Posted on | January 18, 2009 | 26 Comments
Gerald Celente has been right on many business issues in the past. Some of his predictions have seemed almost “prophetic.” He forecasted the Panic of 08 and the Economic 9/11 last year when no one wanted to listen. He also correctly predicted the Crash of ’87 briefly before it happened. Now he feels that by 2012, America will be the first undeveloped nation of the world.
Even if you do not believe this to be the case, you have to acknowledge that $14 trillion in consumer debt will be a huge problem, especially when American homeowners cannot even pay their mortgages. There has been “fake” money floating around in this economy for too long and it has finally caught up to corportate America. To make this problem even worse, Henry Paulson and Ben Bernanke are using much of the “fake” government money to bail out their Wall Street friends. Over $8 trillion is going to bail out the “big guys” which is flooding the economy with cheap money. What is scary is that it may get WORSE as we the people have been mislead for too long.
“We are going to go into a depression worse than the great depression.” Is this possible?