Your eyes see only what happens now. I see what will happen two to three months from now. You see the shaking of the American economic system and the default crisis. There will be no default. At the last minute an extraordinary emergency measure will rescue America from this problem. However, the economic system will be weakened, especially in the eyes of the world.

This will send forth waves of uncertainty. Money supplies will tighten, as will credit advances. The effects of this will be felt in all the nations. There will be greater pressures and higher expectancies. The result will be felt most in those countries that are already weak and already have trouble in keeping up with the others. It is like a man with a weak heart. If the pace is slow enough, he can keep up but with a struggle. However, if the pace picks up, then he cannot keep pace. He falls behind and eventually drops out of the race. He sees the writing on the wall and loses hope. This will happen to some countries who are on the fringe of the world economy, who already have problems and cannot respond. In these countries there will be major economic disasters.