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Economist Richard Duncan: Civilization May Not Survive 'Death Spiral'
By Terry Weiss, Money Morning
Richard Duncan, formerly of the World Bank and chief economist at Blackhorse Asset Mgmt., says America's $16 trillion federal debt has escalated into a "death spiral, "as he told CNBC.
And it could result in a depression so severe that he doesn't "think our civilization could survive it."
And Duncan is not alone in warning that the U.S. economy may go into a "death spiral."
Since the recession, noted economists including Laurence Kotlikoff, a former member of President Reagan's Council of Economic Advisers, have come to similar conclusions.
Kotlikoff estimates the true fiscal gap is $211 trillion when unfunded entitlements like Social Security and Medicare are included.
However, while the debt crisis numbers are well known to most Americans, the economy hasn't suffered a major correction for almost 4 years.
So the questions remain: Is the threat of collapse for real? And if so, when?
A team of scientists, economists, and geopolitical analysts believes they have proof that the threat is indeed real - and the danger imminent.
One member of this team, Chris Martenson, a pathologist and former VP of a Fortune 300 company, explains their findings:
"We found an identical pattern in our debt, total credit market, and money supply that guarantees they're going to fail. This pattern is nearly the same as in any pyramid scheme, one that escalates exponentially fast before it collapses. Governments around the globe are chiefly responsible.
Originally posted by WanDash
reply to post by hawkiye
If you're "in power", you're going to look out for #1 (yourself, first, those dear to you, next).
Most intelligent individuals accept that we are on an unsustainable course, with one of the greatest contributing factors being "world population"...
Cataclysm/s, be they from the sky, earth, war or disease/plague are almost "wished for" (especially by those that frequent this website/forum)...because the population reduction will be handled by someone-other than "those that should" do something about it (being - Us).
In the mean-time, TPTB will simply use the lead-up to hedge themselves, and attempt/prepare to somehow secure a similar posture (as TPTB) after the dust/fallout settles.
Originally posted by hawkiye
That would explain all the government hoarding of supplies ammo etc. and I am sure the elites are doing the same in private too. Question is do they have a portion of the military on board to protect them when the masses look to lynch them?
Originally posted by hawkiye
True but I think their fatal flaw is they think people will continue to except fiat currency when the dust settles and I doubt they will after just coming through hell on earth compared to what they were used before society as we know it collapsed.
The weird part of this is it does seem to fit right into the agenda of depopulation and of course the elites think they are the ones who will be left standing. So they know it is unsustainable but will let it runs its course to give them as much time to prepare as they can. That would explain all the government hoarding of supplies ammo etc. and I am sure the elites are doing the same in private too. Question is do they have a portion of the military on board to protect them when the masses look to lynch them?
I agree, bartering will be the Norm as Society evens out , Probably three months or so.
Originally posted by sonnny1
Great Thread !
You will see more Bartering, when it all comes crumbling down.
Originally posted by Lil Drummerboy
yeah,. well just what is keeping us going?
why are we still chugging along and I see people at stores buying as usual
and it seems like business as always,. kinda hard to believe this "crisis" is at all possible.
Market seems stable, gas prices are at a normal for the per barrel price, food prices are normal
considering the recent drought,.
Honestly,. it just seems like a scare tactic,. keep em in fear
Originally posted by HellstormRising
reply to post by WanDash
while you are correct that most wish for some depopulation scenario another scenario is more preferable. It would have been nice that along with this era in oil production we invested heavily on new technology for energy, space travel, investigate things like physics more and stop pissing our resources away in wars with each other. With that being said we probably would have found another habitable planet by now or been able to terraform Mars or Venus. Imagine having 3 planet in our solar system capable of sustaining human life. Not only would this introduce new resources but may prove bountiful for some older resources we haven't quite shed our dependence on yet.
Originally posted by Lil Drummerboy
As for this video,..
all I kept thinking.."But wait theres more"
for just $20 bucks you get this survival knife and solar blanket..
Interesting info,. but these guys are salesmen participation
Excellent Video, They present 6 Scenarios of the Collapse, with a Concensus being WATER as the Catalyst.
Kotlikoff estimates the true fiscal gap is $211 trillion when unfunded entitlements like Social Security and Medicare are included.