Wednesday, January 12, 2011

Bailouts Postponed, But Can't Prevent the "Greatest Depression," Gerald Celente Says

Note: The Baltic Dry Index is collapsing, left.

For the last few years Gerald Celente, publisher of the Trends Journal has come on Tech Ticker and other media outlets talking of a further economic collapse, which he calls "the Greatest Depression."
Yes, the economy is not robust, growth still hasn't returned to pre-crisis levels and unemployment remains above 9%. But by most metrics things are getting better, not worse. In the accompany clip, Aaron and Henry ask Celente how he accounts for this.
Celente argues his dire predictions would have come to fruition if it had not been for an unprecedented set of bailouts that continue today. Most shocking to Celente was the disclosure, in late 2010, that the Federal Reserve lent hundreds of billions to foreign banks to bail them out during the height of the crisis in 2008 and 2009. "Absent those kind of schemes, if capitalism take it's course, at some remote level it used to be, we see the crash," he says.
Here's how he puts it in his Top Trends of 2011 release:
"In 2011, with the bailout funds and arsenal of other schemes to prop up the economy depleted, teetering economies will collapse, currency wars will ensue, trade barriers will be erected, economic unions will splinter, and the onset of the 'Greatest Depression' (a trend we forecasted before the massive bailouts existed) will be recognized by everyone…"
The only way to avoid the coming disaster is do what we did coming out of the Great Depression - start manufacturing quality goods the world wants. "You can't print your way out of this," he argues. 
The only way to do that is to improve productive capacity through either manufacturing industrial goods or technological innovation. Otherwise, Celente says the "Greatest Depression" is inevitable.
More Here..

Financial Crisis Has 'Drained' the World: WEF Report

1 comment:

  1. "But by most metrics things are getting better, not worse."

    Another worthless article. Things are NOT getting better. NOTHING IS GETTING BETTER!!!

    Tell me one thing that has improved!? What because Obama read a teleprompter that told the public things were getting better!? WTF? That's literally where idiots would come to think that.

    What the hell!? What has improved!? Inflation happens more whenever you go into a store. A dollar extra on basic foods. My friend just lost his 60,000$ job. Record foreclosures last month, net neutrality was just passed. What has become better!?

    This moron needs to just keep watching those Obama speeches and not write to delude the public. The partially retarded community organizer reading speeches George Soros wrote for him are just filled with hope. Obama is so far out of reality, that piece of crap is in another world. Socialists like Barry are getting angry too.

    When fools like this author write articles presenting material that is mixed with the senselessness that he learned from Obama which is all absolutely false (and quite contrary - things are WORSE), then they deserve this kind of opprobrium.

    EA you should try refraining from posting articles that mention such delusional statements. That's my opinion but I suppose others would want them to be posted anyways.

    Attempting to match reality with statements like that is analogous to a child that died then someone saying at the funeral, "The child is not as dead as they were."

    It's literally that idiotic at this point. FUCK!!! FUCKING SHIT!!!!!!!!!!!!! I guess I'm a fucking idiot like this writer. Man this pissed me off. First a different article, now this, two in a day. Fucking damn it. FUCK him..1!!!!

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