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Could This Be The Worst Economic Crisis Ever?

March 03, 2009 | 167,231 views

Gerald Celente, U.S. trend forecaster, believes that in 2009 we're going to see the worst economic collapse ever -- the Greatest Depression. He believes it could get very violent in the U.S., including a possible tax revolt.
 

Dr. Mercola's Comments:

In the first video above, RT interviews U.S. trend forecaster and author Gerald Celente, founder and director of the Trends Research Institute, who predicts an unprecedented global economic collapse – the likes of which the world has never seen before.

Trend Forecaster Predicts Unprecedented Economic Collapse

Citing extreme drops in retail sales over Christmas of between 23 to 35 percent; bankruptcies of major retailers; store closings; and the financial collapse of banks, bonds and brokerage firms in 2008, Celente paints the picture of dire straits ahead that will surpass those of the Great Depression.

He projects that the commercial real estate collapse about to occur this year will dwarf the residential real estate collapse we’ve just experienced, and continue to address.

Other predictions include unemployment rates that will rival that of the Great Depression as well, when unemployment was at 25 percent. The current unemployment rate in the U.S. is just over 7.2 percent. However, this does not include people who have given up searching for jobs, and part time employees.

When you add those in, the current unemployment rate is already at 13.7 percent.

This number will undoubtedly rise significantly because when the commercial real estate market collapses, not only will the people working in those stores and businesses lose their jobs, it will also reduce jobs in all support industries, such as manufacturing, suppliers and advertising.

“Using 1930s models to get us out of this is really stupid,” says Celente, because back then most people didn’t own homes; there was no such thing as a home equity loan. They didn’t have credit cards, and consumers were not 14 trillion dollars in debt. We also had a manufacturing base in the U.S. at the time – something we no longer have.

“We will see crime levels in the U.S. that will rival that of a third world country,” says Celente. “When people lose everything, and they have nothing to lose, they lose it.”

Is President Obama Proving to Be the Change We so Desperately Need?

The Bill Moyers Journal interview with Robert Kaiser, associate editor of the Washington Post (see source link above) takes a close look at President Obama’s reliance on the very economic “experts” who got us into the present catastrophe in the first place.

According to Simon Johnson, former chief economist at the International Monetary Fund, there is a technocratic view in Washington that the government shouldn’t be too tough on banks, because that will have adverse consequences for credits, and for the economy, and for unemployment. But that isn’t a surprising view, since those in favor of it are the ones running the banks -- and they are wrong.

Frankly, I'm concerned about the people Obama has surrounded himself with. 

The Secretary of Agriculture, Vilsack, appears to be a pawn for Monsanto and is a complete let down -- a slap in the face to the natural health community. It seemed that this position would be one area Obama could show his true colors without perceived as putting the economy or "security" in jeopardy, an area where "change we need" might become reality.  But that has not proven to be the case.

When asked if people aren’t hopeful that President Obama will make a difference, Gerald Celente replies: 

“People are hopeful, desperate, and fearful. And they’ll hang on to anything.” 

He adds,  

“By their deeds you shall know them. And who did he bring into Washington?” 

Timothy Geithner, the former chairman of the New York branch of the Federal Reserve, and Lawrence Summers, former Clinton Treasury Secretary, are just two of the players Celente points his finger at.  

“Strike-out artist everyone of them!” says Celente. “The only thing they know how to do is how not to get their fingernails dirty.”

Obama’s New Stimulus Package Sure to Speed Up Disaster

Just last week I ran an article about congressman Ron Paul’s (R-Texas) continued push for level-headed sanity during this economic breakdown. We got into this mess, as Paul says, by spending too much, running up debt and printing too much money. In the heels of another just-passed “stimulus” package, Paul explains that this move can only delay recovery and prolong economic agony.

A recent article from the Association of American Physicians and Surgeons reports that the bailout already tops $8.7 trillion. According to AAPS, the bailout includes:

  • More than $1.5 trillion in Federal Deposit Insurance Corp. loan guarantees, including a $139 billion assist to the lending arm of General Electric Corp.
  • $1.8 trillion in cash, tax breaks, and loan guarantees doled out from Treasury to taxpayers, financial institutions, and credit companies
  • $300 billion for homeowners from the Federal Housing Authority
  • $25 billion to auto companies from a program overseen by the Energy Department, which is separate from the bailout proposal that failed in the Senate
  • $5 trillion in new money, loan guarantees, and loosened lending requirements from the Federal Reserve Bank

Another article published a couple of weeks ago pegged the current U.S. debt at an excess of $65 trillion, which is more than the GDP of the ENTIRE world!

For an intriguing look at what is being done (and what should be done instead) regarding the economy, read the entire interview in the Bill Moyer Journal

I’ve also posted, as the third video on this page, an extraordinary Frontline video about September 18, 2008 -- the day that an astonished U.S. Congress was told in a private session by the chairman of the Federal Reserve that the American economy was in grave danger of a complete meltdown within a matter of days.

I don’t know about you, but for me it sure is easier to sit down and listen to a well done PBS documentary that explains it well than trying to piece the puzzle together with reviewing many documents.  This is a very compelling and enlightening video that will help you understand at a deeper level as to just what occurred during the financial meltdown.

How Can America Get Out of This Situation? 

Celente wisely suggests we look back to the 1990s when America entered into a recession. What got us out of that recession was the productive capacity of the Internet revolution. Products were invented, designed, manufactured, marketed and serviced.  

As we move forward, Celente predicts: 

“Anything in alternative energies, anything that’s going to advance us into the 21st century in an intelligent way, that’s where the job opportunities are going to be.”  

Focus YOUR Personal Energy on Staying Positive

I believe it’s important to understand one particular concept, especially in times like these: You attract more of that which you feed with powerful emotions.

This concept, popularized by the wildly popular book The Secret, is why the emotion of fear can be so detrimental. And as Celente points out so succinctly in his interview, FEAR is exactly what might send the U.S. into a complete tailspin.

So please remember this: staying positive and focusing on that which is good and right and just, can help you tremendously in times like these.

One technique that I find helpful is to consciously CANCEL any negative thoughts I  may have in the moment. Personally, I simply yell "Cancel!" and imagine a large red diagonal line going through any image in my head that I don’t want. The more you and others do that, the more likely we will all reap the benefits of this positive focus and intention.

Additionally, for the past year I have participated in a coaching program run by Dan Sullivan. Dan is an amazing mentor for me and has really helped me in many ways.

It IS hard to stay positive in this current economic climate. The quickest antidote is a shift in perspective. So I’d like to share Dan’s recent insights with you on how to do this. He suggested visiting this audio page once a day for a five-minute boost, or listen to all five audios at once if you have time.

Either way, he guarantees that these short audios will point out where you can easily find huge value that won’t go bust no matter what else happens.


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