James Dale Davidson and Lord William Rees-Mogg are the authors a number of bestselling that have predicted world events with remarkable accuracy. These include Blood in the Streets: Investment Profits in a World Gone Mad, The Great Reckoning: Protecting Yourself in the Coming Depression, and The Sovereign Individual: Mastering the Transition to the Information Age.

Among the events that Davidson and Rees-Mogg forecast are the 1987 stock market crash, the breakup of the Soviet Union and the fall of the Berlin Wall, the S & L debacle, the 1980s real estate bust the Tokyo stock market crash, the rise of Islamic terrorism, the recent real estate crash, the U.S government’s bailouts and “soft nationalization” of the US banking system…

In 1991in The Great Reckoning Davidson and Rees-Mogg said, “Debt cannot go on compounding forever. At the rate it expanded in the 1980s, interest payments would consume 100% of GNP by the year 2015. No such thing will happen. Long before debt reaches the extreme, it will be wiped away. Either an economic deflation will cause the financial system to implode, or a political inflation of an extreme kind will obliterate much of the value of the debts denominated in dollars. One way or another we expect a great reckoning. A settling of accounts. We expect the long economic boom and credit expansion that began with WWII to come to an end.”

The credit expansion surpassed the estimates of Davidson and Rees-Mogg by a few years. But the “settling of accounts” that they foretold is now coming to pass.