MarketWatch has put together a list of predictions by 12 ‘Dr. Dooms’, who warn that Wall Street’s optimism will trigger a new major crash.
Now, I don’t know if The Mayan Prophecy is playing a role here. But, listening closely to the words of our 12 “Dr. Dooms, it seems they think we are about to face the “Doomsday Decade”.
So, forget Nostradamus and the credit crunch, and get ready for total disaster.
Here are some of the list’s gloomiest predictions:
– Former IMF chief economist Simon Johnson says we’re running out of time:
Yes, “we’re running out of time … to prevent a true depression,”…The “financial industry has effectively captured our government” and is “blocking essential reform,” and unless we break Wall Street’s “stranglehold” we will be unable prevent the Great Depression 2.
– Billionaire investor George Soros warns:
“The system is broken. The current crisis marks the end of an era of credit expansion based on the dollar as the international reserve currency.” “We’re now in a period of wealth destruction. It is going to be very hard to preserve your wealth in these circumstances.”
– Morgan Stanley research guru Barton Biggs warns us to prepare for a “breakdown of civilization”. Sell everything, buy guns, food, head for the hills, Biggs says.
“Your safe haven must be self-sufficient and capable of growing some kind of food … It should be well-stocked with seed, fertilizer, canned food, wine, medicine, clothes, etc … A few rounds over the approaching brigands’ heads would probably be a compelling persuader that there are easier farms to pillage.”
– Hong Kong economist Mark Faber says our society has peaked and is on the decline:
“Once a society becomes successful it becomes arrogant, righteous, overconfident, corrupt, and decadent … overspends … costly wars … wealth inequity and social tensions increase; and society enters a secular decline.”
– “The end will be swift”, says evolutionary biologist, Jared Diamond. “Civilizations share a sharp curve of decline. Indeed, a society’s demise may begin only a decade or two after it reaches its peak population, wealth and power.”