It's been argued for quite some time that our nation's economy has been living well beyond its means since the 1970's. Living in present day conditions, there's no denying that matters have become rather dangerous as our finacially-based society skates on thin ice...
As one legislator attempts to prepare his state for potential catastrophes, three other esteemed analysts are warning Americans to prepare for an 'economic 9/11'.
Despite some optimistic numbers floating around the economy right now, authors Harry Dent, Robert Prechter along with trend forecaster Gerald Celente all say the recent rebound won't last.
Currently, unemployment is down to 8.3 percent – the lowest rate in three years – experts aren't convinced we're on a sustainable road to recovery.
The Dow Jones index has been trading relatively high early this week (around the 13,000 mark), but again, analysts and skeptics are far from certain that it will remain high in weeks and months to come.
Robert Prechter worries that today's economic woes are uncomfortably similar to those of the Great Depression era and this brief recovery is likely to end up like the failing economy did back in the 1930s.
According to a USA Today feature story, “a potential run on banks by savers could cause the government to invoke a national holiday and temporarily close them all, which happened during the Great Depression.”
Mr. Pretcher has predicted that markets will crash at historic lows, worse than the lows hit in the financial meltdown of March 2009.
As a result, Harry Dent speculates that more people will find themselves jobless by 2013 and into 2014 after the markets crash in response to quantitative easing from central banks.
The economy is proving to be the major issue in this autumn’s presidential election, with every Republican candidate berating President Barack Obama for his handling of the recession.
Mitt Romney said on Monday that his major rival Rick Santorum is ill-prepared to deal with the nation's economic woes, calling his GOP rival a nice guy who never held a job in the private sector.
But Mr Santorum has mounted an unexpectedly strong challenge against Mr Romney ahead of the primary in Michigan tomorrow, despite accusations from his rival that he doesn't know how to create jobs.
Mr. Celente leaves us with a haunting image warning of what is to come: “When money stops flowing to the man on the street, blood starts flowing in the street.”
Until then, many Americans are stocking up on guns and gold to prepare for the worst-case-scenario...
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