Surviving '100% Chance' of a Global Recession
Continuing economic woes in European counties like Greece and Spain, paired with what well-respected economist Marc Faber called a “meaningful slowdown in India and China”—as well as a less spending among the world’s wealthiest consumers—is adding fuel to the rumors that as Faber predicts we have %100 chance of a global recession.
Yes, you read that correctly.
According to a new report from News Fax, Faber’s predictions on CNBC’s Fast Money Halftime Report, a global recession is all but certain later this year or in early 2013. “There are more and more stocks that are breaking down — economic sensitive stocks and companies that cater to the high end,” said Faber. “That suggests to me the economy is likely to weaken and the huge asset run is likely to come to an end with significant asset deflation.”
But apparently Faber’s prediction is positively rosy compared to that of Robert Wiedemer, who apparently accurately predicted the United States’ original ‘Great Recession” that left so many people like us without jobs, income, and hope for better financial future.
According to News Fax, “In a recent interview for his newest book Aftershock, Wiedemer says, ‘The data is clear, 50 percent unemployment, a 90 percent stock market drop, and 100 percent annual inflation . . . starting in 2012.’ When the host questioned such wild claims, Wiedemer unapologetically displayed shocking charts backing up his allegations, and then ended his argument with, “You see, the medicine will become the poison.”
The interview also offers some solutions that the average American can use to keep their head above water should the worst become our economic reality.
Some of Wiedemer’s tips include:
- Don’t invest in real estate: if you’re thinking of selling your home, Wiedemer encourages you to sell now to avoid another real estate crisis. If you can’t or choose not to sell, his advice is to immediately refinance in a fixed rate mortgage (versus an adjustable rate mortgage or ARM).
- Pay off your car loan: since car loans don’t produce equity, and cars depreciate so quickly, Wiedemer encourages you to dispense with car loans as soon as possible to save for your investments: retirement, real estate, and education.
- Pay off your credit card: obviously credit card debt is bad in any economic conditions. But Wiedemer encourages you to pay the minimum on your mortgage and use any excess to pay off credit cards (which are essentially adjustable rate loans) more quickly.
- Find job security: While they may not pay the most, Wiedemer says jobs in healthcare, utilities and public services sectors may be the most secure in the job-insecure times he predicts ahead.
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