Celente - People Should Brace For 'Greatest Depression'

Discussion in 'Economy' started by Neubarth, Oct 11, 2009.

  1. Neubarth
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    Neubarth At the Ballpark July 30th

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    Celente - People Should Brace For 'Greatest Depression'

    The recent surge in Wall Street indexes back to near the 10,000 level, still far below the 14,000 prior to the crash, should be no reassurance for anyone, he said.

    "There's no recovery. This is merely a cover-up," he said. "The market crashed in March of 2009 and around the world they papered over the damage from the collapse with phantom money printed out of thin air backed by nothing," he said.
    This is "much bigger" than an economic collapse, he said. "This is the decline of empire America."

    http://rense.com/general87/brace.htm
     
    Last edited: Oct 11, 2009
  2. chanel
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    chanel Silver Member

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    Oh great. Watching the Eagles right now, What a buzz killer,
     
  3. Neubarth
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    Neubarth At the Ballpark July 30th

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    All I know with certainty is that revenue for American businesses is down markedly, and that most businesses have cut personnel in order to post profits. The profits on average are about one fifth of what they were two years ago, yet stocks are selling at P/E ratios four and five times the former P/E ratios. Either earnings better pick up in fantastic fashion, or something bad is going to happen to the stock market.
     
  4. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    I don't see how the economy could possibly pick back up and go like gangbusters when people are delaying purchases to pay off debt and increasing their savings rate. A smart thing to do by the way, give Americans credit where due.
    Why would Obama or anyone that matter think that Health Care Reform and Green Jobs would revive the economy? Obama is depending on high growth rates to pay off all this debt him and the Dems are creating.
    I figure Obama either is:
    A. Clueless about how an economy works.
    Or,
    B. Intentionally trashing the system.
     
  5. Toro
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    Toro Diamond Member

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    I don't pay much attention to people like Gerrard Celente. Prophets of the Apocalypse are usually wrong.
     

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