‘This Is Going to End Badly… Be Prepared, Be Worried, and Be Careful’

Famed Investor’s Dire Warning: ‘This Is Going to End Badly… Be Prepared, Be Worried, and Be Careful’
Rogers, in his inimitable way, sums up the state [of] euphoria that many markets find themselves in thus, “we are all floating around on a sea of artificial liquidity right now. This is not going to last.” “The next correction when it comes, because the debt is so very high — you know, 2008 was worse than 2002 because the debt was so much higher. You wait until 2015 or 2016 when the next crisis hits… debt has gone through the roof, the next one’s gonna be really bad”.

The Coming Global Wealth Tax
Between ObamaCare, Iran and last quarter's uptick in U.S. economic growth, taxpayers these days may be distracted from several dangers to come. But households from the United States to Europe and Japan may soon face fiscal shocks worse than any market crash. The White House and New York Mayor-elect Bill de Blasio aren't the only ones calling for higher taxes...International Monetary Fund to billionaire investor Bill Gross increasingly make the case too. 

Brand-new fears for U.S. dollar disaster
Republican lawmakers are balking at President Obama’s choice of Federal Reserve chairman, Janet Yellen, worried she will favor enhanced government intervention in the economy, including flooding the market with more dollars. A review of her previous work finds she divined a theory that was a precursor to the current progressive campaign for the government to ensure “fair” pay to employees. 

China’s century: ‘More and more economies will want to trade in yuan’
China’s economy will soon be the world’s dominating economy and it’s natural that other economies would want to trade in yuan, not in US dollars, Daniel Wagner, CEO at Country Risk Solutions, told RT. 

Detroit granted bankruptcy protection after judge rules in city's favour
A federal judge announced on Tuesday that Detroit is eligible for bankruptcy protection – the first time in US history that a major city has been declared bust. Judge Steven Rhodes of the United States bankruptcy court rejected an attempt by the city's pension funds and unions to have the bankruptcy action thrown out. 

Obama calls for action on 'profoundly unequal' economy
President Barack Obama has called for action to remedy what he described as profound income inequality and a lack of social mobility in the US. He called for a rise in the minimum wage and for stronger collective bargaining laws, among other measures. He also said his embattled healthcare overhaul would ease one part of American families' financial struggle. 

The State Dept. Dropped Six Figures on Booze Right Before the Gov’t Shutdown
The U.S. State Department reportedly spent roughly $180,000 on alcohol in the days leading up to the 16-day partial government shutdown. And that figure is just for September, the final month of the federal government’s fiscal year. The U.S. government spent approximately $400,000 on alcohol in FY2013, the report adds. This is roughly three times what was spent on alcohol in 2008, the Washington Times reported. 

Free enterprise must fight for its life in the new Cold War
The new cold war is underway and pits free enterprise against state capitalism. Countries like Canada, the U.S. or Germany have fostered their multinationals and they have acted as de facto instruments to grow their economies through trade success. But countries like Russia, South Korea, China, Singapore and others operate like gigantic holding companies armed with “soft economic weapons” that include oligarchs, national champions, state-owned enterprises, protectionism, diplomatic initiatives and sovereign wealth funds.