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Top Economist: 2011 US economy will collapse

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posted on Dec, 10 2010 @ 02:46 PM
Well, if this doesn't scare you I don't know what will. Top economist Arthur Laffer, author of several important books on economic theory including his latest, Return to Prosperity: How America Can Regain Its Economic Superpower Status is predicting the worst depression since the1930's.

Depending on the condition of Western Europe at that time, the possibility exists that the train not only "goes off the tracks" but off the cliff and the US plunges into a steep depression worse than that experienced during the 1930s.

Before It's News

posted on Dec, 10 2010 @ 03:03 PM
reply to post by Atom12

Wow! His views make perfect sense. The current reprieve and slight increase in economy is a result of people shifting their spending from 2011 to 2010 in preparation for the upcoming crash. There are ways to avoid it, but policies over the past 2 years show that the Fed, and the current Administration will probably due exactly the opposite of what could be effective.

My brother was at a dinner for the Federal Reserve last week. His Master's degree is Economics and he is flabbergasted at the decision to use quantitative easing (usually a last ditch effort) as a means to stimulate the economy while they are reporting that things are improving. The two things are contradictory. He asked the question of the speaker and the answer was basically that they have a lot of tools to use, so they just used one.
Nothing deeper, no intricate strategy, no long-term repercussion planning, just pulled one of their tools out of a hat and threw it at the problem! AMAZING!!

Laffer compares the bloated government and growing debt to the Titanic. He isn't a doom and gloomer economist, and he isn't a Conspiracy Theorist, and his policies helped Reagan to fix a broken economy that lasted through the Clinton years, so this guy knows a little something, and he says we are riding the Titanic!

Arthur Laffer Wiki page

Arthur Betz Laffer (pronounced /ˈlæfər/;[1] born August 14, 1940) is an American economist who became influential during the Reagan administration as a member of Reagan's Economic Policy Advisory Board (1981–1989). Laffer is best known for the Laffer curve, an illustration of tax elasticity which asserts that, in certain situations, a decrease in tax rates could result in an increase in tax revenues.

Laffer is the author and co-author of many books and newspaper articles, including Supply Side Economics: Financial Decision-Making for the 80s. Laffer is Policy Co-Chairman (with Lawrence "Larry" Kudlow) of the Free Enterprise Fund.

Laffer identifies himself as a staunch fiscal conservative and libertarian. He has stated publicly that he supported President Bill Clinton in 1992 and 1996.[2] Laffer references President Clinton's conservative fiscal policies as cornerstones of his support.[3]

He was named a Distinguished University Professor of Economics by Mercer University (Georgia) in 2008.[4]

edit on 10-12-2010 by getreadyalready because: (no reason given)

posted on Dec, 10 2010 @ 03:24 PM
Theres a "storm" coming ! Secure your wealth ! Hold on tight ! The ride is gonna be wild in the near future !!

posted on Dec, 10 2010 @ 03:25 PM
reply to post by Atom12


This makes no sense to me.

I was never contacted by "Before It's News"

posted on Dec, 10 2010 @ 03:28 PM
So the militarys what-if war-games will transition nicely into actual practice.

posted on Dec, 10 2010 @ 03:28 PM
Maybe so, maybe not!

I think the train can grinding into the dirt and rock for perhaps a few years yet, but we'll see!

posted on Dec, 10 2010 @ 03:51 PM
reply to post by mnemeth1

Are you Laffer?

posted on Dec, 10 2010 @ 04:12 PM

Originally posted by mnemeth1
This makes no sense to me.
I was never contacted by "Before It's News"

what in the world r u talkin bout?
I'm lost with that statement.

Anyway, I think the article is pretty much
spot on.

button down the hatches,
food is gonna be scarce

posted on Dec, 10 2010 @ 04:41 PM
reply to post by Atom12

Laffer is not the only one. The Money Supply was DOUBLE from $800 billion to $1600 billion at the beginning of 2009.

"I am amazed that the US government, in the midst of the worst financial crises ever, is content for short-selling to drive down the asset prices that the government is trying to support....The bald fact is that the combination of ignorance, negligence, and ideology that permitted the crisis to happen still prevails and is blocking any remedy. Either the people in power in Washington and the financial community are total dimwits or they are manipulating an opportunity to redistribute wealth from taxpayers, equity owners and pension funds to the financial sector." Paul Craig Roberts was Assistant Secretary of the Treasury

Stewart Dougherty, a specialist in inferential analysis, agrees. It is now "statistically impossible for the United States to pay its obligations".

The biggest problem is the USA has no manufacturing base.

In the USA our population has about tripled since 1970, government employees had doubled by 1996 while education and manufacturing jobs fell. Government jobs and welfare are now at least triple that of the manufacturing jobs that support them

In 1970, - 24 % of the work force worked in Manufacturing. By 1996 it was 10.2% and that was BEFORE WTO started exporting jobs wholesale. Since then we lost another 2 million jobs so we are some where around 9% of the labor force actually makes stuff. But take heart the Federal government, the largest employer in the USA. employs 17% of the work force and with the recent expansion of the government I am sure we will see that figure top 20% soon.

Maybe that is why they printed all that money. They need to pay all the local, state and Federal employees.

How is the economy supposed to rebound when our larges four employers are the Government, WallyMart, Kelly temp Services and McDonalds!

Small business accounts for over 50% of employment and the Obamacare law royally sticks it to small business. Not only did Obamacare put in a 50 employee glass ceiling, thanks to requiring employers to have health care but they also just heaped Small businesses with a ton of paperwork.

Section 9006 of the health care bill -- just a few lines buried in the 2,409-page document -- mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year.

The stealth change radically alters the nature of 1099s and means businesses will have to issue millions of new tax documents each year.

Right now, the IRS Form 1099 is used to document income for individual workers other than wages and salaries...

Either we have some real Donkeys and Turkeys in DC or they are trying to bankrupt this country like Iceland and Greece.

posted on Dec, 10 2010 @ 04:44 PM
They should change the name of that website to "Before It's News, It's Just Conjecture"

The economy was supposed to collapse this year, and the year before that, and the year before that.

Collapse already!!

edit on 10-12-2010 by harrytuttle because: (no reason given)

posted on Dec, 10 2010 @ 09:28 PM
reply to post by harrytuttle

damn you beat me to it. we've been hearing this for years and yet nothing happens. this should go in the prediction/prophecy forum with the rest of the bs in there
edit on 10-12-2010 by alkesh because: (no reason given)

posted on Dec, 11 2010 @ 01:18 PM
reply to post by alkesh
I agree that it is more than tiresome to hear these things over and over and nothing like it comes to pass.
All I can say is lately I have a feeling that a lot of these these dire economic predictions are closer to manifesting than ever before.

posted on Dec, 11 2010 @ 01:21 PM
Wow ,.
this is amazing,. the doom scenario just never ends
also to point out has never materialized either..

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