What lies ahead for the economy this year? Will the economy finally collapse as predicted by many or will the early positive signs in stock markets around the world continue and the global economy will flourish?
I've taken a lot of heat for being "gloomy" and for "fear-mongering" lately when I've said that President-Elect Trump is inheriting a mess of epic proportions and that we may still be in for a rough financial ride. While I do think that Trump is a far better choice than Hillary Clinton ever could have been, when a situation has been declining as long as ours has, it would take an absolute miracle to turn it around without some pain.
And it turns out, I'm not alone in my concern about the worst for our economic situation during the upcoming year.
Here's what 12 prominent financial experts are predicting.
Lawrence Yun is the chief economist at The National Association of Realtors® (NAR).
"The budget of many prospective buyers last month was dealt an abrupt hit by the quick ascension of rates immediately after the election. Already faced with climbing home prices and minimal listings in the affordable price range, fewer home shoppers in most of the country were successfully able to sign a contract." (source)
Gerald Celente is a trends forecaster who has a long history of accuracy. You can find his work at TrendsResearch.com. He predicts:
"We're forecasting the economy is not going to rebound with the economic proposals that are in place now. . . . The global situation has created an environment for financial panic. The financial panic conditions have been in place for quite a while. What Trump's victory has done is played it off for a little bit possibly, but on the negative side, you still have the debt and interest rates going up and the debt that has to be paid. On gold, we believe right now is near its bottom." (source)
James Dale Davidson. He's the economist who correctly predicted the collapse of 1999 and 2007.
"There are three key economic indicators screaming SELL. They don't imply that a 50% collapse is looming – it's already at our doorstep." (source)
Marc Faber is an investment advisor and fund manager. He is the publisher of the Gloom Boom & Doom Report newsletter and is the director of Marc Faber Ltd. Last month, he wrote:
"2017 will be [when] the US Economic causes a World Economic Collapse! Trump can't stop a dollar crisis, stock mark crash or gold and silver prices skyrocketing! ". (source)
Faber was also quoted in an article on The Sovereign Investor:
Mark Faber, Dr. Doom himself, recently told CNBC that "investors are on the Titanic" and stocks are about to "endure a gut-wrenching drop that would rival the greatest crashes in stock market history." (source)
Harry Dent, Harvard economist, predicts the safe-haven of gold will be wiped out during 2017. From a conversation with Economy and Markets:
"While many economists will argue that gold is not in a bubble… and insist it will soar to $2,000, $5,000 and even $10,000, my research has said otherwise…I've never been more certain of anything in over 30 years of economic forecasting."
Incidentally, here is his latest report.
Ann Rutledge is a fixed income analyst who is a regular writer for Forbes. She analyses economic patterns and feels the slide has been underway since 2013. Last year, she wrote:
"So, if you ask me whether we are going to have another global financial crisis in 2017…I would say the odds are good. This one probably started in 2013 and by now is well under way." (source)