Skip to comments.Renowned Economic Forecaster Says US Headed For Total Collapse
Posted on 11/24/2008 5:15:55 PM PST by Michael Eden
Let me just start with the sobering thoughts of Trends Research Institute CEO Gerald Celente, and then save my comments for after:
Celente Predicts Revolution, Food Riots, Tax Rebellions By 2012Aint that a heavyweight boxer's send-you-whimpering-to-your-knees shot to the gut.
So there you have it - hardly a nutjob conspiracy theorist blowhard now is he? The price of not heeding his warnings will be far greater than the cost of preparing for the future now. Storable food and gold are two good places to make a start.
Paul Joseph Watson, November 13, 2008
Prison Planet - The man who predicted the 1987 stock market crash and the fall of the Soviet Union is now forecasting revolution in America, food riots and tax rebellions - all within four years, while cautioning that putting food on the table will be a more pressing concern than buying Christmas gifts by 2012.
Gerald Celente, the CEO of Trends Research Institute, is renowned for his accuracy in predicting future world and economic events, which will send a chill down your spine considering what he told Fox News this week.
Celente says that by 2012 America will become an undeveloped nation, that there will be a revolution marked by food riots, squatter rebellions, tax revolts and job marches, and that holidays will be more about obtaining food, not gifts.
Were going to see the end of the retail Christmas .were going to see a fundamental shift take place .putting food on the table is going to be more important that putting gifts under the Christmas tree, said Celente, adding that the situation would be worse than the great depression.
Americas going to go through a transition the likes of which no one is prepared for, said Celente, noting that peoples refusal to acknowledge that America was even in a recession highlights how big a problem denial is in being ready for the true scale of the crisis.
WATCH THE VIDEO
Celente, who successfully predicted the 1997 Asian Currency Crisis, the subprime mortgage collapse and the massive devaluation of the U.S. dollar, told UPI in November last year that the following year would be known as The Panic of 2008, adding that giants (would) tumble to their deaths, which is exactly what we have witnessed with the collapse of Lehman Brothers, Bear Stearns and others. He also said that the dollar would eventually be devalued by as much as 90 per cent.
The consequence of what we have seen unfold this year would lead to a lowering in living standards, Celente predicted a year ago, which is also being borne out by plummeting retail sales figures.
The prospect of revolution was a concept echoed by a British Ministry of Defence report last year, which predicted that within 30 years, the growing gap between the super rich and the middle class, along with an urban underclass threatening social order would mean, The worlds middle classes might unite, using access to knowledge, resources and skills to shape transnational processes in their own class interest, and that, The middle classes could become a revolutionary class.
In a separate recent interview, Celente went further on the subject of revolution in America.
There will be a revolution in this country, he said. Its not going to come yet, but its going to come down the line and were going to see a third party and this was the catalyst for it: the takeover of Washington, D. C., in broad daylight by Wall Street in this bloodless coup. And it will happen as conditions continue to worsen.
The first thing to do is organize with tax revolts. Thats going to be the big one because people cant afford to pay more school tax, property tax, any kind of tax. Youre going to start seeing those kinds of protests start to develop.
Its going to be very bleak. Very sad. And there is going to be a lot of homeless, the likes of which we have never seen before. Tent cities are already sprouting up around the country and were going to see many more.
Were going to start seeing huge areas of vacant real estate and squatters living in them as well. Its going to be a picture the likes of which Americans are not going to be used to. Its going to come as a shock and with it, theres going to be a lot of crime. And the crime is going to be a lot worse than it was before because in the last 1929 Depression, peoples minds werent wrecked on all these modern drugs over-the-counter drugs, or crystal meth or whatever it might be. So, you have a huge underclass of very desperate people with their minds chemically blown beyond anybodys comprehension.
The George Washington blog has compiled a list of quotes attesting to Celentes accuracy as a trend forecaster.
When CNN wants to know about the Top Trends, we ask Gerald Celente. CNN Headline News
A network of 25 experts whose range of specialties would rival many university faculties. The Economist
Gerald Celente has a knack for getting the zeitgeist right. USA Today
Theres not a better trend forecaster than Gerald Celente. The man knows what hes talking about. - CNBC
Those who take their predictions seriously consider the Trends Research Institute. The Wall Street Journal
Gerald Celente is always ahead of the curve on trends and uncannily on the mark hes one of the most accurate forecasters around. The Atlanta Journal-Constitution
Mr. Celente tracks the worlds social, economic and business trends for corporate clients. The New York Times
Mr. Celente is a very intelligent guy. We are able to learn about trends from an authority. 48 Hours, CBS News
Gerald Celente has a solid track record. He has predicted everything from the 1987 stock market crash and the demise of the Soviet Union to green marketing and corporate downsizing. The Detroit News
Gerald Celente forecast the 1987 stock market crash, green marketing, and the boom in gourmet coffees. Chicago Tribune
The Trends Research Institute is the Standard and Poors of Popular Culture. The Los Angeles Times
If Nostradamus were alive today, hed have a hard time keeping up with Gerald Celente. New York Post
As I've previously written, "The Beast Is Coming." And he's coming soon.
You remember Hillary Clinton's now-famous "3 AM phone call" ad? Well, it's pretty much 3 AM every minute of every day right now, and the most inexperienced and most radical President in US history simply isn't ready for it. Don't believe me; just ask Vice President-elect Joe Biden to reminisce about what he said a few months ago: "The Presidency is not something that lends itself to on-the job-training." We are ONE crisis away from complete disaster and even total collapse. And - given a very likely Hillary Clinton appointment to Secretary of State - you have the two most senior members of Obama's administration on the record repeatedly stated that Obama would simply not be up to the job.
Well, he's got it. We gave it to him. Along with a total Democratic majority that will give him power not seen since FDR. And boy, oh boy, are we ever going to pay for it.
Possibly the most terrifying crisis of all could occur before Obama even takes the oath of office. Former Ambassador to the UN John Bolton is among a group of foreign policy experts who believe that Israel - fearing Obama's weakness and lack of commitment to their security - will attack Iran before January 20, 2009 in order to destroy the rogue, terrorist state's nearly complete nuclear weapons program. And even Joe Biden pretty much had to say that you're going to have to have blind faith in Obama, because it won't be apparent that he has any clue what he's doing.
On the economic front, we now have Obama already backing away from his pledge to tax the bejeezus out of the rich and raise capital gains so that he can give the lower classes (including those who don't even pay taxes) a "tax cut." Which is pretty much an implicit acknowledgment that he didn't have a clue what he was talking about during the campaign, and that the people he was demonizing had a far better understanding than he about how the economy works.
Which is partially why investors have been bailout out of the market in droves since Obama's election, and why 74% of chief executive officers believe that an Obama presidency will be a disaster for the nation.
The good news for liberals, given Celente's analysis: you've always wanted to destroy Christmas. Now you'll finally be getting your wish. Way to go.
Evangelical Christians have long known this coming meltdown was coming. The United States isn't mentioned in Bible prophecy for one good reason: we won't matter. We won't have the power to project ourselves into the Middle East during the final days, and we won't have moral courage to support historic friend Israel when it matters most.
Grant R. Jeffrey wrote a book entitled Final Warning: Economic Collapse and the Coming World Government which came out in 1995. He concluded his chapter 14, ''The Coming Economic Collapse," by stating:
"However, in the last few years the size and complexity of the financial derivatives market has exploded until today over $21 trillion is at risk in America and and astonishing $42 trillion is at risk worldwide. To place these figures in perspective, the total value of all stocks traded on the New York Stock Exchange amounts to only $6 trillion. We should remember that the stock market crash of 1987 that resulted in the loss of $1 trillion of investors' funds was precipitated by a massive drop in the financial derivatives market. During the last year the largest Japanese steel company in Germany lost $1.4 billion. Then, Orange County, CA, lost $2 billion while the 270-year-old Barings Bank of England was forced into bankruptcy when they lost $1.3 billion in one week on a derivatives trade by one 28-year-old employee. This incredibly dangerous derivatives market could very well be the trigger for the coming financial collapse that the Bible indicates will occur in the last days leading to the rise of Antichrist and the revived Roman Empire" (p. 247).Grant's insightful and clearly prophetic analysis both reveals the means of our economic destruction while simultaneously pointedly revealing that the cancerous roots of the financial implosion occurred during the Clinton era, and NOT as a result of Republican or Bush policies.
In September 2003, Democratic Rep. Barney Frank said of the GSE entities which created the housing finance crisis, These two entities Fannie Mae and Freddie Mac are not facing any kind of financial crisis. And Democrats steadfastly refused to regulate them at a time when President Bush urged regulatory reform when it could have averted disaster. And Barney Frank - representing the Democratic consensus - was still in denial as late as July 2008, saying, "I think this is a case where Fannie and Freddie are fundamentally sound, that they are not in danger of going under." In one of the greatest propaganda campaigns in human history, the American media managed to convince the electorate that policies that were conceived and carried out during Democratic administrations were somehow the Republicans' responsibility.
I worked as hard as I knew how to elect John McCain because I saw Barack Obama as the walking disaster who would destroy America and prepare the way for the beast of Revelation. Secular humanists will continue to laugh at people like me even when they are in the darkest depths of the Apocalypse. But I hope that more and more people will begin to realizing it's no laughing matter before the looming disaster engulfs us all.
As a final P.S. let me say one final thing about the Apocalypse. If you cheat and read the last page of Revelation to see how it all ends, you will find that God wins, and all those who oppose Him lose. The time is coming when we will all have to pick our sides.
The “system” is being screwed by the idiots but the country remains a nation of individuals. Not a nation of the ruled.
Reads like a Hal Lindsey novel. Scary for sure...
Recall the history of the great empires and societies of the world. They did not collapse all at once but took years of incredible violence and destruction. There is no reason to no believe this will happen here. This is the opening chapter not the closing.
And as to “Revolution” again that is something which takes years, if not decades, to be accomplished. Unless the idea is that Obama is the representative of that Revolution.
I like the idea of tax rebellions!
Where do I sign up?
I just had this same discussion with a very close friend who has been in business over 40 years and he predicted a Depression also. He has been talking about the economy for a while now really before I was paying much attention to it and was right in all of what he said. He is not a gloom and doomer either. Generally very positive future outlook.
I’m not even attempting to claim that this will happen all at once. But I do think that we’ve already seen that when a collapse occurs, it can happen very quickly.
As one example, I lay a lot of the blame for the housing finance crisis collapse which has caused the rest of the problems on the “Community Reinvestment Act.” It was actually passed under the Carter administration. Bill Clinton dramatically expanded it during the last two years of his administration. And then nearly 10 years later it caused an implosion.
So you’re right. Things often DON’T blow up right away. But governments surely do rise and they surely do fall. We’re on the way to a fall.
Real assets don’t evaporate. They merely change owners. The chicken little panic is generated by the current mismanagers in order to stampede the people into trying to prevent this change of ownership by giving tax dollars to the mismanagers so they can continue to reap ill-deserved rewards.
Failing businesses need to go through chapter 11 bankruptcy so the assets can be redeployed to creditors who will choose new managers. There will be write-downs of prices, but factories, stores, inventories, etc. will be shifted to new hands. Prices and wages will likely have to be cut to speed the readjustment.
The big danger is government interference that impedes readjustment—things like bailouts, card-check unions, tighter regulations will all act to prolong the pain just as similar measures did in the 1930s.
As the chaos erupts and grows in fact what we will see will be a demand for bigger and stronger government. The population is utterly brainwashed and without a clue. Only if they can’t afford their tvs will the masses revolt.
And even Zero is realizing he cannot raise taxes so expect bigger deficits.
I agree that a collapse can happen quickly. We have seen tremendous volatility in the last 6 months. Loss of investor confidence seems is hard to control.
I do not agree with his warnings about tax revolts. The rats have created a tyrrany of the majority in which the masses steal from the most productive. The most productive will respond in ways that enrage the rats even more. They will produce less, employ less, invest less, and work less. The really wealthy will move assets to escape confiscatory taxation. I see even uglier class warfare as the impact of the tax confiscation sinks the economy.
Many factors will contribute to a meltdown. At some point, runaway government spending will cause a crash of the dollar. Trade wars, energy shortages, labor strife, health care shortages, crushing entitlement debt, and massive unemployment may occur.
You did not see how 52% of the voters voted in 2008 then.
They said loud and clear that they wanted to be ruled, not led.
Real assets do not evaporate but wealth does. We have seen at least four trillion in stock market value evaporate in the last year half its value actually.
Since wealth is a variable in consumption functions it presages a huge drop in spending.
It should also be recalled that rarely do global economic disasters come from the real economy they almost always come from the financial side. I would have to think a while to come up with an exception.
If it happens, it won’t be uniform across the country. It will happen big time in the blue counties. The red counties are better prepared for trouble - spiritually and psychologically - and for that matter are better armed.
I say this: it is up to God. He alone is in control. There is one sure way to see something good happen in America. Let us truly seek our God while He may be found. We must also realize in the book of Proverbs chapter 18, it states that life and death are in the tongue...if that is true then we can choose to speak life over the dry bones of what appears impossible for America.
America has been ripe for judgement for a long time. Yet, I remember the grace God has shown because others have chosen to stand in the gap for everyone. We can pray for God to help us, even in the face of what looks bad.
If this guy’s such an economic prophet - hw come I’ve never heard of him before?
BTW, you can subscribe to his newsletter for a mere $99 per year
Real bargain /s
Agree. As Yogi Berra said, “It's hard to make predictions; especially about the future”.
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 . . .
Bailing out auto is a mistake. The cars are sitting on the dock with noone buying them. So what are they going to continue to manufacture..?
A depression will turn out fine. The bigger threat is hyperinflstion. THAT would destroy the nation.
Lemme guess... This guy is way, way long on Gold and is praying for some way out of it?
I dunno, but he WAS on Coast to Coast AM the other night. Tinfoil hat time IMHO.
God only knows what will happen, but I can certainly see some of the things happening that he predicts. And he certainly seems to have credibility, based, of course, on his past predictions.
Anyway, a very worthwhile read. We should probably prepare as if some of that may occur, and just pray that it does not.
A depression will turn out fine...
When you start hearing about people getting murdered for their groceries as they come out of the Safeway it might start to sink in.
This could be a whole different ball game.
I really have to learn to read these entire posts before commenting!
I now see how the author is tying this in to Biblical prophecy. While none of us know God’s timing, Celente is apparently quite knowledgable on events as predicted in the Bible, and seems to think that some of the “end times” events we see in Revelation may be here quite soon. I do think we should at least acknowledge that it is possible that some of these events may occur.
While many posters think his predictions are totally impossible, just look at how the events of the past weeks have been so extraordinary that none of us would have dreamed they could have ever transpired.
Heh. With all apologies to Art Bell who kept me company for many years of late night drives... Coast to Coast isn’t where I’d go for hard news.
And just for the record: George Noory is no Art Bell.
But it didn't show they wanted to be ruled.
It didn't show conservatives should split off Texas and pout.
It showed conservatives better suck it up and put in an effort this time or they will get an *ss kicking again and deserve it.
That's about it.
Cause you been in some sort of Kosmic hole. Sorry could not resist.
It’s worth considering what he is saying.
It may not get as bad as Celente predicts but one doesn’t have to be a ‘psychic’ to see the trends.
If you own your house free and clear, be grateful.
If not, pay it off as soon as possible.
Don’t get to much in debt.
Stock up on food and be PREPARED.
Then trust in God.
If Celente is wrong — and I don’t see how it is such a ‘stretch’ to consider that he may very well be right — how can any of these precautionary measures hurt you?
Change — sometimes slow, sometimes fast — is the natural order of things.
We are living in ‘interesting times’ — as they say.
God help us to withstand the storm...
... And God bless America!
You’re actually incorrect. I tied it into Bible prophecy; Celente did not. If he is religious, I don’t know it. I visited his website, and saw nothing to indicate he was some kind of apocalyptic thinker.
Celente in fact DOES have a great deal of popular media respect (such as CNN, CNBC, Wall Street Journal, and others) as a forecaster of political/economic events.
What I do is take what Celente is saying and point out that it is likewise what Bible prophecy is saying.
But the article is say something about the Panic of 2008. That only leaves 1 more month for the panic to begin. I don’t think that’s really going to happen so soon.
Sounds like a plan. although if it really gets really bad, I don’t know what good the cash is going to do. Cash could be worthless by then.
You don't think a 48% reduction in the stock market value is a panic?
"NEW DELHI: As if the global meltdown and soaring food prices are not enough, now brace up for food shortage in the coming two years."
I agree with you. This guy is offering the far out version of the next four years...but if only half of what he says happens, we’ve all got a lot of problems. And it’s plausible that half of what he is talking about does come to pass.
Being long gold isn’t a bad place to be right now. Gold is the only asset that has held up the past year.
The problem is we are in unprecented territory. Compared to the Great Depression we are many times more leveraged in every sector of our economy. Foreign entities own a large part of our debt. We have an electronic economy for transacting commerce.
If the dollar crashes, interest rates go thru the roof, and the banks fail, there will be little the govt can do. Commerce could very well grind to a halt. People today don’t know how to survive like they did back then. Lots of people will die.
If that happens the whole country will collapse, it’s that simple.
Count me in, too. ;-)
Perhaps some of what Celente says will come true. But isn’t he largely a legend in his own mind? What is the real evidence that he accurately and specifically made all these predictions? If he has been so good at predicting, over such a long period of time, why isn’t he richer than Warren Buffet?
Maybe the CRA is overreaching and should be overhauled if not repealed. But, the CRA doesn't regulate mortgage companies like the ones that sold all those subprime mortgages to borrowers with bad credit. The CRA only regulates depository institutions like banks, and it requires borrowers to be creditworthy. IMHO, the real culprits are the Federal Reserve for lowering the interest rates thus creating the housing bubble, the companies that sold subprime mortgages to uncreditworthy borrowers, and the borrowers themselves. I know people who lost their homes due to illness/medical bills, and I do have sympathy for them. But, too many others simply borrowed more than they could afford.
Frightening prediction, btw, in that article. All great nations fall, and the politicians and voters have led us into this mess. We'd all better stock up on canned goods, I guess.
A good day is when you get a nice tax revolt in before dinner :)
I am surely no doom-and-gloomer, but I got a real bad feeling:
Private well and septic - check
Several acres of fertile ground - check
Several acres of woods, plenty of deer and other edible creatures - check
Big cast-iron woodstove with cooktop for heat and cooking - check
Relatively little debt and only a small mortgage - check
Shotguns, rifles, handguns, ammo - check
Okay. Bring on the economic meltdown.
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