Bigworld, Thanks for the links.
Rickards makes a lot of sense, though the exact timeline is still the big unknown. Can the global system successfully navigate another cycle/crisis and emerge into another bull market prior to the ultimate day of reckoning? Or will this coming period of turmoil be the big washout? There's no way for us small fry to know either way, but with the staggering amount of debt out there it definitely seems logical to increase our % in hard assets.
One aspect to keep in mind with these perennial doom/gloom pundits is that they have a vested interest in the dark side because of their newsletters, book sales, reputations, etc. Some of these guys also seem to have a 'schadenfreude' complex, and root for the end of civilization for some psychological reasons.
Bottom line, perma-bears have been wrongly predicting 'the end' for decades, so logic says that investment portfolios should continue to have some balance, just in case the worst scenarios don't happen. That said, sitting with a big stock portfolio right now doesn't seem like a great idea. I figure we'll get a great buying opportunity at some point, so best to have a lot of dry powder available. I'd rather be a buy/holder, but right now looks like a time for flexibility.
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