I followed a link and found he had written last year the following:
Celente — who forecast the subprime mortgage financial crisis and the dollar’s decline a year ago and gold’s current rise in May — told the newspaper the subprime mortgage meltdown was just the first “small, high-risk segment of the market” to collapse.
Derivative dealers, hedge funds, buyout firms and other market players will also unravel, he said.
Massive corporate losses, such as those recently posted by Citigroup Inc. (NYSE:C) and General Motors Corp. (NYSE:GM), will also be fairly common “for some time to come,” he said.
He said he would not “be surprised if giants tumble to their deaths,” Celente said.
The Panic of 2008 will lead to a lower U.S. standard of living, he said.
A result will be a drop in holiday spending a year from now, followed by a permanent end of the “retail holiday frenzy” that has driven the U.S. economy since the 1940s, he said.
© 2007 United Press International, Inc. All Rights Reserved
I gather from that and the other citations from the original posted article that he may know what he’s talking about . . .
Lemme guess... This guy is way, way long on Gold and is praying for some way out of it?
It is interesting to me that many bearish writers — whom I’ve been reading for years — have been saying pretty much the same things regarding destructive economic trends and the ultimate disposition of derivative-related securities and companies. Celente, however, is uncanny in his timing abilities. Where the other writers were way early by years in their forecasts of economic upheaval, and were marginalized by the seeming failure of their predictions, Celente really did nail 2008 precisely. I look forward (not) to see what 2012 holds.