Washington is patting itself on the back for having orchestrated an amazing economic recovery. But Washington lawmakers are a delusional bunch of boneheads, say Marc Faber and Mike "Mish" Shedlock, editor of the Gloom, Boom, and Doom Report and investment advisor at SitkaPacific Capital Management, respectively.

The economy is NOT recovering, they say, and the U.S. faces a depressing "eventuality" of either crushing deflation (Shedlock) or runaway inflation (Faber). The timing and type of this eventuality is uncertain, say the gurus, but they are certain it's too late for America to change course.

"It's beyond repair -- it's too late," to avert fiscal disaster, Faber declares.

"The day of reckoning has arrived," Mish adds. "The question is how long it takes to play out."

This grim outlook doesn't mean you're helpless. Faber recommends individuals prepare for doomsday by buying gold, owning assets abroad and buying property outside of major cities.

Click here to see more from Faber and Mish:

The Great "Inflation Debate or Deflation?" Debate: Mish vs. Dr. Doom

Marc Faber: Don't Expect Another Crash ... Bernanke Won't Allow It