Jim Willie provided early and frequent warnings about what was happening as early as the 2005 period. Most people thought his predictions too shrill and too wrong. It turns out they were half right. Here is a portion of his latest article:
After years of mis-education, the American people are not prepared to defend themselves. They have seen their home equity vanish. Over 28% of US households live under the oppressive stench of negative equity, which puts them in a consumer straitjacket. They have seen their pension funds damaged, if not from direct value then in purchase power value.They have been subjected to non-stop propaganda that gold offers no yield, is a dead asset, and cannot aid an economy. Yet gold was the best performing asset in the 2000 decade. Amazingly, after a near COMEX default event, amidst global sovereign debt crisis, as government debt threatens default in numerous trouble spots, at a time when all major currencies are being debased in unspeakable fashion, the US press media networks have succeeded in some part in convincing the US public even since May 1st that gold is not the place to find refuge and security. They sell the USTreasury bond as safe haven still. Less than 2% of the American public owns gold in any way. Less than 2% of US managed mutual funds or pension funds have any significant gold ownership. Yet the babbling US press talks about the gold market being a bubble. The actual asset bubble is the USTreasury Bond market. Unlike housing, the bond sucks capital out of the system as part of its Black Hole function. It slows the USEconomy from its small yield offered to savers and pensioners. The speculation it encourages does greater damage to the USEconomy, inducing investors to search for the next asset bubble instead of rebuilding the industrial base. Only those Americans who leave behind the financial markets dominated by paper values will survive to thrive in the next chapter.