newjerseynewsroom.com

BY GINA G. SCALA

NEWJERSEYNEWSROOM.COM

At least one expert is predicting an economy collapse that will make 2008 look like the economy of the 1980s Regan era and it is coming soon. And he says it could happen as early as Aug. 1, the day the Feds are expected to announce plans for a third round of Quantitative Easing and the beginning of the next phase of printing money.

"If the Fed ultimately comes through with QE3... it won't strengthen the economy, but it will weaken the dollar," said Peter Schiff in a recent interview with Yahoo! News.

In his latest book, "The Real Crash: America's Coming Bankruptcy," Schiff outlines the beginning of another recession; takes aim at the Fed’s for unleashing a third round of Quantitative Easing and paints a frightening picture for the future.

"We've got a much bigger collapse coming, and not just of the markets but of the economy," he said, according to Money Morning. "It's like what you're seeing in Europe right now, only worse."

Additionally, he said Federal Reserve Chairman Ben Bernanke's policies will ultimately result in a “Greek-style” debt crisis where the dollar plunges and consumer prices and interest rates spike. This coming crisis, according to Schiff, is inescapable due to the efforts the Fed’s made during the crash of the housing market.

Surprisingly, Schiff isn’t alone in his predications. What may be startling, though, is who is in agreement with the noted financial expert – scientists and geopolitical experts. According to reports, these individuals have discovered a pattern. Terry Weiss of Money Morning describes it as “[a pattern] they believe could soon hasten an American economic catastrophe - and a radical hit to the wealth and financial security of millions Americans. “

Chris Martenson, scientist and expert on exponential growth, is one of those who agree with Schiff; noting accelerating debt is often overlooked at first. And when it’s finally uncovered, he told Weiss, “That’s when chaos breaks out?”

At 357 percent more than the GDP, the total credit market debt is in doubling quickly, Money Morning reports.

"It's a very dangerous exponential growth curve," says Martenson, "one that's setting us up for a situation worse than we've seen in Greece and a and across Europe. Every American needs to know what this means and what steps to take with your finances, investments and day-to-day life to prepare for it."