SOS Martin Weiss

The U.S. and most of Europe are buried in mountains of debts which, even in the best of circumstances, could take many years to unwind. Brazil, India, China, and others (such as Indonesia, Malaysia, and South Korea) are not.

According to the Fed’s Flow of Funds Accounts of the United States, at the end of the first quarter, the U.S. had $6.8 trillion in Treasury debt, $8.2 trillion in government agency debt, $2.7 trillion in municipal debt, $11.6 trillion of corporate debt, $14.6 trillion in mortgage debt, $2.5 trillion in consumer debt, plus $6.5 trillion in other debts.
Grand total: $52.9 trillion, the highest in history. (To see exactly where I get these numbers, click here.)

Moreover, the U.S. government has future obligations to Social Security, Medicare, and pensions that exceed $60 trillion … while U.S. banks now hold derivatives obligations exceeding $202 trillion, according to the latest tally by the OCC.

This is a huge, unprecedented burden to every single segment of our economy:
U.S. families are buried in their mortgages and credit cards, getting forced out of their homes by the millions.

U.S. cities and states are jettisoning essential services, abandoning decades-long commitments to their citizens.

U.S. corporations are defaulting on their debts in record numbers, with worse to come.

MyView

Some people said he is a pessimist, but, if you read his view, all based on hard facts and figures, he is merely explaining the figures and his expectations based on fact and figures. I will say he is objective and realistic, he just called a spade, spade. His father Irwing Weiss, personally encounter the same situation in 1929-1932, his view is based on experience (with the father's experience), it is highly believable.

Just compare if you ask the question in early March and now in July 2009, you will realise that most of the investor outlook change 360 degree, in a short span of 5 months.

Well, it is worth awhile to check out his book on The Ultimate Depression Survival Guide. I think, it is wise to listen to people like him, who is able to see the Bigger Picture. Of course, he was mainly refering to US and Europe, while he believe Asia should do fairly.