Meet The Doomsayers Who Just Won't Give Up

robert prechter

Last April we ran a profile of the leading doomsayers — the folks who aggressively argued that the economy was going to hell in a handbasket.

 

Of course, back in April that seemed very possible, and so many of these folks were riding huge waves of fame.

Since then, things have improved markedly, but it’s hard to switch gears when you’re mostly known for being negative.

And so we’ve updated our survey to introduce you to the brave holdouts. Despite the rally, they’re warning us, Cassandra-like, that all is not well! The recovery is a mirage, and if we don’t change our ways fast then we’re screwed.

Now, meet the holdouts >>

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title=”Jim Rogers”
content=”George Soros’ famous trading partner has basically gone short Western civilisation, moving himself and his family to Singapore. He’s intensely training his kids to speak Mandarin as preparation for the future. His advice: get some farmland to protect against calamity in the cities.

He’s a bull on both gold and silver in the long time, though for now, he’s also a dollar bull, but just temporarily.”
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title=”Marc Faber”
content=”The Swiss-born investor made a name for himself urging clients to get out of stocks a week before the 1987 crash.

Today he resides in Thailand and is the author of the Gloom, Boom & Doom newsletter. Earlier this year he stated that he was only bullish on farmland, since when the bombs from the next war fall, farmland will rise in comparitive value.

Recently, like Jim Rogers, he’s expressed some bullishness on the US dollar, though in the long term he thinks it will be worth as much as toilet paper, and sees war as a given.”
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title=”Robert Prechter”
content=”Robert Prechter, the CEO of Eliot Wave International, was actually a bull last March (one of the few).

But he’s now turned fiercely bear and predicts that in 2010 we’ll take out the 2009 March lows.

Again, he too is a dollar bull.”
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title=”Meredith Whitney”
content=”The former Oppenheimer analyst made a name for herself by warning about Citigroup’s woes early and loudly.

She capitalised on her own fame, launching her own eponymously named firm to advise and trade for clients.

But since the rebound, her success has been mixed, and her message has been muddled. She’s negative on the banks (again), and she says the government is out of bullets, though at the same time she says she’s been ‘trading bullish’ during the rally.”
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title=”Nouriel Roubini”
content=”The NYU economics prof first made his name chronicling the Asian economic crisis in the late 1990s. Since then, the hard-partying professor, has seen trouble wherever he looks. First, he warned that the trade deficit would be our undoing. Only later did he hone in on the housing crisis.

In March he described the nascent run-up in stocks as a ‘sucker’s rally.’ Since then he’s vascilatted between bouts of optimism and pessimism, though he’s once again falling into the pessimistic camp, warning that the Fed’s printing is creating the mother of all carry trades, and that the bubble is bound to bust.

His star has waned somewhat, though he’s actually expanded his firm RGEMonitor and renamed it Roubini.com, to capitalise on his well-known last name.”
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title=”Nassim Taleb”
content=”The author of ‘The Black Swan’ and ‘Fooled by Randomness’ hasn’t predicted much except that bad, unexpected things happen, which is hard to dispute.

His big argument is that in our more volatile world, we need to get to a state of less overall debt.

He recently threatened to go into seclusion of Bernanke won re-appointment.”
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title=”J. Kyle Bass”
content=”The head of Dallas-based Hayman Capital, Bass saw the housing crisis early on, while making his clients a fortune shorting Wall Street.

He believes the world’s economies remain massively overleveraged, particularly European ones, which he believes are in worse shape than the U.S.”
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title=”Ron Paul”
content=”The Congressman from Texas — and longshot Presidential candidate — is one of the few elected politicians to question the Federal Reserve system.

A devotee of Austrian Economics, he can be seen heckling Ben Bernanke whenever the Fed chair makes his way up to The Hill.

He forsees a major collapse of the dollar if current spending and debt practices are mantained.”
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title=”David Rosenberg”
content=”In April, the departing Merrill Lynch chief economist called the rally a ‘sucker’s bet’ Iand said he saw the S&P 500 going, possibly, as low as 475.

That obviously didn’t happen.

But since then he’s maintained his uber-bearish stance, warning of persistent deflation, and a permanent downshift in consumer spending.”
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[slide
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title=”Matthew Simmons”
content=”The President of Houston-based Simmons & Co is a firm believer in Peak Oil. Simmons has published extensively on global energy reserve depletion, particularly in the Middle East. The depletion will be characterised by sharp price increases and a world economic shock.



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title=”Ambrose Evans Pritchard”
content=”Ambrose Evans-Pritchard is a business and politics writer for UK’s Daily Telegraph. He made his name pushing hard on Bill Clinton consparicy theories, such as the death of Vince Foster. Evans-Pritchard has been deeply negative on the future of the EU and the UK, particularly as it relates to Great Britain’s foreign debt.

He continues to flog an internationalist version of doom, promoting stories about a crackups in China and the EU.”
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title=”Peter Schiff”
content=”The Founder and President of EuroPacificCapital is fiercely bearish on the Dollar, owing to our huge debts. Schiff, who was an economic advisor to Ron Paul, is a student of Austrian Economics.

He had a rough 2008, since his bets on Asia and against the dollar didn’t pan out as he expected.

In 2009 he did much better, owing to big wins in emerging markets and in mining industries.

He’s now hoping to parlay his financial name into a career in politics, as he’s running int he GOP primary for Senate in Connecticut.”
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title=”Dmitry Orlov”
content=”Dmitry Orlov sees similarities between the US and the collapse of Russia in the late 80s. His theory is based on the 5 stages of collapse, starting with the financial system, followed by commerce, then the political system, then social and finally, cultural collapse.

His views are deeply informed by his outlook on energy production and consumption. In the future, says Orlov, the only viable form of transport will be sail power.”
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title=”Bill Bonner”
content=”Bill Bonner is the author of Empire of Debt, and like many other doomsayers to him it basically boils down to a massive unwinding of America’s debt obligations.

He is also the editor of The Daily Reckoning newsletter, which has argued that the current crisis will be worse than the great depression, due to the lack of checks and balances in politics. He is a strong advocate and bull on gold.”
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title=”Albert Edwards”
content=”The SocGen analyst has had a great year — not so much due to his calls — but due to his cult-like status in the media.

One of his most controversial calls for 2010 is that China will devalue the Yuan — weaken it — the exact opposite of what the world is calling for.

He recently sent out a long reserach report telling clients what to do if the world goes to garbage.”
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title=”Martin Armstrong”
content=”Martin Armstrong — an imprisoned investor who sees waves and numerology in everything — retails a cult status and a passionated audience who lap up the letters he sends out.

He sees wild inflation, governmental failure, and gold going to $5,000 (at least).

In the meantime, he also thinks the stock market could make new highs, thanks to inflation.”
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title=”Niall Ferguson”
content=”Niall Ferguson is more of an economic historial than pure economist, but his writing and warnings about debt have earned him a prominent place in the US media, and prompted fights with the likes of Paul Krugman.

Ferguson thinks the US empire is toast, the dollar is gone, all, basically, the result of our voracious debt.”
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permalink=”michael-panzner-18″
title=”Michael Panzner”
content=”Michael Panzner is the author of Financial Armageddon. He continues to warn about our gigantic debtload, and a collapse of commercial real estate.”
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permalink=”jim-chanos-19″
title=”Jim Chanos”
content=”The famous short-selling hedge fund manager has what may be the most ominous warning of anyone: he recently called China ‘Dubai times 1000.’ If that’s true, we’re totally screwed.

Not convinced?

Check out the 10 ways a China blow-up would slam America –>
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