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The people who saw the crash coming

October 13th, 2008 by admin | Filed under Daily News, Global Credit Crisis.

Here’s are some economists/money managers who saw this crash coming and predicted the interference of the central banks in the market and the result of those interferences. They go as far as to say that the cure could kill the patient

  • Marc Faber
  • Jim Rogers
  • Peter Schiff

 
Here’s what Peter Schiff said last year on CNBC and he was laughed at 
 
Here’s Marc Faber’s book which everyone should read IMO 
 
here’s what Jim Rogers says will happen now 
 
Here’s what they say is going to happen as central banks intervene where they shouldn’t

  • The printing presses will be put into overdrive
  • Hyper inflation resulting in the loss and maybe even the confiscation of domestic savings and wealth, especially gold is a distinct possibility
  • Mass unemployment and a deep depression as a short sharp shock is turned into a deep long shock by central bankers
  • Asia will rise to be the new global economic leader
  • The US dollar will be massively devalued and America will lose its economic place in the world

 
Here’s what they said should happen to allow the situation to resolve itself

  • take the bitter medicine and don’t try to avoid the necessary corrective pain – let the markets work it out and stop meddling in the price discovery mechanism
  • Let the weak go to the wall and the strong pick up the pieces
  • End the culture of borrowing to consume and replace it with a culture of saving to produce (which made America loved, hardworking and very wealthy).

 
So these guys predicted the event and the central banks reaction to it and they were right.  
 
Apparently, Bernanke and Paulson aren’t able to predict a sunrise but Americans listen to them, (even if the market knows they are clowns…or worse).  
 
They’ve been right along and Bernanke/Paulson have been wrong all along. 
 
Someone please tell me what has happened to make Bernanke/Paulson right this time and why Faber/Schiff/Rogers are wrong.

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