Well known contrarian investors Jim Rogers and Marc Faber are warning that the problems in Europe, especially in Britain which has been off the news radar as of late because of Greece’s debt problems, will lead to a return of the global recession some time this year.
The UK Pound is on the brink of a collapse which will herald a downturn worse than 2008/9, it could well happen within weeks and the British government is powerless to prevent it. And this in turn will foreshadow a global economic winter that could come before the end of 2010 and make the last two years seem like a mild spring day.
This is the dire prediction of the legendary George Sorosâ€™ former business partner, respected billionaire financier Jim Rogers, together with millionaire investment adviser and best-selling author Dr Marc Faber and the controversial millionaire trader and coach Vince Stanzione, ahead of their keynote appearances at next monthâ€™s Global Trading Day seminar in Westminster.
As the UK economy stands on the brink of its much heralded double dip after a dismal January and rumblings about its credit rating, as Swiss Bank UBS speculates the risk of a run on the pound*, and as sterling hit a nine month low against the dollar on Friday, the three experts â€“ who all have reputations for making much of their fortunes from predicting and riding economic downturns â€“ are forecasting that a currency crash and then a full scale global â€œshakedownâ€ are almost inevitable.
[source: see below]
The signs point to these gentlemen being right, and for the last three decades they have been pretty much on the ball with major global trend changes.
Change is certainly coming to America and the rest of the world, but it’s not the kind of change President Obama promised when he was running for the Presidency.
UPDATE 02-26-10 9:52 AM CST:
The original sourced article was published here, but has since disappeared from this web site. A republished copy of the press release for the Global Trading Day seminar which included the information on Faber and Rogers is located here.