Economist Andrei Polgar believes the world is about to be blindsided by the next financial crisis.
Author of the best-selling book The Age of Anomaly, Polgar said in a recent interview with USA Watchdog.com:
"Right now, so many years after the 'Great Depression', not only are people comfortably unaware, but even worse yet, the entire idea of financial preparedness has been discredited."
According to Polgar, too many financial analysts making too many gloomy predictions = apathy with a capital 'A'. People just aren't interested. But unfortunately, disinterest won't stop it from happening and Polgar predicts:
"The next crash will be the worst the world has ever seen because problems have kept accumulating. Now, we have to accept the unsustainable as status quo." For instance:
-Debt to GDP ratio in Japan is over 200%
-In Italy it's 130%
-In France, Belgium and the United States it's 100%
"That's what keeps me up at night," says Polgar. "What happens when that chain breaks...when we have to deal with the unsustainable nature of our system? Things are already unbelievably bad here in Europe...the system will break from the bottom to top...Developed countries like the United States will be the last to fall."
The bottom line according to Polgar?
Deflation
plus loss of control by central banks and governments = an inflationary spiral few are prepared for.
So, is Polgar just another economist crying wolf?
You do the math.
A wise man once said: "Market crashes are cyclical. Of course we are going to have one, and I am not afraid of the idea of a market crash. I am afraid of what happens when the chain is broken or, to put it differently, when the status quo no longer works." -- Andrei Polgar
"Trust in the Lord with all your heart, and do not lean on your own understanding. In all your ways acknowledge Him, and He will make straight your paths" (Proverbs 3:5-6).
"But seek first the kingdom of God and His righteousness, and all these things will be added to you" (Matthew 6:33).
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