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What Are The People Who Predicted the Financial Crisis Predicting
Now?
George
Washington's Blog
Tuesday, Dec 09, 2008
There are only a handful of people who predicted this financial
crisis, or at least its severity.
What are they predicting now?
Peter Schiff and Ron Paul
Schiff, the manager of over $1 billion dollars in investments,
says the U.S. will enter a long period which could be worse than
the Great Depression.
Schiff also thinks that the economic crisis might lead to martial
law.
(ARTICLE CONTINUES BELOW)
He thinks that Asia and Europe, after a period of economic downturn,
will "decouple" from the U.S., eventually enjoying great prosperity
long before the U.S. recovers.
Schiff has admitted that he did not foresee the current rally
in the dollar, and his investors - long in Asian and European
stocks - are way down.
Schiff was Ron Paul's chief economic advisor during his campaign.
Paul has himself predicted the crisis for many years, and has
warned that America is spending more than it can afford. Paul
has also repeatedly warned of martial law.
Nouriel Roubini
Roubini, the PhD economist, thinks we are going to have what
he calls "stag-deflation", meaning severe stagnation and deflation.
Basically, he thinks that we're heading into a depression without
extreme government action.
He's also warning of possible food
riots.
Marc Faber
PhD economist Faber, who called both the 1987 crash and the current
crisis, believes that there will be a bear
rally for a couple of months, and then a further crash.
He is convinced the U.S. will go bankrupt sooner or later.
Faber also thinks that the crisis may spell and end for the traditional
American form of government, to be replaced by martial law or
some other unsavory form of government.
Nassim Nicholas Taleb
Economist, highly-regarded investment advisor, and one of the
world's foremost authorities on derivatives Nassim Nicholas Taleb,
thinks that "capitalism I" is over, and things will get very bad
before we get to a new form of "capitalism II", where banks will
act like utilities instead of money-making pirates.
Taleb has warned
that supermarkets may shut down. While he wouldn't directly tell
Charlie Rose how bad he thinks things will get, he did say
he thinks things will be worse
than Roubini is predicting.
Antal E. Fekete and Darryl Schoon
Professor Emeritus of Mathematics Antal E. Fekete and author
Darryl Schoon think that our entire modern society will crash
and break down (gold bugs, they believe all assets will crater
except gold).
Afterword: The Greatest Depression
As an afterword, it should be pointed out that - while it was
really bad - the Great Depression was not the greatest crash in
history. Indeed, one writer describes
the Great Depression as "a mild and brief episode, compared to
the bank crash of the 1340’s . . . ."
That's a stunning piece of information: the Great Depression
was nothing compared to the crash in Venice in 1340.
How can anything have been that much worse than the Great Depression?
Well, the 1340 crash ushered
in the dark ages.
Now I don't think anything nearly
that bad is coming. But discussions about whether we are
going to experience something as horrible as America's Great Depression
should not be taken in a vacuum. Unless our government stops messing
things up and making them worse, things could get quite ugly.
Note: I apologize to the others
who predicted the crash whose names were not included in the above
list, like Shostak,
Calente and
others. I tried to keep the list short. I appreciate your efforts
in sounding the alarm and applaud your ongoing efforts to educate
the public.
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INFOWARS:
BECAUSE THERE'S A WAR ON FOR YOUR MIND
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