. January 3, 2008 SouthAmerica: If you think 2007 was a bad year then just wait for what is in the pipeline for 2008. One thing you can count on for sure in 2008 â we will have lots and major turmoil in the financial markets. I made my predictions for 2008 about 3 years ago when I wrote the following article: Published on February 17, 2005 on Brazzil magazine. âThe First Great Depression of the New Millenniumâ By Ricardo C. Amaral http://www.brazzilmag.com/content/view/1424/49/ The question is: In 2008, is the perfect storm going to turn into a deep recession or the beginning of a new depression? What a massive economic mess the new president will inherit from the Bush administration in January of 2009. The new US president will inherit a wreckage of a country. No wonder Al Gore doesnât want to run for president in 2008. ****** Quoting from the above mentioned article: "After a number of new terrorist attacks inside the United States, the market dynamic of all these events combined to cause a major institutional collapse in the derivatives market, and that started a domino effect in the entire financial system causing a massive meltdown. Panic among the major holders of US dollar also contributed to the stampede like we had never seen before - and at the end, Chernobyl looked like nothing when compared with the final meltdown of the US dollar, and US economy during the summer of 2006." I hope we will not have any terrorist attack in the US in the future including 2008. But the way, the way things are going today in the US financial markets it will not be necessary for a new terrorist attack to happen in the US for a possible derivatives market meltdown. When I wrote the article I did not catch a typo error when I wrote during the summer of 2006 - It was supposed to read "during the summer of 2008." .