Billionaire Donald Trump and best selling author and money manager Robert Wiedemer just predicted the market is going to get much, much worse. “This is no recovery,” he says [Wiedemer]. “And this is no ‘down cycle’ that will soon be followed by a reliable ‘up cycle.’
This is a big, multi-bubble pop and it’s far from over.”
In a nutshell, Wiedemers’ best seller book, Aftershock, argues that a succession of bubbles have set the country on the path to ruin. First came the dotcom bubble, then the housing bubble. Now Federal Reserve market ‘manipulation’ and the “incredible irresponsibility and bad judgment of the public sector”, i.e. the U.S. government, make banana republic inflation levels inevitable starting in 2012.
Billionaire Donald Trump says the U.S. economy is poised for “massive inflation” and is warning investors to take steps now to protect themselves.
Trump told investors during a recent CNBC interview that they should not trust official government statistics. He even questioned the “official unemployment” numbers. “It’s over 20 percent. It’s not 8.3 percent,” Trump said.
John Williams’ www.shadowstats.com is an excellent site to discover ‘real’ unemployment numbers and how the government has changed the rules of how they are reporting this number over the years (skewed to make it look better than it really is).
Trump also thinks skyrocketing oil prices will cripple the U.S. economy. “Right now, [oil] is at an all-time record for this time of the year, in the summer they predict $5 gasoline, maybe $6.”
Robert Wiedemer stated in a recent interview, “The data is clear, 50% unemployment, a 90% stock market drop, and 100% annual inflation . . . starting in 2012.”
One could argue that Wiedemer has motive for painting doom and gloom to sell a book. However his previous economic predictions have come true, lending some credibility to his current stance (of which many others similarly agree). His co-authored book, America’s Bubble Economy, published in 2006, accurately predicted the Great Recession and the popping of the housing, private credit, stock and consumer spending bubbles (same as some others with contrarian views during that time).
I’m not a financial expert by any means, but even I realized that something was not right during that time, just as I feel something is not right, now. This false ‘recovery’ is 100% fake in my opinion, being financed by newly printed digi-dollars out of thin air. This is all going to bite us in the a$$ big time, one day. You can’t get something for nothing… there’s no such thing.
I haven’t read Aftershock yet, but after having just sourced some of this information from www.newsmax.com for this article, and hearing about the book, it certainly raises an eyebrow of intrigue (that’s putting it mildly). I have also found that it’s often a good thing to explore more than just one point of view.
One thing for sure, it’s more fuel for the fire of prepping!