10/19/10 Stockholm, Sweden – A group of 18 investment experts and fund managers have joined together to publish a new book called, “The Gathering Storm,” in an attempt to sound an urgent alarm about how the global economy may be spiraling toward a “doomsday” that’s far worse than anything that’s been witnessed during the past three years.
Patrick Young, editor of The Gathering Storm, suggests, “When you’ve drunk three bottles of vodka, then you may well think that you’re capable of putting the world to right. But, at the same point in time you know you’re going to wake up in the morning with a hangover.”
The report goes on to explain that neither Europe nor the US are right with their monetary and fiscal policy prescriptions, because debt will have to be repaid and restructuring must begin. See the clip below from RussiaToday (RT) for more details on doomsday denial.
Rocky Vega
Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let’s Go Publications, Harvard Student Agencies, and The Harvard Advocate.
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Well, in the UK politicians taking painful actions. People are resigning to austerity. All are tightening belts to brave the punishments.
That as it should be for historical national mismanagement. But UK, a country with deep history and have seen even deeper turmoils will come out OK. It is paying a steep price for following the USA model of unfettered and reckless capitalism. Maybe one result will be a complete de-coupling in the area of economic and finance policies to the USA. And deeper integration with the EU. The US-UK ‘special relation’ is perhaps ending.
Over at the US, nothing of a sort even resembling minimalist monetary responsibility is emerging. The people, the culture, the politics and the institutions cannot handle austerity. It will continue to do the only thing it knows – just print more money. A country like this does not deserve to have a world reserve currency.