Doomsday Cycle targets America next

Wednesday, October 17, 2012
By Paul Martin

By Paul B. Farrell
MarketWatch.com
Oct. 16, 2012

SAN LUIS OBISPO, Calif. (MarketWatch) — Warning bells, alarms scream louder. But our banks and politicians can’t hear, are deaf, in denial. Won’t take action … not until it is too late.

That’s the latest from Simon Johnson and Peter Boone in “The Doomsday Cycle Turns: Who’s Next?” Who is next? America, Japan, the euro zone are the triple threat next in the line of fire, in danger of collapsing, thanks to a doomsday conspiracy where global “political and financial systems have aligned to build these dangers rather than suppress them.”

Three years ago, the first warning: “The Doomsday Cycle.” Since then Simon Johnson, former IMF chief economist, co-authored two bestsellers, “13 Bankers: The Wall Street Takeover and the Next Financial Meltdown,” and recently, “White House Burning.” Peter Boone is a research associate at the London School of Economics, which published their doomsday warnings.

In the first they warned: “Over the last 30 years, we have built a financial system that threatens to topple our global economic order, we have let an unsustainable and crazy ‘doomsday cycle’ infiltrate our economic system.” This doomsday “cycle will not run forever … The destructive power of the down-cycle will overwhelm the restorative ability of the government, just like it did in 1929-31.”

America has ignored the lessons of the 2008 meltdown even though coming “remarkably close to another Great Depression. Next time, we may not be so lucky.”

First. Risks shifted from emerging nations to big developed nations

The Rest…HERE

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