For many people, the economic crash of 2009 meant that their 401K's lost value, the equity in their house dramatically fell, and the potential for a raise and climbing the prosperity ladder was slowed or stopped for a time. The ensuing recession was brutal, jobs difficult to find, and we wondered when things would start to pick up again. The sluggish economy of the U.S. was mirrored by other world economies, with the exception of some growth areas such as India and China.
But in the last year or two, things finally seemed to be improving, and many thought that brighter days were ahead. Now we hear “not so fast,” and the doomsayers are starting to bleat about an even worse crash that will devastate the world economies more thoroughly than the last “great recession.” The advice from The Royal Bank of Scotland is to “sell everything,” and expect a horrible economic year that will devastate your portfolio and cause ruin to the world markets, without exception.
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