Shilling has long been bearish on the near future, and is well-known for his correct predictions of past recessions.

FORBES: Shilling: Europe Recession Will Be Severe, And It'll Affect U.S. Financials

Commodity prices are collapsing everywhere in the world, validating the long-held predictions of bears like Gary Shilling and Nouriel Roubini.

FORBES: What Is Gold Telling Us?

Some very smart forecasters, such as Gary Shilling and John Mauldin here, think a long-Japanese-like deflationary stagnation is a more likely scenario than a 1970s style stagflation.

FORBES: Inflation Is Baked In The Cake