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Thursday, March 15, 2012

Economic 9-11

The Blaze posted an article on 28 February 2012, titled: "Buy a Gun & Keep Your Powder Dry: Economists Warn of Looming Economic 9/11", with economic collapse warnings from three noted economists: Harry Dent, Robert Prechte, & Gerald Celente. Click on the link to read the original, full article, otherwise what these three advise us is as follows:

Harry Dent, author of “The Great Crash Ahead,” believes that the global debt bubble is going to burst and when it does, there will be a massive market crash. Dent previously predicted a collapse in 2012 but has since modified it as the global central banks have been pumping the markets with so much money, stocks have been given a temporary boost. But Dent warns that as soon as the short-lived boost comes to an end, the crash will be hard. “This will be a repeat of 2008-09, only bigger, when it finally hits,” Dent says.

Gerald Celente, a market analyst at the Trends Research Institute, believes Americans should brace themselves for what he calls an “economic 9/11.” He blames the inability of policymakers to solve the world’s financial and economic woes. Once the meltdown hits, he says, it will lead to social upheaval, anti-government sentiment, a devalued U.S. dollar, and skyrocketing unemployment.

Celente won‘t rule out another financial panic that could spark enough fear to cause a run on the nation’s banks by depositors, which could cause the invoke ‘economic martial law’ and call a ‘bank holiday’ and close banks as it did during the Great Depression.

He has been warning of economic disaster for years, believes that the national debt and “income inequality” has put the U.S. in a very dangerous place. Celente says that bank runs, brought about by social unrest, will wreak severe economic havoc as well as could easily transform into real violence. He believes the markets will be turned upside down by not only the eurozone crisis but also by an increase in oil prices due to the standoff between Iran and the West.

“2012 is when many of the long-simmering socioeconomic and political trends that we have been forecasting and tracking will climax,” Celente wrote in his “Top 12 Trends 2012” newsletter.

“When money stops flowing to the man on the street, blood starts flowing in the street,” he added in an interview.

Celente advises investors to buy gold – it won’t lose its purchasing power when the dollar tanks. Also, he says, buy a gun to protect yourself from marauders in search of food and money. He also advises people to plan a getaway to places with “more stable finances and governments.”

Robert Prechter, author of “Conquer the Crash,” is being described as “still bearish.” Because he believes there is a frightening amount of similarities between today’s economy and the one preceding the Great Depression, he warns that America should brace for “1930s-style deflation.” “The economic recovery has been weak, so the next downturn should generate bad news in a big way,” Prechter said

Prechter’s advice? Simple: keep your powder dry and buy when the economy starts to get out of hand.

Particular troubling to me is the common theme of a societal collapse and violence. With 46.5 millon Americans already dependent upon the U.S. Government for subsistence, what would America look like with 100 million hungry people, either not getting checks or getting checks that would not begin to feed their families because of hyper inflation or the unavailbility of products?

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