According to economist Raoul Pal, the end is nigh:
"From a timing perspective, I think 2012 and 2013 will user in the end.
You have to understand that a global banking collapse and massive defaults would bring about the biggest economic shock the world has ever seen.
There would be no trade finance, no shipping finance, no finance for farmers, no leasing, no bond market, no nothing ...
The markets are at the frankly terrifying point of realising that LTRO, EFSF, QE etc are not going to prevent this collapse.
The next phase as Spain and Italy go, will be to see nationalisation of banks and the assumption of the bank debts on Government balance sheets.
Then expect to be shut out of financial markets ....
All that is left is the Dollar and Gold.
As defaults in governments and banks come to fruition, we risk a closure of the stock markets entirely and a closure of the banking system as occurred in Argentina in 2001, Russia in 1998, Brazil in 1991...
We have around 6 months left of trading in Western markets to protect ourselves or make enough money to offset future losses.
Spend your time looking at the risks of custody, safekeeping, counterparty, etc. Assume that no one and nothing is safe.
After that ... we put on our tin helmets and hide until the new system emerges."
--http://www.businessinsider.com/raoul-pal-the-end-game-2012-6
Comment: This was published on June 1, 2012. So the end, to give it an exact date, would be on 12/21/12. I guess its nice to know that he thinks the US dollar will survive.
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