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
A leader who comes to power on a populist message.
+
A leader who likes to give speeches in front of large crowds.
+
A revolution.
=
Bad news for said leader, according to world history.
Uh… What the hell does Obama have to do with this? It would have made much more sense to write “…as a consequence of Republican doctrines.”
and do not forget, you may want to add a couple 3 or 20 dozen boxes of condoms to your survival list
Hovering over the “Nov 19” date in the byline, it appears this article is from 2007.
It is Fox News. Don’t take it with a grain of salt but rather a block of salt.
#5 improbus – And they’re at a bar too! Drunk Fox snooze.
So, what industries thrived during the depression?
# 4 davidvanb said, “Hovering over the “Nov 19″ date in the byline, it appears this article is from 2007.”
Right. So?
“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,”
This would be retail THIS year. Any idea what retail is doing right now? Take a look.
# 7 Olo Baggins of Bywater said, “So, what industries thrived during the depression?”
I believe movies were popular throughout the depression. At least according to my parents and other I’ve spoken to who lived through it.
Look to cheap entertainment that takes peoples mind off their troubles.
Fox News is quickly settling in to their new role of telling us that the world is going to end because we voted for Democrats. That’s fine, it’s their right, but I certainly wouldn’t give it much credibility.
Fox has pioneered a new technique in mass media news and commentary: just make stuff up. If if was really rotten and personal and you get caught, issue an apology about 3 days later, then go on as if nothing happened.
Paddy-o, the point is anyone can dig up a 1 year old story to make their subject look prophetic. It’s lazy journalism. Throw enough darts at a board and one of them is bound to hit the middle; it doesn’t mean you will always throw bullseyes.
#7. Olo Baggins of Bywater said, “So, what industries thrived during the depression?”
Black Market Booze. This time it will be that and drugs.
I’m of the opinion that the predictions will prove accurate, but it will havce zero to do with Obama as president. Same situation would have hit a McCain administration.
Obama policies will likely ease the pain more than GOP policies. I’ve been saying this for a year now.
# 13 davidvanb said, “Paddy-o, the point is anyone can dig up a 1 year old story to make their subject look prophetic.”
Well, if a person who is well respected and notably accurate on financial matters makes a major prediction and it comes true, and then it is reported, why is that “lazy journalism”?
Of course it’s true. Didn’t both Limbaugh and O’Reilly tell us the world would end if we elected ‘that’ person.
Make me wonder how old Barbara Bush is taking it. Remember when the Clintons moved in and she referred to ‘those’ people people in the White house with a sneer. I wonder how she is referring to the new first family that’s replacing her idiot son. LOL …
Ah yes, Bonnie and Clyde.
Maybe it’s time to look for a small farm with some wooded acres. Hmmm.
When people are already panicking and scared right now, it is totally and completely irresponsible to start yelling “fire”. Glad he has had his few minutes of media glow so he can go sell some books or something now.
There were definitely businesses and industries that thrived during the depression.
Maybe I will change careers and start working at the unemployment office!
See the trend…GM apocalypse…
“A delay in federal aid could speed up General Motors Corp.’s collapse, by inspiring automotive parts suppliers to demand shorter payment terms to protect …”
Last Trade: 2.99, under 3 now. Highway to hell from here. The estimated population of the United States is 305,088,418
so each citizen’s share of this debt is $34,817.04.
We can’t afford GM.
“There are enough signs of the apocalypse already: the global financial crisis, reports that one in four mammals are at risk of extinction, the Cubs (briefly) making the playoffs. So maybe it’s no surprise that a huge milestone (or tombstone perhaps) slipped by without much notice. The national debt broke $10 trillion on Sept. 30, but honestly there was so much going on that we can forgive everyone for being distracted. Including us.”
Scott Bittle and Jean Johnson
Posted October 7, 2008 | 06:29 PM (EST)
Obama is going to give them money the government does not have, to build cars people don’t want that GM can’t make money building. Yeah right.
Gee, I should have been watching Farce News. I never heard any of these warnings in time. Can I change my vote?
Nope, it’s from this year otherwise they wouldn’t have said “President Obama. Get use to saying that.”
Anyway, regardless of how right the guy is, and I’ve been saying due to the current policies we’ve been heading towards a depression for a while too, he’s still calling for the government to shrink and pushing the conservative philosophy in general. That makes me lean towards him wanting to make things sound bad. At that to the fact that it’s on Faux News and I’m thinking they are actually part of the anti-democrat, anti-liberal, anti-Obama Limbaugh crew.
So, yes, we still have many signs pointing towards a worsening of the ongoing recession to depression BUT anyone can figure that one out, in this case, the source is terribly biased so this is a good one to discount. They have a vested interest in unfair and unbalanced viewpoints that make their perceived enemies look bad.
Prepare for the worst and hope for the best – but ignore Fox News in all things.
Lol The apocolypse…
Well I wish rapture would hurry up and get here so we don’t have to deal with the religious right anymore…
Hurry up God suck up all your sheep to Heaven…
The rest of us are ready for trials and tribulations.
The worse the recession/depression just means the the christofascist compounds will be larger. When they eventually lock themselves in their church and burn it down, it just means the cleansing will be that much more thorough.
Just a few weeks left until it starts;)
#15,
thats why BHO said he wouldn’t end the GWB tax cuts because the economy was too fragile.
#22. Celente doesn’t work for Fox News…cripes people get a friggin’ clue.
Just a thought. The suicidal failed christianist republican dominists also tend to be family slaughterers. Does that mean we can grant them the ultimate irony of a Darwin award, because they tend to murder their offspring as well???
Buy guns. Buy food. Buy gold. Buy silver. Be prepared, I think it’s coming too.
#27 – Your angry liberal remarks aren’t working. Not that they ever did, but with the election over they make no sense at all.
#26 ChainSaw – Fox newz will put any set of flapping lips on air as long as they say what Fox newz wants to hear.
#15, you’re right. I think Obama’s presidency is going to set back race relations because of the economic decline.
Sounds a lot like the predictions that we would have $200 barrel oil. Gas is now below $1.99 a gallon in some parts, pardner. Giddey up.