Economist Caution: Prepare For 'Massive Wealth Destruction'

Discussion in 'The Bar' started by wanker, Jul 7, 2013.

  1. wanker

    wanker New Member

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    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.â€
     
  2. dawg

    dawg In The Dog House Staff Member

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    Wish I had some wealth to protect.
     
  3. wanker

    wanker New Member

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    scary because it all trickles down to us
     
  4. dawg

    dawg In The Dog House Staff Member

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    Oh I agree, we are headed for some very dark times. It's going to be rough.
     
  5. wanker

    wanker New Member

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    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.

    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.”



     
  6. wanker

    wanker New Member

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    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.”

     
  7. Billy Brown

    Billy Brown Thinking big VIP

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    Trump has been talking about China for years.
     
  8. Ridic Too

    Ridic Too New Member Banned User

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    If it impacts supportership will the site be in jeopardy? Srs question.
     
  9. newcastlefan

    newcastlefan גֵּרְשֹׁם VIP

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    Interesting that Trump is upset that the country uses the same debt financing tactics that he used over the past 20 years to make his fortune.
     
  10. newcastlefan

    newcastlefan גֵּרְשֹׁם VIP

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    It doesn't take any special ability to predict that a bubble will burst.
     
  11. stripes

    stripes Active Member Banned User

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    I bet you squandered my lifetime retirement annuity on hookers & booze
     
  12. DarkFriday

    DarkFriday Fired as a MOD...Twice. Gold

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    We need another World War to clean out all the suckers :coffee:
     
  13. Markijuano

    Markijuano Well-Known Member

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    Buy guns. It's my motto
     
  14. dawg

    dawg In The Dog House Staff Member

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    Of course it would bro, it will impact almost everything.
     
  15. DarkFriday

    DarkFriday Fired as a MOD...Twice. Gold

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    No more Dawgs? :hide:
     
  16. dawg

    dawg In The Dog House Staff Member

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    As long as we can pay the hosting bill we will continue bro.
     
  17. Bro

    Bro Oligarchical Corporatocracy VIP Gold

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    We need to put America back to work.
     
  18. TelegramSam

    TelegramSam I love Sam's cock Banned User

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    I invested all of my savings in gold over the years, I would think if society blows up and we transition into a Mad Max era, my investments will still pan out (although barrels of oil might have been better).
     
  19. wanker

    wanker New Member

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    smart but gold is at its lowest right now..
     
  20. TelegramSam

    TelegramSam I love Sam's cock Banned User

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    The problem really is that Americans need to get back to work, they need to get back to full time wage earning jobs. Companies have all started hiring temps or working their employees part time and letting the tax payers take care of their entitlements. Perfect example, the Honda plant near me ran a bunch of local TV ads about how many workers they hired, they failed to mention they were all temps who don't qualify for benefits and can be shitcanned without the ability to even draw unemployment.