Perhaps [Greenspan] is a classic "Jekyll and Hyde" character.

In private he is Dr. Jekyll, who has a clear understanding of the depths of America’s economic crisis and its imbalances. After all, he helped to create the problem.

But in public, Greenspan morphs into Mr. Hyde, a champion of the ruling government’s policies – whether Republican or Democrat – a cheerleader hoping to keep the good times rolling.

In late September at the G7 Summit meeting, Mr. Greenspan spoke minimally in public, but behind closed doors, Dr. Jekyll was sounding economic alarms.

French Finance Minister Thierry Breton revealed that Greenspan told other ministers that the United States, the greatest power on earth, has simply "lost control" of its budget deficit.

" 'We have lost control.' That was his expression," Breton told a surprised press corps.  

[While] Mr. Greenspan’s comments in France are fairly shocking, they are also quite obvious.

[Greenspan] obviously knows what lies ahead, and with only months before his departure, he is dropping hints that turbulent times are ahead.

[There] is growing evidence that the real estate bubble is starting to burst.

While the end of summer is traditionally a slow time for home sales there are many other signs that the boom can’t continue much longer including growing homeowner debt, and deteriorating mortgage quality.

[The] real estate bust, primarily focused on residential properties will hit the U.S. economy like a 2-by-4 whacking one in the side of the head.

[Those] who believe the boom will never stop in the United States need only look to Britain and Australia , where the real estate party has come to an abrupt end. In Australia more companies have recently issued profit warnings than at any time in the last six years.

Blaming rising interest rates, a declining property market and overly optimistic economic forecasts, 155 companies reduced their profit forecasts in the six months leading up to June—more than double the number from the previous survey.

This news may be ominous for the U.S. economy.

We predict that rather than skyrocket, oil prices have been severely exaggerated through manipulation. We have been pounding the table stating that there is plenty of supply to meet worldwide demand, and soon those hedge funds will be dumping their oil contracts like there is no tomorrow.

Even Steve Forbes, editor of Forbes magazine predicts that skyrocketing oil prices are just temporary and that a massive price collapse will dwarf the Dot-Com crash that began in 2000.

[Many] of the “doom and gloom” forecasts of “peak oil” are based upon a common misunderstanding about oil supplies. Forbes blames the oil price spike on rising inflation and aggressive buying on the part of burgeoning Pacific Rim countries.

In fact research tells us that this it the fifth time the world has "run out of oil."

Dire warnings of impending shortages like those we are now hearing about were also issued just after World War I. And the “permanent oil shortage” of the 1970’s gave way to the glut and price collapse of the 1980’s and on and on.