With all of these predictions of doom and gloom, it's hard to take it seriously when someone predicts that on a certain date or during a specific time frame, a disaster might strike. However, there does seem to be compelling evidence that at some point in the near future, economic collapse is eminent. As the world's largest debtor, at some point our creditors will come knocking and considering that the value of the dollar is decreasing, and furthermore, many countries are trying to "get out" of the dollar, there is something to be alarmed about, imo.
Roubini Says a ‘Perfect Storm’ May Converge on the Global Economy in 2013
Roubini Says aA “perfect storm” of fiscal woe in the U.S., a slowdown in China, European debt restructuring and stagnation in Japan may converge on the global economy, New York University professor Nouriel Roubini said. There’s a one-in-three chance the factors will combine to stunt growth from 2013, Roubini said in a June 11 interview in Singapore. Other possible outcomes are “anemic but OK” global growth or an “optimistic” scenario in which the expansion improves.
“There are already elements of fragility,” he said. “Everybody’s kicking the can down the road of too much public and private debt. The can is becoming heavier and heavier, and bigger on debt, and all these problems may come to a head by 2013 at the latest.”
Elevated U.S. unemployment, a surge in oil and food prices, rising interest rates in Asia and trade disruption from Japan’s record earthquake threaten to sap the world economy. Stocks worldwide have lost more than $3.3 trillion since the beginning of May, and Roubini said financial markets by the middle of next year could start worrying about a convergence of risks in 2013.
Unfortunately, this economic crisis will not be limited to the US only. With economies being more global, a collapse in one place, specifically the US, could trigger worldwide depression.