Economists with the best prediction track records have recently spoken out about what the future economy holds. Here are quotes from these economists from last year for you to review and decide what you might do better or differently with your personal finances. Take notes and put them somewhere you can recall them in the near future and see for yourself how accurate their predictions are:
David Stockman: “It’s one of the scariest moments in our history…No central bank has ever printed this much money this long, kept interest rates at zero, and fueled so much speculation…they’ve [feds] painted themselves in a corner, they’re playing it day by day, and they’re going to make a HUGE mistake!”
Harry Dent: “The only way to correct this is to let this bubble burst…the next crash is going to be worse than the last one.” And, “They brought in the foxes — like Goldman Sachs — to look over the hen house!”
Stockman: “All the cheap money has stayed in the canyons of Wall Street where the speculators can access it day after day… that’s called arbitrage.”
Dent: “Nobody is going to protect you, and nobody is going to stop this bubble from bursting because every single bubble in history has burst. And this is one of the biggest.”
Economy and Market Daily Opines: “Harry Dent’s concern is that the government’s unprecedented intervention through Quantitative Easing and other measures is creating the worst case scenario. Considering that Dent is known worldwide for his uncanny boom and bust calls over the last 30 years, one should pay careful attention to his new warnings that the stock market will collapse by 70 percent, real estate will plunge by 40 percent, and that unemployment will spike up to 15 percent (24.7 percent U6).”
To summarize, these economists agree with one another. You decide if you agree with them, then make decisions accordingly. But as time goes by each of us need to reflect and see how well we have done with this information. Remember you are the captain of your own financial ship.