A Future of Poverty and Upheaval

by Chris Martin

And so those very same silly sods, who claim to be professionals in the financial world, who never saw this thing, the current economic crisis, approaching, are now the ones who loudly proclaim that the worst is behind us and though the recovery will be difficult, an upswing has now at least begun.

There were, of course, a few sane voices out in the wilderness, often ridiculed or simply ignored by CNBC, who warned of an impending implosion. It is these voices we as a people should be paying more attention to, rather than those who have been bought by a system that was compromised decades ago when our great-grandparents were young and Woodrow Wilson was president.

And what do these lone voices still say today? Hold on for the ride of your life.

William Bonner, president and CEO of Agora Inc., and a regular contributor to DailyReckoning.com, along with Addison Wiggin, editorial director and publisher of the Daily Reckoning, published several books in the 1990s and current decade warning of this very situation. Bonner himself just recently asked in one of his columns "Can you really fix a debt-saturated economy by pouring on more debt?"

Is it really wise to borrow from our children and grandchildren, taking away financial well-being for future production, merely to consume today? Is it wise to pour gasoline on a debt-induced inferno merely to kick start a people to take on more debt when most are already struggling to service their current loans all the while holding their breath during each round of layoffs?

Peter D. Schiff, Robert R. Prechter, Jr., Dr. Martin D. Weiss, John R. Talbott, James R. Cook, Eamonn Fingleton and Warren Brussee are just a few who warned our bubble-induced economy was a fallacy. And a few of them are now saying very, serious structural damage has been inflicted, and that this is not even what one would call a deep recession. Schiff, Bonner, Wiggin and Weiss are not afraid to use the D word when describing what we are now going through. And Brussee, probably the scariest of these soothsayers, created, with a couple of co-workers, "a real-time computerized stock investment program to identify insider trading …. and in the process became aware of some dire problems in the economy."

Brussee was so floored and concerned by what he discovered that he wrote a book in the middle 2000s and had it published in 2005, the title "The Second Great Depression: Starting 2007, Ending 2020."

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August 27, 2009

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