Jeremiah Babe,
"WalMart Abuse; The Crash Will Be Biblical;
Americans Keep Spending; Massive Debt Bubbles"
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Related:
"This is it! The party is over. The world is now facing the gravest economic and social downturn in Modern Times (18th century). We are now entering a period of global crisis that will change the world for a very long time to come. This should come as no surprise to the people who have studied history and also read my articles for the last few years. Many others have also warned about the same thing. But since MSM never talks about the excesses in the world or the risks, 99.9% of people are totally unprepared for what is coming next.
The coming downturn will not take 40 years. When bubbles burst, everything unravels very quickly. It could take say 3-7 years for the Dow to come down 90% or more. In 1929-32 it took less than 3 years for the Dow to fall 90%. And the situation today is much more serious when it comes to overvaluations, debts, deficits etc.
So the coming economic downturn will see all bubble assets like stocks, bonds and property decline at least 90% in real terms. But although markets might bottom within say the next 5 years, the world economy might go along the bottom for a very long time, which could be decades. As always, historians will let the world know afterwards the extent of the coming downturn."
- Egon von Greyerz,
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