Massive Wealth Destruction in Our Future

Comment By bob L.
June 27th 2013

You might say this is just another Global Warming denier thought, but look what happen when the housing bubble popped, Government was warned I believe clear back in 2003 but just laughed, that is typical of the way our Government Agencies thinks.

I did not name this Working poor America for nothing, I hoped it would help people understand what is going on that did not make the local news, but whether it is totally accurate, you have to think that it is very possible that it can happen, and in some cases it did happen years later.

My Comments are how I feel on these stories true or not, because they have eventually come true down the road, in other words, it was snuck in quietly where people did not see it coming because Government thought people would think it would not ever happen, other words don’t trust what our Government tells you.

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Newsmax  Moneynews

Economist Caution: Prepare For ‘Massive Wealth  Destruction’

Wednesday, 26 Jun 2013

Take immediate steps to protect your wealth . . . NOW!

That’s exactly what many well-respected economists, billionaires, and noted  authors are telling you to do — experts such as Marc Faber, Peter Schiff, Donald  Trump, and Robert Wiedemer. According to them, we are on the verge of another  recession, and this one will be far worse than what we experienced during the  last financial crisis.

Marc Faber, the noted Swiss economist and  investor, has voiced his concerns for the U.S. economy numerous times during  recent media appearances, stating, “I think somewhere down the line we will have  a massive wealth destruction. I would say that well-to-do people may lose up to  50 percent of their total wealth.”

When he was asked what sort of odds he  put on a global recession happening, the economist famous for his ominous  predictions quickly answered . . . “100 percent.”

Faber points out that  this bleak outlook stems directly from Federal Reserve Chairman Ben Bernanke’s  policy decisions, and the continuous printing of new money, referred to as  “quantitative easing” in the media.

Faber’s pessimism is matched by  well-respected economist and investor Peter Schiff, the CEO of Euro Pacific  Capital. Schiff remarks that the stock market collapse we experienced in 2008  “wasn’t the real crash. The real crash is coming.”

Schiff didn’t stop  there. Most alarming is his belief that daily life will get dramatically worse  for U.S. citizens.

“If we keep doing this policy of stimulus and growing  government, it’s just going to get worse for the average American. Our standard  of living is going to fall . . . People who are expecting Social Security can’t  get all that money. People expecting government pensions can’t get all their  money . . . We simply can’t afford to pay them.”

Equally critical of the  current government and our nation’s economy is real estate mogul and  entrepreneur Donald Trump, who is warning that the United States could soon  become a large-scale Spain or Greece, teetering on the edge of financial  ruin.

Trump doesn’t hesitate to point out America’s unhealthy dependence  on China. “When you’re not rich, you have to go out and borrow money. We’re  borrowing from the Chinese and others.”

It is this massive debt that  worries Trump the most.

“We are going up to $16 trillion [in debt] very  soon, and it’s going to be a lot higher than that before he gets finished,”  Trump says, referring to President Barack Obama. “When you have [debt] in the  $21-$22 trillion [range], you are talking about a [credit] downgrade no matter  how you cut it.”

In a recent appearance, Trump went to so far as to say  the dollar is “going to hell.”

Where Trump, Faber, and Schiff see rising  debt, a falling dollar, and a plunging stock market, investment adviser and  author Robert Wiedemer sees much more widespread economic destruction.

In a recent interview to talk about his New York Times best-seller Aftershock,  Wiedemer says, “The data is clear, 50 percent unemployment, a 90 percent stock  market drop, and 100 percent annual inflation… starting in  2013.”

Editor’s  Note: Watch the disturbing  interview with Wiedemer.

Before you dismiss  Wiedemer’s claims as impossible or unrealistic, consider this: In 2006, Wiedemer  and a team of economists accurately predicted the collapse of the U.S. housing  market, equity markets, and consumer spending that almost sank the United  States. They published their research in the book America’s Bubble  Economy.

When the interview host questioned Wiedemer’s latest data, the  author unapologetically displayed shocking charts backing up his allegations,  and then ended his argument with, “You see, the medicine will become the  poison.”

The interview has become a wake-up call for those unprepared (or  unwilling) to acknowledge an ugly truth: The country’s financial “rescue”  devised in Washington has failed miserably.

The blame lies squarely on  those whose job it was to avoid the exact situation we find ourselves in,  including Bernanke and former Fed Chairman Alan Greenspan, tasked with  preventing financial meltdowns and keeping the nation’s economy strong through  monetary and credit policies.

Shocking Footage
: See the eerie chart  that exposes the ‘unthinkable.’

At one point,  Wiedemer even calls out Bernanke, saying that his “money from heaven will be the  path to hell.”

But it’s not just the grim predictions that are causing  the sensation in Wiedemer’s video interview. Rather, it’s his comprehensive  blueprint for economic survival that’s really commanding global  attention.

The interview offers realistic, step-by-step solutions that  the average hard-working American can easily follow.

The video was  initially screened for a relatively small, private audience. But the  overwhelming amount of feedback from viewers who felt the interview should be  widely publicized came with consequences, as various online networks repeatedly  shut it down and affiliates refused to house the content.

Bernanke and  Greenspan certainly would not support Wiedemer publicly, and it soon became  apparent mainstream media would not either.

“People were sitting up and  taking notice, and they begged us to make the interview public so they could  easily share it,” said Newsmax Financial Publisher Aaron DeHoog. “But  unfortunately, it kept getting pulled.”

“Our real concern,” DeHoog  added, “is the effect even if only half of Wiedemer’s predictions come  true.

“That’s a scary thought for sure. But we want the average American  to be prepared, and that is why we will continue to push this video to as many  outlets as we can. We want the word to spread.”

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Categories: America, Democrats, Greed, Jobs, Money, Obama, People, Politics, Republicans, Taxes, Unemployed, White House | Tags: , , , , , , | Leave a comment

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