Woke Up This Morning ... And Got Myself A Gun ... Uh Ohhhhhhh Got Myself A Gun

A top investment banker has warned that the economic fallout of the sovereign debt crisis could get so nasty over the next five years that people would be wise to abandon the markets and instead buy land, barbed wire and guns.

With gold smashing through its all time record high this morning on the back of fears over a double dip recession, analysts are turning increasingly bearish on the markets. Anthony Fry, senior managing director at Evercore Partners, told CNBC that the bond markets could turn nasty over the next few months and said that the current problems created by the European debt crisis could be with us for at least five years.

“Look at the current situation. You have Greece, now you have Hungary and huge issues surrounding Spain and Portugal,” he said, warning of a “nightmare scenario” of hyper-stagflation, where inflation rises dramatically but asset prices deflate.

“I don’t want to scare anyone but I am considering investing in barbed wire and guns, things are not looking good and rates are heading higher,” said Fry.