You can make the same arguments about nearly anything, if you pick and choose the times. Predictions of financial doom are not illogical in our “not so free” world markets where immense power and control is exercised from behind hidden veils to the benefit of specialized political objectives. In the long run, it is very logical that investors lose confidence in traditional investments which they see being cheapened by irresponsible leadership. Over the long run, there was never any question that the US Dollar would fall. And, it was a certainty, that gold would rise when the dollar fell. I was told to use gold as an insurance policy to insure against a crashing dollar. If the dollar did not fall, then the lost appreciation and interest could be viewed as the insurance premium. When the eventually dollar tanked, then the gold appreciation would be like the insurance payout. So far, it has worked perfectly.
Did I say they were illogical? No. I just pointed out that there is always a market for "the sky is falling, we are all doomed" thinking. Just as the guy who wakes up every day and says to himself "today I'm gonna die" will eventually be right, writers who prophesy economic collapse will, I'm sure, eventually be correct.
My point is that living every day in the fear that it will be your last is a poor way to spend life. Spending your entire life investing in gold, MREs and OO buckshot, because some guy with a newsletter or nowdays webpage says the sky is about to fall, is not fulfilling either economically, or spiritually.
Oh, Freepers who want a good gold bug/the sky is falling primer, can't do better than Robert J. Ringer's 1983 classic How You Can Find Happiness During the Collapse of Western Civilization. A review of it can be found here. I still have my copy.
Who knows, maybe this is it. Maybe it is all going down the tubes, and we will be queing up for our Soylent Green ration in a few years. I'm just pointing out that the gold bugs were making the exact same predictions in the years and months just before the greatest periods of prosperiety in our nation's history.