Prepare For 'Massive Wealth Destruction' by Christian Hill
| July 21, 2012
Take immediate steps to protect your wealth . . . NOW!
That’s exactly what many well-respected economists,
billionaires, and noted authors are telling you to do —
experts such as Marc Faber, Peter Schiff, Donald Trump,
and Robert Wiedemer. According to them, we are on the verge
of another recession, and this one will be far worse than
what we experienced during the last financial crisis.
Marc Faber, the noted Swiss economist and investor, has
voiced his concerns for the U.S. economy numerous times
during recent media appearances, stating, “I think
somewhere down the line we will have a massive wealth destruction.
I would say that well-to-do people may lose up to 50 percent
of their total wealth.”
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 points out that this bleak outlook stems directly
from Federal Reserve Chairman Ben Bernanke’s policy
decisions, and the continuous printing of new money, referred
to as “quantitative easing” in the media.
Faber’s pessimism is matched by well-respected economist
and investor Peter Schiff, the CEO of Euro Pacific Capital.
Schiff remarks that the stock market collapse we experienced
in 2008 “wasn’t the real crash. The real crash
Schiff didn’t stop there. Most alarming is his belief
that daily life will get dramatically worse for U.S. citizens.
“If we keep doing this policy of stimulus and growing
government, it’s just going to get worse for the average
American. Our standard of living is going to fall . . .
People who are expecting Social Security can’t get
all that money. People expecting government pensions can’t
get all their money . . . We simply can’t afford to
Equally critical of the current government and our nation’s
economy is real estate mogul and entrepreneur Donald Trump,
who is warning that the United States could soon become
a large-scale Spain or Greece, teetering on the edge of
Trump doesn’t hesitate to point out America’s
unhealthy dependence on China. “When you’re
not rich, you have to go out and borrow money. We’re
borrowing from the Chinese and others.”
It is this massive debt that worries Trump the most.
“We are going up to $16 trillion [in debt] very soon,
and it’s going to be a lot higher than that before
he gets finished,” Trump says, referring to President
Barack Obama. “When you have [debt] in the $21-$22
trillion [range], you are talking about a [credit] downgrade
no matter how you cut it.”
In a recent appearance, Trump went to so far as to say
the dollar is “going to hell.”
Where Trump, Faber, and Schiff see rising debt, a falling
dollar, and a plunging stock market, investment adviser
and author Robert Wiedemer sees much more widespread economic
In a recent interview to talk about his New York Times
best-seller Aftershock, Wiedemer says, “The data is
clear, 50 percent unemployment, a 90 percent stock market
drop, and 100 percent annual inflation… starting in