Are we in as much economic trouble as the media is saying? Nope! we are in a lot more trouble than that! Let’s look at some of the expert’s opinions…
David Walker — Comptroller General of the U.S. for over 10 years, resigned in 2008. “The system is broken. We are in a financial crisis that Americans are uninformed about and unaware of.”
Charles Goyette — author, television and radio economic commentator. “The US debt is so understated that it amounts to accounting fraud.”
Michael Maloney — advisor to the Kiyosaki Group. “I believe that not only will the US decline and see it’s dollar crash, but it is already on the way.”
Paul Krugman — Economics Nobel Prize winner. “We are well into the realm of Depression economics.”
Harry Dent — noted cyclical economist writes of The Coming Great Depression.
Doug Casey –Casey Research, labels it “The Greater Depression”.
Adrian Day’s Global Analyst — “We are a long way from the bottom in both the economic decline and the credit crisis, with no end in sight.”–
Michael Checkan — Asset Strategies, Inc. — “How will this debt ever be repaid? The only politically acceptable solution is to print more money and devalue the dollar.”
Greg McCoach — The Mining Speculator — “The world is on the precipice of a worldwide financial disaster due to failed Keynesian economic thinking. At this point there is no way around it.”
Bill Gross — manager of Pimco, the worlds largest bondholder, has cut their holdings of US treasury bonds to zero, and is now selling them short.
Sam Zell — the most successful real estate investor of all time, on CNBC. “My single biggest concern is the loss of the dollar as the world currency reserve.”
Porter Stansbury — Stansbury and Associates. “America will eventually lose its world reserve currency status and our debt crisis will lead to massive inflation. We are heading into a crisis that will be far worse than anyone has yet realized, and will result in a significant decline in our standard of living.”
Thomas Woods — NY Times bestselling economics author. “We are moving toward a trillion dollars a year just in government interest payments on our debt.” (total US govt income is 2.3 trillion dollars) ” But it is not as bad as the coming collapse of the major government entitlement programs. Social Security and Medicare are underfunded by an astonishing $111 trillion. It is not possible to tax, borrow or print our way out of that.”
If you think all that is depressing, wait til next blog, when I give you some actual facts and figures! Is all lost? Not yet. We can prepare, and help the financial wounds over time, but it ain’t gonna be pleasant. Economics is an unforgiving science, and we will pay for our financial dalliance at some time, the later the worse! If you want some more background, and possible solutions, you might refer to Orrin Woodward and Chris Brady’s “Introduction to Economics” CD, from the Team’s LIFE collection, or Chris Brady’s CD “Camel in the Tent”. Both of these are available in the “Today’s Economy and Your Money” CD pack from LIFE.
Or you can ignore all this, but remember “He who keeps his head in the sand leaves some vulnerable parts exposed”.
Until next time, this is your depressing economic guy, wishing you good fortune.