Posted on 08/20/2010 10:34:18 AM PDT by Nachum
The fake "recovery" was nice while it lasted, says famous apocalyptic forecaster Gerald Celente, founder of the Trends Research Institute. But now the fun's over, and we're headed for what Celente describes as the "Greatest Depression." (Snip) The crux of the problem, Celente argues, is that the middle class has been wiped out. America used to be a land of opportunity for all, where hard-working people could build their own small businesses in their own communities and live prosperous and fulfilling lives. But now a collusion of state and corporate interests that Celente describes
(Excerpt) Read more at finance.yahoo.com ...
He predicted the same thing about 2 years ago.
“famous apocalyptic forecaster”
Wow, what a job.
How many has he predicted?
So the Powers That Be found that they could do it to others parts of the country. And they did. Hope the rest of the USA enjoys looking like the steel buckle of the rust belt or some impoverished Indian reservation. Main street USA with all its shuttered stores.
He’s right. The only reason it’s been put off for a couple of years is irresponsible government spending and currency debasement. It’s delayed - and worsened - the inevitable.
Two or three years ago is roughly when it started, and nothing has changed since then, so his prediction looks dead on to me.
Now of course they don't even give you a pension. You have your 401-K and then the Powers That Be play shenanigans behind the scenes and make it tank. This world is truly a cruel place.
>> So true. They started wiping out the middle class in the steel rust belt (PA, Ohio, WV, NY) in the 70’s and 80’s.
Greedy union workers boned themselves in the rust belt. It took awhile but they finally managed to kill the goose that laid the golden egg. And she ain’t coming back to life.
They threw three trillion dollars down a rat hole or to their cronies to try to stop it. Celente is correct. The “stimulus” is wearing off now.
If the GOP gains control - they need to impeach and remove Allah’s Imam. The public, with any brain cells, needs to cancel TV because every TV network supports the Dems, Imam and now Islam. Sickening.
If you think a GOP majority will do anything with the TV networks blasting them 24x7x365 then you are dreaming. We thought Chris Christie was a tough guy but he has turned to a dhimini for the VICTORY Mosque.
The way to recapitalize America is all the energy within America and offshore. We have 4 times the Saudis energy reserves or more. They can afford $200 million Victory mosques. Domestic energy is the only thing we have to pay down the debt and create wealth.
Pretty much an embargo on most foreign oil or even a modest tariff to keep capital in America and not to the middle east. I hate tariffs but domestic energy, deporting illegals and citting govt is the only way to save us from imploding.
What if I refuse to participate?
If Congress flips this November, McConnell and Boehner better have the cajones to stop this progressive agenda in its tracks, or he may be correct. These “out of control federal agencies” need defunding, immediately.
You nailed it. The middle class is the engine.
I think we are at the end of a 40 year bubble, which is when America began switching from a producer economy to a consumer economy.
We have been fueled by housing and consumption, and less and less by manufacturing.
At some point people can’t just spend and spend and spend. We eventually have all the house we need, all the goodies we need, and have to start saving or paying for it, delaying other purchases. This trend was amplified in the 00’s by the crazy housing bubble, when people were borrowing against the inflated equity of their homes to renovate and puchase big screens and patio furniture.
We really have to look for ways to get back to being a producing, exporting based economy once again. To do so, we have to stop coddling the unions and remove the other govt impediments.
Personally, I think that after this real estate/mortgage backed securities nightmare, the high-flying days of the titans of Wall Street are over for some time to come, and possibly even for good.
So many people can only get burned so many times before they finally learn their lesson and just say "I'm done". The only people left still operating in the markets now are a few big money boys and the Goldman Sachs supercomputers.
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True, but let's look a layer deeper...
The average 1960s-1980s rust belt factory worker was no great thinker. These were people whose greatest ambition was a job that paid time and a half for OT, had two weeks vacation and a pension. It didn't matter that the work was mind-numbing and soul-killing, it was safe and did not the effort required to pick-up and try bigger things elsewhere.
These guys were a custom-made army of useful idiots. The union bosses sold them on the absurdity that their labor held the same value as the professions that required years of study and sacrifice. They genuinely believed that eight hours of assembly line work was worth six figures (adjusted) and that a fully funded lifetime pension was their right.
Next, one has to look at who was manipulating the union bosses...
From someone who grew up in Youngstown, Ohio in the 50s and 60s, the unions really did destroy the belt...
Exorbitant demands forced companies to go where wages were competitive, and the unions eventually drove whole firms into the ground.
Foreign steel was cheaper than US steel, and it was sad seeing the industry die, and the workers unemployed.
GC admitted that many of his predictions have been delayed by government actions that were not forseen or in the past never dared. Example will be Qualitative Easement. When the US gov fall short on their Treasury sales (ala China, Japan, South Korea buying less US T Bills) they make it up by printing fresh dollars, loaning it to banks who in turn buy the shortfall in T Bills and then resell it back to the US Treasury for a slight profit margin. When a gov prints money to buy back their own bonds it is an indication that the situation is getting worst and the gov is trying to buy more time. I agree with you, overall GC predictions are slowly coming true.
Saw an on line article on Greece recently. Their economy is in the tank since the financial bailout and austerity. Some Greek towns have 70 percent unemployment. People are angry at government and even the unions. Give it time, Greece will explode and it will be violent. CA will be the first state to breakdown and riot.
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