12 'Dr. Dooms' shred 2010 Investing Optimism

12 'Dr. Dooms' shred 2010 Investing Optimism

www.marketwatch.com

1. Faber: The 'American Empire' has peaked, is on a 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."

2. Grantham: Learned nothing, doomed to repeat past, only bigger
3. Stiglitz: Wall Street creating short respite before next crash
4. Johnson: Running out of time before Great Depression 2

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5. Ferguson: Fed's easy money fuels new bubbles, meltdowns

6. Taleb: Fed haunted by ghost of Greenspan's failed Reaganomics
"The world has never, never been as fragile," yet Obama reappoints an economist who "doesn't even know he doesn't understand how things work."

7. Soros: Dollar dead as a reserve currency, nest eggs dying
"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," warns Soros. "We're now in a period of wealth destruction. It is going to be very hard to preserve your wealth in these circumstances."

8. Hedgers: make billions shorting stupid politicians, bankers
Lots of hedge fund buddies made hundreds of millions and billions betting on the stupidity of Washington with the Fed's cheap-money policies. Alpha magazine reports that four hedgers made more than $1 billion each in 2008.

9. Shiller: Dot-com, subprime meltdowns, 'third episode' next

10. Kaufman: Irrationality replaced reason, science, technology
Why can we land men on the moon with pinpoint accuracy, yet fail to steer our economy away from the rocks?

11. Biggs: Sell everything, buy guns, food, head for the hills
former Morgan Stanley research guru Barton Biggs warns us to prepare for a "breakdown of civilization.

12. Diamond: Nations ignore obvious till it's too late, then collapse

You just started believing Wallstreet and Washington that things are getting better, a bright future lies ahead of us? You'd be clueless to fall again for that old lie. Things are far from good. The real shock is yet to come, but obviously that's not what the MSM is gonna tell you.




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I dont know what its like in the states, I have never visited the place, and I dont see a time comming where I will be able to afford to .
All I know , is that because of how I grew up, and the financial situation I am used to being in, this whole crisis has really not affected me in the least. Im too low down the money ladder to worry about any of it. What I am trying to say is that I believe that the majority of people in my nation know what I am talking about because we have a massive underclass here in Britain. Huge swathes of my fellow countrymen have never had enough assets to even FEEL this crisis, or at least are low enough down that we merely take it in our stride and keep doing what we have always done, and will always do. Make sure theres food on the table, and be happy with that.
The government say that we are slowly comming out of the storm. I believe that it will rage on for a time yet, but again, its going to go right over my head . Alot of folks my age complain that they will never afford thier own home ... they are right of course, but I feel sorry for them. They actualy managed to fool themselves into hoping that there was a future for them. I always knew that my generation would be without the things that past generations had a right to expect from thier lives, and so nothing that has come to pass has shocked me , or dismayed me. I saw the foundations of the hell to come, being built when I was a little boy. The dumbing down of the education system, the jobs market being ransacked by corperate interest groups and banking officials, making it near impossible to advance ones self. I saw average pay packets shrinking when compared with growing house and home prices, and knew that by the time that I myself came to manhood, there would be no prospects for my security in terms of dwelling, in terms of the simplest of human needs.
I have lived on traffic islands, under bridges, in hedgerows, and in abandonded places, and that was BEFORE the banking collapse. Now things for me are a little more stable thankfully, but I am still in the position of not even being able to RENT my own accomodation. I still live with my mother because of this.
We are forced by way of expense to aquire loans in order to function a home or a dwelling. Loans that the government are more than aware, are evidence of how badly wrong the system has gone. Surely a mans monthly pay ought to be based on how much he individualy requires in order to live somewhere, eat food, and pay bills? Surely that pay ought to go over and above that ammount so that he may build his saftey and security for the future? Surely the government cannot be unaware that the more we rely on loans and cards, the less secure the markets are going to be, the more toxic the debt will become? Surely this cannot have been an accident ?
The only thing that does worry me , is what are they going to try next to make us all give up and kill ourselves? What new depressing circumstance will they foist on us to make us break ? How will we survive?
I dont know. But they will have to try hard to break me. I have been at the bottom, and I can survive that without a problem. I only hope others can walk that path without overmuch pain.


[edit on 30-1-2010 by TrueBrit]

Wow, thanks so much for this incredible list. With it you've given me a few new names to research. And the others whom I know of are economic powerhouses or experts. I've always taken Stiglitz to heart as I feel he's sincere. Then you have Simon Johnson, Soros, and Nassim Taleb- an amazing voice in modern thinking IMO. I really recommend his book Black Swan- very interesting.

Again thanks so much, this is very helpful.

TruBrit- man I feel you more than you know. My preconceived notion of Brittan is one of a good deal of wealth but then that's the same as others view of the US. Let me tell you, our GDP per capita is hugely offset by the upper crust whereas our cities are rife with poverty. Even if you're flat broke you can manage to get by, obtain food, etc. I could really care less but my heart does go out to the families and especially the children. No child in the whole world needs to starve or suffer because of this cruel global economic slave system.

reply to post by TrueBrit


EVERYONE FEELS IT!!

You might feel like your worth nothing so it doesn't effect you.. and you might not notice because it's subtle..

Price of Petrol rises.
Price of bread rises.
Price of BEER rises.
Price of rent goes up.
Fees for basic government services go up.
hell the cost of sending a letter goes up..

The list is endless.. everything you do in regards to spending any bit of your money is effected. No one escapes.. no one's supposed to escape, it's called Indirect Taxation.

reply to post by Moonsouljah


You are welcome.

Many families are going to be hit by inflation and eventually end up in financial difficulties. For instance, likely upwards pressure on the mortgage rate is going to make many families unable to pay off their mortgage loans. This is going to make many people homeless. I know that the housing crisis has hit hard already, believe me when I say that it was just the beginning. The countermeasures that have been taken are going to take its toll through inflation.

Then you have the purchase power that Rockpuck has been talking about. For most of us this is going to decrease gradually. At first, you won't notice it so much, but live is indeed becoming more expensive.