Predictions about the economy

Written by Michael Badnarik

I would rather not write about the economy because the outlook is so depressing. After reading Creature from Jekyll Island, I have been warning people about the Federal Reserve, and have predicted a complete failure of our economy for nearly fifteen years. Many people have accused me of being a lunatic. I find it rather disturbing when I find people predicting events significantly worse than I imagined myself. In my next newsletter I promise to include some “good news” about the economy, but for now I want to share excerpts from an…

Exclusive Interview with Future Prediction Expert Gerald Celente by Terry Eastman

It’s the end of the world as the Greater Depression hits after 2010’s failed “W-recovery”. Human Events had the opportunity to interview forecaster extraordinaire Gerald Celente, President of Trends Research Institute, several days ago — and the future he predicts looks bleak indeed. In fact, as Mr. Celente sees it, the Great Depression will seem like a mild recession as what waits for us in 2010-2011 hits with the force of a Katrina financial hurricane.

Mr. Celente’s forecast on our impending future is based on his study of history. He says we are bent on destroying our currency, bankrupting our government, and unleashing a violent citizen-against-citizen eruption as the economy collapses into chaos and martial law fascism.

[Badnarik: Please read that last paragraph again. And you think I’M an alarmist!]

Mr. Celente puts part of the blame squarely on the federal government, and especially FED Chairman Bernanke and Treasury Secretary Geithner, and warns us not to believe a word they say “They’re the same people who didn’t see it coming – are now telling us the worst is over, that ‘green shoots are spouting upwards’. But they were wrong before. They’re wrong on this too”. “When you pump out tons of money manure into this system based on nothing – printing press paper, it’s like giving a patient with a chronic disease a pain killer — it won’t cure the patient.” “But let’s go beyond the economics. Our whole Constitution has been abrogated. The president simply writes an Executive Order to do whatever he wants. Nationalize the banks, take over the insurance industry, automobile industry, health care industry… None of it is constitutional.”

[Badnarik: Who does that sound like?]

When did the problem begin? “After Dwight Eisenhower — our last great president — the Allied Supreme Commander in WWII – who warned us of the dangers of the military-industrial complex. We’ve become completely corrupted. We became enmeshed in foreign entanglements. We forgot the lesson of England – and how their global imperial overreach destroyed their empire.”

“Our society is now based on consumption — 70% of the GDP. This is more than we produce. So to pay our bills, we use funny money invented in 1913 with the creation of the Federal Reserve and the fiat dollar based on credit (debt) — the fractional reserve system. In 1930’s you bought what you could afford. You saved up to buy your home. The easy credit of the 90’s has destroyed the country. Now you borrow what you can’t afford – and the nation’s done the same.”

Mr. Celente predicts the use of printing press money will cause the “greater depression”. “I predict continuing deflation of real estate, followed by extreme currency inflation — ultimately becoming worthless. This is why gold is the only honest money — the government can’t counterfeit it. Look for it to top at least $2000 an ounce”

“Our unemployment numbers are also bogus. For example, the construction industry is really above 20%, and the government is creating low-level jobs, not real jobs. The US total real unemployment is more like 16%. Before the crisis is over, it will reach 25% – great depression numbers.”
“When people have lost everything they have nothing to lose. Violence and crime will explode. Look at the OECD figures. The number of people not graduating from high school is exploding — they’re wacked out on drugs. New York City will look like Mexico City in a few years. The collapse of morality from top down — and especially in the government — makes it inevitable.”

“What can we expect in the coming future”, we asked. “Washington has declared ‘Economic Martial Law’. Wall Street is putting Main Street out of business. The key to watch is Christmas sales. They’ll fail. Christmas will be when reality sets in.”

“We predict state secessionist movements will rival the breakup of the Soviet Union. The only way we can ever recover is to return to individual community, personal responsibility, and local government.”

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1 Comment

  1. Jayne Andrews


    Happy Valentine’s Day! Your government loves you.


    Every word you wrote in this piece – I assume a few years ago- is still valid today. King Trump is playing a testosterone-fueled game of Monopoly. I question why we even bother having courts. Nobody holds the judges accountable for their decisions, therefore they do not hold anyone in their courtrooms accountable for their actions. (Including the lawyers who are all vying to replace Judge Judy.) Our Supreme Court has devolved into a reality TV show.

    As a nation, we now elect the Santa Claus who promises us the most toys, goodies and “free money” to continue merrily down our path to self-destruction. And why not? We are simply following a group of governments – local, state and federal – that are a study in organized confusion. They remind me of a very large orchestra all playing out of tune. One has the urge to swiftly put shooter’s plugs in the ears to drown out the dissonance.

    You have said many times and in many venues that people need to seek to educate themselves. So true! Yet we have a public school system (PSS) that utterly forbids a child to have the critical thinking skills necessary to lead any sort of successful life.

    Case in point: When you were running for President of the United States, my 10-year-old child was getting ready to vote in her elementary school’s “mock election.” The day before the election – to be held on the same day as our nation voted- the teacher was explaining to the students how the event would unfold. Everyone got to see the ballot box, a sample ballot and ask any questions they may have. On the surface, this would seem like a fantastic way to teach a child that they have the right to register to vote and cast their own ballet some day. My daughter knew I had met you when you were in town for a fundraising event, and that there were Vote Badnarik signs in our yard. I had been telling her about free markets and explaining individualism since she was four years old. That year, I had shown her a ballot of all the candidates Americans would have to pick from, and explained what each party believed in. She knew how to use her computer to look up any information about any candidate running for public office. She was equipped for her first mock election! We very much enjoyed discussing all these things with friends and family members for months before the election.

    My daughter made her own choice the day before the mock election. Sadly she made it right there in the classroom. She requested the teacher give her permission to write in your name and party affiliation on her ballot. But she was told she had to vote D or R. No other ballets had been printed on the school copy machine. She politely told her teacher she wished to vote for you, on the Libertarian ticket. My daughter was then promptly removed from the classroom by the teacher, while the teacher’s aide “guarded” the rest of the class. She was brought to the principal by the highly distraught teacher. I received a stern phone call at work, telling me my child was promoting anarchy in the classroom, and that she, the principal, had never heard of you. Furthermore, I was informed that if she found out you are a communist or a member of any other “radical” group, my daughter would be facing expulsion from the county school district. While the investigation with the office “downtown” was taking place, I was to come fetch my child and keep her home. Yes, this could take days I was informed.

    I firmly explained the LP is the 3rd largest party in the U.S., and that she could quickly verify this by going online to Wikipedia. After calling downtown, the principal said my child could write your name on her ballot, but was not allowed to label it with a party affiliation. The next day, I furnished the school with a picture of you since every child who voted was going to receive a photo to take home of the man they had voted for. So much for public education! This story, which is frightening to think about, occurs every day in our PSS.

    Your desire to see people thirst for knowledge is a laudable goal. But until our PSS is abolished, I have very little hope of that dream becoming a reality.

    Carry on the good fight. And remember: “Freedom’s just another word for nothing left to lose,” according to Janis Joplin.

    I know this is long, so feel free to edit at will.


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