RHINEBECK, N.Y., Nov. 19 (UPI) — A financial crisis will likely send the U.S. dollar into a free fall of as much as 90 percent and gold soaring to $2,000 an ounce, a trends researcher said. “We are going to see economic times the likes of which no living person has seen,” Trends Research Institute Director Gerald Celente said, forecasting a “Panic of 2008.”
“The bigger they are, the harder they’ll fall,” he said in an interview with New York’s Hudson Valley Business Journal. 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.
In case you don’t know who Celente is, here is a list of quotes from most major news agencies praising his past prediction accuracy. Now where did I put that information for freeze dried foods?
Found by Ian Warner
I’m with the Angel on this one.
If they’re equating the “Panic of 2008″ with the Presidency of Obama, who takes office in 2009, then they’re counting on fear of what he might do. What he will actually do seems irrelevant to them.
Too many epicycles.
#39 – McC
Yes, The Google can be a tricky tool to master.
This guy is a sensationalist, More gloom and doom crud. I agree that this has nothing to do with Obama. Both Bush presidencies put this country into a recession. This guy sounds like he’s writing a book
Hey everybody! “Gerald the Psychic” is speekin on the fox news! Cheese and crackers this guy is scary!
As Rush Limbaugh said between pill popping on his boy sex adventures in the Caribbean, the game is now on.
Basically, the focus is now Obama is in for the worst Presidential “storm” EVAR. And accordingly, all the problems are his fault. The past is 100% irrelevant unless it was +50 years ago or WW1 or WW2.
My daughter, who’s not even three, has mastered the right-wing argument….
Scenario…
She’s eating peas at the end of her meal. So she asks me…
Her: What are you eating, daddy?
Me: I’m having a french fry.
Her: Why don’t you like peas?
Me: ……..
Shes such a right-wing republican!
The prophet has spoken. The Fates will decide.
Two many bad choices have been made. I don’t know where the money is going to come from to cover what has been blown and is being blown.
I call bullshit. Until I see printed evidence that he predicted, accurately, all the things he claims now I will hold the stance that it is bullshit.
Why does the right hate America?
Oh! December 2007 doesn’t count as a prediction because tons of people were making all sorts of predictions about what is happening now.
>Yes, The Google can be a tricky tool to master.
Indeed, that’s why posters on here are always asking for links to the most basic of facts.
Also, if this guy is so well know for his predictions why isn’t there a Wikipedia page on him?
The most fun of this is simply watching the Right Wing Hatemongers / Bigots self immolate.
Hey dudes! Contrary to what Rush says YOU’RE the guys that HATE American.
Check it out. Look in a mirror.
#47. J- here is the list of past predictions year by year.
http://www.trendsresearch.com/journal07.html
#53 I like his predictions about the return of Swing music. I also liked the deepening recession and imminent terror attack in 2004.
# 53 McCullough
Not the evidence I was looking for. Maybe if it was in a publication that I could verify the publication date. Like New York Times, Wall Street Journal, Time, etc… For all I know he started printing those last week.
If verified then I would like to see how vague they are. Charlatans have used vague predictions in the past that were left to interpretation. Then I would like to see his hit or miss average. I bet it is no better than a statistical average.
Obama is a ‘democrat’ like Jimmy Caretr,
who passed the CRA: “Community Reinvestment Act” in the congress of year 1977
and like Bill Clinton, who cancelled
the GSA: Glass Steagall Act in year 1999, by means of the GLB.
I love how Obama isn’t even president and the shitstorm started by Bush and 12 years of republican rule in congress is his fault.
Good luck getting this shit to stick to Obama. He has run on the idea that the American people are smarter than that and lo and behold, it worked.
The Obama recession…… hahaha
Bush is Hoover and Obama is FDR
Before or after the Transamerica building gets blown up by terrorists?
Oh, and then Biden will go on air and say, “I TOLD YOU SO!!!”
This guy sounds like one of the Bowery Boys, specifically Leo Gorcey as Slip Mahoney.
A declining standard of living is easy to predict, going on nothing more than the rise in the price of petroleum. Tax rebellions are already in the planning stages by the dittoheads (and have been dreamed of ever since there have been taxes) but that doesn’t mean they’ll actually involve more than a few nuts. This country no longer makes much of anything for itself, and its inhabitants mostly no longer lift a finger or read a newspaper or save a buck or think for themselves, so the drop in the value of the dollar is easy to predict. A ninety percent drop is very unlikely unless the rest of the world recovers from the financial crisis ten times better and ten times faster than we do. But I don’t see food riots as likely in the next five to seven years; what happens after that depends on what we do in the meantime.
If you have a lot of funny money(invested money)than hopefully you will lose it. For the rest of us peons this is a great time to be alive. This doom and gloom is for the greedy leaders who we are slowly getting rid of. Remember Rome? Remember Russia? This is where we are heading because of greed and hypocracy and a bogus democracy. I for one can’t wait and watch the anarchy thrive in a godless and heartless and murdurous country!!!!!!!!!