Another grim posting from survival acres:
February 12, 2008
Utter Global Collapse
Filed under: General, Collapse — admin @ 10:26 am
This article is about a month old, and can only be found in the
Google cache apparently, so I'm posting it here in it's entirety.
January 11, 2008
Legendary Funds Manager Julian Robertson Predicts Utter Global
Collapse Stemming From Bursting of Property BubbleIn a recent
interview on CNBC with Ron Insana, one of the "old-timer"funds
manager, Julian Robertson, predicted "utter global collapse" as a
consequence of the bursting of the world-wide property bubble.
Often called "Never Been Wrong Robertson", the former head of Tiger
Management (once the largest hedge fund in the world), is extremely
worried about the speculative bubble in real estate.
Specifically, he is very worried about a world that is sustained by
American consumer spending which is in turn 1/4 sustained by a
property bubble. He predicts that 20 million people could lose their
homes once the property bubble bursts.
Even more worrisome, he thinks central banks around the globe out of
desperation will try to re-inflate the world economy with more
liquidity that will create an inflationary spiral unseen in the
economic history of mankind. "Where does it end?", Insana asked
Robertson. "Utter global collapse," he answered. But not just
economic collapse … collapse of epic proportions. Collapse and
disintegration of all infrastructure, including government. Inflation
will run into the double and triple digits. "Food production will
fall. People will be carrying around U.S .
dollars in wheelbarrows like Germany," he said.
There will be "total collapse of public infrastructure. Total
collapse of medical care systems. All public pension plans, Social
Security will collapse. All corporate pension plans will collapse."
"The American consumer is effectively now supporting the rest of the
planet," he continued. "Consumption rates in all other nations are
falling, have fallen to the point that the tax revenues to
governments, that the business and industries those nation states are
providing is now a net negative number relative to total debt service
and public cost, that this exists in virtually every nation state on
the planet now."
And for much of this "doom", interestingly, he blames the Bush-
Cheney "regime". "They have now consolidated power and money on the
planet to the maximum extent possible. The planet's net liquidity,
that is its, net free cash flow. Is now a negative number. The planet
is not simply sinking into a sea of red ink; it is already sunk. The
people just don't realize it yet," he said.
According to Robertson, "the Bush-Cheney regime is preparing the
nation for transition from democracy into dictatorship because a
dictatorship will be necessary to control, in 5 years time, food and
water riots." He said "the federal government, that part of Patriot
II Act, the internal exile, that the government is going to have to
build now huge detention compounds on federal lands, probably in the
West where the land is available, to potentially house 50 million or
more citizens that will be in financial ruin."
In 10 years time, whoever is left will be effectively starting again,
he said. "More importantly, and I'm trying to think how we imply this
or how we express this to the people, what extraordinary times we are
living in and how the destruction of the planet has been engineered
by the Bushonian Cabal from 1980 to 1992, and then from 2001 to
present, which has effectively destroyed the economic liquidity of
the planet," he said.
Robertson ended the interview by saying that he hopes he is not alive
to see this. "The lucky ones are the ones who are my age now," he
said. Utter Global Collapse