Gloom Boom & Doom Report editor Marc Faber on Bloomberg December 1, 2009.
Historically, occasionally there were huge sovereign defaults and governments sponsored enterprise defaults. So, what we’ve seen is just the tip of the iceberg. I just maintain that we had a financial crisis in 2008. We then had stimulus packages and quantitative easing. But nothing has been resolved. It’s just being postponed.
The ultimate crisis will not just bankrupt the banking system and the financial sector as has happened in 2008, but it will bankrupt governments.
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A glimpse into the future. For what it is worth.
http://www.ted.com/talks/hans_rosling_asia_s_rise_how_and_when.html
Mr. Faber is not alone in his assessment , many in all walks of life are saying the same thing . Even Pastor David Wilkerson has weighed in on this subject with a prophesy saying that the Melt down starts big time in Europe then comes over to the Americas . When Mexico fails two weeks later the US will. Personally I beleave him , Not just  because he is a pastor but because it FITS .