Opinion (Richard Duncan, chief economist at Blackhorse Asset Mgmt): “Richard Duncan, formerly of the World Bank and chief economist at Blackhorse Asset Mgmt., says America’s $16 trillion federal debt has escalated into a ‘death spiral,’ as he told CNBC.
“And it could result in a depression so severe that he doesn’t ‘think our civilization could survive it.’”
“Since the recession, noted economists including Laurence Kotlikoff, a former member of President Reagan’s Council of Economic Advisers, have come to similar conclusions.
“Kotlikoff estimates the true fiscal gap is $211 trillion when unfunded entitlements like Social Security and Medicare are included. …
“A team of scientists, economists, and geopolitical analysts believes they have proof that the threat is indeed real – and the danger imminent.
“One member of this team, Chris Martenson, a pathologist and former VP of a Fortune 300 company, explains their findings:
“’We found an identical pattern in our debt, total credit market, and money supply that guarantees they’re going to fail. This pattern is nearly the same as in any pyramid scheme, one that escalates exponentially fast before it collapses. Governments around the globe are chiefly responsible.
“’And what’s really disturbing about these findings is that the pattern isn’t limited to our economy. We found the same catastrophic pattern in our energy, food, and water systems as well.’
“According to Martenson: ‘These systems could all implode at the same time. Food, water, energy, money. Everything.’
“Another member of this team, Keith Fitz-Gerald, the president of The Fitz-Gerald Group, went on to explain their discoveries.
“’What this pattern represents is a dangerous countdown clock that’s quickly approaching zero. And when it does, the resulting chaos is going to crush Americans,’ Fitz-Gerald says.
“Dr. Kent Moors, an adviser to 16 world governments on energy issues as well as a member of two U.S. State Department task forces on energy also voiced concerns over what he and his colleagues uncovered.
“’Most frightening of all is how this exact same pattern keeps appearing in virtually every system critical to our society and way of life,’ Dr. Moors stated.
My Comment: Since we have found ourselves locked in a single integral network of full connectivity and interdependence, of course the overall crisis is global and penetrates all the levels of our work and life. Collapse will be simultaneous in all the areas of human activity in the world.