Global Economy about to meltdown

Nouriel Roubini: Three ETFs For Dr. Doom’s “Perfect Storm”

Dr. Doom has diagnosed the global economy once again, except this time the symptoms are pointing to something far worse than many pessimists could have expected. Nouriel Roubini, perhaps best known for predicting the 2008 financial meltdown, recently outlined his forecast for 2013, which looks to be centered around a towering list of uncertainties. He made his prediction for the “Perfect Storm” back in May of 2012, citing a combination of four factors that would inevitably lead to the next great collapse [see also 4 Commodities To Buy Before Roubini's Perfect Storm].

Roubini predicted that slowing growth in the United States, growing debt troubles in Europe, a slowdown in China, and intensifying political gridlock with Iran would come together to create a “Perfect Storm” for the world economy. The frightening thing is that all of the cited factors are in fact slowly coming together. The United States has been dealing with mixed economic reports from both the labor and housing markets, while lawmakers in Europe have yet to embark on a comprehensive plan to bring unity and stability to the currency bloc [see also Simple (But Effective) Safe Haven ETFdb Portfolio ].

http://etfdailynews.com/2012/08/07/nouriel-roubini-three-etfs-for-dr-dooms-perfect-storm-gltr-off-pbj/

Under our Socialist Government - the Gillard Labor Government, Government debt has increased. Having said that it is still small compared to other nations.

The problem here is private debt, where people have borrowed to buy into the Housing Bubble here, which is the worst in the world, and only now just beginning to rupture.

Australia is a "One trick Pony" because our saving grace has been exporting minerals to China, but China is a Bubble and it has now burst, so our exports to China and our Mining Boom is now a thing of the past.

So because we bought into the Housing Bubble, personal debt is a major issue and people have been deleveraging - paying off debt - when the China Bubble allowed it.

But its not enough. Now the game has changed and we are catching up to the rest of the world - ruin.

Obama got very bad advice from corrupt advisers, its as simple as that. Larry Summers is his chief economic adviser. Under Dubya, Hank Paulson was calling the shots and he was the honcho of Goldman Sachs when they were plundering America with Subprime loans.

Australia is a small player, we have 22 million people here, our economy is not a major player, and we are in serious trouble as well.

But the USA and China are No1 and 2 global economies, and the USA is the leader and I am appalled by the greed and corruption that has with reckless abandon destroyed the global economy.

So now we get a Depression worse than the 1930s, and then we get a Global war worse than World War Two.

Oh and a pandemic.

Australia's Debt can be found here.  Hopefully, this is accurate.

Turboguy wrote: China has been keeping their people afloat with BS busywork jobs. How many uninhabited cities have they built and are planning to this year alone? They are trying to inflate their way out of a mess too, just by different means.

 

The trouble is the PIIGS which are Portugal, Italy, Ireland, Greece and Spain are sunk, but so too is the rest of Europe.

Ireland with a nation of only 3 million people or so is losing its young people who are leaving in droves every week for a better life overseas. Its the Potato Famine all over again.

Only old people will be left in Ireland, and they cannot pay the debt.

Greece is in a Depression but it looks like the whole world will soon be in a Depression.

It all came from the Housing Bubble and the Subprime fiasco. It all came from America.

I am going to get more ammo. For two reasons, first if TSHTF I want to make sure I have plenty, second if Obama is re-elected he will try and stop ammo sales.

LOL, I have so much #10 can food now I am going to clear out and arrange my food storage bins and put my ammo in them. They block out water so it will be a great storage spot.