I wanted to post this link/story. I have no idea who this man is, his political leanings, economic schooling, etc, but his dire prediction is one that I have feared ever since I started studying economics (it was one of my majors) in college. I have always feared that one morning we'd wake up and find that things we thought had value like 'wealth' and 'money' would be worthless. Such a catastrophe doesn't just 'happen,' but is the result of many many many poor decisions by many many parties (including you and me).
Don't think it can't happen. Many institutions that nobody dreamed
could ever 'fail' went away in a heartbeat just last year. Not even the
U.S. and the almighty dollar are too big to fail.
"The future will be a total disaster, with a collapse of our capitalistic
system as we know it today, wars, massive government debt defaults and the
impoverishment of large segments of Western society," Marc Faber writes in
the September issue of The Gloom, Boom & Doom Report.
A statement like that pretty much speaks for
itself, but it's a bit more complicated than appears on first blush.
Faber has been bullish -- especially on commodities and emerging market
stocks -- for some time now and believes the current global recovery trade
will last another two-to-three years, as discussed in more detail in a
forthcoming clip. But he has major long-term concerns about the dollar's
long-term viability given rising U.S. deficits, massive unfunded mandates
and the fact "we have a money-printer at the Fed."
This combination will eventually lead to runaway inflation, wholesale
debasement of the dollar, and a major lowering of living standards for
most Americans and many Europeans as well, says Faber, who is "highly
confident" in this grim prediction.