Andy Redleaf, Sam Zell, Carl Ichan, and Crispin Odey – all of them billionaires – all went on record in the past months voicing their concerns about an impending financial crisis of unprecedented proportions.
The four billionaires were all quoted as saying that the US markets are in an extremely unstable state right now, and so is the currency due to the excessive amount of debt America has accumulated in the past few years and the unimaginable amount of money that was printed out of thin air. The money supply of the US has increased by 400% since 2006.
Porter Stansberry, founder of Stansberry Research and millionaire businessman, goes so far as to say that as the impending crisis is not bank but currency related, it will be much harsher and actually threatens the way of life of the entire nation, even those without money in the markets. Stansberry has published a report stating that multiple owners of large corporations are putting their funds into tangible assets such as gold and even moving their entire families out of the country.
“Everything points to it being a bubble” said Crispin Odey when asked about his thoughts on the state of the global economy. Andy Redleaf stated that “it is a truly scary time”.
It seems that the equity markets, the stock markets, and the currency itself are caught in a downward spiral. The bubble is breaking, and if we fail to prepare ourselves our very way of life is at stake, or so claim the billionaires who have always been very apt at predicting crises beforehand.
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