Doomers Rationalizing Armageddon Averted
All the doom and gloom forecasters are updating their Armageddon predictions this week:
Richard Fisher of the Dallas Fed, "who has termed his outlook for the economy the most gloomy among his Fed colleagues", says on CNBC the Fed prevented economic depression.
Dr. Doom Marc Faber has revised his forecast to the long term and is predicting the collapse of both the US financial markets and, subsequently, capitalism.
Both (and by extension, all the doomers) attribute Armageddon averted to the unified global response, from governments to Central Banks, to the crisis.
I'm on record since December 2007 onward espousing that unified global action was essential to stem the crisis - Central Banks cooperate with Interest Rate Cuts - when the conventional thinking through 2008-9 was that the US economy heading into hyperinflationary territory, and a crashing dollar. Of course, that is still the huge elephant in the room going forward into a future of massive global debt.
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