German economist Max Otte was right! :(


Snippet from an unsigned article, I Am He Who Comforts You, in the Catholic evangelical magazine, The Word Among Us. October 2011.

"In his 2006 book, The Crash Comes, a German economist named Max Otte predicted that the practices of mortgage lending at the time would lead to a financial crash.

"As he saw it, financial institutions' habit of approving unsustainable loans would leave a lot of home owners overextended with debts they could not possibly repay.

"Otte predicted that the the value of the U.S. dollar would fall significantly, triggering a world - wide economic crisis.

"Sadly, Otte's predictions have come true.

"In the past few years, millions of people have lost their jobs.

"Home foreclosures are at an all - time high.

"Government debt has risen astronomically, with some countries needing massive bailouts to keep them from defaulting.

"Families are trying their best to cope, but the pressures they are facing are enormous.

"Clearly, the Great Recession, as it has been called, has taken a severe toll...."