The Perfect Financial Storm Coming in 2013

Jul 6, 2011
J. Webster
Comments Off on The Perfect Financial Storm Coming in 2013

Everyone thought the rapture was going to take place in 2012, but it actually looks like it’s going to take place in 2013. Well, that’s according to famed doomsdayer Nouriel Roubini, otherwise known as Dr. Doom.

He’s predicting not a rapture exactly, but a storm, as in a financial crisis with thunder and lots of lightning across the usual European countries with debt problems. Does he ever not predict a financial crisis? Sure, he deserves plenty of credit and attention for predicting the housing collapse, but enough already, I say.

It’s like: yeah, yeah, surprise, surprise, he’s predicting some kind of financial crisis. What would happen if he actually predicted something good? I don’t know if that’s even in his being or at least his marketing strategy. It’s been said he eats his soup cold, sleeps on the floor, and hates the sun. Ironically, he’s actually quite the party guy.

Of course, this is not a heavenly type rapture, although some might wish it was, as in those European nations he’s predicting will have a true crisis in 2013. It’s the usual threesome with the same debt problems: Greece, Portugal and Spain. And, it seems, it might take at least a miracle to solve their debt problems. This is a problem that will come together with the United States’ own fiscal problems and Chinese economy slowing down. The perfect storm you see. Why does he see this in his always half full crystal ball? Too much can kicking. In other words, you can only shuffle around your credit card debts so often.

“My prediction for the perfect storm is not this year or next year but 2013, because everybody is kicking the can down the road,” he said in a live interview. “We now have a problem in the US after the election if we don’t resolve our fiscal problems. China is overheating…eventually it’s going to have a hard landing.”

What do you think? Is he right? Does he come on CNBC and pretty much say the same thing every time? I think he’s right in a lot of ways, and this recover won’t be a pleasant one, especially if you are buying stocks tied to countries like Greece, Portugal, and Spain.

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