By Surly Trader
Just when you thought you have read the most negative articles and predictions possible, you stumble across a whole other level of negativity. James Petras, a Bartle Professor (Emeritus) of Sociology at Binghamton University, New York, just released a piece called the “Doomsday View of 2012“.
He kicks it off with feel good Christmas Eve spirit:
The economic, political and social outlook for 2012 is profoundly negative. The almost universal consensus, even among mainstream orthodox economists is pessimistic regarding the world economy. Though even here their predictions understate the scope and depth of the crises.
And the highlights of the events to come in 2012:
- The Collapse of the European Union
- The US: The Recession Returns with a Vengeance
- Militarism Exacerbates the Economic Downturn
- New Wars in the Midst of Crises: Zionists Pull the Trigger
- China: Compensatory Mechanisms in 2012
- Russia Faces the Crises
- Europe: Deeper Austerity and Intensified Class Struggle
- The Coming Wars that Ends America “As We Know It”
And the conclusion:
All indications point to 2012 being a turning point year of unrelenting economic crises spreading outward from Europe and the US to Asia and its dependencies in Africa and Latin America. The crises will be truly global. Inter-imperial confrontations and colonial wars will undermine any efforts to ameliorate this crisis. In response mass movements will emerge which will move over time from protests and rebellions , hopefully to social revolutions and political power.
A merry christmas to you as well Dr. Petras. Does he have prescient knowledge, or has he learned from Roubini, Meredith Whitney, Peter Schiff, and Nassim Taleb that doomsday sensationalism sells? Hey, he got some free advertising on my site and 10 minutes of my time…..
SurlyTrader is a portfolio manager at a large financial institution who specializes in trading derivatives.
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