Another Economic Crash To Come, Some Claim

11 Oct

Some economists are predicting that the U.S. has another serious economic crash on the way, one that’s far bigger and far worse than what we experienced in 2008. Peter Schiff, CEO of Euro Pacific Capital says we should be prepared for it to happen soon.

 

Noted economist Robert Wiedemer agrees with Schiff that the economy will burst again soon. He predicts that by the end of this year, we’ll begin to see the beginnings of what could possibly be a second Great Depression.

 

The cause? Wiedemer says the blame lies with those in Washington who came up with a temporary solution—printing new money—to combat the growing national debt and failing economy. He calls it “money from heaven,” and claims that it’s only going to make things worse for the nation, because it has once again built up our economy on very fragile, insufficient ground.

 

Schiff says the solution to the impending crash is to raise interest rates in the U.S., a solution that even he admits comes with grim prospects: a deeper recession and the failure of banks.

 

While such predictions are being made by the minority of economists, the frightening reality is that in 2006 Wiedemer predicted the collapse of the housing, equity, and consumer spending markets of 2008. He also published the book Aftershock after the crash, which has successfully predicted the rapid loss of value for the U.S. dollar.

 

Wiedemer claims we could see unemployment rates soar to 50%, a stock market drop of 90% and 100% annual inflation for three years in a row. That’s definitely a frightening thought to consider. These predictions are graining more and more ground with the public, with the hope that if this economic crash does, in fact, come to pass, we’ll at least be prepared.

 

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