All the ObamaBot cheerleaders on CNBC, who didn’t foresee the financial collapse in 2008, are whistling “Happy Days Are Here Again.” They won’t see the next collapse coming, either. Bernanke, the Man Behind the Curtain, will be seen as a fraud in our lifetime.
Milton Friedman predicted today’s happenings fifty years ago. If you borrow heavily, debase the currency and deficit spend wildly, you will temporarily see upticks in economic parameters and a rise in the stock market. However he gravely cautioned that there was no real corresponding production of wealth from all the financial gimmickry. Eventually the stock market will descend rapidly and the country will be worse off.
Not saying bad economic things won’t happen, but it really doesn’t help to continually announcing that doom and gloom is coming... in the next 6 to 12 months.
This has been going on now for years and people are just weary of hearing that there is an impending disaster... in 6 to 12 months. And this cycle of warnings seems to keep perpetuating.
When the debt bomb explodes and hyper-inflation is a reality, you will wish you had gold.
Apr 12, 2012 - 03:17 AM
By: Bloomberg
Stock-Markets
Best Financial Markets Analysis ArticleEconomist Gary Shilling spoke about the outlook for the U.S. economy with Bloomberg Television’s Adam Johnson and Stephanie Ruhle this afternoon and said that the S&P 500 will drop 43% from its recent level this year. Shilling said, “the analysts have been cranking their numbers down...I think that is true because you have foreign earnings that don’t look good because of recession unfolding in Europe, stronger dollar...a hard landing in China.”