Nouriel Rubini: Top Economist Predicts Disaster

Nouriel Rubini, one of the top economists in the world, has publicly said that the the US is headed for a train wreck and that there is little we can do to stop at at this time. Oddly enough, even though I don't have a degree in economics, his predictions mirror mine exactly. We are headed for a cliff and the Tea Party is sending us there in a barrel. With the GOP certain to make historic gains next week, out fate is sealed. Even if some miracle happens and the GOP doesn't gain enough ground, I have feeling there are plenty of psycho right wingers ready to shoot first and ask questions later, a notion echoed by candidates such as Sharon Angle, the nutbag from Nevada. When the GOP gains power in the House and possibly the Senate, government will grind to a halt. Sure glad nothing serious is going right now. Oh wait. It is. As one of the first to predict the housing crash, along with yours truly who nailed it down to the exact month the collapse would happen, Rubini is someone to listen to and his future is pretty bleak. Gridlock will lock the US up for the next few years, with only quantitative easing being used to help out, which it won't. What it will do is lead to inflation, possibly hyperinflation the likes of which we haven't seen since the days of the Wiemar Republic, a government we are eerily paralleling right now. He writes that we are on a course of fiscal irresponsibility brought about by both parties weakness for corporate dollars. Combine that with Social Security and Medicare collapsing due to lack of entitlement reform and the huge debt being piled up by states for out of control pension plans and we have a recipe for disaster. A recent study done by a BU professor says that the US is actually 200 trillion dollars in debt or more money than the whole world has. That with the suspected 600 trillion dollar loss in the derivative market and the chickens are coming home to roost. How long can the government juggle these balls before dropping one and sending the whole system into bankruptcy? Not long I fear with the idiot Tea Party demanding budget cuts in places guaranteeing the economy to collapse. I'd like to point out that Germany is doing much better due their regulation of the derivative market, modest austerity cuts and tax breaks. Their economy is growing, their unemployment rate very low and their citizens enjoying all the benefits of living in a country that takes care of their people. Not here where the insane Tea Party wants to go back to the days of no minimum wage or maximum hours work laws. They want to send the country right back to the days of the robber barons when the work place was a minefield of destruction. ARE THEY NUTS? Apparently they are because only a fool would fight for things that will end up hurting themselves. But as they are hell bent in getting rid of Obama, reason has left the building. And we are all gong to suffer as a result.