14 Prognoses of Doom & Gloom for Economy Starting in ’14 (+2K Views)

So says Michael Snyder (theeconomiccollapseblog.com) in edited excerpts from his original article* entitled Dent, Faber, Celente, Maloney, Rogers – What Do They Say Is Coming In 2014?.

[The following is presented by Lorimer Wilson, editor of www.munKNEE.com and may have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. This paragraph must be included in any article re-posting to avoid copyright infringement.]

Snyder goes on to say in further edited excerpts:

The following are quotes from 14 [supposedly] respected economic experts about what they believe is coming in 2014 and beyond.

1. Harry Dent (author of The Great Depression Ahead):

Our best long-term and intermediate cycles suggest another slowdown and stock crash accelerating between very early 2014 and early 2015, and possibly lasting well into 2015 or even 2016. The worst economic trends due to demographics will hit between 2014 and 2019. The U.S. economy is likely to suffer a minor or major crash by early 2015 and another between late 2017 and late 2019 or early 2020 at the latest.

2. Marc Faber (editor and publisher of the Gloom, Boom & Doom Report):

We are again in a massive financial bubble in bonds, in equities, in [other] asset prices that have gone up dramatically.

3. Gerald Celente:

By the second quarter of 2014, we expect the bottom to fall out.

4. Mike Maloney (host of Hidden Secrets of Money):

I think the crash of 2008 was just a speed bump on the way to the main event… the consequences are gonna be horrific… the rest of the decade will bring us the greatest financial calamity in history.

5. Jim Rogers:

You saw what happened in 2008-2009, which was worse than the previous economic setback because the debt was so much higher. Well now the debt is staggeringly much higher, and so the next economic problem, whenever it happens and whatever causes it, is going to be worse than in the past… Be worried and get prepared…[A collapse] may not happen until 2016 or something, I have no idea when it’s going to happen, but when it comes, be careful.

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6. Lindsey Williams:

There is going to be a global currency reset.

7. Russell Napier (CLSA):

We are on the eve of a deflationary shock which will likely reduce equity valuations from very high to very low levels.

8. Howard Marks (Oaktree Capital):

Certainly risk tolerance has been increasing of late; high returns on risky assets have encouraged more of the same; and the markets are becoming more heated. The bottom line varies from sector to sector, but I have no doubt that markets are riskier than at any other time since the depths of the crisis in late 2008 (for credit) or early 2009 (for equities), and they are becoming more so.

9. Jeff Berwick (financial editor):

If they allow interest rates to rise, it will effectively make the U.S. government bankrupt and insolvent, and it would make the U.S. government collapse. . . . They are preparing for a major societal collapse.  It is obvious and it will happen, and it will be very scary and very dangerous.

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10. Michael Pento (founder of Pento Portfolio Strategies):

Disappointingly, it is much more probable that the government has brought us out of the Great Recession, only to set us up for the Greater Depression, which lies just on the other side of interest rate normalization.

11. Laurence Kotlikoff (Boston University Economics Professor):

Eventually somebody recognizes this and starts dumping the bonds, and interest rates go up, and inflation takes off, and were off to the races.

12. Hugo Salinas Price (Mexican billionaire):

I think the rise in interest rates is the fatal sign which is going to ignite a derivatives crisis.   This is going to bring down the derivatives system (and the financial system)…[and] there is going to be massive bankruptcies around the globe.

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13. Robert Shiller (one of the winners of the 2013 Nobel prize for economics):

I’m not sounding the alarm yet but in many countries the stock price levels are high, and in many real estate markets prices have risen sharply…that could end badly.

14. David Stockman (former Director of the Office of Management and Budget under President Ronald Reagan):

I think world financial markets are extremely dangerous, unstable, and subject to serious trouble and dislocation in the future.

There are already signs that the U.S. economy is slowing down as we head into the final weeks of 2013:

• the number of initial claims for unemployment benefits increased by 68,000 last week to a disturbingly high total of 368,000.  That was the largest increase that we have seen in more than a year.
• for the week ending November 30th, U.S. rail traffic was down 16.3% from the same week one year earlier.  That is a very important indicator that economic activity is getting slower.
• a survey just released found that requests for food assistance and the level of homelessness have both risen significantly in major U.S. cities over the past year…[with] requests for emergency food aid up 7% compared with the previous period a year earlier….

Unfortunately, if the economic experts quoted above are correct, this is just the beginning of our problems. The next wave of the economic collapse is rapidly approaching, and things are going to get much worse than this.

(So what do you think? Which of the individuals quoted above do you think are right on the money and which ones do you think are way off base? Please feel free to share what you think by posting a comment below.)

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[Editor’s Note: The author’s views and conclusions in the above article are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.]

*http://theeconomiccollapseblog.com/archives/dent-faber-celente-maloney-rogers-what-do-they-say-is-coming-in-2014 (Copyright © 2013 The Economic Collapse)

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