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Faber: '100% Chance' of Global Recession

Saturday, August 11, 2012 8:42

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“Faber: ’100% Chance’ of Global Recession”

by NewsMax

NEW YORK — “Investors (and you- CP) need to prepare for a global recession. That’s the takeaway from one well-respected economist after his recent appearance on CNBC’s Fast Money Halftime Report. According to Marc Faber, the author of the “Gloom, Boom, and Doom Report”, a global recession is all but a certainty later this year or in early 2013. When he was asked what sort of odds he put on a global recession happening, the economist famous for his ominous predictions quickly answered: “100 Percent.”

Faber’s pessimism during his recent appearance on CNBC wasn’t surprising for a man whose nickname is “Doctor Doom.” What was surprising was his level of certainty that a global recession was coming. Faber stated that there is a “meaningful slowdown in India and China” that many investors are missing due to the media’s focus on Greece and Spain. He is also worried that the wealthy may be showing signs of spending fatigue after Tiffany’s reported slowing sales. “There are more and more stocks that are breaking down — economic sensitive stocks and companies that cater to the high end. That suggests to me the economy is likely to weaken and the huge asset run is likely to come to an end with significant asset deflation.”

While it is worrisome that Faber’s odds of a global recession are “100 percent,” it is hardly as alarming as the scenario laid out by another economist. Without appearing on CNBC or being known by a scary nickname, Robert Wiedemer did what Marc Faber couldn’t: He accurately predicted the economic collapse that almost sunk the United States. In 2006, Wiedemer and a team of economists foresaw the coming collapse of the U.S. housing market, equity markets, private debt, and consumer spending, and published their findings in the book “America’s Bubble Economy.”

But Wiedemer’s outlook for the U.S. economy today makes “Doctor Doom” sound like Mr. Rogers. Where Faber sees a global recession, Wiedemer sees much more widespread economic destruction. In a recent interview for his newest book “Aftershock,” Wiedemer says, “The data is clear, 50 percent unemployment, a 90 percent stock market drop, and 100 percent annual inflation . . . starting in 2012.”

When the host questioned such wild claims, Wiedemer unapologetically displayed shocking charts backing up his allegations, and then ended his argument with, “You see, the medicine will become the poison.” The interview has become a wake-up call for those unprepared (or unwilling) to acknowledge an ugly truth: The country’s financial “rescue” devised in Washington has failed miserably.”

- http://www.newsmaxworld.com/

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Related: “The Aftershock Survival Summit”,

http://w3.newsmax.com/a/aftershockb/video47.cfm?promo_code=F4FA-1

2012-08-11 08:37:21

Source: http://coyoteprime-runningcauseicantfly.blogspot.com/2012/08/faber-100-chance-of-global-recession.html

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