(Politico) - If you thought last week’s job numbers were bad, take a look at the latest from Morgan Stanley’s chief economist, Richard Berner.THE CATHOLIC KNIGHT: The American economy is about to tank. The stock market will soon crash. Unemployment will sore through the roof. Soon after the value of the dollar will suffer hyperinflation as the reserve raises interests rates in an attempt to slow it's decline. The party is over. America is going into a Great Depression. It's time to get prepared. Set up networks within your parish church. We need to support each other to get through this. No man is an island. Pass this message on to as many Catholics as you can now, before it's too late.
In a research note that’s been making the rounds of economics blogs this week, Berner declares that “America’s long-awaited fiscal train wreck is now under way.”
By “train wreck,” he means out-of-control federal budget deficits that he’s sure will finally drag the economy under — as if we weren’t already feeling badly enough about its shaky state.
“Depending on policy actions taken now and over the next few years, federal deficits will likely average as much as 6 percent of [the gross domestic product] through 2019, contributing to a jump in debt held by the public to as high as 82 percent of GDP
by then — a doubling over the next decade,” Berner writes on Morgan Stanley’s online Global Economic Forum....
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It's official. The Catholic Knight is retired. I'm hanging up the helmet and passing the torch. There will be no more articles, no more commentaries, no more calls to action. THIS BLOG IS CLOSED. I've spent a very long time thinking about this, I believe the time has come, and is a bit overdue. I want to thank my readers for everything, but most especially for your encouragement and your willingness to go out there and fight the good fight. So, that being the case, I've spend the last several weeks looking for bloggers who are fairly active, and best represent something akin to the way I think and what I believe. I recommend the following blogs for my readers to bookmark and check on regularly. Pick one as your favourite, or pick them all. They are all great.....