Think recession's bad? Try a CATACLYSM! World finances shaken to roots within a year.

Note: Above is an economist stating that if ALL DEBTS were cancelled we would begin a recovery-Listen.
There is a growing list of educated people predicting the trillions of dollars spent by governments around the world to stimulate a moribund economy will not work.

There's already Peter Schiff, head of Euro Pacific Capital in Connecticut, and Peter Morici, professor at University of Maryland and former chief economist of the U.S. International Trade Commission. And you can add the name of Allan Brennan, manager of economic analysis and forecasting with the Alberta government's Department of Infrastructure and Transportation.

"Stimulus packages will not help the economy at all," Brennan said in a presentation with Dundee Private Investors branch manager Trevor Hamon. "A lot of money is going to banks, but unless you get that money to consumers, things will not improve."
Brennan said that within a year, we will face a cataclysmic event that will shake world finances to the roots, leading to a major period of either deflation or hyperinflation, either of which will rock the global economy. Just what that event will be, he's not sure.
It could be the failure of eastern European countries, or the collapse of the American dollar. If it causes hyperinflation, investors can prosper by letting stock prices plummet for a couple of months, and then invest in commodities, with copper leading the rebound.
Hamon warned that banks have lured people into home-equity lines of credit, and they are now retiring while still in debt.

"In the next couple of years, the art of investing will be not losing your principal," Brennan said. "The way out of this, in the long term, is for people to start saving."

He said the nationalization of banks is inevitable, but it will be done "under the table." He sees the British pound disappearing as an independent currency, the U.S. dollar in peril as the reserve currency, and the euro perhaps splitting into a strong Nordic and weak Latin one.
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