Yes, they predicted doomsday three years ago. Listen: “Over the last 30 years, we have built a financial system that threatens to topple our global economic order,” wrote Simon Johnson and Peter Boone. “We have let an unsustainable and crazy ‘doomsday cycle’ infiltrate our economic system.”
This doomsday “cycle will not run forever … The destructive power of the down cycle will overwhelm the restorative ability of the government, just like it did in 1929-31.” In 2008 “we came remarkably close to another Great Depression. Next time, we may not be so lucky.”
That was 2009. Since then Johnson, former IMF chief economist, co-wrote last year’s bestseller “13 Bankers: The Wall Street Takeover and the Next Financial Meltdown” and the new “White House Burning.”
Other new books echo the same doomsday warning: Peter Schiff’s “The Real Crash: America’s Coming Bankruptcy” … Paul Krugman’s “End This Depression Now” … James Rickards’s “Currency Wars” … Philip Coogan’s “Paper Promises” … Joseph Stiglitz, “The Price of Inequity” … Ian Bremmer, “Every Nation For Itself,” and other reminders of doomsday.
Folks, the “next time” is here. Our luck is running out. And unfortunately, our leaders in both parties are blinded by an obsession to win an election. Ergo, they will fail to act in time.