The Crash of 2010: The Greatest Depression is Coming!
By Daniel at 11 January, 2010, 5:47 pm
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Celente, the director of the Trends Research Institute, who’s been tracking trends for 30 years, thinks 2010 brings with it the Great Depression we narrowly avoided last year. Celente’s been making this prediction for several years, and as we know was nearly proved right.
Extraordinary government intervention helped prove him wrong, something he didn’t anticipate. “We never thought we’d be buying companies like AIG, we never thought we’d own parts of General Motors,” he tells Aaron in the accompanying clip. “The government’s never done these things before.”
Celente believes the bailouts have just postponed a depression — not prevented one: “The hand may change but the game doesn’t change.”
Celente says the recent signs of economic recovery are nothing more than a boost based on “a stimulus economy.” Once those measures are pulled back and interest rates rise, the economy will once again tank.
It’s not all gloom and doom. Eventually, Celente predicts, American ingenuity and innovation will drive a recovery. It’s a topic we discuss more in a forthcoming clip.
unquote:
I strongly agree with Seniore Celente, point by point, we will eventually see a TRUE RECOVERY but not until all problems have been fixed, money goes where it needs to not where some people decided it must go! I am trading since 1983 and I thought I’ve seen it all, I was proven wrong as to one thing only greed seems to still be the best method to deprive people of their wealth, common sense and sanity! Yes the “rally” will continue until there is no more money to be pumped into or some “crisis” will finally let it catch up with the real world, or interest rates have to rise b/c someone “above” thinks so. Who is in may as well get out, it’s better to secure 100+% then scramble to keep 50! At these current levels though I won’t be a buyer!
Celente has been right too many times to ignore or dismiss his statements. The market rally means nothing because 1. it is still down 3500 pts from its high, and 2. the average person does not move the market, institutions do, so the average investor is still broke. Additionally, the economic signs are still bad. Until unemployment falls dramatically and housing picks up to its prior level then the average person is still struggling and nobody can sell their house if they can’t afford it. There’s also another round of interest resests coming this year so expect another round of falling house prices and foreclosures. Yes this is doom and gloom, but sadly it is correct. I want prosperity as much as the next person, but reality is reality, we have a lot more challenges ahead.
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