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
um, i’d like to point out that it’s not just fox news — no, the entire MSM is running around like chicken little.
we need to remind people that in times like these, we have nothing to fear but fear itself.
but, fear sells.
Wow, you Americans crack me up.
In 2000 the left was screaming blue murder, death of democracy, and the beginning of martial law. Bush and Cheney abused laws, started wars, and spent the US into a hole. Yet somehow the US as a whole survived quite well.
In 2008 the right is screaming blue murder, claiming the world is ending, the apocalypse is nigh, the global recession is Obama’s fault, and Civil War 2.0 is about to start, and the beginning of martial law.
I think the US is more resilient than that, it’s people are better than that, and although there are tough times ahead you’ll come out of it stronger. If you lose an election grow up and get better next time. Seriously, the whininess is really childish – you can do better than that.
@QB
the problem is that you see only the americans moved to comment on these issues.
folks like me who rabble-rouse on boards and blogs like DU have a penchant for melodrama. don’t take us too seriously, we’re just venting. in the end, none of us would actually raise up in arms against one another.
americans had one civil war and no one wants to pay that price again. civility will rule the day as it always does.
Look how the thread has grown with typical liberal hate. You guys are good for hit count, that’s for sure.
Abomination is coming apart faster than it came together.
#68 LOL
Selma: Hmm. Always a bridesmaid; only occasionally a bride.
Patty: Lisa, it’s time you learned the truth about men.
Lisa: They’re pigs?
Patty: The bitterness is strong in this one.
[Patty and Selma chuckle and crowd around Lisa]
Isn’t this sort of a self-fulfilling prophesy. Prophet predicts economic doom coming, cautious consumers cut back on their buying, people are laid off, can’t pay their bills, economic doom ensues.
In 1946 the UAW wanted a 30% increase in wages, went on strike to get it and claimed it wouldn’t raise prices. The union wanted a role in management. All these years later and look what they got. Raise wages 30% and the whole econnomy will be just great. People come up some crazy stuff. GM stock is around 3 clams at last check. It does look like doom and gloom for GM, unless of course the government loans them billions of dollar it doesn’t even have itself. People are buying the Toyota these days. Don’t blame me, I have a GM and Chrysler product. The leadership failed the average American factory worker. More mortgage forclosures ahead, especially up in Michigan.
The Nobamanistas are in denial already that their savior (little “s”) will not pull the fiancial apocalypse and economic depression from its inevitable and final stages. Next 4 years of NobamaGate is beginning. And the result will be Nobama Hyperinflationary-Deflationary DEPRESSION. Nobama and his gullible minions are in for a bitter disillusionment. ENJOY THE NOBAMA DEPRESSION.
#72 – mic
Dream on, you putz.
I have to assume all you lefties out there are rich and famous and will grow richer because you are so very very sure of your intellengence and your ability to sift through the facts and come up with a logical conclusion. Have another drink of the cool aid and maybe you won’t feel so hateful.
#74–dog==assuming is what you have to do when you don’t have any facts.
I will therefore assume that you hate America and want Obama to fail.
Amusing that dittoheads can take time away from their master’s voice long enough to post.
Dolt.
If you listen to Limbaugh or MSNBC, no one can deny that the economy is in trouble. It seems illogical to use a new Credit Card and buy plasma TVs and sports cars because your other Credit Cards are maxed out. Do any of you spend more when your bank account is near zero at the end of the month? Our country is on the road to ruin, and it’s just around the corner….I think I can see it from here, It started Long ago and has been compounded by ALL of our Presidents and Congress. None of whom wants to be the bearer of bad news to the American people, that wouldn’t get them re-elected.
Face it Folks. WE’RE GOIN’ DOWN!
Obama or McCain, would not have made a difference,
The only question is; Do you keep buying “toys” when bank calls and tells you have “insufficient funds”?
All a result of the leftist KRAP since FDR and the War on Poverty on which we spend NINE trillion, and now have more poverty than ever.
Bumbler Barack is the next Jimmy Carter, and leftists are only full of hate and ignorance. Sad but true.
YOUR HATEFUL POSTS DO NOTHING MORE THAN SHOW YOUR PROPENSITY TO HERO WORSHIP [THE GUY WHO WILL GIVE YOU EVERYTHING YOU’RE TOO DAMN LAZY TO WORK FOR]… AND THE EXTENT OF YOUR HATRED…OF EVERYTHING NORMAL. YOU BELIEVE A LIFE OF INDOLENCE, STICKING IT TO ‘THE RICH’IS YOUR BIRTHRIGHT.YOU POOR DUMB BASTARDS. IT MYSTIFIES ME WHY YOU WOULD BE READING CELENTE…SO FAR OVER YOUR MISERABLE HEADS. IT DISGUSTS ME TO BREATH THE SAME AIR AS YOU IDIOTS DO.
Sorry for off topic, but 2012 is close, is this really matter?