- World Stock Markets Are Heading For A 'Crash-Like Collapse'
states Swiss economics professor Fredmund Malik of St. Gallen University.
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- In his latest monthly newsletter he warns his customers,
that in view of the developments on stock markets in the recent months,
he views "a crash-like collapse of stock prices as very likely, actually
within the next days or weeks."
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- All indicators are pointing in this direction, he says.
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- Among the investors and the financial media he recognizes
an "extreme bullishness", typical for the last days before the
bursting of a financial bubble.
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- "The mood is grotesque and in full contradiction
to economic reality."
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- Investors and the media are revealing an incredible "blindness
in respect to facts".
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- They are "covering up every single [bit of] information
that could disturb the good feelings."
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- In an interview with the German news weekly Spiegel in
early September, Malik stated that US government figures for GDP and productivity
growth were being "systematically massaged upwards".
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- Thereby the US government contributed to generating the
greatest hoax in economic history, that is the speculative bubble around
the "new economy".
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- He then noted that the overwhelming majority of economists
were unable to reveal the hoax in time, because they are notoriously uncritical
of US economic affairs, in particular as many of them even had been financed
by the asset bubble.
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- http://www.rumormillnews.com/cgi-bin/forum.cgi?read=39267
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