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…
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.”