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It's The End Of The World As We Know It
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Forget the financial crisis, by 2010 we’ll have bigger problems on our hands. That’s when the United States is predicted to collapse.
That’s right we said collapse. (We told you it was a crazy prediction) And it’s been floating around for a while.
According to Russian scholar Igor Panarin, in 2010 America will disintegrate into 6 pieces and then align with other nations. In an interview with Bloomberg he said, “The dollar isn't secured by anything.. the country's foreign debt has grown like an avalanche; this is a pyramid, which has to collapse."
He sounds like a kook. However, that’s not the case. The Wall Street Journal writes, “Prof. Panarin, 50 years old, is not a fringe figure. A former KGB analyst, he is dean of the Russian Foreign Ministry's academy for future diplomats.. and an expert on U.S.-Russia relations.”
And get this. USA Today writes that Panarin believes that Alaska will revert to Russian control; "Atlantic America" would join the European Union; "The Central North-American Republic" would become part of Canada; "The Texas Republic" reverts to Mexico; "The California Republic" falls under Chinese control or influence; and Hawaii goes either to China or Japan."
Worried? Don’t be. There's no way he's right. According to Miller Tabak chief bond market Tony Crescenzi, the future won’t play out like that at all.
In an interview on Fast Money he tells us, if anything the United States will grow stronger in the years ahead. He feels the dollar will remain the currency of choice.
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“The US will remain the world’s superpower,” he tells the traders. “Of course we will."
How can he be so sure? He says, "the US is the pre-eminent power politically, economically and militarily. That suggests the US will preserve its reserve currency status. As a result most money will remain parked in US dollars.”
Right now about 63% of the world’s reserve assets, excessive money that banks have worldwide, are parked in US dollars as compared to 27% in euros.
“Money is going to keep flowing here because we have the mature regulatory system and financial system that will keep the world going,” concludes Crescenzi.
Phew! Thank goodness.
To see our entire interview with Tony Crescenzi please watch the video.
*****
In case you’re still stuck on that Panarin prediction click here to see that map we were telling you about.
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Trader disclosure: On Dec. 30th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (MSFT), (TM), (WMT): Pete Najarian Owns (AAUK) And Is Short (AAUK) Calls; Pete Najarian Owns (DOW) Call Spread; Pete Najarian Owns (XHB) Call Spread; Pete Najarian Owns (ENER) Call Spread; Tatro Owns (JPM), (WPRT); Quint Tatro Is The Principal Of Tatro Capital; Tatro Capital Owns (INTC), (SDP), (DXO), (WPRT)’ Tatro Capital Is Short (AAPL), (GOOG), (XOM), (CVX)
GE Is The Parent Company Of CNBC
Terranova Owned (GS) On 6/3/08; Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV)
Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Virtus Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (OFC), (DLR), (EXR), (IGE), (MAC), (DBC), (DBV), (SKT), (UA), (CLB); Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights
CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes
