Tags: experts | economy | brick | wall

Experts Testify: Economy Headed Toward Brick Wall

Friday, 22 Aug 2014 05:30 AM

By Newsmax Wires

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A Who’s Who of investing world legends is spreading the same message: Your money is not safe, and the reason why is Washington, D.C.

A blind, lost, myopic Washington — from Congress to the White House to the Fed — created this mess, and they have to deliver a workable solution to get us out.

Jim Rogers, Marc Faber, Donald Trump, Peter Schiff, George Soros, Nouriel Roubini . . . men from different walks of life, with different backgrounds and upbringings, and frankly different views on many things — but they all agree on one thing.

America is heading toward a brick wall, and nobody in Washington has any interest in steering away.

Economists, financial experts, and business professionals across the political spectrum are concerned. They know that America must do something and do it fast to stave off a run on Treasurys that would end in runaway interest rates, inflation, or both. While increasing taxes is certainly one answer, quickly raising rates now would be a death blow to our weakened economy.

“We’re all getting into a worse fundamental situation than we had before, and we’re all going to pay for it. Be very careful and worried about 2013 and 2014,” says famed investor Jim Rogers.

And don’t expect D.C. to save you, says money manager Peter Schiff. The politicians have no idea what to do about it. “They couldn’t see this train wreck coming, even though it was staring them in the face,” says Schiff, referring to the housing bubble and subsequent collapse.

“They’re the ones still in charge. They’re the ones fixing the economy when they don’t even understand why it broke.”

As Donald Trump points out, a further downgrade of U.S. debt is inevitable. We’ve already lost the coveted “AAA” status from Standard & Poor’s — the first time in history that America’s debt rating has been cut. And that was just a warning shot.

See the charts that prove America is heading toward a “brick wall”…

“We are going up to $16 trillion [in debt] very soon, and it’s going to be a lot higher than that before he (President Obama) gets finished. When you have [debt] in the $21-$22 trillion [range], you are talking about a downgrade no matter how you cut it.”

Ballooning debt and a credit downgrade aren’t Trump’s only worries for this country. He says that the official unemployment rate of 8.2 percent “isn’t a real number” and that the real figure is closer to between 15 percent and 16 percent. He even mentioned that some believe the unemployment rate to be as high as 21 percent.

“Right now, frankly, the country isn’t doing well,” Trump added. “Recession may be a nice word.”

This grim outlook lines right up with the long-held views of Robert Wiedemer, economist and author of The New York Times best-seller Aftershock. He’s seen it all before.

In 2006, Wiedemer accurately predicted the collapse of the U.S. housing market, equity markets, and consumer spending that almost sank the United States.

In a recent interview, Wiedemer unapologetically calls out the financial “rescue” devised in Washington. It failed miserably, he charges.

Watch the powerful interview with Robert Wiedemer that has been viewed over 40 million times

The blame lies squarely on those whose job it was to avoid the exact situation we find ourselves in, including current Federal Reserve Chairman Ben Bernanke and former Chairman Alan Greenspan, tasked with preventing financial meltdowns and keeping the nation’s economy strong through monetary and credit policies.

At one point, Wiedemer even calls out Bernanke, saying that his “money from heaven will be the path to hell.”

But it’s not just the grim predictions that are causing the sensation; rather, it’s the comprehensive blueprint for economic survival that’s really commanding global attention.

The interview offers realistic, step-by-step solutions that the average hard-working American can easily follow.

The overwhelming amount of feedback to publicize the interview, initially screened for a private audience, came with consequences as various online networks repeatedly shut it down and affiliates refused to house the content.

Bernanke and Greenspan were not about to support Wiedemer publicly, nor were the mainstream media.

“People were sitting up and taking notice, and they begged us to make the interview public so they could easily share it,” said Newsmax Financial Publisher Aaron DeHoog, “but unfortunately, it kept getting pulled.”

“Our real concern,” DeHoog added, “is what if only half of Wiedemer’s predictions come true?

“That’s a scary thought for sure. But we want the average American to be prepared, and that is why we will continue to push this video to as many outlets as we can. We want the word to spread.”

Editor’s Note: For a limited time, Newsmax is showing the Wiedemer interview and supplying viewers with copies of the new, updated Aftershock book including the final, unpublished chapter. Go here to view it now.



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