an intrinsic value. And if you’re not ready, you will be lamenting when a crash comes, because you could have made decisions that now, you realize, you didn’t because you didn’t want to. What makes you not want to? Because you’re so tied into the world. You go with what everybody else is doing. You’re following the crowd. The individual is going to crash with the crowd. It works that way.

 

There’s cycles ever since the Roman days of every seventy years of a crash, worldwide, where everybody is connected. We’re way beyond that because we have been able to perpetuate a lie. It’s so interesting that Our Lady said, “grain” and speaking about it dying and producing a hundredfold. There’s a message there because when a total crash happens, you’re forced back to the soil. Man can’t escape it. He was made from it, and he was made for it after the Garden of Eden. So, it’s fascinating Our Lady’s saying about repenting for some things because, in your crash list, you’re going to realize you need water, these necessities, and they’re not going to be there. So, now is the time of grace She’s told us. Now is the time to act. Now is the time to change your direction of your life. Those are words of Our Lady’s. Ivan has told us there will be physical changes upon the earth. Oh, proud man. You think we’re going to escape a crash that has always happened since man began?

 

Before 1929, everything looked invincible. Everything climbed. The stock markets went over the top. There was no end to it. And we’re there now because everything is climbing. Everything is going higher. But one thing you can rest assured, what goes up goes down. It is physics. It is truth. It is cored into nature. You’ve got 2000-year-old Redwood trees. They are so stable, so solid, but eventually, they come down because whatever grows up, does come down.

 

So, as the grain dies, and the economy dies, a new economy grows out of it, and it’s going to be different. We will be dealing in a different way.

 

We have now, a parallel of things that are booming. We have everything at our fingertips. What happens when that all goes away instantly? You will be able to better understand what I’m saying of what you’re about to hear.

 

[CLIP]

Was this the greatest financial lesson we chose to ignore?

 

[NARRATOR]

In 1929, years of booming prosperity ended in catastrophe. It was the biggest stock market crash since records began.

 

[MAN]

It is impossible to underestimate the shock, a sense of stunned disbelief.

 

[NARRATOR]

First-time investors borrowed huge amounts of money to speculate on the market.

 

[MAN]

The market broke very sharply, and a lot of people were wiped out with it. It was very painful.

 

[NARRATOR]

Later, thousands of banks failed. Millions lost everything.

 

[WOMAN]

The poverty was really all around us. It was really, really pitiful.

 

[NARRATOR]

The crash was followed by a depression that spread across the world, lasted for a decade, and was a prelude to war.

 

This is the story of a financial disaster that we hoped would never happen again.

 

[INSTRUMENTAL]

 

[NARRATOR]

Wednesday, the 23rd of October, 1929. Without warning, share prices are plummeting on the New York Stock Exchange. Investors are stunned. For the last five years, the market has only gone up. In the space of an hour, a staggering two and a half million shares are sold. The next day, the downward spiral continues.

 

[WOMAN]

As people came in to trade stocks on October 24th, there was a sense that maybe something had changed, that there was something different. All of a sudden, there just weren’t buyers. People were willing to sell, but there weren’t buyers coming forth to buy the stocks. And prices began to fall two dollars, four dollars, ten dollars a share. It was sort of horrifying.

 

[MAN]

That morning, there were drops on the stock exchange that were so sharp and so dire, stocks suddenly dropping ten, twenty, thirty points at a time, that it’s said that there were shrieks and gasps in the gallery of the New York Stock Exchange.

 

[MAN]

People are stunned by what is happening and terrified. Thousands of people begin to gather outside the stock market. Ten thousand people. They fill the streets from Broadway to the East River.

 

[WOMAN]

People wanted to know what was going on. They went there. These huge crowds gathered around the stock exchange, around the statues and on the stairs, waiting to get any kind of news they could as people came out of the Exchange.

 

They could hear voices. They could actually hear the shouting and yelling as people were buying and selling. But they didn’t know what was going on until they gathered, and they stayed there to find out.

 

[A FRIEND OF MEDJUGORJE]

Match that to the Secrets being released, what are people going to be doing? They’re going to be yearning for news. They don’t know anything about Medjugorje. They don’t know anything about Our Lady. And suddenly, the first Secret unfolds. They’re going to want information. And it’ll be too late in regards to the way they can do now as opposed to what they could have done a year before. And it’s likely to cause panic in a lot of people because they realized, “What have I been doing?” And they’ll say to themselves, “Nothing. I wasn’t prepared for this.”

 

So, the 1929 Depression is called that because this brought depression to everybody. Dreary, misery, hardship, hunger. It’s good in the time of grace to contemplate these things and to see what you need to do now, not to save yourself, but to live closer to what God has ordained for us, instead of what the devil has ordained for us, consumerism, modernism, the love of things, which, in the end, will be useless.

 

[CLIP CONTINUES]

 

[NARRATOR]

Few of the thousands waiting in the crowd appreciated the scale of the disaster that was about to unfold…

 

[A FRIEND OF MEDJUGORJE]

People are going to be shocked when they learn of what Our Lady says, “…A great struggle is about to unfold…” And that word, “unfold,” is not just about the battle, but also the changes upon the earth.

 

[CLIP CONTINUES]

 

[NARRATOR]

…nor could they imagine that over the next five days, a financial catastrophe would sweep away the foundations of America’s prosperity.

 

But to understand what brought about the crash, we need to go back a decade, to a time when American confidence grew so high that it seemed the good times would last forever.

 

[MUSIC PLAYS]

 

[NARRATOR]

In 1919, the U.S. had emerged victorious from World War I. A mood of optimism was in the air. Britain and its European allies were exhausted financially from the war, but the U.S. economy was thriving, and the world danced to the American tune. The uncertainties were over. There seemed little doubt about what was going to happen. America was going on the greatest, gaudiest spree in history, and there was going to be plenty to tell about it.

 

In the 1920s, everyday life was changing. Electrification transformed America. Towns were hooked up to the grid. New technologies emerged. Airplanes, radios, domestic goods that had started life as luxuries now became necessities. The car industry also boomed as people flocked to buy one of the new Ford or Chrysler automobiles. An era of boundless prosperity seemed to have begun.

 

[MAN]

This is the flowering of consumer culture and mass consumption on a scale never before seen.

 

[A FRIEND OF MEDJUGORJE]

Those boom years match our time now. March 25, 1996, Our Lady said,

 

“…I invite you to decide again to love God above all else…”

 

When we flourish, we see money, all these things, God becomes second, third, fourth, and then He disappears. Our Lady continues about saying love God above all else. And then She says this:

 

“…In this time, when due to the spirit of consumerism…”

 

These are words from Heaven. Match that to our day today to back in 1929.

 

“…due to the spirit of consumerism, one forgets what it means to love and to cherish true values…”

 

Instantly, in a crash, what’s going to be valuable to you? The things you have? Your car? No. Water. Food. A way of life that doesn’t exist because we based it on somebody else providing for us and exchanging worthless paper, money, rather than silver that God gave us for the means of exchange.

 

Our Lady continues in this message,

 

“…I invite you again, little children, to put God in the first place in your life…”

 

That means to live what He ordained in Genesis. Depend on Him to provide for us rather than the devil provide things for us. So, putting God in the first place in your life.

 

“…Do not let satan attract you through material things…little children, decide for God who is freedom and love. Choose life and not death of the soul…”

 

Consumerism kills your soul because we distance ourselves from God. And we’re running parallel to 1929. In the midst of a crash and a catastrophe, you’re going to be meditating. Our Lady said in the same message,

 

“…mediate upon the suffering…”

 

As this audio continues, meditate on your life and what you’re hearing now.

 

[CLIP CONTINUES]

 

[MAN]

There was also heavy instalment buying to encourage to buy big ticket consumer items so that they could buy those items on credit.

 

[NARRATOR]

This type of consumer credit was another innovation of the 1920s. For the first time, the idea of buy now, pay later, hit the mainstream.

 

[MAN]

And there’s a kind of “play” culture that develops alongside this consumerism which says, “We believe now in instant gratification. Take care of the now. Don’t worry about the future. Live for the moment.”

 

[MAN]

There was a whole ideology that we were in a new economic era, that it was the birth right of every self-respecting American to be rich.

 

[NARRATOR]

With easy credit and more disposable income, Americans were now looking for new ways to get even richer.

 

Since World War I, the U.S. government had sold bonds known as liberty bonds, to pay for the war. This was a way to borrow money from the public, who, in turn, would receive interest payments on the bond’s value. Celebrities such as Charlie Chaplan and Douglas Fairbanks had been recruited to promote them at huge rallies.

 

[MAN]

Liberty bonds caused many people to become investors in securities for the first time. For the first time in their lives, they got interest payments every six months, and the security was something they could trade on the markets so they could look in the newspaper and see what the price of my bond is today.

 

[MAN]

Liberty bonds created an investing culture. Most people had never purchased securities before, and it got ordinary people accustomed to buying securities.

 

[NARRATOR]

Now, there was another group of people who thought they could take advantage of this new investing culture: the bankers of Wall Street.

 

For years, Wall Street, the center of American finance, was made up of a small, elite group of bankers doing business with each other, in a society closed off to the general public.

 

But one man saw an opportunity that would change the face of the financial world. Charles Mitchell, President of National Citibank, spotted a lucrative gap in the market.

 

[MAN]

Mitchell saw that investors had purchased a lot of government bonds during World War I, and so, he said, now we have an investing public there. All we need to do is market other products like corporate bonds, common stocks, and just tell people these are respectable investments.

 

[NARRATOR]

Mitchell was a natural salesman with a big ambition. If people were willing to buy bonds to raise capital for the government, surely they could be tempted to buy stocks and shares to raise capital for private companies listed on the New York Stock Exchange, and they could make a profit for themselves in the process.

 

[MAN]

Gradually, people who never dreamed that they would invest in stocks were doing so, and stocks lost a lot of the stigma. Historically, stocks had been considered much too risky for ordinary people, however, as in the 1920s, there was a sense that investing in stocks was not only safe but reliable and respectable.

 

[MUSIC]

 

[NARRATOR]

The idea took off, and to exploit this lucrative new market, Mitchell opened brokerage offices all across the country, where people who had the money but not the investment know-how could speculate in stocks and shares.

 

[MAN]

This speculative frenzy embraced all kinds of people, not just professionals. Ordinary people began participating as well in unprecedented numbers all across the country, not just New York City, but in cities and small towns. All across America, people were in love with the stock market.

 

[A FRIEND OF MEDJUGORJE]

They were in love with the stock market. You say, “Well, I’m not into the stock market.” The stock market affects everything. Back then, in 1929, many people still were ploughing their fields with a mule. They took their products to the market, a real market, and exchanged it for money. Now, we take money to the market to get more money. This is usury. This is a form of usury, and now, it’s become respectable instead of sinful, and what is sinful always corrects. The crash in 1929 was about that, a big, major correction. You say, “I’m not tied to the markets.” If you have retirements, you have benefits like that, that’s tied up into the stock markets. They invest those things and spread it out into other investments, all of which are tied to the stock markets.

 

Not too long ago, April 2017, a passenger on United Airlines was told to get off. And they dragged him off the plane. Somebody took a picture of it, and it went viral. And you know what happened? Their stocks dropped $1.4 billion the next day. What kind of money is that? That’s 1,400 million-dollar stacks. That tells you this thing’s not real, and it’s volatile. And history always repeats itself, but now we have Our Lady coming from Heaven telling us that what’s not of God is going to go away. It’s going to crash. Do you want to learn the future? Know the past, because it always repeats itself. So, don’t think this won’t affect you. Everything’s interconnected, even nation to nation. We can’t escape it. The only thing that can escape and be safe with is something that has intrinsic value tied to your way of life, and it’s not paper money.

 

[CLIP CONTINUES]

 

[NARRATOR]

Technology made it all possible. The leaders’ share prices flashed from Wall Street could be printed out within minutes across America using telegraphic ticker tape machines.

 

[MAN]

You could find ticker tape in night clubs, in railroad depots, in beauty parlors, on ocean liners. The market became a pervasive part of America’s play culture in the 1920s.

 

[NARRATOR]

I eat, sleep, dream, talk stocks. The only way I believe to make money. It’s exciting. I love it. $17,000 profit on three and a half thousand dollars capital. Not bad.

 

[MAN]

There were wild speculations in all kinds of securities. Movie company stocks, aeronautical stocks, all the auto company stocks.

 

[WOMAN]

One of the hot stocks of the 1920s was Radio Corporation of America. It was a lot like today’s Google, you know, it was cutting-edge technology. They had this idea that you could put radios in cars. Imagine that.

 

[MAN]

The American investing public began to connect the products they were using that were coming from corporate America with the notion that, “Hey! I might own a share of the company that makes that product that I like.”

 

[SONG]

I have to see my broker, find out what he can do, ‘cause I’m in the market for you. Oh…

 

[NARRATOR]

By the mid-twenties, around three million Americans were in the market, and Wall Street gripped the public imagination with tales of fortunes being made overnight. The idea of a great bull market, where shares only seemed to go up, took hold.

 

[MAN]

Every popular magazine, every newspaper, every radio station, was fascinated by what was going on with the stock market. People charted the activities of celebrities like Charlie Chaplin and Groucho Marx and were fascinated by what stocks they happened to be speculating in.

 

[NARRATOR]

Young comic actor Groucho Marx invested all his savings into the market and was so pleased with his profits on paper, that he persuaded his brothers to invest too.

 

[NARRATOR]

What an easy racket. RCA went up seven points since this morning. I just made myself $7,000.

 

[MUSIC]

 

[NARRATOR]

But it wasn’t just celebrities becoming speculators. The big Wall Street speculators were becoming celebrities themselves. They were thought of as creative, entrepreneurial, and bringing wealth to America. Joseph Kennedy, father of the future president Kennedy, was one of this new breed of shrewd, financial superstar.

 

[MAN]

People were fascinated because some of these man like Joseph Kennedy, were ordinary folks. They were men from nowhere. And their rapid rise on the market was a kind of inspiration to ordinary folk that that might even be possible for them someday.

 

[NARRATOR]

Stories circulated that anyone from bellboys to barbers could make easy money on the market. The shoeshine boy on Wall Street, Pat Bologna was one of those inspired by these tales of rags to riches.

 

[MAN]

Everyone was going to make a fortune. If you lived in New York, the stock was king. My father was probably about seventeen or eighteen. On a daily basis, he would shine the shoes of literally the great men of America, people like Joseph Kennedy, executives like Mitchell. He would converse with them and became somewhat of an expert on things like the Federal Reserve and the things that you wouldn’t think that a shoeshine would be an expert on, but he was talking to the great minds of Wall Street every day all day.

 

And so, my father began to invest in the stock market. And truth be told, I learned how to read reading the stock pages, because that was what my father did. I mean, we grew up with the stock market. There was the stock market for breakfast. It was the stock market for dinner when he came home. The stock market was the world.

 

[MAN]

I started in 1928, because, like many young people, I wanted to go to the place where everybody was making all this money. My first job was to be a messenger boy for the Exchange. It took only a week or two to find out that most of the time, people are greedy.

 

[MUSIC]

 

[NARRATOR]

People had so much faith in the bull market that they borrowed increasing sums of money to speculate on rising share prices. This way of buying shares was known as buying on margin. The investor was required to put down only part of the money with their broker funding the rest. The culture of buy now, pay later, had spread to the stock market.

 

[MAN]

Buying stocks on margin means, essentially, that you’re buying them with borrowed money. By the late 1920s, 90% of the purchase price of the stock is being made with borrowed money.

 

[WOMAN]

There were no rules about how much you could borrow, and people borrowed enormous sums of money to buy stocks. You could buy a $100 stock for $25, and then the brokerage firm would loan you the other $75. And if the stock went up, and in the late 20s, everything seemed to go up and up, then that $25 could turn into investment that was worth $200 or $300. So, it became a huge part of the U.S. economy to loan money for the stock market. In fact, in the late 1920s, nearly forty cents of every dollar loaned was for stocks.

 

[NARRATOR]

This vast influx of borrowed money into the stock market created more demand for shares, pushing prices ever upwards. In 1928, the market went up by almost 50% in just twelve months, and as stocks continued to rise, more and more investors borrowed money to get a piece of the action. One of them was shoeshine boy, Pat Bologna.

 

[MAN]

My father didn’t have a lot of money in the stock market, and he told me at the time, he had about $6,000 in cash. But I remember $6,000 in cash translated into a lot of stock because, in those years, you only had to put 10% down for margin. So, at $6,000, you could have $60,000 worth of stock.

 

[MAN]

It was a prosperous period. Business was making money. Wall Street was making money. The politicians, I think, just said, “Well, everything’s fine. The economy’s growing. The market takes care of things pretty well, and the government’s job is to get out of the way.”

 

[A FRIEND OF MEDJUGORJE]

That’s where we are right now. We have more jobs in America than people to fill them. We’re booming. But that also is biblical. Pride comes before the fall. What happened in that time was several years of prosperity. And that’s what God allows often, something to go so far up, so high, that the fall is great. And we have great pride today in wealth. And people have more and more confidence, making more and more money, expanding things. So, while everything looks good for us, it’s a dangerous sign.

 

So, our track record now is making more money, more people, more jobs, everything. This is dangerous because it’s over confidence, and that’s what God allows often. God allows this confidence for those who need to be humbled, and that’s what a crash will do. It’s going to bring humility back into the hearts of a lot of men, and they’re going to be desperate, even despair. And that’s what Our Lady’s here for, is not to despair, but to turn to God.

 

[CLIP CONTINUES]

 

[NARRATOR]

During the Coolidge presidency, Wall Street’s power continued to grow unchecked. His administration had close links with an elite group of bankers and financiers, Wall Street’s inner circle. Their wealth and connections gave them immense influence over the government’s financial policy.

 

[MAN]

They were small, elite, private partnerships. This was really the royalty of Wall Street. These were very mysterious and discreet places. They were small firms with limited capital. But they exercised really an out-sized power.

 

[A FRIEND OF MEDJUGORJE]

Our Lady said, February 25, 1994, referring not to your life, but what is in your life. She said,

 

“…Only through prayer we can defeat evil and protect all that which satan wants to destroy in your life…”

 

In those words, Our Lady says, not destroy your life. It’s what’s in your life, your economy, your things, your way. satan is making everything go higher and higher and better and better. Greater will be the crash.

 

[CLIP CONTINUES]

 

[NARRATOR]

The most prestigious of these elite firms was the J.P. Morgan bank, strategically located directly opposite the Stock Exchange, it would play a key role in events to come.

 

A senior partner to J.P. Morgan, Thomas Lamont, was the most powerful man in Wall Street. His influence extended well beyond New York. Lamont and the other J.P. Morgan partners spoke regularly with successive presidents.

 

[MAN]

Grandfather was a very, very busy man. He didn’t have time that some grandfathers might do, take his grandson to the baseball game, or go fishing and do things like that. Grandfather’s lifestyle was certainly a very handsome lifestyle. There’s no question about it. He did have his yacht Renit which was a 72-foot, very handsome yacht, which he often would cruise down from his house in Palisades, commuting by boat, if you will, down the Hudson River to Wall Street, and then walk up to the bank.

 

[NARRATOR]

Under Lamont’s leadership, J.P. Morgan steered clear of the worst excesses of the stock market. But the close relationship between elite bankers and politicians helped keep government regulation on Wall Street to a minimum.

 

While amateur speculators were transfixed by the soaring value of their investments, they were hopelessly unaware of how Wall Street really worked. With little government supervision, the market was a law unto itself, and insider dealing was rife.

 

[WOMAN]

There was a lot of market manipulation going on. It was rampant. It was no disclosure at all to speak of, and when Wall Street was very small and very self-contained, that was probably okay, but as people like you and me began to put our hard-earned money into the market, then it really mattered.

 

[MAN]

The stock market of the 1920s was neither fair nor democratic. It was a big gambling casino, and it was rigged by professional speculators.

 

[NARRATOR]

As smaller investors gambled with their life savings, they failed to realize that the odds were stacked against them. Men like Joseph Kennedy did not make their fortunes by simply picking the right stocks. The truth was that they were cashing in on the naivete of gullible newcomers.

 

[MAN]

A bunch of sharp speculators would get together and in coordinated fashion, they would start quietly but relentlessly buying individual stock.

 

[MAN]

What they would do is hype a particular stock, buy it up themselves, and then dump it on the market, so that they took the profits while the average investor in those stocks were left with the losings.

 

[MAN]

Even some of the elite investment houses on Wall Street were engaged in this type of market manipulation.

 

[NARRATOR]

In March of 1929, a new Republican president, Herbert Hoover, was inaugurated. In his address, he reassured Americans:

 

[NARRATOR]

“We have reached a higher degree of comfort and security than ever existed before in the history of the world.”

 

[NARRATOR]

But, behind the scenes, he was less confident.

 

[MAN]

Hoover is actually skeptical about what’s going on on Wall Street and in the economy generally, but he doesn’t have the political courage of his convictions. And so, when he becomes president, he does nothing to rein in this wild speculative fervor. He doesn’t do anything to encourage the Federal Reserve or the Treasury to tighten up margin speculation of the stock market.

 

[NARRATOR]

In private, Hoover talked of speculation. But like his predecessor Coolidge, he had no appetite for regulation of the marketplace. Yet, Hoover was not alone in his fears that the stock market bubble might be about to bust.

 

Days after the inauguration speech, a prominent and highly respected banker, Paul Warburg, broke ranks with the Wall Street aristocracy and issued a bleak warning.

 

[NARRATOR]

“If unrestrained speculation permitted to spread to far, the ultimate collapse is certain to bring about a general depression involving the entire country.”

 

[WOMAN]

My great-grandfather issued a warning in March of 1929. He actually used the word, “a depression.” And he was shouted down. I think he was disregarded. He was, you know, a party-pooper. I mean, “No, no. Everything’s fine.”

 

[MAN]

Everybody’s making money and having a good time at the party. So, when there’s a good bull market going on, the person who says, “This might be getting overvalued. You better be careful.” He’s sort of dismissed.

 

[MUSIC]

 

[NARRATOR]

Warburg’s prediction fell on deaf ears. And between May and September 1929, sixteen new companies were floated on the New York Stock Exchange, adding more than a hundred million shares to the marketplace, fueling the investment bubble.

 

[WOMAN]

You hear the same things in every bubble. This time is different. It’s a different financial world. It’s a new financial world. In fact, Groucho Marx went to his broker at some point and said, “You know, I just don’t understand how these prices just keep going up.” And the broker said to him, “Well, you just have to understand that it’s a global economy now.” And this was 1928 and 1929. Gee, I think I’ve heard that some time since then.

 

[NARRATOR]

Some professional speculators sensed that the market was overheating. The more astute got out during the summer.

 

[MAN]

One day, apparently Joe Kennedy, according to Joe Kennedy’s later recollections, he said, “If the shoeshine guy knows as much as I do about the stock market, maybe it’s time for me to get out.”

 

[NARRATOR]

In September, the market became increasingly volatile. Behind closed doors, President Hoover’s unease was growing.

 

[MAN]

Herbert Hoover did keep making inquiries among his Wall Street friends, asking if he should be concerned, and he received a memo from Thomas W. Lamont, who was the senior partner of J.P. Morgan and Company.

 

[MAN]

Grandfather said in that letter, the market will correct itself, and there would not appear to be any need for any kind of government intervention in the market.

 

[MAN]

Lamont reassured Hoover that there was absolutely no cause for concern, and the memo ended with the line, “the future appears brilliant.”

 

Five days later, the stock market crashed.

 

[NARRATOR]

No one knows what triggered the sudden loss of confidence that happened at the end of Wednesday, the 23rd of October. But out of nowhere, a sharp fall in automobile stocks provoked a frantic last hour’s trading. Millions of shares were suddenly sold. The next day, the great crash of 1929 began.

 

[MAN]

October 24, 1929, black Thursday, is often considered to be the beginning of the crash. There was really a tremendous drop which scared a lot of people.

 

[MAN]

It is impossible to underestimate the shock, a sense of stunned disbelief. People panicked as the market just drops and drops and drops.

 

[NARRATOR]

Desperate for news, thousands gathered outside of the Stock Exchange.

 

[MAN]

Tremendous crowds standing there very grimly staring ahead, men who had just been wiped out.

 

[MAN]

City officials are so alarmed by this that they send four hundred mounted police, fearing that there’s going to be a kind of Bastille-like invasion of the Stock Exchange.

 

[MAN]

And it’s said that there was a strange murmur in the air, that there was a very, very strange kind of haunting sound, which must have been the cumulative voices of all of these people sharing their concerns.

 

[MAN]

The popular reaction is one of, “This can’t be happening.”

 

[MUSIC]

 

[NARRATOR]

A visitor from Britain was there that day too. Winston Churchill had invested much of his own money in the U.S. stock market and had decided to pay a visit.

 

[NARRATOR]

“I happened to be walking down Wall Street at the worst moment of the panic. The perfect stranger who recognized me invited me to enter the gallery of the Stock Exchange. I expected to see pandemonium, but the spectacle that met my eyes was one of surprising calm and ordinance. The 1,200 members of the Stock Exchange were walking to and fro like a slow-motion picture of a disturbed ant heap, offering each other enormous blocks of securities at a third of their own prices.”

 

[NARRATOR]

Churchill was to lose a fortune in the crash that day.

 

Outside, the crowds continued to wait for news. Rumors were fuelling the mounting panic.

 

[MAN]

Once the crash is underway, the real question becomes one of confidence. When you lose all confidence in the economy, good and bad go down together, and so, the chief investment elite is at great pains to try and restore that confidence, to convince people that the economy and the stock market is sound.

 

[NARRATOR]

The bankers knew they had to do something to divert a total financial meltdown. A Times journalist watched events unfold.

 

[NARRATOR]

“The crowd grew thicker and noisier. And then there was an eddie in the middle of it, and a man in shirt sleeves was pushing his way across the street, in the direction of the Morgan offices. This was Charles E. Mitchell, Chairman of the National Citibank. He approached his way into the offices of the house of Morgan, and a little later, we learned what he’d gone for.”

 

[NARRATOR]

Charles Mitchell had been summoned to a meeting of the offices of J.P. Morgan. Around the table with four other leading bankers, including Richard Whitney, Vice President of the New York Stock Exchange. These were some of the wealthiest businessmen in America, representing around $6 billion in assets. Chairman was Thomas Lamont.

 

[MAN]

I think it was a great shock to grandfather. They did not foresee that anything like the great crash that took place would happen. Grandfather called a meeting at his office of 23 Wall Street of some of the leading bankers in town and figured out what they could do to support the stock market, which was plunging. What they came up with was a plan to put together a pool of $250 million, and those funds would be used to support a key list of stocks.

 

[NARRATOR]

At lunch time, Richard Whitney marched across the street back to the trading floor of the Stock Exchange. With a huge injection of the bankers’ cash, Whitney hoped to get the market moving again.

 

[MAN]

Whitney parades over to the desk where U.S. steel is being sold and buys 25,000 shares of U.S. steel at a price well above what it was then selling for, and then makes a similar promenade to other blue chip stocks and makes a similar purchase, the idea being, “We will now restore everybody’s confidence in the market.” And other great financial titans of the time, including John D. Rockefeller, makes similar purchases, hoping that this symbolic act will turn the tide.

 

[MAN]

And it worked. Such was the magical power of the Whitney name and the Morgan name, that stocks suddenly turned around and started to go up.

 

[NARRATOR]

By now, news of the meeting had leaked out, and journalists were desperate for information.

 

[MAN]

Grandfather was meeting with a group of reporters who were assembled on Wall Street outside of his back office.

 

[MAN]

His style was always to stay calm and never say anything that would erode people’s confidence in the stock market.

 

[NARRATOR]

“Silver head Mr. Lamont received us with a manner so reassuring. It was like the man who comes on the stage of a burning theatre and urges everyone to keep perfectly cool, stating, ‘There is no cause for alarm.’”

 

[NARRATOR] “There has been a little distress selling in the Stock Exchange, and we have held a meeting to discuss the situation. We have found that there are no houses in difficulty, and margins are being maintained satisfactorily.”

 

[MAN]

Grandfather and many others felt that the worst was over. But they were very, very wrong.

 

[MUSIC]

 

[NARRATOR]

Over the weekend, the bankers’ intervention seemed to have worked. Trading on Friday and Saturday was calm and uneventful. President Hoover also tried to steady nerves by repeating a mantra that has been used during market crashes many times since.

 

[NARRATOR]

“The fundamental business of the country at its production and distribution of commodities is on a sound and prosperous basis.”

 

[NARRATOR]

But in the offices of the financial district, there was total chaos.

 

[WOMAN]

One of the things that we forget is how primitive the technology was. So many stocks traded on October 24th, that it took four hours for the ticker to print all of the stock trades after the market had closed.

 

[NARRATOR]

The ticker, hopelessly swamped, fell hours behind the actual trading and became completely meaningless. All night long, the lights blazed in the windows of the tall office buildings where margin clocks and bookkeepers struggled with the desperate task of trying to clear one day’s business before the next day began. They fainted at their desks. The weary runner fell exhausted on the marble floors of banks and slept.

 

[NARRATOR]

On Monday, the stock tickers running out of tape, panicking investors desperate for the latest share prices, jammed the telephone lines between New York and other major cities. For the first time, many speculators were discovering the downside of easy credit and buying on margin.

 

[MAN]

The fairly significant number of people who were buying stocks in the 1920s were buying it with borrowed money. And of course, the wonder of buying stocks with borrowed money is that the gains are tremendously accelerated and magnified on the way up, and then, of course, on the way down, the entire machinery is thrown into reverse and the losses are also magnified.

 

[WOMAN]

All these people who had borrowed to buy stock now had to put up more collateral. And this was something that had not happened as the market had gone up and up. You’ve got $25 down for a $100 stock, but now the stock has dropped.

 

So, what happened is the broker just that had made all these loans got very concerned that the loans wouldn’t be paid back. People got calls to bring in more cash or their stocks would be sold.

 

[NARRATOR]

“Account needs $600. Unless this amount received before 1 p.m. Tuesday, will sell all securities in your account. Consider this notice to that effect.”

 

[WOMAN]

And that’s a difficult thing to do. Some people didn’t have additional cash to bring in, or it took them some time, perhaps, to do it, but the brokers were very uneasy. They couldn’t wait.

 

And so, Monday, the market begins to fall even at a steeper rate than it fell at on Thursday. In fact, this would turn out to be one of the very worst days ever in the history of the United States stock market.

 

[VERA]

1929, when the stock market crashed, I was a very young lady, just seven years old. However, I do remember bits and pieces of that day very clearly in my memory. We didn’t have many means of communication, and when something extraordinary happened, the papers would put out an extra. That’s what it was called. An extra for two cents. And the little boys in their little pea caps would come running through the streets screaming, “Extra! Extra! Read all about it!” And invariably, somebody in the house would go down and by a daily for two cents and then we would know what happened. That’s how we found out about the crash.

 

[NARRATOR]

At the time, Vera was with a family friend, but news came that the friend’s aunt had lost everything.

 

[VERA]

The little lady was crying quietly. She was crying quietly and wringing her hands and wringing her hands and walking from room to room to room.

 

So, that was my actual memory of that day.

 

[NARRATOR]

On Tuesday morning, some of the most famous names in corporate America saw their share price plummet. U.S. steel, radio, General Motors. Stocks that had been symbols of the boom years.

 

[MAN]

On Tuesday, there were tremendous waves of selling that just kept coming. This time, the selling was so powerful and so relentless. There was no lunch time meeting at J.P. Morgan. Clearly, the volume of the sales overwhelmed any possibility of the bankers trying to stem the tide.

 

[MAN]

By evening Tuesday, all American stocks were worth about 22% less than they were when the market opened in the morning on Monday. Thirty-six hours, you lost 22% of the value of American industry.

 

[MAN]

Hoover was president, and he and Andrew Mellon, the Secretary of the Treasury, were way to the right and felt that it was not the government’s job to interfere with this. They believed in pure, unfettered capitalism, and so, they did very little or nothing to alleviate the crash. They said, “It’ll solve itself.” The market broke very sharply, and a lot of people were wiped out with it. It was very painful. Almost everybody lost money as has happened now.

 

[SONG]

Oh, the market’s not so good today. Your stocks look kind of sick. In fact, they all dropped down a point each time the tickers tick…

 

[NARRATOR]

It’s estimated that by the end of these five days’ trading, $25 billion worth of personal wealth had simply disappeared.

 

[NARRATOR]

The stock market continues to sag without end. I have orders in to sell everything. I figure I’ll have about five hundred left if I’m lucky. A humble ending to a potential profit not four months ago of nearly a hundred thousand. At least, I said to myself, I lost all in the greatest panic in history.

 

[MAN]

I was very lucky. I never lost my job. I did get a cut salary. Fortunately, my employers were wealthy people. When they told me about this, they said, “Why are you smiling?” I said, “I thought you lit a fire.” [LAUGHS]

 

[NARRATOR]

Another performer who had gambled and lost was Groucho Marx. His reckless speculation cost him everything he’d earned.

 

[MAN]

My father lost everything. He was losing everything, but he was 22. He took it magnanimously. You know, when you’re 22, it isn’t as traumatic. The people around him who were, you know, established people in their fifties and sixties were losing their life savings, were in an absolute panic.

 

[NARRATOR]

Not everyone coped with their losses. Although the number of suicides has been exaggerated, to some, it seemed the only way out.

 

[MAN]

I know that people read about the stories on Wall Street of people opening the windows in their offices and jumping out. That actually happened. That isn’t an urban legend. People did commit suicide, people who had worked thirty and forty years on Wall Street and had amassed fortunes would, in a period of days, lost everything.

 

[NARRATOR]

I’m sorry I was unable to return the two books until now. The conditions down in the financial neighborhood have been such as to keep us working. Yesterday, a woman jumped from the roof of our building, forty-four floors, right past our window. I saw her body lying in the street, and the sight was so harrowing that I became half sick.

 

[NARRATOR]

The effect of the catastrophic crash on Wall Street rippled out across America. Even those who had never owned shares and who had never benefitted from the stock market boom became victims too.

 

[A FRIEND OF MEDJUGORJE]

In our time, if we have a crash, what’s going to happen to people that are not in the stock market? Where is your 401k money? Where is your retirement money? You need to ask these questions. Each week, when your employer deposits for your 401k, where is that money going to?

 

Grant Cardone is a self-made millionaire, and he told NBC,

 

“I would never, ever invest money in a 401k. Why would I go to work, have my employer give me another $6,000 a year and then take that money and send it off to Wall Street, where I can’t even touch it for thirty years? I wouldn’t do that.”

 

Where is your retirement money? Where’s the 401k money? They invest it. Robert Majerick, a registered investment advisor, says, in regards to your money, where is your money kept, he says

 

“They are held by various financial and insurance companies.”

 

They take your money. You’re not interested in the stock market or these investments or these places. But that’s where your money is. So, if the system comes down, are you going to be a victim? Of course you will. This is why Cardone says he would never put his money in there. You would be far better off taking the amount of money that you’re putting in retirement and you buy silver with it.

 

We see there’s a problem, that money’s worthless, and the book It Ain’t Gonna Happen explains to sanctify your money. That’s why we turned into a one-ounce Miraculous Medal Round. We did that because there’s grace attached to it. It’s not just about worth, but it has value, and you have something in the event of a crash. All these funds, retirement, 401k, are playing with your money, and it’s at risk. And Grant Cardone is right when he says, “I can’t even touch it for the next thirty years.” Do you think it’s going to be there? You say, “Oh, well, the risk.” It’s not worth the risk. You don’t risk when you have something that has intrinsic value. It is there. It is physical. It is not paper money. It is not sustained by faith. It’s sustained by the reality of God, what he designed for man.

 

Continuing about the 401ks and the money, it says,

 

“Well, it is not physically kept. Just like the money in your bank account, the actual money, like bills and coins, is not actually physically there. So now, as to who holds the funds, the employer does not hold the funds as a matter of fact.”

 

It’s put in these markets. People play with your money. There’s risk. If you have what’s intrinsically valuable, there’s no risk. You have something in the event of a crash when it comes.

 

[CLIP CONTINUES]

 

[NARRATOR]

The crash had undermined Americans’ faith in their fragile banking system made up of thousands of small-town banks that lacked the size or reputation to convince customers that their money was safe.

 

As confidence in the economy sank further, a domino effect began. In 1931, over two thousand banks failed.

 

[MAN]

My father had a modest-sized insurance brokerage agency. One night at dinner, my father said that he had to fire an employee, and I very cavalierly said, “Well, he’ll be able to get a job, won’t he?” And my father said, “No. He’s an older man who isn’t very capable, and I don’t think he can.” And at that point, my father burst into tears. It was the first time I had ever seen my father cry.

 

[WOMAN]

There was such a change in our lives and all the people around me after the crash. Many of my girlfriends’ fathers lost their jobs, and they couldn’t pay the rent. They were evicted. The poverty was really all around us. Men had no clothing. They were in rags, really rags. They used to rap their feet up in newspaper and put them in cardboard, makeshift shoes to walk around the street. And then, if you took a walk over to Central Park, you saw this big area, a deserted reservoir that had been drained. And they made little huts of cardboard boxes, and they would sleep there overnight. And they called it “Hooverville.” Of course, that was the name of our president at the time. And of course, all this stock market crash and all this poverty was of course put in his lap.

 

It was really, really pitiful.

 

[NARRATOR]

Like many others, the photographer Alice Austen, struggled to keep up mortgage payments as the Great Depression took hold.

 

[MAN]

A few years into the Depression, Alice Austen runs out of money. There is nothing left. She is out of her house. They take her to a poor house, and it’s a poor house out of a Dickens novel, and she lingers there for a couple of years. Miraculously, her photographs are discovered. A few of her photos are sold to Time and Life Magazine, and that earns her enough money to move out of the poor house and into a decent retirement home. In a sense, her photographs come to her rescue and take her out of poverty and into a year or two of decent living.

 

[NARRATOR]

The Great Depression would last until the outbreak of World War II. Then, as now, the globalized economy meant that the crash and subsequent depression rippled out across the world.

 

[A FRIEND OF MEDJUGORJE]

Do you think, with the Secrets’ release, that the purpose of that is not to get rid of the evil spirits that we experience? Just like the narrator just said, that the Depression rippled out to the whole world. The Secrets will have the same effect. Our Lady said, on March 25, 1996,

 

“…In this time, when due to the spirit of consumerism…”

 

Our Lady identifies what She’s talking about as far as that spirit. It’s an evil spirit. She follows that up with saying,

 

“…Do not let satan attract you through material thingsChoose life and not death of the soul…

 

This is a report card, and this is worth for me to repeat to you.

 

“…In this time…”

 

She said, “This is My time.”

 

“…In this time, when due to the spirit of consumerism Do not let satan attract you through material thingsChoose life and not death of the soul…

 

What else needs to be said? We must act. We must move to the message when Our Lady said several times, “…be ready…”

 

[CLIP CONTINUES]

 

[NARRATOR]

In Britain, there was a slump in manufacturing, and millions lost their jobs. Eighty years on, those who remember the bubble of the twenties and the crash that followed feel that they have seen it all before.

 

[MAN]

I don’t think we learned anything from it. I have found that people’s memories are very short.

 

[END CLIP]

[A FRIEND OF MEDJUGORJE]

Indeed, man’s memory is very short. We don’t reflect. We don’t think. We don’t enter into prayer to see the conditions that we are in now because of us. The world is in trouble, and the only way to get it out of trouble is purification.

 

One trillion, seven hundred million dollars was lost in no time in the 1929 crash. We’re well over twenty trillion dollars in debt just in our nation. You count the debt of other nations and the connectivity of all of us together, one big domino that falls, they all fall. Everything is ripe. What happened on Black Thursday was a great panic because truth showed itself immediately, and the lying voices were exposed. Our Lady has told us, “As my apostles, expose evil.” All these things are a reality.

 

Do you realize we’re only fourteen months away from March 18, 2021? Garabandal was apparitions in 1969. They’ve opened that back up. They talked about things happening in the future of the world. And they said it was going to happen on a Thursday. 1929 was called Black Thursday. March 18, 2021 falls on a Thursday. It’ll be seven more years before that happens again. It was six years ago when it happened the last time. What’s the difference now? There is a lot of alignment. Our Lady says, “Look at the signs.” We see these things happening. We’re at a turning point.

 

In the newspaper USA Today, which I don’t trust, has an independently-written article titled, “More Than Half of the Wealthy Investors Brace for a Stock Market Sell-off More Turbulent in 2020.” These wealth managements see the global interconnectivity as an infection. And if something happens to one nation, it’s what I talked about in the beginning. Reverberations. It impacts everybody’s portfolio. Everything is maturing to that point. And these positive trends, the article says, quote, “entices investors to take more risk.” It goes on about how the stock markets are doing so great. Everything’s going up. Everybody’s making some money. But it ends saying that,

 

“Investors should bear in mind that the later stages of a bull market are usually characterized by investors getting involved on the fear of missing out.”

 

And that’s what happened in 1929. They became blind because there was so much money being made. We are there. You can feel it. We can sense it.

 

We heard a story from Century Silver this week. This person said, I want to put my 401k ($100,000). I want to pull it out. She wants to have the Miraculous Medjugorje Rounds, even with having to pay the taxes and the penalty. This person is buying 5,000 rounds. That’s a smart move. If something happens now or never, you’ve got that intrinsic value there! You don’t have it in your 401k. It’s a puff of smoke, and it will go away in a crash. And the people who are worried about the penalties, you’ve got to pay taxes when you pull it out anyway! So, it’s better to have something than nothing. This individual cashing out their 401k makes sense. Ask yourself the question, does it make sense or not? They just guaranteed that they have wealth, and it’s going to be there. It’s not about making money in the market. It’s about preserving wealth. Not only that, you sanctify your funds and your money, and you bring conversion. Re-read It Ain’t Gonna Happen. It’s real clear. This is the time to move. This is the moment, that if the crash comes, and you have something with intrinsic value, the only thing that’s going to be more valuable is if you’ve got a system where you’re feeding yourself from your own ground. But again, that takes some building. The move now to make is just to be even doing that weekly. If you’re getting something cut out of your work check into a 401k or retirement, put it into the Miraculous Medjugorje Rounds. That’s a simple thing to do. Every week do that. Start building that up, even if you don’t have a lot, it will go further than anything else you can have, except food, if you were selling that, because the food chain is a good place to be, because everybody has to have that a couple of times a day. The second thing is something that will not lose its value. It’s a no-brainer. Our Lady’s given us every hint, every warning, not to save ourselves, but to change the way we live.

 

Return to truth. The truth is, our money is fake. It’s a lying voice. The Miraculous Medal gives graces of conversion. Graces of conversion can be done through the distribution of your funds when it comes down to that. It’s a win-win.

 

Now, you can hear information about Century Silver and a representative who you can call and ask all these questions and get into details, because you need to be making decisions now.

 

[CENTURY SILVER REPRESENTATIVE]

If you’d like to contact Century Silver Exchange, you can reach us at 877-936-7686. Again, that’s 877-936-7686. You can also visit centurysilver.com or email [email protected] And of course, Century Silver Exchange is a for-profit subsidiary of Caritas of Birmingham. It pays income taxes and bears its own expenses. If there is any income left over at year end, it may make a dividend donation to Caritas to further its mission efforts.

 

[A FRIEND OF MEDJUGORJE]

Our Lady has shown us that She is here for every avenue of life. Put into your life Her messages, how you deal with your neighbor, how you pray, how you do your work, your money. Jesus taught everything concerning life. Money was a major thing he talked about. That’s why we have Matthew 6, the love of money. At the same time, it’s a useful thing if it’s real. And Our Lady’s messages cover all these things.

 

So, we encourage you to really start making some decisions about your life.

 

And with that, still in the holy season, keep Christmas alive, the New Year resolutions. And don’t forget this mission. We cannot continue without your help, both prayer and your gifts to fund it.

 

We wish you Our Lady. We love you. Goodbye.

 

[THEME MUSIC]

[ANNOUNCER]

How do you protect your assets from the war on cash? Some financial experts recommend moving a meaningful portion of your cash or paper investments such as a 401k or a retirement account into precious metals.

 

Century Silver Exchange is a company that helps people exchange their paper dollars for .999 pure silver in the Miraculous Medal Medjugorje Round, a one troy ounce silver piece.

 

You may contact Century Silver Exchange by calling 1-877-936-7686. That’s 1-877-936-7686.

 

What do some experts say is a meaningful portion? Enough that it will make a difference to you if you need it. A meaningful portion may mean different things to different people. By what you have just heard, do you really want your money to stay in the bank and to continue saving in the same way? Or do you want to start saving in metals? Each person must do their own research and make their own decision as to whether to purchase precious metals and how much to purchase. Again, to contact Century Silver Exchange about the .999 pure silver Miraculous Medal Medjugorje Round, you may call 1-877-936-7686.

 

Caritas of Birmingham has a spiritual mission. Our spiritual mission is first to witness Our Lady’s way by helping to spread Our Lady’s messages around the world, and second, to work for the conversion and salvation of the world. We believe the Miraculous Medal Medjugorje Round helps accomplish this mission. In order to allow the ordering payment and distribution of the Miraculous Medal Medjugorje Round to be managed with the highest possible integrity, transparency and service, Caritas of Birmingham decided to form Century Silver Exchange, Inc., a separate, for-profit subsidiary owned entirely by Caritas of Birmingham. Century Silver Exchange, Inc. contracts with a private mint, not owned directly or indirectly by Caritas of Birmingham, to produce Miraculous Medal Medjugorje Rounds. Upon placement and payment of an order with Century Silver Exchange, Inc. this independent mint will produce and deliver the rounds. Neither Century Silver Exchange nor Caritas of Birmingham will handle the production or delivery of the rounds. No inventory of Miraculous Medal Medjugorje Rounds will be maintained by Century Silver Exchange, Inc. Century Silver Exchange, Inc. bears its own expenses and will pay any income tax due on any earnings. At the end of each year, Century Silver Exchange, Inc. will make a dividend distribution to Caritas of Birmingham of any remaining earnings, which Caritas of Birmingham intends to use to further the mission of Caritas of Birmingham.

 

Information contained within this audio recording is for general educational purposes and should not be construed as investment advice. Neither the presenter nor the broadcaster provides legal advice, tax advice, retirement-specific recommendations or takes into account each individual’s particular circumstances. Your investment and retirement needs may be different. Any sources provided by the presenter or the broadcaster are provided solely for informational purposes. Such resources are provided with the understanding that each individual is responsible for doing his own independent research regarding any decision he makes about purchasing precious metals. Moreover, information included in any resources may have already been changed by recent events and must be verified elsewhere before choosing to act on it. Precious metals may appreciate, depreciate, or stay the same depending on a variety of factors. Neither the presenter nor the broadcaster can guarantee, and neither one makes any representation that the precious metals will appreciate.

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