Signup for our free newsletter:

The Prophets of Doom...

Written By Brian Hicks

Posted October 3, 2011

Nobody wants to admit we’re screwed. But unless we face the fear head on, there’s no money to be made.

Think things are bad now?

You ain’t seen nothin’…

The financial crisis of 2008 that plunged us into the depths of utter chaos, financial Armageddon, and consumer distraught could look like a walk in the park after what’s coming…

And if what these insiders are saying is right, get the hell out of stocks while you still can… and buy put options on just about everything.

Because, according to the latest The Economic Collapse report, insiders aren’t too optimistic either.

It would seem we can’t kick the can down the road any more… We’ve run out of road.

Here are six of 12 quotes from the insiders. More can be found here.

#1 George Soros: “Financial markets are driving the world towards another Great Depression with incalculable political consequences. The authorities, particularly in Europe, have lost control of the situation.”

#2 PIMCO CEO Mohammed El-Erian: “These are all signs of an institutional run on French banks. If it persists, the banks would have no choice but to delever their balance sheets in a very drastic and disorderly fashion. Retail depositors would get edgy and be tempted to follow trading and institutional clients through the exit doors. Europe would thus be thrown into a full-blown banking crisis that aggravates the sovereign debt trap, renders certain another economic recession, and significantly worsens the outlook for the global economy.”

#3 Attila Szalay-Berzeviczy, global head of securities services at UniCredit SpA (Italy’s largest bank): “The only remaining question is how many days the hopeless rearguard action of European governments and the European Central Bank can keep up Greece’s spirits.”

#4 Stefan Homburg, the head of Germany’s Institute for Public Finance: “The euro is nearing its ugly end. A collapse of monetary union now appears unavoidable.”

#5 EU Parliament Member Nigel Farage: “I think the worst in the financial system is yet to come, a possible cataclysm and if that happens the gold price could go (higher) to a number that we simply cannot, at this moment, even imagine.”

#6 Carl Weinberg, the chief economist at High Frequency Economics: “At this point, our base case is that Greece will default within weeks.”