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Slideshow: Apocalypse How? Dire ’12 Forecasts

By Ben Steverman - 2012-01-14T03:12:30Z

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Jeremy Grantham

Jeremy Grantham, chief investment strategist of GMO, warned in 2009 that the world, and particularly the U.S., was in for "seven lean years" as it recovered from debt, declines in asset values and "gross financial incompetence." In December, Grantham wrote that "Sadly, I feel increasingly vindicated" by this forecast. Also, he says, economic growth in the U.S. and developed world "have permanently slowed." Other factors that will hurt the economy include "depleting resources," global warming and, in the U.S., failing infrastructure, an ineffective educational system and income inequality.

(Left, Brian Wiegand surveys damage to his son-in-law's crops and home after a levy broke along the Mississippi River in Oakville, Iowa. )

Photograph by John Stanmeyer/VII