“Be very worried about 2013 and be very worried about 2014, because that’s when the next slowdown comes,” Rogers stated. “In 2002 we had a recession and in 2008, it was worse because the debt was so much higher.”
He added, “The next time is going to be even worse because the debt is so staggeringly high now. So if you are not worried about 2013, please — get worried.”...
...During the U.S. collapse, stocks will drop and currency markets will be in turmoil, according to Rogers. However, like a tsunami, the tide back into the U.S. dollar could be strong during the worst of the collapse, as it had been during the kickoff to the crisis with the fall of Lehman Brothers (from USDX 72 to 88), but the epicenter of a global currency crisis will come back to the shores of the U.S.
That’s the time when interest rates on U.S. sovereign debt could skyrocket, leading to a flight of the U.S. dollar and financial Armageddon predicted by some notable and respected analysts and economists.
Taking into account that 61 percent of global central bank reserves are held in U.S. dollars (28 percent held in euros), the extent of the damage to living standards in the U.S. and across the globe could be dramatic and sudden, according to Euro Pacific Capital CEO Peter Schiff and ShadowStats economist John Williams.
Greece’s less-than-two-percent weighting of the eurozone is equivalent to the weighting of the impact of America’s state of Maryland upon the U.S. dollar, so the fallout of a Greenback in free-fall, globally, has no precedent, no yardstick and no shape, giving rise to the notion that the purpose of FEMA facilities built throughout the U.S. during the past decade has been the result of preparations for a Greek-like moment of global financial history, with riotous crowds and mayhem on American soil 100 times more problematic than that of Greece’s.