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Tags: Economists | Obama | recovery | recession

The Worst Is Yet to Come

By    |   Tuesday, 06 September 2011 10:16 AM EDT

I’ve made some uncannily accurate predictions in the past 3 years.

Back in 2008, as I ran for vice president of the United States on the Libertarian Presidential ticket, I made a prediction I’m very proud of today. I said, “Voting for McCain is voting for four more years of Bush. But voting for Obama is voting for four years of Karl Marx.” How’s that working for you?

I also predicted that Obama’s entire presidency would be devoted to saving the unions — the teachers union, government employees union, and auto union.

Sure enough, the White House now comes adorned with a union label. The president’s forehead might as well be stamped SEIU. Obama’s signature initiative Obamacare affects every American citizen, except union members. Real life under Obama is more shocking than fiction.

A year ago, while economists and Obama administration lackeys talked of a recovery, I publicly stated we’d never left the last recession and the worst was yet to come.

I predicted that “Obama’s Axis of Evil” policies of taxation, regulation, government strangulation, unionization, litigation, and illegal immigration would turn a serious economic crisis into The Greatest Depression Ever. It’s all unfolding before our very eyes on a daily basis.

As conditions got progressively worse during 2010, I predicted the tea parties would pull off one of the great landslide victories in U.S. political history that November.

Then when matters got even worse in the summer of 2011, I predicted Obama’s strategy would be to blame the victim (the tea party) that was merely trying to save America from financial ruin.

On Labor Day, union goon Jimmy Hoffa, Jr. screamed to a crowd at an Obama rally, "Let’s take these tea party sons of bitches out.”

When times get desperate; as the economy crumbles; as it becomes clear the progressive scam is ending; the oldest trick in the book is to demonize the victims. It has only just begun.

So with this successful track record, I thought perhaps a few more predictions from my crystal ball would be helpful:
  • Europe is within days of a massive economic implosion that will put the entire global economy at risk of economic disaster. The Greek bailout is now in tatters. The EU is about to break apart. European banks are insolvent. There isn’t enough money in all the world to save the EU. This will set off a chain reaction of epic proportions across the globe.
  • At least the EU downfall is good for one thing. They are Exhibit A proving that the toxic cesspool of big government, big taxes, big spending, big unions, fat pensions, early retirement, and too many people working for government is poison to any country’s economic survival. The EU experiment proves that government is too big to succeed. Unfortunately Obama’s model for America is Europe.
  • The bad news is Europe won’t go down without a fight . . . with America’s money. The result of this economic Armageddon will be “the mother of all bailouts.” I predict Bernanke and the Fed will team with central bankers all over the world to create the biggest coordinated economic rescue in world history.
Call it QE3. Call it “the mother of all bailouts.” Call it “Stimulus Squared.” The name doesn’t matter. The dollars involved will be the headline grabber. Trillions of dollars of artificial money will be pumped into the system in a desperate attempt to save the world economy. This will be the biggest government intervention in world history. And as always — it will fail miserably.
  • The short-term result of more central bank financial fraud and intervention will be a rising stock market and relief the world over. Global media will hail Obama and the Fed as saviors. You’ll hear economic experts claim “We’ve saved the world’s economy.”
But of course they will be wrong — again. Just as dozens of stimulus programs never “saved” Japan, but instead left the country in a coma for two lost decades, and provided the world’s worst debt problem. Soon we shall see the results of this arrogant and perverted thinking on a global scale — with a much worse economic crash, a shocking stock market decline, and a longer Great Depression.
  • In response to this economic chaos, crisis, and despair, as well as skyrocketing inflation and collapse of fiat currencies, the streets of America will resemble the anarchy of Greece. Gold will soon soar to $3,000 per ounce, on the way to $6,000 and higher.
  • Obama will go down in history as the man who presided over the destruction of the U.S. economy and the unimaginable loss of our country’s AAA credit rating.
  • Obama will lose in November 2012 by landslide proportions to either Texas Gov. Rick Perry or New Jersey Gov. Chris Christie. The tea party — the group Obama has demonized — will once again prove itself the most important force in U.S. politics.
  • But it will all be too little, too late. The Obama Great Depression is here. We are in for perhaps the ugliest decade in world economic history.
Hopefully we will learn important lessons from this painful episode:

Socialism always sounds sexy, until your economy collapses and your government runs out of other people’s money. It’s always the same ending.

You can’t put a “community activist” who has never run a business, created a job, or made a payroll, and has only one talent — reading teleprompters — in charge of the world’s biggest economy.

This story was always going to end badly. That one was easy to predict.

Wayne Allyn Root is a former Libertarian vice presidential nominee. He now serves as chairman of the Libertarian National Congressional Committee. He is the best-selling author of "The Conscience of a Libertarian: Empowering the Citizen Revolution with God, Guns, Gold & Tax Cuts." His web site:

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I ve made some uncannily accurate predictions in the past 3 years. Back in 2008, as I ran for vice president of the United States on the Libertarian Presidential ticket, I made a prediction I m very proud of today. I said, Voting for McCain is voting for four more years...
Tuesday, 06 September 2011 10:16 AM
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