While I agree that the current system is going south, I completely disagree on the labor demand front. What's standing in the way right now is the current power base that's not going to go quietly into the night. But, they will, once this system implodes. Afterward, the demand for labor will surface, but maybe not in the same ways we've seen previously. You can start with this country's infrastructure. There's plenty of roads, tunnels and bridges other there that need to be fixed/replaced, but more importantly, we've got to have the discipline to keep them maintained this time so that history doesn't repeat itself. There's also a terribly outdated electric grid that's going to have to get improved and supplemented with nuclear power. Ditto on the maintenance front for this too. Refineries? Been a while since we've seen a new one built. Ditto again. Healthcare? There's an incredible need for front-line family G.P.s which is only become more acute if Obamacare sees the light of day. I believe it was J.P. Morgan who cautioned to not short the USA. We may be in for a few years, maybe even a decade of well-deserved lump taking, but we'll re-emerge from this mess with the world kissing our collective asses again.
I get it, this guy is a modern day Orson Wells. His facts are so far off and his dates are Nostradamis-like. If we are 18 days away from the apocalypse in debt markets with US bankruptcy, how come auctions were 3-4x oversubscribed this week? Chinese have no choice but to keep their resources in USD denominated securities for technical reasons. The global derivatives market is in fact a staggering $800trillion. Don't know where he gets these Austin Powers gagillion dollar numbers? Of this $800T, these are off-setting contracts. For every + someone else is - . Global economies are not 'long' these. I think 'Dr' Art Van De Lay should stick to latex.
This guy must be a charlatan. Every doomer worthy of the name knows the collapse is coming on 9/25, not 9/30. Jeesh, someone ought to check the facts before posting such inaccuracies. Did no one else here at ET get the memo?
i believe it's impossible to predict a collapse, but i myself see a very long drawn out recession. as far as the chinese and the derivatives market goes right now they are reneging on paying up for the losses they inccured hedging oil. the chinese gov. said dont pay. they (chinese) have reneged on buying corn,soy, many times. you ask why? ask our polititions why we let them get away with it. bp
our wonderful polititions and presidents have sold us middle class out. remember what ross perot said in a debate back in 1992, he could here a sucking sound and it was our jobs leaving the U.S.A. bp