A well-known Wall Street expert is warning Americans that a financial collapse could be just around the corner – and that concerned citizens better arm and prepare themselves.
David John Marotta, a financial advisor who also writes for Forbes, has written a series of articles for his website where he describes the dire financial state of America and the potential fallout if the economy does crumble. He even says those who are concerned should get a “bug-out” bag.
His series of columns was reported by The Washington Examiner and has gone viral.
“The survivalist fear is that when they are hungry, humans lose all moral sensibility and revert to their base cannibalistic instincts. The idea is that you need to get out of the city and find a place which is safe from mobs, anarchy, riots or whatever,” he writes.
Marotta actually disagrees with those who believe society will completely crumble during a financial collapse, although he acknowledges it is very possible.
“Civilization can break down and survivalist’s concerns about the envy and violence in society cannot be completely dismissed,” he writes. “Societal breakdowns have happened in history and we can’t eliminate such a possibility in the future. There is the possibility of a precipitous decline, although a long and drawn out malaise is much more likely.”
The US economy, Marotta warns, is teetering on a crisis.
“I, along with many other economists, agree with many of the concerns expressed in these dire warnings,” he writes. “The growing debt and deficit spending is a tax on those holding dollars. The devaluation in the US dollar risks the dollar’s status as the reserve currency of the world. Obamacare was the worst legislation in the past 75 years. Socialism is on the rise and the NSA really is abrogating vast portions of the Constitution. I don’t disagree with their concerns.”
Marotta also recommends that concerned Americans carry bug-out bags – and a gun.
“Firearms are the last item on the list, but they are on the list,” he writes, referencing a list of items to include in a bug-out bag. “There are some terrible people in this world. And you are safer when your trusted neighbors have firearms. … A bug out bag is a good idea depending on where you live even if the emergency is just power outages, earthquakes and hurricanes. And with your preparedness you will be equipped to help others who might be in need.”