- Mark Grant is extremely accurate with his foreacast. I have posted some of his articles. He is a no BS straight shooter with no hidden agenda. (emphasis mine)
Welcome to Doomsday, warns Wall Street seer!
by Andrew Ross Sorkin, http://www.smh.com.au/
If you want to be scared, truly terrified, listen to Mark J. Grant. He might be right. For the past two years, Grant, a managing director at a regional investment bank in Florida, has been predicting the bankruptcy of Greece and a cascade of chaos across the global economy, attracting quite a following on Wall Street in the process.
“Greece will be forced to return to the drachma and devalue, and the default will cause bank runs and money flowing into Germany and the United States as the only viable safe haven bets,” he declared in the days before Sunday’s Greek elections, irrespective of which party would win. “Greece will default because there is no other choice regardless of anyone’s politics.”
He then walked through the falling dominoes: “It will hit the [European Central Bank], the banks on the other side of the derivatives contracts, all of the Greek banks who are really in default at present and being carried by Europe as well as the nation, and the Greek default will spread the infection in many places that we cannot imagine because so much is hidden and tucked away in the European financial system.”
Welcome to Doomsday, brought to you by Grant. He says he doesn’t think of it as such; he calls it “reality”. He told me, almost hopelessly, “There’s only so much money to go around.”
Sadly, Grant is not predicting the default of just Greece, he’s already on to Spain (he reached that conclusion before many others, too). “The country cannot afford to pay off their regional debt, their bank debt,” he wrote on Monday, “and various schemes to avoid the Men in Black from taking over will not work nor will the pleas for ‘more Europe’ as the words mouthed by Germany are meant for placation only and will not find implementation in any kind of timeline that will make any difference.”
He has convinced himself that Germany, the only country in a position to help, will not come to the rescue. “You can bank on one thing if nothing else; the Germans will not allow their cost of funding to rise or their standard of living to decline to help the nations that have gotten themselves in trouble. You can count on this!” he wrote. As we were talking Monday, he said he wanted to make clear that he did not believe Armageddon was upon us. … More likely, he said, we are headed for a bad recession with lots “of shocks to the system.” He says this will likely happen in the next four months unless “there is debt forgiveness or Europe keeps handing them money like they are a ward of the state.
“Or,” he warned, “it could come sooner.”