The following are 14 facts that just might scare the living daylights out of you....
#1 On Monday, the Dow was down 258 points. Lately it seems as though the Dow has been going up or down by several hundred points almost every single day, and that much volatility is not a good sign for the health of the financial system.
#2 Shares of Wall Street banking giant Morgan Stanley fell by another 8 percent on Monday. Overall, shares of Morgan Stanley have declined by more than 50 percent since February.
#3 Bank of America stock dropped down to $5.53 a share on Monday. Just a few years ago, it was trading for more than $50 a share.
#4 There are reports that Goldman Sachs may actually show a loss for the third quarter of 2011 and that yearly bonuses for employees may be slashed to next to nothing. Yes, not too many people are going to have sympathy for Goldman Sachs, but this just shows how bad things are getting out there for the big Wall Street banks.
#5 Normally Goldman Sachs is quite upbeat, but lately they have been coming out with some really frightening reports. For example, a new report from Goldman Sachs declares that there is a 40 percent chance that we are entering a "Great Stagnation".
#6 Shares of European banking giant Dexia plunged by about 10 percent on Monday on rumors that it will soon need a significant bailout. The stocks of major banks all across Europe have been getting absolutely hammered for weeks.
#7 Shares of American Airlines fell by 33 percent on Monday on rumors that the airline is about to enter bankruptcy. Amazingly, trading in the stock was stopped 7 different times on Monday.
#8 It is being reported that approximately 240 pilots for American Airlines have retired in the last two months alone. All of those pilots are retiring so that they can shield their pensions from the upcoming bankruptcy filing.
#9 Nearly the entire airline industry got hit really hard on Monday. Shares of United Continental, U.S. Airways and Delta were all down more than 10 percent.
#10 Overall, U.S. stocks fell by 14 percent during the third quarter of 2011, and now the fourth quarter is off to a very rocky start.
#11 The incoming head of the European Central Bank, Mario Draghi, has publicly admitted that major European banks are having "funding problems". Just like back in 2008, we are rapidly heading for a giant "credit crunch".
#12 A shocking new Bloomberg survey has found that approximately one out of every three international investors expects a "global economic meltdown" within the next 12 months, and 70 percent of them believe that the global economy is "deteriorating". Perhaps they have been reading The Economic Collapse Blog too much.
#13 Financial markets in Europe were rocked on Monday when it was revealed that Greece is not going to hit the deficit reduction targets set for it either this year or next year despite all of the severe austerity measures that have already been implemented. Needless to say, a lot of financial authorities in Europe were very displeased by this news.
#14 German Finance Minister Wolfgang Schaeuble is publicly declaring that Germany will not contribute any more money to the European bailout fund.