The US is more indebted than the whole of Europe put together. The banks are deliberately shrinking the money supply: by calling in old loans and not issuing new credit (exept to market speculators who are often computers that can buy a tranche of shares - and sell it again - all in seven seconds).
The money stocks held by currency trading houses (currency being their stock-in-trade) has shrunk by 36% this year alone. Are you getting the picture?
It looks like there will be another round of quantitative easing (QE3). The Fed, Bank of England and European Central Bank are going to issue billions of dollars/pounds/euros which will lower the value of the money in your pocket. This money will only be lent out to the friends of the banks. None of it will trickle down to our level despite the fact that it is us that will have to pay it all back. This is exactly what happened with QE 1 and 2.
So you have the currency supply (I'm talking bank/debt money: not coinage/notes/bills, which comprises over 90% of all the money in circulation) deliberately being shrank by the banks. You have the currency in your bank account and pocket being devalued all the time as prices rise and interest rates are kept at zero. This will wipe out your savings.
When the share price bubble - created by high frequency trading funded by the taxpayer - eventually bursts pensions will also get totally wiped out.
Have I missed anything? Oh yeah - look at the price of gold. Previously I had predicted that it would reach 2,000 dollars an ounce by the end of the year. At the moment it looks like it will hit that price level by the end of the month! Rich people are getting rid of all their cash before the value it has left simply evaporates and hyperinflation kicks in. For those of you that don't know - hyperinflation means that something that cost you 5,000 dollars on the way to work in morning: such as a cup of coffee (I kid you not), might well cost you 40,000 dollars on your way home. This has all happened before folks.
The word 'recession' does not really do justice to what is on the way. 'A catastrophic crash,' would be a better way of describing it. So do yourself a favour: convert everything you have into gold bullion. Take physical delivery of the gold (if you leave it stored somewhere it will get ripped off - guaranteed). Load up your car with the bullion and about 3 years supply of canned food and head for the hills.