Massive Wealth Destruction Coming

As America dines on American Idol, reading PEOPLE Magazine and Twittering away...something rather large may be lurking not far away.

Runaway government debts have triggered uncontrolled money printing that in turn will lead to inflation that will decimate portfolios, according to the latest forecast from "Dr. Doom" Marc Faber.

Investors, particularly those in the "well-to-do" category, could lose about half their total wealth in the next few years as the consequences pile up from global government debt problems, Faber, the author of the Gloom Boom & Doom Report, said on CNBC.

Efforts to stem the debt problems have seen the Federal Reserve expand its balance sheet to nearly USD 3 trillion and other central banks implement aggressive liquidity programs as well, which Faber sees producing devastating inflation as well as other consequences.

"Somewhere down the line we will have a massive wealth destruction that usually happens either through very high inflation or through social unrest or through war or credit market collapse," he said. "Maybe all of it will happen, but at different times."

Here;  http://www.moneycontrol.com/news/fii-view/massive-wealth-destruction-about-to-hit-investors-faber_687960.html

Of course we all KNOW in our heart of hearts that you simply can't create wealth just by printing paper or adding a bunch of $000's together.....but we simply don't want to imagine the consequences of America becoming like Greece, or worse than Greece. 

It's much more fun to sit by the pool reading PEOPLE and just not allowing your mind to dwell on any of the "bad" stuff.  Afterall, this is America!  Nothing bad can ever happen here!