Economy in Collapse? 71% Believe Economy Will…..Recover!

by | Jan 24, 2009 | Forecasting, Gerald Celente

Gerald Celente’s recent article Code Red – Economy in Collapse warns us that the worst is yet to come, yet 71% of Americans polled by the AP believe that the economy will get better in the first year of the Obama presidency. Wishful thinking? We think so.

Celente’s forecast:

We are forecasting dramatic measures will soon be taken by the Obama Administration that will worsen the credit crisis and severely damage the nation’s economic system

Whatever Obama wants, Obama gets. Desperate, scared and not knowing what to do to survive the economic storm, people are seeking a messiah to save them, and Obama is their man.

When fear rules, reason and logic are ruled out.

Treasury Secretary TimothyGeitner will use the fear of collapse as a pretext to expand bailout programs and stimulus on an unprecedented scale. In the Secretary’s own words, the US Treasury will take “forceful” and “substantial action”.

Gerald Celente says we need to read the signals from the Treasury Department:

From proclaiming a bank holiday, confiscating gold to backstop devaluing currencies, mega-bailouts for the too-big-to-fails … to nationalizing public firms and dollar devaluation … whichever of these or other actions are taken, the financial burden will fall on the American people

This is already clear – we have committed nearly $8 Trillion in bailouts, and it’s looking like we’ll be committing another few Trillion at the very least.

We forecast with great confidence that whatever actions Washington takes to save the “too big to fails,” they will prove very costly for the “too small to saves” who will be forced to foot the bills and eat the losses.

It’s only going to get worse force.

Read Gerald Celente’s Full Article Here

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