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The Level Of Wealth Destruction Will Be Unbelievable
Faber Warns ‘Everything Will Collapse’
Famed economist Marc Faber appeared on Bloomberg TV with a harsh, direct warning to investors.
“U.S. monetary policies will destroy the world,” he said, referring to the new round of stimulus – QE3, or “QE Forever” – the Fed plans to launch this year.
As the publisher of the influential Gloom Boom & Doom report, Faber is well-known for making ominous predictions. Many regard him as the first to warn investors to get out of the stock market one week before the October 1987 crash.
And since the 2008 meltdown, he’s been a fierce critic of the Fed’s policy of money printing, arguing it only creates a phony recovery.
So it wasn’t surprising to hear him speak out against Bernanke’s most recent stimulus plan, quantitative easing or QE3.
What was surprising – and frightening – was the level of wealth-destruction he believes will occur.
According to Faber, “eventually we will have a systematic crisis and everything will collapse.”
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Faber couldn’t pin down the timing of his alarming prediction, but said the bigger concern wasn’t when the economic storm will begin, but how high the market will go until then.
“The question is really between here and then,” he said. “Will everything collapse with Dow Jones 20,000 or 50,000 or 10 million? Mr. Bernanke is a money printer and, believe me, if Mr. Romney wins the election the next Fed chairman will also be a money printer. And so it will go on.”
Faber’s not alone.
A group of his economic peers agree that with more central bank action like QE3, global economic collapse is imminent.
In a newly released documentary that went viral last month, a team of influential economic experts say they have discovered a “frightening pattern” they believe points to a massive economic catastrophe unlike anything ever seen.
And according to these experts – who have presented their findings to the United Nations, the UK Parliament and a long list of world governments – the catastrophe may happen well before Americans hit the polls in November.
“What this pattern represents is a dangerous countdown clock that’s quickly approaching zero,” said Keith Fitz-Gerald, the Chief Investment Strategist for the Money Map Press, who predicted the 2008 oil shock, the credit default swap crisis that helped bring about the recession, and the Greek and European fiscal catastrophe that is still wreaking havoc until this day.
“The resulting chaos is going to crush Americans.”
Another member of this team, Chris Martenson, a global economic trend forecaster, former VP of a Fortune 300, and an internationally recognized expert on the dangers of exponential growth in the economy, explained their findings further:
“We found an identical pattern in our debt, total credit market, and money supply that guarantees they’re going to fail,” Martenson said. “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.”
Ya, but Obama done give us dis free phone
This financial collapse will make the Great Depression look like a walk
in the park because more people now have accumulated wealth than
there was in the 20′s and 30′s. We are all used to being comfortably
fed in the middle class with lots of toys but we will see how dramatically
that changes!
Faber is one of those rare straight-talkers who actually knows what he’s talking about.
Actually, when he says that he doesn’t know when this will occur, he is lying.
HE KNOWS EXACTLY THE DATE!
Anyone with solid technical background in markets, knows it.
The thing is, he can’t tell the truth, it would cause the panic and we would be all screwed.
oh boy! oh boy! oh boy!
neutron zap the City of London and the motives for the attacks will disappear. The long term objective leading to the financial distress of the U.SA.can be reversed but not with the same self indulgent Anglophiles in control.