Just when you thought you have read the most negative articles and predictions possible, you stumble across a whole other level of negativity.  James Petras, a Bartle Professor (Emeritus) of Sociology at Binghamton University, New York, just released a piece called the “Doomsday View of 2012“.

He kicks it off with feel good Christmas Eve spirit:

The economic, political and social outlook for 2012 is profoundly negative. The almost universal consensus, even among mainstream orthodox economists is pessimistic regarding the world economy. Though even here their predictions understate the scope and depth of the crises.

And the highlights of the events to come in 2012:

• The Collapse of the European Union
  
• The US: The Recession Returns with a Vengeance
  
• Militarism Exacerbates the Economic Downturn
  
• New Wars in the Midst of Crises: Zionists Pull the Trigger
  
• China: Compensatory Mechanisms in 2012
  
• Russia Faces the Crises
  
• Europe: Deeper Austerity and Intensified Class Struggle
  
• The Coming Wars that Ends America “As We Know It”
  

And the conclusion:

All indications point to 2012 being a turning point year of unrelenting economic crises spreading outward from Europe and the US to Asia and its dependencies in Africa and Latin America. The crises will be truly global. Inter-imperial confrontations and colonial wars will undermine any efforts to ameliorate this crisis. In response mass movements will emerge which will move over time from protests and rebellions , hopefully to social revolutions and political power.

A merry christmas to you as well Dr. Petras.  Does he have prescient knowledge, or has he learned from Roubini, Meredith Whitney, Peter Schiff, and Nassim Taleb that doomsday sensationalism sells?  Hey, he got some free advertising on my site and 10 minutes of my time…..

Going Galt: Surviving Economic Armageddon

The United States of America is now bankrupt. “Going Galt” shares the essential tools and skills you will need for you family to survive as America heads towards economic collapse. No matter which political party is in power over the next decade, the over-hang of $100 Trillion in unfunded liabilities from the local to Federal level, plus a hollow banking system, means there is no way to tax ourselves enough, or even cut spending enough, to have any chance to grow our way out of our problems. That means the productive elements of society will at some point go on strike, whether by choice or because they are forced to pack up their bags and hide. From Ayn Rand’s famous novel Atlas Shrugged, comes the phrase “Who Is John Galt”. Galt is the character who epitomizes the productive entrepreneur so fed up with the restrictions of the bureaucrats and corporatists that he decides to start a revolt of society’s creators. Given our current financial dilemma, Rand’s theme suggests productive citizens may only be able to survive by “Going Galt” and dropping out. It would only take one unthinkable event to disrupt our way of life. If there is a terrorist attack, a global pandemic, or most likely a sharp currency devaluation–you may be forced to fend for yourself in ways you’ve never imagined. Where would you get water? How would you feed your family? What would you use for fuel? Would you have the financial means to survive in a broken economy? “Going Galt” is about how to survive the upcoming economic Armageddon everyone knows is coming. But how does one survive even for a short period if one drops out of society? You can’t totally avoid shopping for food at inflated prices, or make your own gasoline, or live in a bomb shelter; that isn’t practical. But what “Going Galt” does show you can do is: Take aggressive financial measures to protect your assets. Stockpile food for when social and infrastructure problems arise. Grow food to act as a backup resource. Use power sources off the grid to supplement your fuel needs. Defend yourself. Change your life in a hundred ways to improve your chances of making it through the next decade of problems. You have lots to learn to protect your family.”Going Galt”, gives you a starting point on the long road to making yourself independent in unstable times. This book is not is anti-government, or anti-tax – it is too late for that. Instead “Going Galt” is about the practical ways your family can survive No Matter What Happens. http://www.youtube.com/watch?v=KX-zTTgB-hE

Economy:

Economic growth expected for winter – MarketWatch

The Year In 4 Charts – NPR

Economic predictions for 2012: Bank of America and the other market risks – Examiner.com

Economic predictions for 2012: PIMCO’s economic forecasts for the new year – Examiner.com

Markets:

Is the Stock Market Still Fair? – Smart Money

China’s Real Estate Bubble May Have Just Popped – Foreign Affairs

Daniel Kahneman On Prediction – Curated Alpha

How Bad Ideas Worsen Europe’s Debt Meltdown: John H. Cochrane – Bloomberg

10 Trends in U.S. Housing in 2011 and What to Look for in 2012 – International Business Times

Politics:

In volatile 2011, politics, policy loomed large over markets – Reuters

China and Japan plan direct currency exchange agreement – BBC

Fed’s Once-Secret Data Compiled by Bloomberg Released to Public – Bloomberg

US Republicans in climbdown on payroll tax deal – BBC

Banks:

Huge demand for ECB’s three-year loans – BBC

The Big Lie (Did Fannie and Freddie Cause the Crisis) – New York Times

Botticelli and his bankers: Gold, God and forgiveness – Economist